AK Steel provides second quarter 2012 financial results
AK Steel provided guidance for its second quarter of 2012 financial results.
AK Steel said it expects total shipments of approximately 1,350,000 tons in the 2012 second quarter, which is slightly higher than the first quarter of 2012. The company said it expects that its average per ton selling price for the second quarter of 2012 will be about the same as in the first quarter of 2012. AK Steel also said that it expects to benefit from higher operating rates and lower raw material costs in the second quarter of 2012 compared to the first quarter of 2012.
Taking all of these factors into account, and subject to the possibility discussed below of recording a valuation allowance for its deferred tax assets, AK Steel said it expects to generate net income of between $0.04 and $0.06 per diluted share of common stock for the second quarter of 2012, which would represent an improvement compared to the loss of $0.11 per diluted share reported for the first quarter of 2012. Due to increased uncertainty and volatility with respect to near-term economic conditions in the United States and in other markets served by the company, including a recent deterioration in spot market pricing, AK Steel cannot provide reliable guidance at this time for the company’s results for the remainder of 2012.