WEST CHESTER, Ohio,
March 22, 2013 /PRNewswire/
-- AK Steel (NYSE: AKS) today provided guidance for its first
quarter of 2013 financial results.
AK Steel said that it expects shipments of approximately
1,275,000 to 1,300,000 tons in the first quarter of 2013 compared
to shipments of 1,406,100 tons in the fourth quarter of 2012.
For the first quarter of 2013, the company said it expects
increased shipments to the automotive market compared to the
previous quarter. However, the company said that it projects
its first quarter shipments to the spot market will decrease from
the prior quarter as the normal cyclical improvement in spot market
shipments has not yet materialized.
The company expects its average selling price per-ton for
the first quarter of 2013 to increase by approximately five
percent, to about $1,060 per ton,
from its average selling price per ton of $1,011 for the fourth quarter of
2012. The expected increase in average selling
price is primarily due to a higher-priced product mix compared to
the previous quarter. AK Steel said that it
expects lower costs for the first quarter primarily due to lower
raw material costs.
AK Steel said that it expects to record a non-cash tax
benefit of approximately $4 million to $5
million for the first quarter of 2013. This tax
benefit is primarily attributable to a change in a tax valuation
allowance related to the company's deferred tax
assets.
As a result, AK Steel said it expects to incur a net loss
of between $0.09 and $0.13 per
diluted share of common stock for the first quarter of 2013, which
would represent a significant improvement compared to the fourth
quarter of 2012.
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 6,100 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, controls and is developing 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