WEST CHESTER, Ohio,
July 28, 2015 /PRNewswire/ -- AK Steel (NYSE: AKS) today
reported its financial results for the second quarter of 2015.
2nd Quarter 2015 Performance Summary
- Shipments of 1,811,700 tons
- Sales of $1.69 billion with an
average selling price of $931 per
ton
- Net loss of $64.0 million, or
$0.36 per diluted share
- Adjusted EBITDA of $47.6
million
- Liquidity of approximately $800
million
AK Steel reported a net loss of $64.0
million, or $0.36 per diluted
share of common stock, for the second quarter of 2015, compared to
a net loss of $17.1 million, or
$0.13 per diluted share, for the
second quarter of 2014 and a net loss of $306.3 million, or $1.72 per diluted share, for the first quarter of
2015. The company reported adjusted EBITDA (as defined in the
"Non-GAAP Financial Measures" section below) of $47.6 million, or $26 per ton, for the second quarter of 2015
compared to adjusted EBITDA of $64.5
million, or $46 per ton, for
the year-ago second quarter and adjusted EBITDA of $57.5 million, or $33 per ton, for the first quarter of 2015.
"Continued strength in the automotive market contributed to an
overall increase in automotive market and total shipments
quarter-over-quarter for the company," said James L. Wainscott, Chairman, President and CEO
of AK Steel. "Unfortunately, however, continued high levels of what
we believe are unfairly traded imports significantly impacted
selling prices in the carbon steel spot market, which negatively
impacted the company's results."
Net sales for the second quarter of 2015 were $1.69 billion on shipments of 1,811,700 tons,
compared to net sales of $1.53
billion on shipments of 1,397,500 tons for the year-ago
second quarter and net sales of $1.75
billion on shipments of 1,750,500 tons for the first quarter
of 2015. The company's shipments in the second quarter of 2015 were
higher than the first quarter of 2015, primarily as a result of
increased shipments to the carbon spot market and continued
strength in the automotive market. The increase in shipments and
sales for the second quarter of 2015 compared to the year-ago
period was due principally to the addition of shipments from
Dearborn Works (acquired in September of 2014) and continued strong
shipments of carbon and stainless products to the automotive
market.
The company said that its average selling price for the second
quarter of 2015 was $931 per ton,
down 7% from the first quarter of 2015. The decrease in average
selling price is primarily attributable to a less rich value-added
product mix consisting of a higher percentage of shipments to the
carbon spot market in relation to total shipments for the quarter.
Carbon spot market selling prices declined throughout the
first-half of 2015 before recovering slightly toward the end of the
second quarter. AK Steel believes the substantial decline in carbon
spot market selling prices is primarily the result of increased
imports of lower priced foreign steel. The lower carbon spot market
selling prices, combined with the higher proportion of hot-rolled
shipments following the Dearborn Works acquisition, were the
primary factors resulting in a 15% decline in the company's average
selling price for the second quarter of 2015 compared to the second
quarter of 2014.
Cost of products sold decreased in the second quarter of 2015
compared to the first quarter of 2015 due to lower costs for carbon
scrap, iron ore pellets and energy. Although costs for key inputs
were lower in the second quarter of 2015 than in the second quarter
of 2014, cost of products sold was higher in the 2015 quarter due
to the higher overall sales volume in 2015 reflecting the
acquisition of Dearborn Works. The company incurred $18.2 million of costs for planned outages during
the second quarter of 2015, compared to $2.5
million in the year-ago second quarter and $13.6 million in the first quarter of 2015.
The 2015 second quarter results include a LIFO credit of
$34.8 million, compared to a LIFO
credit of $3.3 million for the second
quarter of 2014 and a LIFO credit of $17.1
million for the first quarter of 2015. The company ended the
second quarter of 2015 with total liquidity of $799.8 million, consisting of cash and cash
equivalents and $747.0 million of
availability under the company's revolving credit facility.
