Intrinsic value of AK Steel Holding - AKS

Previous Close

$6.36

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$6.36

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AKS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -12.10
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  5,883
  6,048
  6,230
  6,431
  6,649
  6,886
  7,141
  7,414
  7,707
  8,019
  8,352
  8,705
  9,080
  9,478
  9,899
  10,344
  10,814
  11,311
  11,835
  12,388
  12,970
  13,584
  14,231
  14,911
  15,628
  16,382
  17,175
  18,009
  18,887
  19,810
  20,779
Variable operating expenses, $m
 
  6,235
  6,423
  6,630
  6,855
  7,099
  7,361
  7,643
  7,945
  8,267
  8,609
  8,970
  9,357
  9,767
  10,200
  10,659
  11,144
  11,655
  12,195
  12,765
  13,365
  13,998
  14,664
  15,365
  16,104
  16,881
  17,698
  18,558
  19,462
  20,412
  21,412
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,652
  6,235
  6,423
  6,630
  6,855
  7,099
  7,361
  7,643
  7,945
  8,267
  8,609
  8,970
  9,357
  9,767
  10,200
  10,659
  11,144
  11,655
  12,195
  12,765
  13,365
  13,998
  14,664
  15,365
  16,104
  16,881
  17,698
  18,558
  19,462
  20,412
  21,412
Operating income, $m
  230
  -187
  -193
  -199
  -206
  -213
  -221
  -229
  -238
  -247
  -258
  -265
  -276
  -289
  -301
  -315
  -329
  -344
  -360
  -377
  -395
  -413
  -433
  -454
  -476
  -499
  -523
  -548
  -575
  -603
  -633
EBITDA, $m
  465
  52
  54
  56
  58
  60
  62
  64
  67
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  107
  112
  118
  123
  129
  135
  142
  149
  156
  164
  172
  180
Interest expense (income), $m
  137
  120
  71
  79
  86
  95
  104
  114
  125
  136
  148
  161
  175
  190
  205
  222
  239
  257
  277
  297
  319
  341
  365
  391
  417
  445
  475
  505
  538
  572
  608
Earnings before tax, $m
  61
  -307
  -264
  -278
  -292
  -308
  -325
  -343
  -363
  -384
  -406
  -426
  -452
  -478
  -507
  -537
  -568
  -602
  -637
  -674
  -714
  -755
  -799
  -845
  -893
  -944
  -997
  -1,054
  -1,113
  -1,175
  -1,241
Tax expense, $m
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -8
  -307
  -264
  -278
  -292
  -308
  -325
  -343
  -363
  -384
  -406
  -426
  -452
  -478
  -507
  -537
  -568
  -602
  -637
  -674
  -714
  -755
  -799
  -845
  -893
  -944
  -997
  -1,054
  -1,113
  -1,175
  -1,241

