AK Steel is first out of the blocks reporting earnings for the second quarter of 2009. See the results here. EBITDA per ton was ($24), still negative but better than Q1 when EBITDA was ($58) per ton. The improvement in EBITDA was driven by lower cash operating costs. AK’s average price per ton fell by $112 from Q1 to Q2, but its average cash cost of goods sold fell more, by $150 per ton. Check out the Nerds of Steel earnings spreadsheet where we track steel company results as they are reported.