SMM: according to the results released by AK Steel in the United States, shipments of flat rolled steel fell nearly 3.4 to 1.3914 million tons in the second quarter of 2019, mainly due to a decline in sales to the car market as expected, but slightly increased by about 0.2 per cent over the previous month. Among them, the shipments of stainless steel / silicon steel decreased by about 10.4% and 4% to 198400 tons, respectively. The average selling price for the quarter was $1102 a tonne, up $1 a tonne from a year earlier and down $10 a tonne, while net sales were $1.6805 billion, down about 3.8 per cent and 1 per cent, respectively.
In terms of profit, gross operating profit (EBITDA) for the quarter increased by about 1.6 per cent and 65 per cent to $170.8 million, respectively, while adjusted gross operating profit increased by nearly 2.1 per cent from a year earlier, but decreased by about 5.8 per cent to $151.5 million, while operating profit reached $106.6 million, up about 7.1 per cent and 158.7 per cent, respectively, on a month-on-month basis. Net profit belonging to the parent company turned around from a month earlier and rose about 18 per cent to $66.8 million from a year earlier.
Shipments of flat steel fell nearly 3.2 per cent to 2.7798 million tonnes in the first half of 2019 from a year earlier, with stainless steel / silicon steel shipments falling nearly 4.1 per cent to 405000 tonnes; however, the average price rose to $1107 a tonne from $1073 a tonne a year earlier; net sales were $3.3782 billion, down about 0.8 per cent from a year earlier.
Gross operating profit (EBITDA) fell nearly 10.6 per cent to $274.3 million in the first half of the year from a year earlier, while adjusted gross operating profit rose nearly 17 per cent year-on-year to $312.4 million; operating profit was $147.8 million, down nearly 9.4 per cent from a year earlier; and net profit attributable to the parent company was $62.3 million, down nearly 27 per cent from a year earlier.
Original title: net profit and stainless steel / silicon steel shipments of AK Steel fell by nearly 27 per cent and 4.1 per cent respectively in the first half of 2019 and net profit increased by about 18 per cent in the second quarter compared with the same period a year earlier.
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