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AK Steel's (AKS -2.2%) downside guidance was below expectations but Goldman Sachs believes the...

AK Steel's (AKS -2.2%) downside guidance was below expectations but Goldman Sachs believes the miss was widely expected as steel prices came under pressure. But the new guidance implied significantly higher than expected operating costs; excluding the impact of maintenance, the firm estimates gross profit per ton will decline 13% Q/Q. Goldman maintains its Sell rating and $2.60 target price.
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