The AK Steel Holding Corporation, which is running its main mill with replacement workers after it locked out the regular employees, reported a third-quarter profit yesterday, helped by higher steel prices.
Net earnings were $26 million, or 23 cents a share, in contrast to a loss of $29 million, or 26 cents a share, a year earlier, the company said.
Excluding one-time items, third-quarter income was $39.7 million, or 36 cents a share, topping the 34 cents expected by analysts. The stock rose 56 cents, to $15.56 a share.
Sales rose 12 percent, to $1.55 billion, while shipments dipped about 10 percent, to 1.522 million tons.
Union workers were locked out in March at the main works in AK’s headquarters city, Middletown, Ohio.