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  173
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,036
  3,971
  4,091
  4,222
  4,366
  4,521
  4,689
  4,868
  5,060
  5,265
  5,484
  5,716
  5,962
  6,223
  6,500
  6,792
  7,101
  7,427
  7,771
  8,134
  8,516
  8,919
  9,344
  9,791
  10,261
  10,756
  11,277
  11,825
  12,401
  13,007
  13,644
Adjusted assets (=assets-cash), $m
  3,863
  3,971
  4,091
  4,222
  4,366
  4,521
  4,689
  4,868
  5,060
  5,265
  5,484
  5,716
  5,962
  6,223
  6,500
  6,792
  7,101
  7,427
  7,771
  8,134
  8,516
  8,919
  9,344
  9,791
  10,261
  10,756
  11,277
  11,825
  12,401
  13,007
  13,644
Revenue / Adjusted assets
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
Average production assets, $m
  2,050
  2,105
  2,168
  2,238
  2,314
  2,396
  2,485
  2,580
  2,682
  2,791
  2,906
  3,029
  3,160
  3,298
  3,445
  3,600
  3,763
  3,936
  4,119
  4,311
  4,514
  4,727
  4,952
  5,189
  5,439
  5,701
  5,977
  6,267
  6,573
  6,894
  7,231
Working capital, $m
  959
  810
  835
  862
  891
  923
  957
  993
  1,033
  1,075
  1,119
  1,167
  1,217
  1,270
  1,326
  1,386
  1,449
  1,516
  1,586
  1,660
  1,738
  1,820
  1,907
  1,998
  2,094
  2,195
  2,301
  2,413
  2,531
  2,654
  2,784
Total debt, $m
  1,817
  1,083
  1,191
  1,309
  1,438
  1,578
  1,729
  1,890
  2,063
  2,248
  2,444
  2,653
  2,875
  3,110
  3,359
  3,622
  3,900
  4,193
  4,503
  4,829
  5,174
  5,536
  5,918
  6,321
  6,744
  7,190
  7,658
  8,152
  8,670
  9,215
  9,788
Total liabilities, $m
  4,308
  3,574
  3,682
  3,800
  3,929
  4,069
  4,220
  4,381
  4,554
  4,739
  4,935
  5,144
  5,366
  5,601
  5,850
  6,113
  6,391
  6,684
  6,994
  7,320
  7,665
  8,027
  8,409
  8,812
  9,235
  9,681
  10,149
  10,643
  11,161
  11,706
  12,279
Total equity, $m
  -272
  397
  409
  422
  437
  452
  469
  487
  506
  527
  548
  572
  596
  622
  650
  679
  710
  743
  777
  813
  852
  892
  934
  979
  1,026
  1,076
  1,128
  1,183
  1,240
  1,301
  1,364
Total liabilities and equity, $m
  4,036
  3,971
  4,091
  4,222
  4,366
  4,521
  4,689
  4,868
  5,060
  5,266
  5,483
  5,716
  5,962
  6,223
  6,500
  6,792
  7,101
  7,427
  7,771
  8,133
  8,517
  8,919
  9,343
  9,791
  10,261
  10,757
  11,277
  11,826
  12,401
  13,007
  13,643
Debt-to-equity ratio
  -6.680
  2.730
  2.910
  3.100
  3.290
  3.490
  3.690
  3.880
  4.080
  4.270
  4.460
  4.640
  4.820
  5.000
  5.170
  5.330
  5.490
  5.650
  5.790
  5.940
  6.080
  6.210
  6.330
  6.460
  6.570
  6.680
  6.790
  6.890
  6.990
  7.080
  7.170
Adjusted equity ratio
  -0.115
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -8
  -307
  -264
  -278
  -292
  -308
  -325
  -343
  -363
  -384
  -406
  -426
  -452
  -478
  -507
  -537
  -568
  -602
  -637
  -674
  -714
  -755
  -799
  -845
  -893
  -944
  -997
  -1,054
  -1,113
  -1,175
  -1,241
Depreciation, amort., depletion, $m
  235
  240
  247
  255
  263
  273
  283
  293
  305
  317
  330
  340
  355
  371
  387
  404
  423
  442
  463
  484
  507
  531
  556
  583
  611
  641
  672
  704
  738
  775
  813
Funds from operations, $m
  276
  -68
  -17
  -23
  -29
  -35
  -42
  -50
  -58
  -67
  -76
  -86
  -96
  -108
  -120
  -132
  -145
  -159
  -174
  -190
  -206
  -224
  -242
  -261
  -282
  -303
  -326
  -349
  -374
  -401
  -428
Change in working capital, $m
  -29
  22
  24
  27
  29
  32
  34
  37
  39
  42
  45
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
  124
  130
Cash from operations, $m
  305
  -90
  -42
  -50
  -58
  -67
  -76
  -87
  -97
  -109
  -121
  -133
  -147
  -161
  -176
  -192
  -208
  -226
  -244
  -264
  -284
  -306
  -329
  -353
  -378
  -404
  -432
  -461
  -492
  -524
  -558
Maintenance CAPEX, $m
  0
  -230
  -236
  -244
  -251
  -260
  -269
  -279
  -290
  -301
  -314
  -327
  -340
  -355
  -371
  -387
  -404
  -423
  -442
  -463
  -484
  -507
  -531
  -556
  -583
  -611
  -641
  -672
  -704
  -738
  -775
New CAPEX, $m
  -128
  -55
  -64
  -70
  -76
  -82
  -89
  -95
  -102
  -109
  -116
  -123
  -131
  -138
  -146
  -155
  -164
  -173
  -182
  -192
  -203
  -214
  -225
  -237
  -249
  -262
  -276
  -290
  -305
  -321
  -338
Cash from investing activities, $m
  -125
  -285
  -300
  -314
  -327
  -342
  -358
  -374
  -392
  -410
  -430
  -450
  -471
  -493
  -517
  -542
  -568
  -596
  -624
  -655
  -687
  -721
  -756
  -793
  -832
  -873
  -917
  -962
  -1,009
  -1,059
  -1,113
Free cash flow, $m
  180
  -375
  -342
  -363
  -386
  -409
  -434
  -461
  -489
  -519
  -550
  -583
  -618
  -654
  -693
  -734
  -777
  -822
  -869
  -919
  -972
  -1,027
  -1,085
  -1,146
  -1,210
  -1,278
  -1,349
  -1,423
  -1,502
  -1,584
  -1,670
Issuance/(repayment) of debt, $m
  -563
  -734
  108
  118
  129
  140
  151
  162
  173
  185
  197
  209
  222
  235
  249
  263
  278
  293
  310
  327
  344
  363
  382
  402
  423
  446
  469
  493
  519
  545
  573
Issuance/(repurchase) of shares, $m
  600
  1,149
  276
  291
  306
  323
  342
  361
  382
  404
  428
  450
  476
  504
  534
  566
  599
  634
  671
  711
  752
  795
  841
  889
  940
  993
  1,049
  1,108
  1,171
  1,236
  1,304
Cash from financing (excl. dividends), $m  
  -63
  415
  384
  409
  435
  463
  493
  523
  555
  589
  625
  659
  698
  739
  783
  829
  877
  927
  981
  1,038
  1,096
  1,158
  1,223
  1,291
  1,363
  1,439
  1,518
  1,601
  1,690
  1,781
  1,877
Total cash flow (excl. dividends), $m
  117
  41
  42
  46
  50
  54
  58
  62
  66
  70
  74
  76
  80
  85
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  153
  161
  170
  178
  188
  197
  207
Retained Cash Flow (-), $m
  -706
  -1,149
  -276
  -291
  -306
  -323
  -342
  -361
  -382
  -404
  -428
  -450
  -476
  -504
  -534
  -566
  -599
  -634
  -671
  -711
  -752
  -795
  -841
  -889
  -940
  -993
  -1,049
  -1,108
  -1,171
  -1,236
  -1,304
Prev. year cash balance distribution, $m
 