Six-Month Results
For the first six months of 2015,
the company reported a net loss of $370.3
million, or $2.08 per diluted
share. For the corresponding six months of 2014, the company
reported a net loss of $103.2
million, or $0.76 per diluted
share. Included in the net loss for the first six months of 2015
was an impairment charge of $256.3
million, or $1.44 per diluted
share, to fully impair the company's investment in Magnetation LLC.
Sales for the first six months of 2015 were $3.4 billion compared to sales of $2.9 billion in the first half of 2014. Shipments
for the first half of 2015 were 3,562,200 tons compared to
2,659,600 tons in the first half of 2014. The increase is primarily
the result of the acquisition of Dearborn Works, as well as
continued strength in the automotive market.
The company said that its average selling price for the first
half of 2015 was $965 per ton, down
from $1,096 per ton for the first
half of 2014. The decrease in average selling price is primarily
attributable to significantly lower carbon spot market selling
prices in 2015, principally due to a significant increase in what
the company believes are unfairly traded foreign steel imports. The
effect of the lower selling prices was partially offset by lower
costs for carbon scrap, iron ore pellets and energy. The company
recorded costs of $31.8 million
during the first six months of 2015 for planned outages, compared
to $31.9 million during the first six
months of 2014.
As of March 31, 2015, AK Steel
concluded that its 49.9% equity interest in Magnetation, an
unconsolidated joint venture that produces iron ore pellets and
accounted for under the equity method, was impaired as a result of
near-term liquidity issues caused primarily by a significant
decline in global iron ore pellet pricing and the negative effect
of that decline on Magnetation's results of operations and cash
flows, as well as the longer-term outlook of iron ore pellet
pricing and the inability of Magnetation to access additional
capital funds. As a result, the company recorded an impairment
charge of $256.3 million, or
$1.44 per diluted share, in the
six-month period ended June 30, 2015,
to fully impair the company's investment in Magnetation recorded on
its consolidated balance sheet. Magnetation's outstanding
indebtedness is non-recourse to AK Steel. The company is not
required to make any additional capital contributions or other
future investments in Magnetation and has not guaranteed any
obligations of Magnetation. AK Steel does not expect to record any
further impact in its financial statements from its equity
investment in Magnetation.
Results for the first six months of 2014 were negatively
affected by extreme winter weather conditions in early 2014 and an
incident at the company's Ashland
(KY) Works blast furnace in February
2014. Extra costs of approximately $45.0 million were recognized for the first six
months of 2014 for higher energy costs and additional costs for
transportation and operations related to weather-delayed deliveries
of iron ore pellets. The incident at the Ashland Works resulted in
unplanned outage costs of approximately $18.0 million in the first six months of
2014.
Research and Innovation
During the second quarter, the
company broke ground on its new Research and Innovation Center.
Progress is continuing on the recently announced capital investment
to modify the hot dip galvanizing line at its Dearborn Works. New
process technology will allow the production of both coated and
cold-rolled Next-Generation Advanced High Strength Steels on the
same line. The new technology will also produce significantly
improved formability at higher ultimate tensile strength levels,
which provides automotive customers greater opportunities for
lightweighting. Both of these investments continue to be on
schedule for completion by the end of 2016. The company believes
these projects will position it well to serve the needs of its
customers in the future.
Third Quarter 2015 Outlook
Consistent with its current
practice, the company said that it will provide detailed guidance
for its third quarter 2015 financial results in September. However,
at this time, the company believes it is appropriate to provide the
following qualitative guidance.
For a variety of reasons, the company expects to generate
improved results for the third quarter and for the second-half of
2015 as compared to the second quarter and first-half of 2015.
Chief among these reasons are anticipated higher shipments,
improving carbon steel spot market prices, increased production
levels resulting in lower per ton operating costs, and the
continuing benefit of lower raw materials costs, in particular,
iron ore. The company expects shipments to customers in its largest
market, automotive, to remain strong.
In addition, the company expects the level of what the company
believes are unfairly traded imports of carbon steel products will
continue to decline in the second-half of the year, principally
because of the pending and anticipated future steel industry trade
cases, resulting in increased domestic steel shipments and a
continuing improving trend in selling prices.
