WEST CHESTER, Ohio,
July 29, 2014 /PRNewswire/ -- AK
Steel (NYSE: AKS) today reported its financial results for the
second quarter of 2014.
2nd Quarter 2014 Performance Summary
- Shipments of 1,397,500 tons
- Sales of $1.53 billion
with an average selling price of $1,095 per ton
- Net after-tax loss of $17.1
million, or $0.13 per diluted
share
- Adjusted net income of $2.9
million, or $0.02 per diluted
share
- Adjusted EBITDA of $64.5
million
- Ended 2nd quarter with solid liquidity of $539 million
AK Steel reported a net loss of $17.1
million, or $0.13 per diluted
share of common stock, for the second quarter of 2014, compared to
a net loss of $40.4 million, or
$0.30 per diluted share, for the
second quarter of 2013 and net loss of $86.1
million, or $0.63 per diluted
share, for the first quarter of 2014. Excluding the unrealized
mark-to-market loss on commodity derivatives discussed below, the
company reported adjusted net income of $2.9
million, or $0.02 per diluted
share. The company reported adjusted EBITDA (as defined in the
"Non-GAAP Financial Measures" section below) of $64.5 million, or $46 per ton, for the second quarter of 2014
compared to adjusted EBITDA of $47.5
million, or $36 per ton, for
the year-ago second quarter and an adjusted EBITDA loss of
$2.8 million, or $2 per ton, for the first quarter of 2014.
"We experienced meaningful improvements in virtually every
aspect of our business in the second quarter as compared to the
first quarter of 2014," said James L.
Wainscott, Chairman, President and CEO of AK Steel. "Despite
facing some significant challenges in the second quarter, on an
adjusted basis, we earned net income and we are well-positioned for
a much better third quarter and second-half of 2014."
Net sales for the second quarter of 2014 were $1.53 billion on shipments of 1,397,500 tons,
compared to net sales of $1.40
billion on shipments of 1,323,700 tons for the year-ago
second quarter and net sales of $1.38
billion on shipments of 1,262,100 tons for the first quarter
of 2014. The increase in shipments in the second quarter of 2014
compared to the first quarter of 2014 was primarily a result of the
recovery from the planned and unplanned outages at the Ashland
Works blast furnace in the first quarter, partially offset by the
effects of the extreme winter weather conditions which reduced the
availability of iron ore pellets.
The company said its average selling price for the second
quarter of 2014 was $1,095 per ton,
essentially flat with the first quarter of 2014. Improved selling
prices in the second quarter for many of the company's products
were offset by a change in mix, as more shipments of lower
value-added products were made to the carbon spot market. The
company also said its average selling price for the second quarter
of 2014 increased 3% from the second quarter of 2013, primarily as
a result of higher spot market prices for carbon steel
products.
Costs of products sold increased in the second quarter of 2014
due to the continued adverse effects of the extreme cold weather
conditions the company experienced in the first quarter. Those
conditions resulted in an extraordinarily high level of ice
coverage on the Great Lakes, which delayed the start of the 2014
shipping season on the Great Lakes and slowed the movement of iron
ore. As a result, the available supply of iron ore to the steel
industry in the second quarter was less than had been anticipated,
and the company was forced to reduce the production rate at its
blast furnaces to match production levels to the available supply
of iron ore. The company also experienced higher transportation
costs for the iron ore pellets it received in the second quarter.
The company incurred additional costs for these issues in the
second quarter of 2014 of approximately $15.0 million, or $0.11 per diluted share.
The company incurred $2.5 million
of costs for planned outages during the second quarter of 2014,
compared to $21.6 million in the
year-ago second quarter and $29.4
million in the first quarter of 2014.
The 2014 second quarter results included a LIFO credit of
$3.3 million, compared to a LIFO
credit of $12.4 million for the
second quarter of 2013 and a LIFO credit of $1.5 million for the first quarter of 2014.
The company ended the second quarter of 2014 with total
liquidity of $538.9 million
consisting of cash and cash equivalents and $502.5 million of availability under the
company's revolving credit facility. Consistent with prior seasonal
patterns, working capital was a use of $149.0 million of cash in the second quarter of
2014, primarily as a result of an increase in accounts receivable
from strong June sales and interest payments. The company
anticipates that working capital will continue to be a use of cash
in the third quarter and a significant source of cash in the fourth
quarter of 2014.
