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Breaking News

14:03 EST Monday

AK Steel estimate cut

Investment firm Goldman Sachs today reduced its estimates for AK Steel to reflect the company's expectation that its pension fund will be underfunded after year's end.

Analyst Aldo Mazzaferro widened his projected for fiscal year 2001 from 19 cents per share to 39 cents per share. In addition, he cut his fiscal year 2002 estimate from earnings of 72 cents per share to 20 cents per share.

"Our forward estimates are reduced by about 45 cents each year due to increased pension expense (non-cash)," Mazzaferro wrote in a research note.

AK Steel was trading down 39 cents this afternoon on the New York Stock Exchange, at $9.61 per share.

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