AK Steel second-quarter earnings miss estimates

AK Steel Holding Corp. is reporting second-quarter earnings for fiscal 2018 of $56.6 million, or 18 cents a share.

The results, which were released Monday afternoon, did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share, which the company earned during the second quarter of fiscal 2017.

The steel producer posted revenue of $1.75 billion in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $1.74 billion.

“We were able to generate meaningful earnings and free cash flow during the second quarter, despite the impact of certain operational events,” said RogerNewport, AK Steel’s Chief Executive Officer. “We expect that the continued strong business environment will result in improved performance in the second half of 2018 compared to the first half and position us well for resetting a majority of our annual contracts later this year.”

AK Steel Corp., headquartered in Butler County’s West Chester Twp., ranks at 15 on the list of Ohio’s leading manufacturers by number of employees, with 3,460 workers. With 2,400 of those workers in the region, the company is Butler County’s third-largest employer.

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