AK Steel Capitalizes on Post-Earnings Rally With Its Second Equity Raise in 2016
On Oct. 26, AK Steel announced its second equity issuance this year, capitalizing on sharply higher share prices after the company's better-than-expected third-quarter earnings report. AK Steel will issue 65 million shares of common stock, and underwriters have the option of purchasing an additional 9.75 million shares. The offering will be priced at $4.90 per share. This follows the company's previous equity issuance in April 2016, when AK Steel issued 52 million shares of common stock, with an...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.
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