AKS - AK Steel: Peak Auto Signals Tough Times Ahead
AK Steel (AKS) is a company I’ve mentioned often in coverage of other steel companies but have not laid out my thoughts directly on Seeking Alpha. I’ve never been a fan of the firm, primarily due to its volatile margin profile and poor capital structure which impacts outlook for the equity. Retail investors have been lured into this story in my opinion by a management team predisposed towards bullish commentary and brash dialogue towards foreign imports. While improvements to the balance sheet have been made, another secondary offering is likely in 2018 and