AK Steel provides below-consensus Q3 guidance

AK Steel (AKS) -2% AH after saying it expects to incur a net Q3 EPS loss of $0.22-$0.27 vs. consensus expectations of a $0.10 loss.

Expects shipments of 1.24M-1.26M tons in Q3, down 5%-6% Q/Q, due mostly to the effects of the unplanned outage at the Middletown Works blast furnace and to a seasonal reduction in shipments to the automotive market.

Sees average Q3 selling price to increase slightly to ~$1,065/ton, due to a more favorable mix of value-added products Q/Q.

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