Reuters: Global Markets: AK Steel profit forecast lags Wall Street view

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AK Steel profit forecast lags Wall Street view Jun 18th 2012, 13:34 Mon Jun 18, 2012 9:34am EDT (Reuters) - AK Steel Holding Corp (AKS.N) forecast second-quarter profits that fell short of analysts' expectations and said it could not predict full-year earnings because of volatile market conditions and a recent drop in steel prices. Shares in AK Steel dropped 2 percent to $5.21 per share in premarket trading. Second-quarter total shipments should be about 1,350,000 tons, up slightly from the first quarter, and selling prices should be about the same as in the first quarter, the company said. Analysts, on average, estimated second-quarter GAAP earnings, excluding one-time items, of 10 cents per share. Including the items, earnings were seen at 12 cents per share, according to Thomson Reuters I/B/E/S. On Friday, steel producer and metals recycler Steel Dynamics Inc (STLD.O) forecast lower-than-expected quarterly earnings, hurt by falling sheet steel prices.

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