WEST CHESTER, Ohio, March
15, 2012 /PRNewswire/ -- AK Steel (NYSE: AKS) today provided
guidance for its first quarter 2012 financial results, and an
initial outlook for its second quarter of 2012.
AK Steel said it expects shipments of approximately 1,310,000
tons in the 2012 first quarter, or about 7% lower than the fourth
quarter of 2011. The company said it expects that its average
per-ton selling price for the first quarter of 2012 will be about
6% higher than the fourth quarter of 2011. The expected
quarter-over-quarter selling price increase is primarily due to an
improved value-added product mix and an increase in spot market
pricing for the first quarter of 2012. AK Steel also said it
expects to record a LIFO credit for the first quarter of 2012 that
would be lower than the LIFO credit it recorded for the fourth
quarter of 2011.
As a result of all these factors, AK Steel said it expects to
incur a net loss of between $0.11 and
$0.15 per diluted share of common stock for the first
quarter of 2012 which would represent an improvement compared to
the loss per share reported for the fourth quarter of
2011.
With respect to the second quarter of 2012, AK Steel said that
it expects business conditions to improve compared to first quarter
of 2012, led by increased strength in the automotive market.
Overall, the company expects its second quarter 2012 shipments to
be higher than for the first quarter of 2012. The company
also expects to have improved operating rates in the 2012 second
quarter, along with lower costs for raw materials, as compared to
the first quarter. As a result, AK Steel said that it expects
to generate net income for the second quarter of 2012.
Safe Harbor Statement
The statements in this release with respect to future results
reflect management's estimates and beliefs and are intended to be,
and hereby are identified as "forward-looking statements" for
purposes of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Words such as "expects," "anticipates," "believes," "intends,"
"plans," "estimates" and other similar references to future periods
typically identify such forward-looking statements. The
company cautions readers that such forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those currently expected by management,
including those risks and uncertainties discussed in the company's
Annual Report on Form 10-K for the year ended
December 31, 2011, as updated in our subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K filed with or
furnished to the Securities and Exchange Commission. Except
as required by law, the company disclaims any obligation to update
any forward-looking statements to reflect future developments or
events.
AK Steel
AK Steel produces flat-rolled carbon, stainless and electrical
steels, primarily for automotive, infrastructure and manufacturing,
construction and electrical power generation and distribution
markets. The company employs about 6,200 men and women in
Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its corporate
headquarters in West Chester,
Ohio. Additional information about AK Steel is available on
the company's web site at www.aksteel.com.
AK Tube LLC, a wholly-owned subsidiary of AK Steel, employs
about 300 men and women in plants in Walbridge, Ohio and Columbus, Indiana.
AK Tube produces carbon and stainless electric resistance welded
(ERW) tubular steel products for truck, automotive and other
markets. Additional information about AK Tube LLC is
available on its web site at www.aktube.com.
AK Coal Resources, Inc., another wholly-owned subsidiary of AK
Steel, owns or leases metallurgical coal reserves in Somerset County, Pennsylvania. AK Steel
also owns 49.9% of Magnetation LLC, a joint venture headquartered
in Grand Rapids, Minnesota, which
produces iron ore concentrate from previously mined ore
reserves.
SOURCE AK Steel