AK Books Higher Profits and Reduces Pension Liability in 2018, but We See Margin Contraction Ahead
Although AK Steel grew profits and reduced leverage in 2018, the company has more work ahead if its market share is to stabilize. Full-year adjusted EBITDA rose 6.6% to $563 million. Although this represents a healthy increase, it comes amid favorable market conditions for steel prices and metal spreads. As such, the company's key competitors were, by and large, able to usher in more significant profit growth on a relative basis.For AK Steel, our base-case modeling assumptions continue to imply...
AK Steel Holding is a producer of flat-rolled carbon, stainless and electrical steels products primarily for the automotive, infrastructure and manufacturing, and distributors and converters markets through its wholly-owned subsidiary, AK Steel Corporation. The company's other subsidiaries also provide customer solutions with carbon and stainless steel tubing products, solutions, tool design, hot- and cold-stamped steel components and assemblies. The company sells its carbon steel products mainly to customers in North America, and it sells its electrical and stainless steel products primarily in North America and Europe. The company also produces metallurgical coal through its AK Coal Resources, Inc. subsidiary.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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