BOSTON (Thomson Financial) - AK Steel Holding Corp. Tuesday said
second-quarter net income rose to $145.2 million, or $1.29 a share, beating the
mean estimate of analysts polled by Thomson Reuters of $1.15 a share.
In the same period a year ago, the company posted net income of $109.9
million, or 98 cents a share.
Revenue for the West Chester, Ohio-based steel producer rose to $2.24
billion from $1.87 billion a year earlier. Analysts, on average, had estimated
revenue of $2.1 billion.
The company said its average selling price for the quarter was $1,287 per
ton, an 18% increase over the $1,092 per-ton mark set in the second quarter of
2007. The increase in per-ton selling prices resulted from higher contract and
spot market pricing driven by strong demand and record raw material and energy
cost increases, AK Steel said.
The company's shares closed Monday at $51.06.
Casey Logan
cl/vj
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