  173
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -936
  -234
  -245
  -256
  -270
  -284
  -299
  -316
  -334
  -353
  -374
  -396
  -419
  -444
  -471
  -499
  -528
  -559
  -592
  -627
  -664
  -703
  -744
  -787
  -832
  -880
  -930
  -983
  -1,039
  -1,097
Discount rate, %
 
  13.30
  13.97
  14.66
  15.40
  16.17
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.75
  23.88
  25.08
  26.33
  27.65
  29.03
  30.48
  32.01
  33.61
  35.29
  37.05
  38.91
  40.85
  42.89
  45.04
  47.29
  49.65
  52.14
  54.74
PV of cash for distribution, $m
 
  -826
  -180
  -162
  -145
  -127
  -111
  -95
  -80
  -66
  -54
  -43
  -34
  -26
  -19
  -14
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  29.5
  17.2
  10.0
  5.7
  3.3
  1.8
  1.0
  0.6
  0.3
  0.2
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

AK Steel Holding Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products through its subsidiary, AK Steel Corporation (AK Steel). The Company also operates blast furnaces and electric arc furnaces. As of December 31, 2016, its operations included eight steelmaking and finishing plants, two coke plants and two tube manufacturing plants across states, including Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia, and a tube manufacturing plant in Mexico. These operations produce flat-rolled carbon, specialty stainless and electrical steels that it sells in sheet and strip form, and carbon and stainless steel that it finishes into welded steel tubing. It also produces metallurgical coal through its subsidiary, AK Coal Resources, Inc. In addition, the Company operates trading companies in Mexico and Europe that buy and sell steel and steel products and other materials.

