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AK Steel returns to profitability in 3Q

AK Steel returns to profitability in 3Q

Steel producer AK Steel Holding Corp. says it returned to profitability during its third quarter, helped by better demand, and expects shipments of steel to pick up in the final months of the year.
The improved results are still far below last year. The West Chester, Ohio-based company says its net income dropped to $6.2 million, or 6 cents per share from $188.3 million, or $1.67 per share, a year earlier.
The company had posted three straight quarters of losses.
The steel producer says third-quarter revenue plunged 52 percent to $1.04 billion.
AK Steel expects shipments of steel to increase nearly 24 percent in the fourth quarter compared with last quarter.
Shares rose 35 cents, 1.9 percent, to $19.14 in pre-market trade.