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. Headquartered in West Chester,
Ohio (Greater Cincinnati),
the company employs approximately 8,000 men and women at eight
steel plants, two coke plants and two tube manufacturing plants
across six states: Indiana,
Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. Additional information about AK
Steel is available at www.aksteel.com.
Safe Harbor Statement
The statements in this release
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. These forward-looking statements
reflect the current belief and judgment of the company's
management, but are not guarantees of future performance or
outcomes. They are based on a number of assumptions and estimates
that are inherently subject to economic, competitive, regulatory,
and operational risks, uncertainties and contingencies that are
beyond the company's control, and upon assumptions with respect to
future business decisions and conditions that are subject to
change. Such statements are only predictions and involve risks and
uncertainties, resulting in the possibility that actual events or
performance will differ materially from such predictions as a
result of certain risk factors, including different or
lesser-than-expected impacts as a result of the pending and
anticipated future carbon steel trade case filings, including
impacts on the volume of foreign carbon steel imports, domestic
steel shipments and selling prices, or AK Steel's shipment levels,
carbon steel spot market prices, production levels or per ton
operating costs; 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 aluminum or other alternatives to steel; 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 and related laws and
regulations; 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 or banking markets; the company's use of
derivative contracts to hedge commodity pricing volatility; ongoing
challenges faced by Magnetation; inability to fully realize
benefits of long-term cost savings initiatives; inability to hire
or retain skilled labor and experienced manufacturing and mining
managers; information technology security threats and cybercrime;
adverse effects on the company's operations and/or financial
results related to Magnetation's bankruptcy; failure to achieve the
estimated synergies and other expected benefits of the acquisition
of Severstal Dearborn, LLC and/or to integrate it successfully; as
well as those risks and uncertainties discussed in the company's
Annual Report on Form 10-K for the year ended December 31,
2014, 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.
As such, readers are cautioned not to place undue reliance on
forward-looking statements, which speak only to management's plans,
assumptions and expectations as of the date hereof. The company
disclaims any duty to update or alter any forward-looking
statements, except as required by applicable law.
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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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2015
|
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2014
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2015
|
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2014
|
Shipments (000
tons)
|
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1,811.7
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1,397.5
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3,562.2
|
|
|
2,659.6
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Selling price per
ton
|
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$
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931
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$
|
1,095
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$
|
965
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|
$
|
1,096
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|
|
|
|
|
|
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Net
sales
|
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$
|
1,689.4
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|
|
$
|
1,530.8
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$
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3,440.3
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$
|
2,914.3
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|
|
|
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Cost of products
sold
|
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1,579.2
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|
|
1,416.9
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3,187.8
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2,752.5
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Selling and
administrative expenses
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63.5
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53.9
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|
|
132.7
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|
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114.1
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Depreciation
|
|
55.7
|
|
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48.5
|
|
|
111.1
|
|
|
97.2
|
|
Pension and OPEB
expense (income)
|
|
(16.1)
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(25.0)
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(32.2)
