US steel company, AK Steel Holding Corp. has posted a net profit of $26.7 million during the second quarter.

The company managed to reverse the loss that it faced in the same period last year as a result of increasing production.

Analysts say that an increase in the steel shipment world over has had an impact over the financial of the firm. It now estimates that the shipments are going to increase by another 3 per cent during the coming third quarter.

Shipments during the second quarter climbed by 1.45 billion tons as against 740.6 million last year, said the company.

Added to this is the fact that the firm is also anticipating an increase of a 5 per cent increase in the selling price of per ton.

Post the declaration the shares of the company went down by 5 per cent to end at $14.49.

While the revenue of the firm climbed by $6 billion; as against $793.6 million last year, the net income also grew as against the loss of$47.2 million that it faced last year. Revenues were up by 24 cents while the income grew by 43 cents.