AK Steel (AKS) Hikes Stainless Steel Product Prices
18 February 2016
AK Steel Holding Corporation AKS has declared that it will increase the base prices for all of its stainless steel products. The price hike will be effective with shipments from Mar 1, 2016.
For commodity sheet and strip, specialty sheet and strip, and pipe and tube sheet and strip products, the raise will be achieved through a reduction in the functional discount of two percentage points. For the remaining stainless steel products, including automotive sheet and strip, base prices will be raised by $40 per ton.
AK Steel reported a net loss of $147.1 million or 83 cents per share in fourth-quarter 2015 as against a net income of $13.5 million or 7 cents per share in the year-ago quarter. The bottom line was adversely affected by pension-related charges, decline in average selling prices and challenges in the steel market.
Barring charges related to net pension and other post-retirement benefits, a charge for the previously announced temporary idling of Ashland Works blast furnace and steelmaking operations, and another for impairment of the company's investment in AFSG Holdings, Inc., AK Steel logged adjusted earnings of 30 cents per share in the reported quarter. The results handily surpassed the Zacks Consensus Estimate of 8 cents.
For full-year 2015, AK Steel recorded an adjusted net loss of $53.5 million or 30 cents per share compared with an adjusted net loss of $59.7 million or 40 cents per share in 2014.
Source : nasdaq.com