Tomahawk, WI 11/05/2013 (BasicsMedia) – AK Steel Holding Corporation (NYSE:AKS) which is an integrated producer of flat rolled carbon stainless steel and electrical steel has halved its Q3 losses as compared to the same quarter a year ago. The reduced losses can be attributed to the massive shedding of operating costs plans that the company has been undertaking over the past quarter. The good results for the third quarter were not overshadowed with outage in its Middletown plant. AK steel Holding Corp net loss for the third quarter stood at a low of $31.7 million translating to 23 cents a share. A year ago the same quarter the company posted net losses totaling $60.9 million or 55cents a share. This is a clear indication that the company is in line to make good recovery from the heard hit economic crisis of 2009.

The only bad news out of the results was the decline of its sales and shipments that dipped by 9% as compared to Q3 F2012. AK sales stood at $1.3 billion with more than 1.2 million tons being made during the period. Wall Street analysts had expected higher sales for the period with adjusted earnings per share. AK adjusted earnings before interest, taxes, depreciation and amortization stood at $53.5 million as compared to the same quarter the last financial year of $27.2 million. The company faced its challenges in the third quarter head on as it continues to strive to record solid progress on various fronts. This is according to its Chief executive and President James Wainscot who insists the company is gearing itself for even better results of reduced loss levels in the fourth quarter.

AK Steel Holding Corporation (NYSE:AKS) in the third quarter filed a case with the federal trade authorities claiming its business was negatively being affected with the continued importation of low priced non oriented electrical steel from six countries. The dumping of the products in the country has over flooded the market making it impossible for the company to make viable sales as a result of them being extremely cheap. AK continues to benefit a lot from rebounding demand of motor vehicles after the economic crisis.  The demand for automobiles is positively impacting the price of steel that AK solely deals in. AK gross margin for the third quarter rose to 8.2% from the previous of 5.4%

 AK market status have been boosted  with news that the United States District Court has upheld the decision that the company’s ULTRALUME®  advanced  high strength steel product does not infringe an ArcelorMittal Patent. The court in its verdict indicated that ArcelorMittal’s Patent was invalid as it violated statutory prohibition on broadening a patent. AK’S ULTRALUME® patent enables automakers design lighter and fuel efficient vehicles without sacrificing any safety concerns. The third quarter also saw AK agreeing to pay $3.65 million as settlement for civil fines and environmental projects that it had caused in its Ashland KY coke plant. The settlement had been agreed without admissions of any violations with the US Environmental Protection Agency and the state of Kentucky.

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