Six-Month Results
For the first six months of 2014,
the company reported a net loss of $103.2
million, or $0.76 per diluted
share. For the corresponding six months of 2013, the company
reported a net loss of $50.3 million,
or $0.37 per diluted share. Sales for
the first six months of 2014 were $2.91
billion compared to sales of $2.77
billion in the first half of 2013. Shipments for the first
half of 2014 were 2,659,600 tons compared to 2,613,500 tons in the
first half of 2013.
Extreme winter weather conditions in early 2014 resulted in
extra costs of approximately $45.0
million for the first six months of 2014. Energy costs were
higher in the first quarter of 2014, primarily for electricity and
natural gas. The extreme winter weather conditions also affected
the delivery of iron ore pellets in the second quarter of 2014 with
the company incurring additional costs for transportation and
operations. The first six months of 2014 also included $23.4 million in mark-to-market losses on
derivatives (discussed below) and a $5.8
million charge relating to a tentative settlement of certain
class action antitrust claims.
An incident at the company's Ashland (KY) Works blast furnace in
February 2014 resulted in unplanned
outage costs of approximately $18.0
million in the first six months of 2014. In June 2013, an incident at the company's
Middletown (OH) Works blast
furnace resulted in unplanned outage costs of approximately
$6.2 million in the first six months
of 2013.
The company recorded expenses of $31.9
million during the first six months of 2014 for planned
outages, compared to expenses of $22.6
million during the first six months of 2013.
Hedging
AK Steel uses various derivatives to hedge the
price of certain commodities, primarily iron ore and energy. For
some of these derivatives, the company is unable to or does not use
hedge accounting treatment under U.S. generally accepted accounting
principles, but instead records changes in the values of the
derivatives in the statement of operations using mark-to-market
accounting. As a result, unrealized gains and losses are recognized
prior to the periods that the underlying exposures being hedged are
recognized. The results for the first six months of 2014 include
$23.4 million, or $0.18 per diluted share, for unrealized
mark-to-market losses on derivatives, primarily in costs of
products sold, with $20.0 million, or
$0.15 per diluted share, of that
amount coming in the second quarter of the year. However, the
company expects that either its cost for purchasing iron ore and
other commodities associated with the hedging strategies will be
reduced by a similar amount in future periods, or an offsetting
unrealized gain will be recognized if the mark-to-market loss on
the derivative reverses before settlement. Therefore, the company
anticipates that the mark-to-market losses included in its results
for the first six months of 2014 are primarily a matter of timing
and will be substantially offset in the remainder of 2014.
Third Quarter 2014 Outlook
Consistent with its current
practice, the company expects to provide detailed guidance for its
third quarter results in September.
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.
Words such as "expects," "anticipates," "believes," "intends,"
"plans," "estimates" and other similar references to future periods
typically identify such forward-looking statements.
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 that the acquisition of Severstal Dearborn
may not be consummated, or may not be consummated in a timely
manner; that regulatory approval not be obtained or may only be
obtained subject to conditions that are not anticipated; that
Severstal Dearborn will not be integrated successfully into AK
Steel following the consummation of the acquisition; and that cost
savings, synergies, accretion to earnings, increased shipments and
other anticipated benefits and opportunities from the acquisition
may not be fully realized or may take longer to realize than
expected. In addition, our results and financial condition and any
benefits from the acquisition, if consummated, could be adversely
affected by reduced selling prices, shipments and profits
associated with a highly competitive industry with excess capacity;
changes in the cost of raw materials and energy; the company's
significant amount of debt and other obligations; severe financial
hardship or bankruptcy of one or more of the company's major
customers; reduced demand in key product markets due to competition
from alternatives to steel or other factors; increased global steel
production and imports; excess inventory of raw materials; supply
chain disruptions or poor quality of raw materials; production
disruption or reduced production levels; the company's healthcare
and pension obligations; not timely reaching new labor agreements;
major litigation, arbitrations, environmental issues and other
contingencies; regulatory compliance and changes; climate change
and greenhouse gas emission limitations; conditions in the
financial, credit, capital and banking markets; the company's use
of derivative contracts to hedge commodity pricing volatility; the
value of the company's net deferred tax assets; inability to fully
realize benefits of long-term cost savings and margin enhancement
initiatives; lower quantities, quality or yield of estimated coal
reserves of AK Coal; increased governmental regulation of mining
activities; inability to hire or retain skilled labor and
experienced manufacturing and mining managers; and IT security
threats and sophisticated cybercrime; as well as those risks and
uncertainties discussed in the company's Annual Report on Form 10-K
for the year ended December 31, 2013,
as updated in subsequent Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K filed with or furnished to the Securities and
Exchange Commission. 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 is a world leader in the production
of flat-rolled carbon, stainless and electrical steel products,
primarily for automotive, infrastructure and manufacturing,
construction and electrical power generation and distribution
markets. The company's AK Tube subsidiary produces carbon and
stainless electric resistance welded tubular steel products for
truck, automotive and other markets. Headquartered in West Chester, Ohio (Greater Cincinnati), the company employs
approximately 6,500 men and women at seven steel plants and two
tube manufacturing plants across four states: Indiana, Kentucky, Ohio and Pennsylvania. The company also has interests
in iron ore through its Magnetation LLC joint venture and in
metallurgical coal through its AK Coal subsidiary. Additional
information about AK Steel is available at www.aksteel.com.
