AK Steel (NYSE:AKS) announced on Tuesday that it lost $60.9 million during the third quarter, significantly more than the $3.5 million it lost in the same period last year. That translated into a loss of 55 cents per share. The steelmaker posted quarterly revenue of $1.46 billion, down from $1.58 billion last year, Reuters noted.
Looking forward, AK Steel predicted that it will post another loss in the current quarter, but did not provide an exact estimate. Investors weren’t happy with the results or the outlook. AK Steel shares dropped about 6% in Tuesday midday trading.
Prices for steel slipped 7% compared to last year, falling to $1,073 a ton.
Company officials said the current worldwide economic slowdown had dented steel prices and shipping volumes. AK Steel shipped 1.364 million tons of steel during the quarter, down from 1.369 million tons last year.