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(50.7)
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Total operating
costs
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1,682.3
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|
1,494.3
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|
3,399.4
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|
|
2,913.1
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|
Operating
profit
|
|
7.1
|
|
|
36.5
|
|
|
40.9
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|
|
1.2
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Interest
expense
|
|
43.5
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|
|
33.2
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|
|
87.4
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|
|
65.4
|
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Impairment of
Magnetation investment
|
|
—
|
|
|
—
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|
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(256.3)
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|
|
—
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Other income
(expense)
|
|
1.5
|
|
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(3.0)
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(15.2)
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(4.9)
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Income (loss)
before income taxes
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(34.9)
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0.3
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(318.0)
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(69.1)
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Income tax
expense
|
|
14.6
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|
1.8
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|
22.3
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|
3.6
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Net income
(loss)
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(49.5)
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(1.5)
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(340.3)
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(72.7)
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Less: Net income
attributable to noncontrolling interests
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14.5
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15.6
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30.0
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30.5
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Net income (loss)
attributable to AK Steel Holding Corporation
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|
$
|
(64.0)
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|
|
$
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(17.1)
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|
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$
|
(370.3)
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|
|
$
|
(103.2)
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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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|
$
|
(0.36)
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$
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(0.13)
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$
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(2.08)
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$
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(0.76)
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Weighted-average
shares outstanding:
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Basic
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177.2
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|
136.2
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177.1
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136.2
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Diluted
|
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177.2
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136.2
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177.1
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136.2
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AK STEEL HOLDING
CORPORATION
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CONSOLIDATED
BALANCE SHEETS
|
(Unaudited)
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(Dollars in millions,
except per share amounts)
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|
June 30,
2015
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|
December 31,
2014
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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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75.0
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$
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70.2
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Accounts receivable,
net
|
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567.5
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|
644.3
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Inventory,
net
|
|
1,156.5
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|
1,172.1