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AK STEEL HOLDING
CORPORATION
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CONSOLIDATED
STATEMENTS OF OPERATIONS
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(Unaudited)
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(Dollars and shares
in millions, except per share and per ton data)
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Three Months
Ended
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Six Months
Ended
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June
30,
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June
30,
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2014
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2013
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2014
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2013
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Shipments (000
tons)
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1,397.5
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1,323.7
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2,659.6
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2,613.5
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Selling price per
ton
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$
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1,095
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$
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1,061
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$
|
1,096
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$
|
1,061
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Net
sales
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$
|
1,530.8
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|
$
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1,404.5
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$
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2,914.3
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$
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2,774.3
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Cost of products
sold
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1,416.9
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1,309.2
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2,752.5
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2,561.5
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Selling and
administrative expenses
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53.9
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50.2
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114.1
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101.8
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Depreciation
|
|
48.5
|
|
|
47.9
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|
|
97.2
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|
|
96.5
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Pension and OPEB
expense (income)
|
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(25.0)
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(16.5)
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(50.7)
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(32.4)
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Total operating
costs
|
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1,494.3
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|
1,390.8
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2,913.1
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2,727.4
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Operating
profit
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36.5
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13.7
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1.2
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46.9
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Interest
expense
|
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33.2
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|
32.0
|
|
|
65.4
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|
63.0
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Other income
(expense)
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(3.0)
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|
2.5
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(4.9)
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4.3
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Income (loss)
before income taxes
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0.3
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(15.8)
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(69.1)
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(11.8)
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Income tax
expense
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|
1.8
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9.7
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3.6
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6.9
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Net income
(loss)
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(1.5)
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(25.5)
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(72.7)
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(18.7)
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Less: Net income
attributable to noncontrolling interests
|
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15.6
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|
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14.9
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30.5
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31.6
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|
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Net income (loss)
attributable to AK Steel Holding Corporation
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|
$
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(17.1)
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$
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(40.4)
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$
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(103.2)
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$
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(50.3)
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Basic and diluted
earnings per share:
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Net income (loss)
attributable to AK Steel Holding Corporation
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$
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(0.13)
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$
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(0.30)
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$
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(0.76)
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$
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(0.37)
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Weighted-average
shares outstanding:
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Basic
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136.2
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135.8
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136.2
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135.8
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Diluted
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136.2
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135.8
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136.2
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135.8
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AK STEEL HOLDING
CORPORATION
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CONSOLIDATED
BALANCE SHEETS
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(Unaudited)
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(Dollars in millions,
except per share amounts)
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June 30,
2014
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December 31,
2013
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ASSETS
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Current
assets:
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Cash and cash
equivalents
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$
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54.8
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$
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45.3
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Accounts receivable,
net
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596.2
