West Chester, Ohio-based flat rolled steelmaker AK Steel reported Monday its anticipated results for Q2 2012 (ended June 30). AK said it expects total shipments of approximately 1,350,000 tons in Q2, which is slightly higher than in Q1 and expects that its average per-ton selling price for Q2 will be about the same as in Q1. AK Steel also said that it expects to benefit from higher operating rates and lower raw material costs in Q2 compared to Q1.
Taking all of these factors into account, and subject to the possibility discussed below of recording a valuation allowance for its deferred tax assets, AK Steel said it expects to generate net income of between $0.04 and $0.06 per diluted share of common stock for Q2 2012, which would represent an improvement compared to the loss of $0.11 per diluted share reported for Q1 2012.
Due to increased uncertainty and volatility with respect to near-term economic conditions in the United States and in other markets served by the company, including a recent deterioration in spot market pricing, AK Steel said that it cannot provide reliable guidance at this time for the company's results for the remainder of 2012.