AK Steel Fails to Capitalize on Higher Steel Prices in 1Q; Lowering FVE To $4
AK Steel's adjusted EBITDA fell 33% year on year to $119 million in the first quarter even though average selling prices rose modestly. The decline was driven, in part, by an unplanned outage at Middletown Works, which had an adverse $27 million profit impact. Shares traded sharply lower after the earnings release, as the down quarter represents a missed opportunity for AK Steel to flex improved earnings power in a favorable pricing environment. Having lowered our near-term profit forecasts, our...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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