AK Steel Holding Corp. on Tuesday reported a third-quarter loss of $5.8 million, after reporting a profit in the same period a year earlier.
The Fortune 500 company, which is headquartered in West Chester Twp., said it had a loss of 2 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to 2 cents per share.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The steel producer posted revenue of $1.49 billion in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $1.5 billion.
AK Steel shares have fallen 43 percent since the beginning of the year. The stock has increased 12 percent in the last 12 months.
Between operations in West Chester Twp. and its Middletown Works steel plant, AK Steel employs approximately 2,400 full-time workers in Butler County, making it the county’s third-largest employer.
The company’s facilities in Ohio, Kentucky, Indiana, Pennsylvania, Michigan and Minnesota employ more than 8,000 altogether and produce flat-rolled carbon, electrical and stainless steels used by the automotive, appliance, construction and manufacturing markets.
This article contains additional reporting by the Associated Press.
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