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|
525.2
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|
Inventory,
net
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|
738.3
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586.6
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Other current
assets
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116.7
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116.1
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Total current
assets
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1,506.0
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1,273.2
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Property, plant and
equipment
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5,893.6
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5,871.9
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Accumulated
depreciation
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(4,088.3)
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(3,991.8)
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Property, plant and
equipment, net
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1,805.3
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1,880.1
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Investment in
Magnetation LLC
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229.0
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187.8
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Other non-current
assets
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266.3
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264.6
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TOTAL
ASSETS
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$
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3,806.6
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$
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3,605.7
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LIABILITIES AND
EQUITY
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Current
liabilities:
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Accounts
payable
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$
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642.4
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$
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601.8
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Accrued
liabilities
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170.2
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142.9
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Current portion of
long-term debt
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0.4
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0.8
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Current portion of
pension and other postretirement benefit obligations
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69.5
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85.9
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Total current
liabilities
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882.5
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831.4
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Long-term
debt
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1,948.2
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1,506.2
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Pension and other
postretirement benefit obligations
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|
816.3
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|
965.4
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Other non-current
liabilities
|
|
115.3
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|
110.0
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TOTAL
LIABILITIES
|
|
3,762.3
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|
|
3,413.0
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Equity:
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Common stock,
authorized 300,000,000 shares of $0.01 par value each; issued
136,936,413 and 149,691,388 shares in 2014 and 2013; outstanding
136,793,421 and 136,380,078 shares in 2014 and 2013
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|
1.4
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|
|
1.5
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Additional paid-in
capital
|
|
1,910.9
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|
|
2,079.2
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|
Treasury stock,
common shares at cost, 142,992 and 13,311,310 shares in 2014 and
2013
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(1.0)
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|
|
(174.0)
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Accumulated
deficit
|
|
(2,554.3)
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|
(2,451.1)
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Accumulated other
comprehensive income
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|
272.0
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|
323.4
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Total stockholders'
equity (deficit)
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(371.0)
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|
(221.0)
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Noncontrolling
interests
|
|
415.3
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|
413.7
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TOTAL
EQUITY
|
|
44.3
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|
|
192.7
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TOTAL LIABILITIES
AND EQUITY
|
|
$
|
3,806.6
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$
|
3,605.7
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Note: In January 2014, the Board
of Directors authorized the formal retirement of 13,311,310 shares
of common stock held by the Company as treasury stock. The
retirement had no effect on the number of shares authorized or
outstanding or on total stockholders' equity.
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AK STEEL HOLDING
CORPORATION
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
(Dollars in
millions)
|
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|
Six Months
Ended
|
|
|
June
30,
|
|
|
2014
|
|
2013
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
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|
|
|
Net income
(loss)
|
|
$
|
(72.7)
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|
$
|
(18.7)
|
|
Depreciation
|
|
90.1
|
|
|
89.6
|
|
Depreciation—SunCoke
Middletown
|
|
7.1
|
|
|
6.9
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|
Amortization
|
|
10.8
|
|
|
10.7
|
|
Deferred income
taxes
|
|
2.5
|
|
|
5.5
|
|
Pension and OPEB
expense (income)
|
|
(50.7)
|
|
|
(32.4)
|
|
Contributions to
pension trust
|
|
(112.4)
|
|
|
(71.3)
|
|
Other postretirement
benefit payments
|
|
(34.7)
|
|
|
(32.5)
|
|
Changes in working
capital
|
|
(162.4)
|
|
|
(62.7)
|
|
Changes in working
capital—SunCoke Middletown
|
|
(5.2)
|
|
|
1.1
|
|
Other operating items,
net
|
|
(3.5)
|
|
|
(0.7)
|
|
Net cash flows
from operating activities
|
|
(331.1)
|
|
|
(104.5)
|
|
|
|
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|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Capital
investments
|
|
(27.3)
|
|
|
(31.0)
|
|
Capital
investments—SunCoke Middletown
|
|
(0.3)
|
|
|
(1.4)
|
|
Investments in
acquired businesses
|
|
(45.0)
|
|
|
(50.0)
|
|
Other investing items,
net
|
|
6.9
|
|
|
4.8
|
|
Net cash flows
from investing activities
|
|
(65.7)
|
|
|
(77.6)
|
|
|
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|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Net borrowings under
credit facility
|
|
440.0
|
|
|
40.0
|
|
Proceeds from issuance
of long-term debt
|
|
—
|
|
|
31.9
|
|
Redemption of
long-term debt
|
|
(0.4)
|
|
|
(27.0)
|
|
Debt issuance
costs
|
|
(3.3)
|
|
|
(2.4)
|
|
SunCoke Middletown
distributions to noncontrolling interest owners
|
|
(28.9)
|
|
|
(27.6)
|
|
Other financing items,
net
|
|
(1.1)
|
|
|
(1.4)
|
|
Net cash flows from
financing activities
|
|
406.3
|
|
|
13.5
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
9.5
|
|
|
(168.6)
|
|
Cash and cash
equivalents, beginning of period
|
|
45.3
|
|
|
227.0
|
|
Cash and cash
equivalents, end of period
|
|
$
|
54.8
|
|
|
$
|
58.4
|
|
AK STEEL HOLDING
CORPORATION
NON-GAAP FINANCIAL
MEASURES
(Unaudited)
(Dollars in millions)
In certain of its disclosures in this news release, the company
has reported adjusted EBITDA and has reported adjusted net income
that excludes the effects of unrealized mark-to-market gains
(losses) on derivative contracts used to hedge commodity risks.
