The steel manufacturer reported a loss of -40 cents a share for the first quarter, beating analysts' estimate of a loss of -43 cents a share by 3 cents. Revenue grew 0.7% to $1.38 billion. Analysts surveyed by Thomson Reuters expected revenue of $1.36 billion.
Shipments fell 2.1% to 1.26 million tons in the quarter, while average selling prices rose 3% to $1,096 a ton.
The company said production costs were higher in the quarter due to an unplanned outage of its Ashland Works blast furnace and high energy costs cause by the cold winter weather.
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TheStreet Ratings team rates AK STEEL HOLDING CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AK STEEL HOLDING CORP (AKS) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its poor profit margins and weak operating cash flow."