West Chester, Ohio steel maker AK Steel Holding’s (AKS) shares are higher by 81 cents, or 4%, this morning at $21 after the firm reported Q4 sales and profit ahead of expectations and forecast steel prices to rise.
Q4 sales of $1.37 billion easily beat the $1.25 billion expected, yielding profit per share of 36 cents, versus 20 cents expected.
For the current quarter, the company expects sales volume of steel products to remain about the same, while average selling prices will rise 4% to 5%. Analysts have been expecting only a slight rise in revenue for the quarter, up 1.2% at $1.27 billion. However, the company did warn that operating profit per ton of steel would be down from last quarter as the price of raw goods increased.
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