Why AK Steel (AKS) Stock Is Down Today

NEW YORK (TheStreet) -- AK Steel  (AKS) fell Monday after it purchased one of Russian steel manufacturer Severstal's U.S. subsidiaries called Severstal Dearborn.

Severstal also sold its Severstal Columbus unit to Steel Dynamics. The combined value of the sales of the two subsidiaries is $2.34 billion. The sales comes in the wake of several U.S. and European sanctions against Russia, though Severstal was not targeted.

AK Steel was down 4.87% to $8.40 at 10:32 a.m. The stock hit a 52-week high of $9.14 in early morning trading before it dropped.

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AKS Chart AKS data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

TheStreet's Susannah Lee speaks with The Deal's Paul Whitfield about Severstal's decision to sell its U.S. steel plant stake:


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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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