West Chester Township-based AK Steel warned investors Monday that it expects a net loss of between $0.33 and $0.38 per diluted share of common stock for the second quarter of 2013.
In April, AK Steel reported a net loss of $9.9 million or 7 cents per share in the first quarter. In January, the steelmaker reported a net loss of $1,027.3 million or $9.06 per diluted share for 2012. In 2011, it reported a loss of $155.6 million or $1.41 per share.
The company also expects its average selling price per ton for the second quarter of 2013 to decrease by approximately 1 percent from its price for the first quarter of 2013, falling from $1,063 to $1,055 per ton.
The expected decrease in average selling price is primarily due to lower spot market prices for carbon steel products compared to the previous quarter, according to AK Steel.
Second quarter results include the effect of the a seven-day maintenance outage at its Middletown blast furnace, which will drive up the company’s maintenance costs to $21 million for the second quarter. The company spent $1 million in total maintenance outage costs in the first quarter and does not have any other planned blast furnace maintenance outages for the reminder of 2013.
Also in Monday’s release, AK Steel said that it expects shipments of approximately 1,340,000 to 1,360,000 tons in the second quarter of 2013 compared to shipments of 1,289,800 tons in the first quarter of 2013, a increase of approximately 4 to 5 percent.