AK Steel falls on 4Q outlook, stock sale
CHESTER, Ohio -- Shares of AK Steel Holding Corp. fell Tuesday after the company forecast a wider-than-expected loss in the fourth quarter on lower steel prices and a large income tax charge.
AK Steel expects to lose between 67 and 72 cents per share in the quarter. That includes a charge of $35 million, or 33 cents per share, related to the value of AK Steel's deferred tax assets. The company said it will ship more steel than it did in the third quarter, but prices will fall by about 5 percent.
Analysts estimated a loss of 22 cents per share, according to FactSet.
Last month AK Steel reported a third-quarter loss and said it would take a loss in the fourth quarter. At the time, analysts expected a loss of 11 cents per share.
Shares of AK Steel lost 96 cents, or 17 percent, to $4.50 in late afternoon trading.
AK Steel, based in West Chester, Ohio, has a production facility in Ashland, Ky.
Brauchli to become Washington Post VP
WASHINGTON -- Marcus Brauchli, the executive editor of The Washington Post for the last four years, will leave that post at the end of the year to become vice president of The Washington Post Co.
Brauchli, 51, joined the Post in July 2008 after serving as managing editor of The Wall Street Journal. Brauchli led the Post to four Pulitzer prizes. Brauchli is the great-grandson of Col. Joseph Harvey Long, founder of the Huntington Advertiser and the Huntington Publishing Co., which owned The Herald-Dispatch until the 1970s.
Marty Baron, editor of The Boston Globe, will replace him as executive editor at the Post.
Sears to close its Kmart store in Oak Hill in Jan.
OAK HILL, W.Va. -- Sears Holdings Corp. is closing its Kmart store in Oak Hill.
Sears Holdings spokesman Chris Barthwaite tells the Charleston Gazette that liquidation sales began last weekend and the store will close in late January.
Barhwaite says the company decided not to renew the lease for the store due to its performance. The store opened in 1993.
A majority of the store's 59 workers are part time and hourly. Barthwaite says eligible employees will receive a severance and can apply for open jobs at area Sears or Kmart stores.