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Other current
assets
|
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115.3
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|
|
139.1
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Total current
assets
|
|
1,914.3
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|
|
2,025.7
|
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Property, plant and
equipment
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|
6,419.1
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|
6,388.4
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Accumulated
depreciation
|
|
(4,283.6)
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|
|
(4,175.2)
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Property, plant and
equipment, net
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2,135.5
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|
2,213.2
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Investment in
affiliates
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|
76.3
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|
388.7
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Other non-current
assets
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209.3
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|
230.9
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TOTAL
ASSETS
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$
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4,335.4
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$
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4,858.5
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LIABILITIES AND
EQUITY (DEFICIT)
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Current
liabilities:
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Accounts
payable
|
|
$
|
761.8
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|
|
$
|
803.1
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Accrued
liabilities
|
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225.4
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|
266.5
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Current portion of
pension and other postretirement benefit obligations
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63.7
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55.6
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Total current
liabilities
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1,050.9
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1,125.2
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Long-term
debt
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2,442.5
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2,452.5
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Pension and other
postretirement benefit obligations
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1,174.2
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1,225.3
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Other non-current
liabilities
|
|
130.8
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|
132.5
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TOTAL
LIABILITIES
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4,798.4
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|
|
4,935.5
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Equity
(deficit):
|
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Common stock,
authorized 300,000,000 shares of $0.01 par value each; issued
178,195,288 and 177,362,600 shares in 2015 and 2014; outstanding
177,812,475 and 177,215,816 shares in 2015 and 2014
|
|
1.8
|
|
|
1.8
|
|
Additional
paid-in capital
|
|
2,265.0
|
|
|
2,259.1
|
|
Treasury
stock, common shares at cost, 382,813 and 146,784 shares in 2015
and 2014
|
|
(2.0)
|
|
|
(1.0)
|
|
Accumulated
deficit
|
|
(2,918.3)
|
|
|
(2,548.0)
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Accumulated
other comprehensive loss
|
|
(212.4)
|
|
|
(204.4)
|
|
Total stockholders' equity (deficit)
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|
(865.9)
|
|
|
(492.5)
|
|
Noncontrolling
interests
|
|
402.9
|
|
|
415.5
|
|
TOTAL EQUITY
(DEFICIT)
|
|
(463.0)
|
|
|
(77.0)
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|
TOTAL LIABILITIES
AND EQUITY (DEFICIT)
|
|
$
|
4,335.4
|
|
|
$
|
4,858.5
|
|
|
|
|
|
|
|
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AK STEEL HOLDING
CORPORATION
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
(Dollars in
millions)
|
|
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|
|
Six Months
Ended
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|
|
June 30,
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|
2015
|
|
2014
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
Net income
(loss)
|
|
$
|
(340.3)
|
|
|
$
|
(72.7)
|
|
Depreciation
|
|
103.9
|
|
|
90.1
|
|
Depreciation—SunCoke
Middletown
|
|
7.2
|
|
|
7.1
|
|
Amortization
|
|
12.5
|
|
|
10.8
|
|
Impairment of
Magnetation investment
|
|
256.3
|
|
|
—
|
|
Deferred income
taxes
|
|
20.7
|
|
|
2.5
|
|
Pension and OPEB
expense (income)
|
|
(32.2)
|
|
|
(50.7)
|
|
Contributions to
pension trust
|
|
(1.0)
|
|
|
(112.4)
|
|
Other postretirement
benefit payments
|
|
(22.2)
|
|
|
(34.7)
|
|
Changes in working
capital
|
|
43.5
|
|
|
(162.4)
|
|
Changes in working
capital—SunCoke Middletown
|
|
9.1
|
|
|
(5.2)
|
|
