AK Steel Holding Corp. climbed in after-hours trading after reporting it expected a narrower third-quarter loss than analysts estimated amid higher shipments and lower raw-material costs.
The net loss will be 2 cents to 7 cents a share, West Chester, Ohio-based AK Steel said Thursday in a statement. Analysts expected a loss excluding one-time items of 24 cents a share, the average of 16 estimates compiled by Bloomberg. Third-quarter shipments will climb 3 percent from the previous period to 1.86 million tons as automakers buy more of the metal, the company said.
The statement was released after the close of regular trading in New York, where AK Steel rose 10 percent to $3.09 a share at 5:01 p.m. The shares declined 53 percent this year through Thursday’s close.
AK Steel plans to release its third-quarter financial results before the start of trading in New York on Oct. 27.