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AK Steel reverses gains after tepid outlook

A pedestrian carries an umbrella while walking along Wall Street past the New York Stock Exchange in New York.
Michael Nagle | Bloomberg | Getty Images
A pedestrian carries an umbrella while walking along Wall Street past the New York Stock Exchange in New York.

Shares of AK Steel shed more than 6 percent during Tuesday after the company said on a conference call that it sees first quarter average selling prices "relatively flat" versus the fourth quarter.

The steel company was trading as high as 10.4 percent earlier in the day after it released a stronger-than-expected fourth quarter earnings report.

AK Steel reported earnings of 25 cents per share on revenue of $1.42 million while Wall Street expected earnings of 6 cents per share on revenue of $1.41 million according to Thomson Reuters consensus estimates.

Earlier Tuesday, President Donald Trump signed executive orders approving the controversial Keystone XL and Dakota Access pipeline projects and stipulated that the pipelines should be built with U.S. steel.

The steel giant's shares are down nearly 15 percent year to date, but have skyrocketed more than 350 percent over the past 12 months.

AK Steel 5-day performance