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Published: January 27, 2009 10:47 am
AK Steel posts $431M loss in 4Q amid weak demand
Associated Press
WEST CHESTER, Ohio —
Steel maker AK Steel Holding Corp. says it swung to a fourth-quarter loss as demand for the metal sank amid the global economic downturn. It forecast a significant operating loss for the first quarter.
The West Chester, Ohio-based company’s fourth-quarter loss totaled $430.6 million, or $3.88 per share, and underscored the difficulties facing steel companies as customers in the automotive, construction and industrial equipment slash orders. A year earlier, it earned $106.7 million, or 95 cents per share.
Sales fell 14 percent to $1.46 billion.
The company plans to idle its Middletown blast furnace in early March for maintenance.
Analysts estimated AK Steel would report a loss of 2 cents per share on revenue of $1.28 billion.
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