AK Steel reports $277.5 million loss for Q3
US leading flat producer AK Steel Holding Corp. based in Middletown, Ohio, reported a net loss of $277.5 million for the third quarter of 2003. The company also posted $3.3 million loss in the third quarter of 2002. Net sales were $1.06 million in the third quarter of 2003, down by 4.5% compared to the same period last year. The company increased shipments in the third quarter of 2003 to 1.5 million tons against 1.4 million tons recorded in the corresponding period last year due to additional market sales. However, 4.3 million tons were shipped in the first nine months of 2003 when compared to 4.4 million tons recorded in the same period last year. Net loss is attributed to the high prices of raw materials and energy, low production volumes and increase in retiree health care benefit expenses. The company also announced that it aims to cut 475 jobs to save approximately $35 million. The company is planning to reduce number of employees by the end of October.