AK Steel Holding Management Discuss Q3 Results; Steel Billet Weakens 11.6%

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AK Steel announced on Tuesday that “its third-quarter loss narrowed as operating costs fell and its income tax provision declined,” reported Bloomberg.

“Total operating costs dropped to $1.31 billion from $1.48 billion. In the latest quarter, AK Steel’s income tax provision totaled $6.7 million. That compares with $23.8 million a year earlier.”

For the full AK Steel Earnings transcript, visit Seeking Alpha.

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The steel billet cash price closed Tuesday, October 22 at $190.00 per metric ton, halting its three-day flat run on the LME with a 11.6 percent drift. After remaining flat for three days, the steel billet 3-month price fell 4.3 percent yesterday on the LME to $220.00 per metric ton.

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Chinese steel prices were mixed for the day. The price of iron ore 58% fines from India were range bound. Chinese HRC prices inched up 1.7 percent. The price of Chinese slab finished the market day up 1.4 percent per metric ton.

The US HRC futures contract spot price rose by 0.2 percent to $651.00 yesterday after remaining flat for two days. The US HRC futures contract 3-month price saw little movement on Tuesday at $650.00 per short ton.