(Adds shipment estimate, details)
March 21 AK Steel Holding Corp forecast
a bigger loss for the first quarter as an unplanned blast
furnace outage in its Kentucky plant hurt shipments and drove up
The U.S. steelmaker said shipments were likely to fall 10-12
percent to 1.25 million-1.28 million tons in the quarter ending
March 31 from the preceding quarter.
The company, however, expects its average selling price to
rise about 6 percent to $1,095 per ton.
The cost of natural gas and electricity used to make steel
also increased by about $30 million from the preceding quarter
due to cold weather. The company will record a charge of about
$47 million related to outages.
AK Steel estimated a net loss of 44 cents to 49 cents per
share for the first quarter. The company reported a net loss of
7 cents a year earlier and a profit of 26 cents in the preceding
The company said a $5.8 million charge for a tentative legal
settlement also hurt the quarter, but added that it does not
expect these problems to continue for the rest of the year.
AKS shares were up about 3 percent at $6.89 on the New York
(Reporting by Anannya Pramanick in Bangalore; Editing by Don