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AK Steel Announces Third Quarter 2019 Financial Results

Steel News - Published on Thu, 31 Oct 2019

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AK Steel has reported its financial results for the third quarter of 2019. Roger K Newport, Chief Executive Officer, said “Our third quarter results were essentially in line with our expectations despite a challenging environment. We continued to make solid progress in our strategy to focus on higher-value business during the quarter. As we look to 2020, we are excited about our prospects, particularly in automotive where we expect meaningful market share growth.”

Third Quarter 2019 Highlights
Net sales of USD 1.5 billion, a 12% YoY decrease
Net income of USD 2.8 million
Adjusted EBITDA of USD 86.9 million, or 5.7% of sales
Results include unrealized mark-to-market derivative losses of USD 15.3 million

It said “The other annual guidance items remain unchanged from the company’s July guidance, including the recently completed significant planned maintenance outage at Dearborn Works. This guidance excludes any future mark-to-market changes in iron ore derivatives or potential pension or other postretirement benefit plan corridor charges depending on year-end interest rates and pension plan asset values.”

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Posted By : Rabi Wangkhem on Thu, 31 Oct 2019
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