WEST CHESTER, Ohio, Jan. 25 /PRNewswire-FirstCall/ -- AK Steel
(NYSE:AKS) today reported 2009 fourth quarter net income of $39.8
million, or $0.36 per diluted share of common stock, compared to a
net loss of $430.6 million, or $3.87 per diluted share of common
stock, for the 2008 fourth quarter. The 2009 fourth quarter results
include a $5.1 million charge related to a state tax law change in
Pennsylvania. The 2008 fourth quarter results included $699.5
million in pre-tax, non-cash pension charges primarily related to
the company's unique "corridor" accounting requirement. There were
no corridor charges in 2009. Net sales for the fourth quarter of
2009 were $1,319.9 million on shipments of 1,368,300 tons, compared
to $1,458.7 million and 1,073,500 tons respectively, in the fourth
quarter of 2008. While the increased quarterly shipments reflect an
improvement in the demand for steel year-over-year, 2009
fourth-quarter revenues and average selling prices were lower than
in the 2008 fourth quarter as U.S. and global markets continue a
gradual recovery. Fourth quarter 2009 operating profit was $87.0
million, or $64 per ton, compared to an operating loss of $689.2
million, or $642 per ton for the 2008 fourth quarter, which
included the pre-tax, non-cash charges previously mentioned.
Full-Year Results For the full-year 2009, AK Steel reported a net
loss of $74.6 million, or $0.68 per share, compared to net income
of $4.0 million, or $0.04 per share, for 2008. The 2009 full-year
results include the $5.1 million charge related to a state tax law
change. The 2008 full-year results include the previously mentioned
$699.5 million pre-tax, non-cash charges. Net sales for 2009 were
$4,076.8 million on shipments of 3,935,500 tons, compared to sales
of $7,644.3 million and shipments of 5,866,000 tons for 2008. AK
Steel's average selling price for 2009 was $1,036 per ton,
approximately 20% below its 2008 average of $1,303 per ton. The
decline in shipments and revenues reflect the significant decline
in the economy and the resultant decline in demand for steel
products, especially in the first half of 2009. The company posted
an operating loss for 2009 of $70.1 million, or $18 per ton,
compared to operating profit of $28 million, or $5 per ton for
2008. The 2008 results included the non-cash charges previously
mentioned. AK Steel ended 2009 with a cash balance of $461.7
million and availability under its revolving credit facilities of
$600.4 million, for total liquidity of more than $1 billion. 2009 -
Validation of the AK Steel Business Model "AK Steel met the severe
economic crisis of 2009 head-on and emerged as a stronger company,"
said James L. Wainscott, chairman, president and CEO of AK Steel.
"Our quick action and relentless focus on the fundamentals in 2009
allowed us to return to operating and net profitability by the
third quarter, and we expect to build upon that success in 2010."
First Quarter 2010 Outlook AK Steel said it expects its first
quarter 2010 shipments to approximate its fourth quarter 2009
levels, while average selling prices are expected to rise
approximately 4% to 5% over the previous quarter levels. The
company anticipates lower operating and maintenance costs compared
to the fourth quarter of 2009. In addition, while the company
recorded a significant LIFO credit in the fourth quarter of 2009,
it expects to incur a LIFO charge in the first quarter of 2010, as
well as higher costs for raw materials. As such, AK Steel expects
to report an operating profit of approximately $35 per ton for the
first quarter of 2010. Safe Harbor Statement The statements in this
release with respect to future results reflect management's
estimates and beliefs and are intended to be, and hereby are
identified as "forward-looking statements" for purposes of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. The company cautions readers that such forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those currently expected by
