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打印US steelmaker AK Steel Tuesday reported a first-quarter loss compared with profit a year earlier, saying the economic recession and declining orders from the auto and the home appliance sectors hurt its operating performance.
The net loss for the first quarter was $73.4 million compared with net income of $101.1 million for the same quarter of 2008. It was the West
Chester, Ohio-based company's second consecutive quarterly loss, after a net loss of $430.6 million in Q4 2008, which included a $699.5 million non-cash charge for pendion accounting.
AK Steel recorded an operating loss of $99.9 million in the first quarter and revenue dropped nearly 49% to $922.2 million on shipments of 778,000 st.
This compares to revenues of $1.79 billion on shipments of 1.58 million st in Q1 2008.
"Despite the worst market conditions in decades, AK Steel employees responded with outstanding cost and quality performances in the first quarter," said James Wainscott, chairman, president and CEO of the company.
"The hard work our company has performed over the past five years allowed us to endure a quarter of record low steel shipments, and positions us well to make the most of improving markets the balance of the year."
AK Steel said it expects shipments in the second quarter of 2009 to be approximately 800,000 st, slightly higher than in the first quarter. The company anticipates that its average selling price will be approximately 4% below the first quarter of 2009 level of $1,184/st. The company also expects planned maintenance costs to be approximately $15 million higher in the second quarter compared to the first quarter, primarily as the result of a planned blast furnace maintenance outage at its Middletown Works, which is currently inm progress.
AK said it expects to benefit from lower operating and raw material costs in the second quarter compared to the first quarter, and to incur an operating loss of approximately $50 million, representing a 50% improvement from the first quarter.
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