AK Steel Updates Fourth Quarter Outlook
11/05/2008 - AK Steel lowers its fourth quarter 2008 shipping and earnings expectations based on weaker-than-expected economic conditions in the United States and globally.
AK Steel has lowered its fourth quarter 2008 shipping and earnings expectations based on weaker-than-expected economic conditions in the United States and globally.
In its updated outlook, which was included in the company’s third quarter report on Form 10-Q, AK Steel said that it anticipates fourth quarter shipments to be closer to 1,200,000 tons, down from its previous guidance of 1,400,000 tons.
The company also said that it now expects to generate an operating profit of less than $100 per ton due to lower anticipated shipment volume and potentially a lower average selling price than was included in the company's previous guidance.
AK Steel previously provided outlook and guidance for the fourth quarter as a part of its third quarter earnings report.
AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, appliance, construction and electrical power generation and distribution markets. The company employs about 6500 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pa.; Ashland, Ky.; Rockport, Ind.; and its corporate headquarters in West Chester, Ohio.
AK Tube LLC, a wholly owned subsidiary of AK Steel, employs about 300 men and women in plants in Walbridge, Ohio, and Columbus, Ind. AK Tube produces carbon and stainless electric resistance welded (ERW) tubular steel products for truck, automotive and other markets.
