AK Steel Holding Corporation (NYSE:AKS) stock was falling on Monday despite reporting an earnings beat for the first quarter of 2018.

During the first quarter of the year, AK Steel Holding Corporation reported earnings per share of 9 cents. This is down from its earnings per share of 19 cents from the same time last year. However, it still came in above Wall Street’s earnings per share estimate of 1 cent for the period.

AK Steel Holding Corporation’s earnings report for the first quarter of 2018 also includes net income of $44.80 million. This is a drop from the steelmaking company’s net income of $100.60 million that was reported in the first period of 2017.

Operating profit reported by AK Steel Holding Corporation for the first quarter of the year was $63.60 million. The company’s operating profit from the same period of the year prior was $129.70 million.

AK Steel Holding Corporation also reported revenue of $1.66 billion for the first quarter of 2018. This is better than its revenue of $1.53 billion that was reported in the first quarter of the previous year. It also comes in above analysts’ revenue estimate of $1.57 billion for the quarter.

It’s possible that AKS stock is being dragged down by something entirely separate from the company’s earnings report for the first quarter of 2018. Various steel stocks are reacting to the expiration of a temporary steel and aluminum tariff relief.

The steel and aluminum tariff relief is set to expire tomorrow. There is an extension in the works, but it will only apply to some countries. It is also unknown which countries will be part of this extension, reports Barron’s.

AKS stock was down 5% as of noon Monday.

As of this writing, William White did not hold a position in any of the aforementioned securities.