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AK Steel earnings up

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By Chelsey Levingston, Staff Writer 9:23 AM Tuesday, July 27, 2010

AK Steel reversed its losses as it continues to recover this year.

This morning, July 27, the company reported an increase in net income for the second quarter.

The West Chester-based steel maker reported today a net income of $26.7 million, an increase over the first quarter of the year and over the same quarter last year, according to a release from the company. Net income at the end of the second quarter in 2009 was a loss of $47.2 million.

One of the factors affecting net income at the end of the second quarter was higher iron ore costs, according to the company. AK Steel increased the benchmark of iron ore prices from 30 percent to 65 percent, creating an additional expense of $18 million for the second quarter, according to the company. There is no global benchmark for iron ore prices.

The total net income for the first six months was $28.6 million, compared to a net loss for the first six months of 2009 of $120.6 million.

Investors can access a conference call on earnings at 11 a.m. today at www.aksteel.com

AK Steel produces flat-rolled carbon, stainless and electrical steels. It has production facilities at Middletown Works. AK Steel is Butler County’s second largest employer with 3,100 employees, according to Butler County Department of Development.

Contact this reporter at (513) 705-2551 or clevingston@coxohio.com.

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