AK Steel Holding Corporation shares lost 6.54% last week. Since the beginning of the year, the shares of the metallurgical company have plunged 55.38 percent.
Low steel prices and a high level of competition with imported rolled metal products forced the company to begin mass layoffs and shutdown of part of its metallurgical facilities.
The company plans to shut down a blast furnace at its Kentucky plant in December this year and lay off nearly 1,000 employees.
The only profitable production in the states was the production of sheet steel for the automotive industry and the production of cold rolled coated steel.
AK Steel did not disclose the details of its plan to cut costs, but states that the shutdown of part of the metallurgical production will last at least six months.
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Metallurgy news
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