On Tuesday, Shares of AK Steel Holding Corporation (NYSE:AKS), lost -4.50% to $3.18.
AK Steel Holding Corporation declared that it has joined other major domestic steel producers in filing anti-dumping and counter-vailing duty petitions related to hot-rolled steel.
The anti-dumping petitions charge that unfairly-traded imports of certain hot-rolled steel flat products from Australia, Brazil, Japan, South Korea, the Netherlands, Turkey and the United Kingdom are causing material injury to the domestic industry.
The petitions also allege that the foreign producers in Brazil, South Korea, and Turkey benefit from numerous counter-vailable subsidies offered by their governments. The petitions identify 33 different subsidy programs in Brazil, 41 subsidy programs in South Korea, and 17 subsidy programs in Turkey.
Hot-rolled steel comprised over 15 percent of the company’s shipments in 2014. Hot-rolled steel is primarily used in appliances, automotive products, heavy machinery, machine parts, nonresidential construction and transportation equipment. Additionally, a substantial portion of hot-rolled steel produced in the United States is used for further processing into cold-rolled and/or galvanized or plated steel products, cut-to-length plate, or welded pipe.
AK Steel joined ArcelorMittal USA LLC, Nucor Corporation, SSAB Enterprises, LLC, Steel Dynamics, Inc. and United States Steel Corporation in filing the petitions. The petitions were filed concurrently recently with the United States Department of Commerce and the United States International Trade Commission.
AK Steel Holding Corporation, through its partner, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel, and tubular products in the United States and internationally. It produces flat-rolled value-added carbon steels, counting coated, cold-rolled, and hot-rolled carbon steel products; and specialty stainless and electrical steels in sheet and strip forms.
Finally, McEwen Mining Inc. (NYSE:MUX), ended its last trade with 0.52% gain, and closed at $0.78.
McEwen Mining declared its financial and operating results for the three months ended June 30th, 2015. The Company had record quarterly production of 39,164 gold equivalent ounces and stated cash flow from operations of about $6 million or $0.02 per share. The El Gallo Mine in Mexico was the key performer in the quarter, producing at a cash costs and all-in sustaining costs (AISC) per gold equivalent ounce of $351 and $546, respectively.
Production Costs
Total cash costs, all-in sustaining costs (AISC) and all-in costs per gold equivalent ounce sold for Q2 2015 on a merged basis were $713, $1,048 and $1,151 per ounce, respectively. Total cash costs and AISC at our El Gallo Mine totaled $351 and $546 per gold equivalent ounce respectively. Total cash costs and AISC at the San José Mine were $933 and $1,215 per gold equivalent ounce, respectively. The year over year decrease in total cash costs per gold equivalent ounce sold is due to higher average gold grade mined and processed at the El Gallo Mine and improved processing efficiencies.
McEwen Mining Inc. explores for, develops, produces, and sells precious and base metals in Argentina, Mexico, and the United States. It primarily explores for gold, silver, and copper.
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