AK Steel Holding Corp. this week reported second-quarter profit of $61.2 million.
On a per-share basis, the West Chester-based company said it had profit of 19 cents. The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 13 cents per share.
The steel producer posted revenue of $1.56 billion in the period, surpassing Wall Street forecasts. Three analysts surveyed by Zacks expected $1.53 billion.
“Our second quarter performance highlights the continued benefits achieved through the strategic initiatives implemented during the past year and a half,” said Roger Newport, AK Steel’s chief executive officer. “We are executing on the strategy that we laid out in early 2016 as further evidenced by our pending acquisition of Precision Partners. This step strengthens our position as a provider of value-added materials and design solutions.”
Fortune 500 company AK Steel Holding Corp. is headquartered in West Chester Twp. 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.
AK Steel 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.
AK Steel shares have dropped 41 percent since the beginning of the year. The stock has climbed slightly more than 9 percent in the last 12 months.