AK Steel (AKS -6.2%) sinks at the open amid pending stock and bond sales (I, II, III) that include boosting the amount of stock outstanding by more than 20%. Wells Fargo analysts, however, note the sales will give AKS ~$1.2B of liquidity, “adequate enough to ride out a choppy macro and fund forays into iron-ore/coal mining to improve the cost structure.”
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