US steelmaker AK Steel has revised its 2019 earnings outlook lower due to a decline in prices in the second quarter.
The Ohio-based steelmaker now expects its adjusted profit for 2019 to be $118mn-138mn, down from the $153mn-173mn it expected to earn in 2019 after the first quarter.
The company said the adjustment came after hot-rolled coil (HRC) prices fell to $555/st recently from $690/st in April.
The adjusted profit figure does not include a $77.4mn charge related to the closure of its Ashland Works, which was announced in January.
AK Steel's overall second quarter profits increased by 18pc to $66.8mn from a year earlier.
AK Steel expects major maintenance outages, mostly during in the fourth quarter, to cost it up to $80mn.
Overall flat-rolled steel shipments in the second quarter fell by 3.4pc to 1.39mn st from a year earlier, while the selling price per flat-rolled steel ton was flat at $1,102/st.
Shipments of the company's largest segment of shipped products, coated steel, rose by 2.4pc to 738,400st in the second quarter. Hot-rolled coil (HRC) shipments increased by 1pc to 189,800st.
Cold-rolled coil (CRC) shipments fell by 15pc to 228,600st, while stainless and electrical steel shipments fell by 10pc to 198,400st.
