AK Steel reports second quarter earnings

AK Steel reports second quarter earnings

Middletown, Ohio steelmaker AK Steel, who produces flat rolled and electrical steel products, reported its net income fell $29.5 million due to non cash charge associated with a recent Ohio state tax law change. Net sales were $1.5 billion for the second quarter 2005, a year-on-year increase of $142.8 million. Year-to-date net sales were reported as $2.9 billion, a 15 percent increase from same period in 2004. Net income was reported as $9 million, or $0.08 per diluted share, compared to $92.7 million, or $0.85 per diluted share, for the second quarter 2004. Year-to-date 2005 net income was $68.2 million while year-to-date 2004 net income was $258.1 million. James L. Wainscott, president and CEO, said, "AK Steel responded well to changing market conditions with a first-half performance that included record total and per-ton sales revenue, good cost performance and record safety and quality marks.” Commenting on AK’s second half outlook, Mr. Wainscott said, “We are preparing our operations for what we believe will be strengthening markets for our steel products during the second half of 2005." AK Steel produces flat-rolled carbon, stainless and electrical steels, as well as tubular steel products for the automotive, appliance, construction and manufacturing markets.