Steel Mills
Correction to AK Steel Article In Tuesday Issue
Written by Sandy Williams
January 25, 2017
Steel Market Update inadvertently used third quarter data when reporting results for AK Steel in Tuesday’s issue. The information has been corrected on the website. For those of you who received the inaccurate information in your newsletter, please note the following changes to the first three paragraphs of the article.
AK Steel Strategy Leads to Stronger Balance Sheet
AK Steel reported a net loss of $62.4 million in the fourth quarter of 2016 compared to net loss of 145.4 million in Q4 2015. Sales totaled $1.42 billion with an average selling price of $998 per ton.
Shipments were down in all product categories in fourth quarter. Total shipment for the quarter was 1,412,200 tons compared to 1,655,800 tons in Q4 2015. Value added shipments accounted for 85.2 percent of the total, while non value-added products totaled 14.8 percent.
Remarked CEO Robert Newport, “”The strategy that we introduced at the beginning of 2016 generated improved results and a stronger AK Steel,” said Roger K. Newport, AK Steel’s Chief Executive Officer. Mr. Newport continued, “Our work to optimize our footprint, relentlessly focus on costs, and reduce exposure to commodity spot markets generated improved margins. By successfully completing several capital market transactions, we were able to significantly strengthen our balance sheet. These actions position us well for the future.”
Sandy Williams
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