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AK Steel opens +7% after big Q2 earnings beat

Published 07/25/2017, 09:39 AM
© Reuters.  AK Steel opens +7% after big Q2 earnings beat
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  • AK Steel (AKS +7.7%) surges at the open after easily beating Q2 earnings estimates, saying its strong performance highlights continued benefits achieved through strategic initiatives it implemented during the past year and a half.
  • AKS says Q2 shipments declined 6% Y/Y to 1.46M tons mainly resulting from a decrease in automotive demand, but the average selling price jumped 11% Y/Y to $1,058/ton from $957, primarily due to a higher average selling price on both contract and spot market sales and higher surcharges on specialty steel products.
  • Other steel names are running higher, with X +4%, NUE +2.5%, STLD +2.9%, CMC +3.4%; another possible catalyst for the steel sector is the Section 232 decision, which could be announced today when Pres. Trump holds a rally in Youngstown, Ohio.
  • Now read: Nucor - Adding On The Dip


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