AK Steel posts loss in Q1 2012
Reportedly, AK Steel announced its financial result for the Q1. The company’s net loss in Q1 was US$11.8 million, in comparison of the net income of US$8.7 million in last Q1 and a net loss of US$193.9 million in last Q4.
According to James L. Wainscott, Chairman, President and CEO of AK steel, the steel prices in Q2 are going to be stable as the lower cost iron ore, but AK still expects the prices increase.
In May and June, the scrape prices are predicted to climb up a bit as expected. Moreover, AK has sold out all carbon products for April, some products in May even June. It is a good sign of recovering economy and demand.
Although the US steel market seems to be recovered slowly and not aggressive at all, AK Steel’s contract business are gradually growing up, with 10% increase, compared to same period of last year.
News Date 25 Apr 2012 13:25:51 reported by Ivy Wei