The Wall Street Journal-20080123-Earnings Digest -- Industrial- AK Steel Holding Corp-
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Earnings Digest -- Industrial: AK Steel Holding Corp.
AK Steel Holding Corp. swung to a fourth-quarter profit, helped by higher prices, which bolstered revenue growth. The year-earlier results had been hampered by a $133.2 million charge for retiree health-care plans. The West Chester, Ohio, maker of flat-rolled carbon, and stainless and electrical steel said operating profit tripled to $153.5 million. The average price of a ton of steel sold in the quarter rose 3.7% to $1,079. Steel shipments rose 3.2% to 1.57 million tons. This month, AK Steel raised its spot market price on carbon-steel products for the third time in as many months, citing increased demand and the need to recover higher materials costs. Standard & Poor's in October announced a review that could result in higher credit ratings for AK Steel, citing the company's "improved financial profile" and "currently favorable industry conditions."