Other operating items,
net
|
|
26.4
|
|
|
(3.5)
|
|
Net cash flows from
operating activities
|
|
83.9
|
|
|
(331.1)
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
Capital
investments
|
|
(48.9)
|
|
|
(27.3)
|
|
Capital
investments—SunCoke Middletown
|
|
(0.8)
|
|
|
(0.3)
|
|
Investments in
Magnetation
|
|
—
|
|
|
(45.0)
|
|
Proceeds from sale of
equity investee
|
|
25.0
|
|
|
—
|
|
Other investing items,
net
|
|
1.3
|
|
|
6.9
|
|
Net cash flows from
investing activities
|
|
(23.4)
|
|
|
(65.7)
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
Net borrowings
(payments) under credit facility
|
|
(10.0)
|
|
|
440.0
|
|
Redemption of
long-term debt
|
|
(2.2)
|
|
|
(0.4)
|
|
Debt issuance
costs
|
|
—
|
|
|
(3.3)
|
|
SunCoke Middletown
distributions to noncontrolling interest owners
|
|
(42.6)
|
|
|
(28.9)
|
|
Other financing items,
net
|
|
(0.9)
|
|
|
(1.1)
|
|
Net cash flows from
financing activities
|
|
(55.7)
|
|
|
406.3
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
4.8
|
|
|
9.5
|
|
Cash and cash
equivalents, beginning of period
|
|
70.2
|
|
|
45.3
|
|
Cash and cash
equivalents, end of period
|
|
$
|
75.0
|
|
|
$
|
54.8
|
|
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 that excludes the effects of an impairment of its investment
in Magnetation. 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 different 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 adjustments to EBITDA in order to
exclude the effects of noncontrolling interests and an impairment
charge for its investment in Magnetation. The adjusted results,
although not financial measures under generally accepted accounting
principles ("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 is not, however,
intended as an alternative measure of operating results or cash
flow from operations as determined in accordance with GAAP and is
not necessarily comparable to similarly titled measures used by
other companies.
|
|
Neither current nor
potential investors in the company's securities should rely on
adjusted EBITDA as a substitute for any GAAP financial measure and
the company encourages current and potential investors to review
the following reconciliations of adjusted EBITDA.
|
|
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)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
Net income (loss)
attributable to AK Steel Holding
|
|
$
|
(64.0)
|
|
|
$
|
(17.1)
|
|
|
$
|
(370.3)
|
|
|
$
|
(103.2)
|
|
|
(306.3)
|
|
Net income
attributable to noncontrolling interests
|
|
14.5
|
|
|
15.6
|
|
|
30.0
|
|
|
30.5
|
|
|
15.5
|
|
Income tax
expense
|
|
14.6
|
|
|
1.8
|
|
|
22.3
|
|
|
3.6
|
|
|
7.7
|
|
Interest
expense
|
|
43.5
|
|
|
33.2
|
|
|
87.4
|
|
|
65.4
|
|
|
43.9
|
|
Interest
income
|
|
(0.3)
|
|
|
—
|
|
|
(0.6)
|
|
|
—
|
|
|
(0.3)
|
|
Depreciation
|
|
55.7
|
|
|
48.5
|
|
|
111.1
|
|
|
97.2
|
|
|
55.4
|
|
Amortization
|
|
1.7
|
|
|
1.6
|
|
|
6.1
|
|
|
5.8
|
|
|
4.4
|
|
EBITDA
|
|
65.7
|
|
|
83.6
|
|
|
(114.0)
|
|
|
99.3
|
|
|
(179.7)
|
|
Less: EBITDA of
noncontrolling interests (a)
|
|
18.1
|
|
|
19.1
|
|
|
37.2
|
|
|
37.6
|
|
|
19.1
|
|
Magnetation
impairment charge
|
|
—
|
|
|
—
|
|
|
256.3
|
|
|
—
|
|
|
256.3
|
|
Adjusted
EBITDA
|
|
$
|
47.6
|
|
|
$
|
64.5
|
|
|
$
|
105.1
|
|
|
$
|
61.7
|
|
|
$
|
57.5
|
|
Adjusted EBITDA per
ton
|
|
$
|
26
|
|
|
$
|
46
|
|
|
$
|
29
|
|
|
$
|
23
|
|
|
$
|
33
|
|
|
(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)
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
Net income
attributable to noncontrolling interests
|
|
$
|
14.5
|
|
|
$
|
15.6
|
|
|
$
|
30.0
|
|
|
$
|
30.5
|
|
|
$
|
15.5
|
|
Depreciation
|
|
3.6
|
|
|
3.5
|
|
|
7.2
|
|
|
7.1
|
|
|
3.6
|
|
EBITDA of
noncontrolling interests
|
|
$
|
18.1
|
|
|
$
|
19.1
|
|
|
$
|
37.2
|
|
|
$
|
37.6
|
|
|
$
|
19.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AK STEEL HOLDING
CORPORATION
|
STEEL
SHIPMENTS
|
(Unaudited)
|
(Tons in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Tons Shipped by
Product
|
|
|
|
|
|
|
|
|
Stainless/electrical
|
|
223.4
|
|
|
223.8
|
|
|
450.9
|
|
|
430.0
|
|
Coated
|
|
823.8
|
|
|
637.5
|
|
|
1,609.8
|
|
|
1,238.3
|
|
Cold-rolled
|
|
332.6
|
|
|
298.0
|
|
|
653.6
|
|
|
584.5
|
|
Tubular
|
|
29.7
|
|
|
33.5
|
|
|
59.1
|
|
|
64.4
|
|
Subtotal
value-added shipments
|
|
1,409.5
|
|
|
1,192.8
|
|
|
2,773.4
|
|
|
2,317.2
|
|
Hot-rolled
|
|
359.1
|
|
|
177.1
|
|
|
692.1
|
|
|
285.6
|
|
Secondary
|
|
43.1
|
|
|
27.6
|
|
|
96.7
|
|
|
56.8
|
|
Subtotal non
value-added shipments
|
|
402.2
|
|
|
204.7
|
|
|
788.8
|
|
|
342.4
|
|
Total
shipments
|
|
1,811.7
|
|
|
1,397.5
|
|
|
3,562.2
|
|
|
2,659.6
|
|
|
|
|
|
|
|
|
|
|
Shipments by
Product (%)
|
|
|
|
|
|
|
|
|
Stainless/electrical
|
|
12.3
|
%
|
|
16.0
|
%
|
|
12.7
|
%
|
|
16.2
|
%
|
Coated
|
|
45.5
|
%
|
|
45.6
|
%
|
|
45.2
|
%
|
|
46.6
|
%
|
Cold-rolled
|
|
18.4
|
%
|
|
21.3
|
%
|
|
18.3
|
%
|
|
22.0
|
%
|
Tubular
|
|
1.6
|
%
|
|
2.4
|
%
|
|
1.7
|
%
|
|
2.4
|
%
|
Subtotal
value-added shipments
|
|
77.8
|
%
|
|
85.3
|
%
|
|
77.9
|
%
|
|
87.2
|
%
|
Hot-rolled
|
|
19.8
|
%
|
|
12.7
|
%
|
|
19.4
|
%
|
|
10.7
|
%
|
Secondary
|
|
2.4
|
%
|
|
2.0
|
%
|
|
2.7
|
%
|
|
2.1
|
%
|
Subtotal non
value-added shipments
|
|
22.2
|
%
|
|
14.7
|
%
|
|
22.1
|
%
|
|
12.8
|
%
|
Total
shipments
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ak-steel-reports-financial-results-for-second-quarter-of-2015-300119271.html
SOURCE AK Steel