AK Steel today reported its financial results for the third quarter of 2016 with net income of $50.9 million, compared to net income of $6.7 million in the third quarter 2015.
Primarily as a result of the company's decision to reduce sales of commodity products, net sales decreased 15 percent to $1.45 billion for the third quarter of 2016 from $1.71 billion in the third quarter of 2015. Shipments of 1,425,900 tons for the third quarter of 2016 were 24 percent less than the 1,871,200 tons from the third quarter a year ago.
The company ended the third quarter of 2016 with total liquidity of $1,079 million, consisting of cash and cash equivalents and $1,034 million of availability under the company's revolving credit facility.