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AK Steel Reports 3rd Quarter Loss

AK Steel

AK Steel today reported a third quarter loss of 31.7 million dollars. That compares to a net loss of nearly 61-million dollars for the same period a year ago. Company President James Wainscott says AK’s shipments during the last three months were down more than 100,000 tons primarily because of an unplanned outage of the firm’s Middletown Works blast furnace.

Wainscott also says unfair competition has hurt the company’s performance in the electrical steel market. He claims the U.S. has become the world’s “dumping ground” for electrical steel…

Wainscott is urging the U.S. Department of Commerce and International Trade Commission to halt the practices, which he says are causing “material injury” to AK Steel. The company has plants in Kentucky, Ohio, Pennsylvania and Indiana. It employs about 800 people at its Ashland Works.