AK Steel posts $73M loss in 1Q

Associated Press

WEST CHESTER, Ohio April 21, 2009 08:58 am

— Steel maker AK Steel Holding Corp. says it posted a first-quarter loss compared with a year-earlier profit, hurt by the recession and declining orders from the auto industry.
The West Chester, Ohio-based company says its loss amounted to $73.4 million, or 67 cents per share due to diminishing orders for the metal used in cars, appliances and other products. AK Steel earned $101.1 million, or 90 cents a share, in the same period a year earlier.
Revenue dropped nearly 49 percent to $922.2 million.
Analyst surveyed by Thomson Reuters had expected a loss of 75 cents per share on revenue of $929.3 million.
Steel demand has plunged since late last year, when the global economic crisis undermined key customers in the auto, construction and machinery industries.