management, including those risks and uncertainties discussed in AK
Steel's Annual Report on Form 10K for the year ended December 31,
2008, and in subsequent Quarterly Reports on Form 10-Q. Except as
required by law, the company disclaims any obligation to update any
forward-looking statements to reflect future developments or
events. AK Steel AK Steel produces flat-rolled carbon, stainless
and electrical steels, primarily for automotive, appliance,
construction and electrical power generation and distribution
markets. The company employs about 6,200 men and women in
Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler,
Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its
corporate headquarters in West Chester, Ohio. Additional
information about AK Steel is available on the company's web site
at http://www.aksteel.com/. AK Tube LLC, a wholly owned subsidiary
of AK Steel, employs about 300 men and women in plants in
Walbridge, Ohio and Columbus, Indiana. AK Tube produces carbon and
stainless electric resistance welded (ERW) tubular steel products
for truck, automotive and other markets. Additional information
about AK Tube LLC is available on its web site at
http://www.aktube.com/. AK Steel Holding Corporation Statements of
Operations (Unaudited) (Dollars and Shares in Millions, Except Per
Share and Per Ton Data) Three Months Ended Twelve Months Ended
December 31, December 31, ------------ ------------ 2009 2008 2009
2008 ---- ---- ---- ---- Shipments (000 tons) 1,368.3 1,073.5
3,935.5 5,866.0 Selling price per ton $964 $1,359 $1,036 $1,303 Net
sales $1,319.9 $1,458.7 $4,076.8 $7,644.3 Cost of products sold
1,130.8 1,344.7 3,749.6 6,491.1 Selling and administrative expenses
51.4 55.5 192.7 223.6 Depreciation 50.7 48.2 204.6 202.1 Pension
corridor charge - 660.1 - 660.1 Curtailment charges - 39.4 - 39.4
--- ---- --- ---- Total operating costs 1,232.9 2,147.9 4,146.9
7,616.3 Operating profit (loss) 87.0 (689.2) (70.1) 28.0 Interest
expense 8.6 11.6 37.0 46.5 Other income 0.5 2.0 9.1 12.1 --- ---
--- ---- Income (loss) before income taxes 78.9 (698.8) (98.0)
(6.4) Income tax provision due to state tax law changes 5.1 - 5.1 -
Income tax provision (benefit) 35.9 (268.3) (25.1) (10.9) ----
------ ----- ----- Net income (loss) 37.9 (430.5) (78.0) 4.5 Less:
Net income (loss) attributable to noncontrolling (1.9) 0.1 (3.4)
0.5 interests ---- --- ---- --- Net income (loss) attributable to
AK Steel Holding $39.8 $(430.6) $(74.6) $4.0 Corporation =====
======= ====== ==== Basic and diluted earnings per share: Net
income (loss) attributable to AK Steel Holding $0.36 $(3.87)
$(0.68) $0.04 Corporation Weighted average shares outstanding:
Basic 108.7 110.9 109.0 111.4 Diluted 109.3 110.9 109.0 111.7 AK
Steel Holding Corporation Consolidated Balance Sheets (Unaudited)
(Dollars in millions, except per share amounts) December December
31, 31, 2009 2008 ---- ---- Assets Current Assets Cash and cash
equivalents $461.7 $562.7 Accounts and notes receivables, net 463.1
469.9 Inventories, net 416.7 566.8 Other current assets 288.6 403.4
----- ----- Total Current Assets 1,630.1 2,002.8 ------- -------
Property, plant and equipment 5,385.1 5,282.1 Accumulated
depreciation (3,409.1) (3,220.8) -------- -------- Property, plant
and equipment, net 1,976.0 2,061.3 Other 668.6 617.9 ----- -----
Total Assets $4,274.7 $4,682.0 ======== ======== Liabilities and
Stockholders' Equity Current Liabilities Accounts payable $438.9
$348.1 Other accruals 157.0 233.0 Current portion of long-term debt
0.7 0.7 Current portion of pension & other postretirement
benefit obligations 144.1 152.4 ----- ----- Total Current
Liabilities 740.7 734.2 ----- ----- Long-term debt 605.8 632.6
Pension & other postretirement benefit obligations 1,856.2