Management believes that reporting adjusted net income attributable
to AK Holding (as a total and on a per share basis) with this item
excluded more clearly reflects the Company's current operating
results and provides investors with a better understanding of the
Company's overall financial performance.
EBITDA is an acronym for earnings before interest, taxes,
depreciation and amortization. It is a metric that is sometimes
used to compare the results of companies by removing the effects of
different factors that might otherwise make comparisons inaccurate
or inappropriate. For purposes of this news release, the company
has made an adjustment to EBITDA in order to exclude the effect of
noncontrolling interests. The adjusted results, although not
financial measures under generally accepted accounting principles
in the United States ("GAAP") and
not identically applied by other companies, facilitate the ability
to analyze the company's financial results in relation to those of
its competitors and to the company's prior financial performance by
excluding items that otherwise would distort the comparison.
Adjusted EBITDA and adjusted net income are not, however, intended
as alternative measures of operating results or cash flow from
operations as determined in accordance with GAAP and are not
necessarily comparable to similarly titled measures used by other
companies.
Neither current shareholders nor potential investors in the
company's securities should rely on adjusted EBITDA or adjusted net
income as a substitute for any GAAP financial measure and the
company encourages current and potential investors to review the
following reconciliations of net income (loss) attributable to AK
Holding to adjusted EBITDA and adjusted net income.
Reconciliation of Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Three Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
Mar
31,
|
(dollars in millions,
except per ton)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
Net income (loss)
attributable to AK Holding
|
|
$
|
(17.1)
|
|
|
$
|
(40.4)
|
|
|
$
|
(103.2)
|
|
|
$
|
(50.3)
|
|
|
$
|
(86.1)
|
|
Net income
attributable to noncontrolling interests
|
|
15.6
|
|
|
14.9
|
|
|
30.5
|
|
|
31.6
|
|
|
14.9
|
|
Income tax
expense
|
|
1.8
|
|
|
9.7
|
|
|
3.6
|
|
|
6.9
|
|
|
1.8
|
|
Interest
expense
|
|
33.2
|
|
|
32.0
|
|
|
65.4
|
|
|
63.0
|
|
|
32.2
|
|
Interest
income
|
|
—
|
|
|
(0.2)
|
|
|
—
|
|
|
(0.9)
|
|
|
—
|
|
Depreciation
|
|
48.5
|
|
|
47.9
|
|
|
97.2
|
|
|
96.5
|
|
|
48.7
|
|
Amortization
|
|
1.6
|
|
|
2.0
|
|
|
5.8
|
|
|
6.1
|
|
|
4.2
|
|
EBITDA
|
|
83.6
|
|
|
65.9
|
|
|
99.3
|
|
|
152.9
|
|
|
15.7
|
|
Less: EBITDA of
noncontrolling interests (a)
|
|
19.1
|
|
|
18.4
|
|
|
37.6
|
|
|
38.6
|
|
|
18.5
|
|
Adjusted
EBITDA
|
|
$
|
64.5
|
|
|
$
|
47.5
|
|
|
$
|
61.7
|
|
|
$
|
114.3
|
|
|
$
|
(2.8)
|
|
Adjusted EBITDA per
ton
|
|
$
|
46
|
|
|
$
|
36
|
|
|
$
|
23
|
|
|
$
|
44
