AK Steel to record loss for Q3 more than expected

AK Steel to record loss for Q3 more than expected

AK Steel has recently announced that, it is likely to record loss for the third quarter more than the current estimate by industry analysts due to higher energy and raw material costs. AK Steel expects a loss between $0.82-$0.86 per share for the third quarter. The estimate of industry analysts was at the level of $0.62 per share. Furthermore, the company expects its non-cash charges to amount around $190 million, or more specifically $1.75 per share. Despite the expected third quarter loss, AK Steel has liquidity of approximately $500 million, without the sale of assets. The company has lately announced that, it is evaluating the potential sale of assets, which it believes could generate approximately $300 million in proceeds. The company also states that, contrary to speculations, it will not consult for a bankruptcy protection.