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AK Steel reports 3Q loss, falls short of Wall Street expectations

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.

MORE: AK Steel gets $1.8M award to develop next generation electrical steels

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.

MORE: Opening of AK Steel research center a ‘home run’ for Middletown

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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