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AK Steel Declares Labor Agreement Ratification at Butler Works
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AK Steel Holding Corporation announced that members of the United Auto Workers (‘UAW’), Local 3303, ratified a 3-years labor agreement, which covers roughly 1,200 hourly production and maintenance employees at its Pennsylvania-based Butler Works.
Moreover, the contract was ratified through a voting held on Jul 11 and Jul 12. The agreement is effective till Jun 15, 2022. Notably, the facility manufactures a wide array of flat-rolled steel products, which includes electrical steels along with a variety of carbon and stainless steels.
Per management, the new agreement continues to provide a flexible and competitive labor contract for the company and its employees at Butler Works.
The company’s shares have plunged 52.2% in the past year compared with the industry’s 26.4% decline.
In April, AK Steel cut its profit forecast for 2019, considering the change in hot-rolled carbon spot market pricing. It expects net income in the range of $76-$96 million or 24-30 cents per share for 2019, down from prior expectations of $160-$180 million or 51-57 cents.
Adjusted net income for 2019 is projected in the range of $153-$173 million or 48-54 cents per share. Adjusted EBITDA is expected between $505 million and $525 million, down from the previous view of $515 million and $535 million.
Zacks Rank & Key Picks
AK Steel currently carries a Zacks Rank #3 (Hold).
SSR Mining has an expected earnings growth rate of 100% for 2019. The company’s shares have gained 38.2% in the past year.
Flexible Solutions has projected earnings growth rate of 342.9% for the current year. The company’s shares have surged 155.3% in a year’s time.
Rio Tinto has an estimated earnings growth rate of 38.7% for the current year. Its shares have moved up 14.7% in the past year.
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AK Steel Declares Labor Agreement Ratification at Butler Works
AK Steel Holding Corporation announced that members of the United Auto Workers (‘UAW’), Local 3303, ratified a 3-years labor agreement, which covers roughly 1,200 hourly production and maintenance employees at its Pennsylvania-based Butler Works.
Moreover, the contract was ratified through a voting held on Jul 11 and Jul 12. The agreement is effective till Jun 15, 2022. Notably, the facility manufactures a wide array of flat-rolled steel products, which includes electrical steels along with a variety of carbon and stainless steels.
Per management, the new agreement continues to provide a flexible and competitive labor contract for the company and its employees at Butler Works.
The company’s shares have plunged 52.2% in the past year compared with the industry’s 26.4% decline.
In April, AK Steel cut its profit forecast for 2019, considering the change in hot-rolled carbon spot market pricing. It expects net income in the range of $76-$96 million or 24-30 cents per share for 2019, down from prior expectations of $160-$180 million or 51-57 cents.
Adjusted net income for 2019 is projected in the range of $153-$173 million or 48-54 cents per share. Adjusted EBITDA is expected between $505 million and $525 million, down from the previous view of $515 million and $535 million.
Zacks Rank & Key Picks
AK Steel currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are SSR Mining Inc. (SSRM - Free Report) , Flexible Solutions International Inc (FSI - Free Report) and Rio Tinto plc (RIO - Free Report) , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SSR Mining has an expected earnings growth rate of 100% for 2019. The company’s shares have gained 38.2% in the past year.
Flexible Solutions has projected earnings growth rate of 342.9% for the current year. The company’s shares have surged 155.3% in a year’s time.
Rio Tinto has an estimated earnings growth rate of 38.7% for the current year. Its shares have moved up 14.7% in the past year.
Radical New Technology Creates $12.3 Trillion Opportunity
Imagine buying Microsoft stock in the early days of personal computers… or Motorola after it released the world’s first cell phone. These technologies changed our lives and created massive profits for investors.
Today, we’re on the brink of the next quantum leap in technology. 7 innovative companies are leading this “4th Industrial Revolution” - and early investors stand to earn the biggest profits.
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