AK Steel Holding Corp. on Tuesday reported a smaller loss in its second quarter, and beat most analysts’ expectations.
The West Chester, Ohio-based company posted a loss of $17.1 million, or 13 cents per share, compared with a loss of $40.4 million, or 30 cents per share, in the same quarter a year earlier.
Earnings, adjusted for non-recurring costs, were 2 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 4 cents per share.
The steel producer said revenue climbed 9 percent to $1.53 billion from $1.4 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $1.5 billion, according to Zacks.
The cash price of steel billet fell 2.4 percent on Tuesday, July 29 to $410.00 per metric ton on the LME, making it the day’s biggest mover. The 3-month price of steel billet saw little movement on the LME at $425.00 per metric ton.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($135.76) and a low price of CNY 830.00 ($134.14) per dry metric ton. The price of Chinese HRC saw essentially no change for the fifth day in a row, remaining around CNY 3,380 ($546.26) per metric ton. The price of Chinese coking coal held steady at CNY 1,390 ($224.64) per metric ton.
After remaining flat for three days, the US HRC futures contract 3-month price fell 0.2 percent on Tuesday to $641.00 per short ton. The spot price of the US HRC futures contract saw essentially no change for the fifth day in a row, remaining around $670.00 per short ton.