2,144.2 Other noncurrent liabilities 191.9 200.3 ----- ----- Total
Liabilities 3,394.6 3,711.3 ------- ------- Stockholders' Equity
Common stock, authorized 200,000,000 shares of $0.01 par value
each; issued 2009, 121,881,816 shares, 2008, 121,105,429 shares;
outstanding 2009, 109,394,455 shares, 2008, 110,394,774 shares 1.2
1.2 Additional paid-in capital 1,911.4 1,898.9 Treasury stock,
shares at cost, 2009, 12,487,361 shares; 2008, 10,710,655 shares
(162.2) (150.8) Accumulated deficit (1,037.5) (940.9) Accumulated
other comprehensive income 167.9 159.6 ----- ----- Total AK Steel
Holding Corporation Stockholders' Equity 880.8 968.0 ----- -----
Noncontrolling interest (0.7) 2.7 Total Stockholders' Equity 880.1
970.7 ----- ----- Total Liabilities and Stockholders' Equity
$4,274.7 $4,682.0 ======== ======== AK Steel Holding Corporation
Statements of Cash Flows (Unaudited) (Dollars in millions) Twelve
Months Ended December 31, ------------ 2009 2008 ---- ---- Cash
Flow From Operating Activities: Net income $(78.0) $4.5
Depreciation 204.6 202.1 Amortization 12.1 11.8 Deferred taxes 47.3
(27.8) Contributions to the pension trust (210.0) (225.0)
Contribution to Middletown retirees VEBA (65.0) (468.0) Pension and
other postretirement benefit payments greater than expense (58.6)
(86.0) Pension benefit corridor charge - 660.1 Pension curtailment
charge - 39.4 Excess tax benefits from stock-based compensation -
(12.2) Working capital 149.3 3.1 Working capital - Middletown Coke
(2.0) 2.2 Other 59.1 (21.1) ---- ----- Net Cash Flow From Operating
Activities 58.8 83.1 ---- ---- Cash Flow From Investing Activities:
Capital investments (109.5) (166.8) Capital investments -
Middletown Coke (24.0) (47.7) Purchase of investments - (12.1)
Proceeds from sale of property, plant and equipment 0.5 8.4 Other
(0.4) 0.4 ---- --- Net Cash Flow From Investing Activities (133.4)
(217.8) ------ ------ Cash Flow From Financing Activities:
Redemption of long-term debt (23.5) (26.9) Proceeds from exercise
of stock options 0.5 3.4 Purchase of treasury stock (11.4) (24.0)
Excess tax benefits from stock-based compensation - 12.2 Common
stock dividends (21.9) (22.4) Advances from minority interest owner
to Middletown Coke 29.0 45.5 Other 0.9 (4.0) --- ---- Net Cash Flow
From Financing Activities (26.4) (16.2) ----- ----- Net Decrease in
Cash (101.0) (150.9) Cash and Cash Equivalents, Beginning 562.7
713.6 ----- ----- Cash and Cash Equivalents, Ending $461.7 $562.7
====== ====== AK Steel Holding Corporation (Unaudited) Steel
Shipments Three Months Ended Twelve Months Ended December 31,
December 31, ------------ ------------ 2009 2008 2009 2008 ----
---- ---- ---- Tons Shipped by Product (000's) Stainless/Electrical
184.4 205.0 670.0 957.1 Coated 621.5 462.4 1,791.6 2,477.8 Cold
Rolled 334.0 215.0 821.4 1,185.2 Tubular 24.9 21.3 83.2 117.3 ----
---- ---- ----- Subtotal Value-added Shipments 1,164.8 903.7
3,366.2 4,737.4 Hot Rolled 155.5 132.5 414.4 949.2 Secondary 48.0
37.3 154.9 179.4 ---- ---- ----- ----- Subtotal Non Value-added
Shipments 203.5 169.8 569.3 1,128.6 Total Shipments 1,368.3 1,073.5
3,935.5 5,866.0 ======= ======= ======= ======= Shipments by
Product (%) Stainless/Electrical 13.5% 19.1% 17.0% 16.3% Coated
45.4% 43.1% 45.5% 42.2% Cold Rolled 24.4% 20.0% 20.9% 20.2% Tubular
1.8% 2.0% 2.1% 2.0% --- --- --- --- Subtotal Value-added Shipments
85.1% 84.2% 85.5% 80.7% Hot Rolled 11.4% 12.3% 10.5% 16.2%
Secondary 3.5% 3.5% 4.0% 3.1% --- --- --- --- Subtotal Non
Value-added Shipments 14.9% 15.8% 14.5% 19.3% Total Shipments
100.0% 100.0% 100.0% 100.0% ===== ===== ===== ===== DATASOURCE: AK
Steel CONTACT: Media, Alan H. McCoy, Vice President, Government and
Public Relations, +1-513-425-2826, or Investors, Albert E. Ferrara,
Jr., Vice President, Finance & CFO, +1-513-425-2888 Web Site:
http://www.aksteel.com/
Copyright
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