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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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