|
|
|
$
|
(2)
|
|
|
|
(a)
|
The reconciliation of
EBITDA of noncontrolling interests to net income attributable to
noncontrolling interests is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
Three Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
Mar
31,
|
(dollars in
millions)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
Net income
attributable to noncontrolling interests
|
|
$
|
15.6
|
|
|
$
|
14.9
|
|
|
$
|
30.5
|
|
|
$
|
31.6
|
|
|
$
|
14.9
|
|
Depreciation
|
|
3.5
|
|
|
3.5
|
|
|
7.1
|
|
|
7.0
|
|
|
3.6
|
|
EBITDA of
noncontrolling interests
|
|
$
|
19.1
|
|
|
$
|
18.4
|
|
|
$
|
37.6
|
|
|
$
|
38.6
|
|
|
$
|
18.5
|
|
Reconciliation of Adjusted Net Income
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June
30,
|
(dollars in millions,
except per share)
|
|
2014
|
Reconciliation to
Net Income (Loss) Attributable to AK Steel Holding
|
|
|
Adjusted net income
attributable to AK Steel Holding Corporation
|
|
$
|
2.9
|
|
Unrealized
mark-to-market loss on derivatives
|
|
(20.0)
|
|
Net income (loss)
attributable to AK Steel Holding Corporation, as
reported
|
|
$
|
(17.1)
|
|
|
|
|
Reconciliation to
Basic and Diluted Earnings (Losses) per Share
|
|
|
Adjusted basic and
diluted earnings per share
|
|
$
|
0.02
|
|
Unrealized
mark-to-market loss on derivatives
|
|
(0.15)
|
|
Basic and diluted
earnings (losses) per share, as reported
|
|
$
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AK STEEL HOLDING
CORPORATION
|
STEEL
SHIPMENTS
|
(Unaudited)
|
(Tons in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Tons Shipped by
Product
|
|
|
|
|
|
|
|
|
Stainless/electrical
|
|
223.8
|
|
|
215.1
|
|
|
430.0
|
|
|
419.5
|
|
Coated
|
|
637.5
|
|
|
639.1
|
|
|
1,238.3
|
|
|
1,216.2
|
|
Cold-rolled
|
|
298.0
|
|
|
262.1
|
|
|
584.5
|
|
|
539.5
|
|
Tubular
|
|
33.5
|
|
|
31.5
|
|
|
64.4
|
|
|
63.0
|
|
Subtotal
value-added shipments
|
|
1,192.8
|
|
|
1,147.8
|
|
|
2,317.2
|
|
|
2,238.2
|
|
Hot-rolled
|
|
177.1
|
|
|
151.8
|
|
|
285.6
|
|
|
324.1
|
|
Secondary
|
|
27.6
|
|
|
24.1
|
|
|
56.8
|
|
|
51.2
|
|
Subtotal non
value-added shipments
|
|
204.7
|
|
|
175.9
|
|
|
342.4
|
|
|
375.3
|
|
Total
shipments
|
|
1,397.5
|
|
|
1,323.7
|
|
|
2,659.6
|
|
|
2,613.5
|
|
|
|
|
|
|
|
|
|
|
Shipments by
Product (%)
|
|
|
|
|
|
|
|
|
Stainless/electrical
|
|
16.0
|
%
|
|
16.2
|
%
|
|
16.2
|
%
|
|
16.1
|
%
|
Coated
|
|
45.6
|
%
|
|
48.3
|
%
|
|
46.6
|
%
|
|
46.5
|
%
|
Cold-rolled
|
|
21.3
|
%
|
|
19.8
|
%
|
|
22.0
|
%
|
|
20.6
|
%
|
Tubular
|
|
2.4
|
%
|
|
2.4
|
%
|
|
2.4
|
%
|
|
2.4
|
%
|
Subtotal
value-added shipments
|
|
85.3
|
%
|
|
86.7
|
%
|
|
87.2
|
%
|
|
85.6
|
%
|
Hot-rolled
|
|
12.7
|
%
|
|
11.5
|
%
|
|
10.7
|
%
|
|
12.4
|
%
|
Secondary
|
|
2.0
|
%
|
|
1.8
|
%
|
|
2.1
|
%
|
|
2.0
|
%
|
Subtotal non
value-added shipments
|
|
14.7
|
%
|
|
13.3
|
%
|
|
12.8
|
%
|
|
14.4
|
%
|
Total
shipments
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
SOURCE AK Steel