As we saw in yesterday's earnings preview, AK Steel Holding Corp. (NYSE: AKS) was expected to post a loss for its second quarter, but the good news is that the loss was less than analysts had been expecting to see.

Going into this morning's earnings announcement, analysts had been expecting the company to post a loss of 51 cents per share, but the company was able to show a better than expected loss of just 43 cents per share. While it is good to see the company beat estimates, we still have to keep in mind that during the same period last year the company was able to show earnings of $1.29 per share.

Continue reading AK Steel posts better-than-expected earnings

AK Steel posts better-than-expected earnings originally appeared on BloggingStocks on Tue, 21 Jul 2009 12:40:00 EST. Please see our terms for use of feeds.

AK Steel Holding Corporation

Continue reading AK Steel earnings preview

AK Steel earnings preview originally appeared on BloggingStocks on Mon, 20 Jul 2009 17:30:00 EST. Please see our terms for use of feeds.

"As steel prices continue to climb, one company that is set to profit handsomely is Cleveland-Cliffs (NYSE: CLF)," says Bill Martin.

Adding to the stock's appeal, the editor of BullMarket.com explains, "Event-driven hedge fund Harbinger Capital has been an aggressive buyer of the stock." Here's his review of the situation.

"Shares of Cleveland-Cliffs have been on fire, up over 150% year over year and they have more than doubled year to date. The Cleveland, Ohio-based company is the largest producer of iron ore pellets in North America and a major supplier of metallurgical coal to the global steel-making industry.

"Cleveland-Cliffs benchmarks iron ore prices to the price of steel, so when steel prices rise, so do iron ore prices. The company said all of its North American iron ore mines are producing at or near capacity.

"Cleveland-Cliffs ended the first quarter of 2008 with $186.5 million of cash and cash equivalents and $600 million in borrowings outstanding under an $800 million credit facility. The company expects to generate approximately $700 million in cash from operations in FY08 as it sells through its inventory.

"Event-driven hedge fund Harbinger Capital was an aggressive buyer of the stock in May, paying between $76.96 to $104.75 a share to add to its position in the name. For the month, the firm spent approximately $338.5 million to acquire nearly 3.7 million shares.

Continue reading Cleveland-Cliffs (CLF): Hedge fund eyes steel maker

Cleveland-Cliffs (CLF): Hedge fund eyes steel maker originally appeared on BloggingStocks on Tue, 15 Jul 2008 16:55:00 EST. Please see our terms for use of feeds.