AK Steel today reported a net loss of $5.8 million for the third quarter of 2017, compared to net income of $50.9 million for the third quarter of 2016. The third quarter of 2017 included $4.7 million of costs related to the acquisition of Precision Partners and $8.4 million of costs related to refinancing long-term debt. In the third quarter of 2016, the company incurred $6.8 million of costs for debt refinancing.
Net sales increased 3 percent to $1.49 billion for the third quarter of 2017 from $1.45 billion for the third quarter of 2016.
Third quarter flat-rolled steel shipments declined 2 percent to 1,368,600 tons from 1,397,900 tons in the third quarter a year ago, primarily as a result of softer automotive market demand, according to a company press release.
Average selling price per flat-rolled steel ton increased 2 percent to $1,021 from $1,001 in the same quarter a year ago, primarily as a result of a higher average selling price on both contract and spot market sales and higher surcharges on specialty steels.