Wheeling-Pittsburgh Steel Corp. has announced that its second quarter earnings will be lower than previously expected.
The flat rolled producer lowered its Q2 expectations Friday, saying it expects an earnings loss of $25 million in the second quarter. This compares to a loss of $59.9 million in the first quarter.
In a press release, Wheeling-Pitt chairman and CEO James Bouchard said, "While this quarter will represent an improvement from the first quarter's results, it is still well below our expectations."
Mr. Bouchard cited unplanned production outages in April and weak demand for its flat rolled products along with increased scrap prices as main reasons for the loss.
Wheeling-Pitt will shut down its electric arc furnace again during two weeks in July for maintenance work. The company will also perform maintenance at its Mingo Junction, Ohio facility during the same two weeks.