NEW YORK (TheStreet) -- AK Steel (AKS) shares are down 5.9% to $5.56 in early market trading on Monday following reports that global steel production flattened during the month of October.
Higher output in the European market could not save the industry from declines in the Chinese, North American and Japanese markets, according to a World Steel Association report.
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In total, 137 million tons of steel were produced worldwide during October, the same amount it produced in the same month last year, with production in China, Japan and the U.S. falling 0.3%, 0.5% and 0.7%, respectively.
Output in the European Union rose 1.5% to nearly 15 million tons, while steel production in Canada rose 9.4% to 1.2 million tons produced.
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 a number of negative factors, 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. Among the areas we feel are negative, one of the most important has been poor profit margins."