FINANCIAL RATIOS  of  AK Steel Holding (AKS)

Valuation Ratios
P/E Ratio -249.8
Price to Sales 0.3
Price to Book -7.3
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 11.3
Growth Rates
Sales Growth Rate -12.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.3%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity -668%
Total Debt to Equity -668%
Interest Coverage 1
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. -0.9%
Return On Total Capital -0.5%
Ret/ On T. Cap. - 3 Yr. Avg. -12.5%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 32.6%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 14.3%
Gross Margin - 3 Yr. Avg. 10.5%
EBITDA Margin 7.4%
EBITDA Margin - 3 Yr. Avg. 4.2%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. -1.7%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. -3.1%
Effective Tax Rate 4.9%
Eff/ Tax Rate - 3 Yr. Avg. -14.1%
Payout Ratio 0%

AKS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AKS stock intrinsic value calculation we used $5883 million for the last fiscal year's total revenue generated by AK Steel Holding. The default revenue input number comes from 2016 income statement of AK Steel Holding. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AKS stock valuation model: a) initial revenue growth rate of 2.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 13.3%, whose default value for AKS is calculated based on our internal credit rating of AK Steel Holding, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of AK Steel Holding.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AKS stock the variable cost ratio is equal to 103.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AKS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.6% for AK Steel Holding.

Corporate tax rate of 27% is the nominal tax rate for AK Steel Holding. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AKS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AKS are equal to 34.8%.

Life of production assets of 8.9 years is the average useful life of capital assets used in AK Steel Holding operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AKS is equal to 13.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-272 million for AK Steel Holding - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 319.788 million for AK Steel Holding is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of AK Steel Holding at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

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▶ Why Express, AK Steel, and Acuity Brands Slumped Today   [Jan-09-18 05:02PM  Motley Fool]
▶ Why AK Steel Holdings Stock Plummeted 45% in 2017   [Jan-08-18 04:02PM  Motley Fool]
▶ 8 Stocks That Are Ready to Change Direction   [01:00PM  TheStreet.com]
▶ AK Steel Announces Price Increase For Carbon Steel Products   [Jan-03-18 05:30PM  GlobeNewswire]
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▶ What Recent Indicators Tell Us about Chinese Steel Demand   [Jan-01-18 09:01AM  Market Realist]
▶ Do Indicators Point to Strong US Steel Demand in 2018?   [Dec-29-17 09:03AM  Market Realist]
▶ Why You Must Invest in Mining Stocks in 2018   [Dec-22-17 01:20AM  TheStreet.com]
▶ AK Steels 4Q17 Guidance Compared to Analysts Estimates   [Dec-19-17 10:31AM  Market Realist]
▶ UAW Members Ratify Labor Agreement For Dearborn Works   [Dec-15-17 10:30AM  Marketwired]
▶ Drivers for Cleveland-Cliffs in 2018 and Beyond   [Dec-12-17 04:40PM  Market Realist]
▶ Cryptocurrencies Trying to Shoulder Out Gold   [Dec-08-17 07:22AM  InvestorPlace]
▶ Steel Stocks Rise As U.S. Foils China's Tariff Dodge   [Dec-06-17 04:08PM  Investor's Business Daily]
▶ Steel Stocks Rise As U.S. Foils China's Tariff Dodge   [01:58PM  Investor's Business Daily]
▶ Why 2018 Could Be Better for AK Steel   [09:03AM  Market Realist]
▶ Will Coal Haunt US Steel Producers Next Year?   [09:01AM  Market Realist]
▶ Why the Outlook for US Steel Prices Looks Mixed   [Dec-04-17 09:01AM  Market Realist]
▶ US Steel Stocks: Oversold or Overbought Based on Technicals   [Nov-27-17 10:30AM  Market Realist]
▶ What Can Investors Expect in 4Q17?   [Nov-23-17 10:32AM  Market Realist]
▶ What Does AK Steel Think about US Steel Demand?   [Nov-22-17 02:50PM  Market Realist]
▶ AK Steel Upgraded: What You Need to Know   [Nov-21-17 11:54AM  Motley Fool]
▶ How Did Wall Street Rate Steel Stocks Last Week?   [Nov-20-17 01:35PM  Market Realist]
Financial statements of AKS
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