AK Steel (NYSE:AKS) announced that it lost $61 million, or 55 cents per share, during the third quarter due to lower sales and shipments. The company also said it expects a net loss for the fourth quarter. The average selling price of $1,073 per ton in the quarter was 7 percent lower than the previous and the third quarter of 2011. Net sales for the third quarter of 2012 were $1.463 billion on shipments of 1,363,500 tons, compared to net sales of $1.585 billion on shipments of 1,368,800 tons for the year-ago third quarter and net sales of $1,538.4 million on shipments of 1,335,800 tons for the second quarter of 2012.
Shares are lower by nearly 6.2 percent.
Last Thursday, competitor Nucor Corporation (NYSE:NUE) reported lower third-quarter earnings of $110 million, or 35 cents a share, versus $182 million, or 57 cents a share, for the same period last year.
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