AK Steel (NYSE: AKS) today reported its financial results for the
third quarter of 2019.
Third Quarter 2019 Highlights•
Net income of
$2.8 million, or $0.01 per diluted share•
Adjusted EBITDA
of $86.9 million, or 5.7% of sales•
Results include
unrealized mark-to-market derivative losses of $15.3
million
“Our third quarter results were essentially in line with our
expectations despite a challenging environment. We continued
to make solid progress in our strategy to focus on higher-value
business during the quarter,” said Roger K. Newport, Chief
Executive Officer. “As we look to 2020, we are excited about
our prospects, particularly in automotive where we expect
meaningful market share growth.”
AK Steel reported net income of $2.8 million, or $0.01 per
diluted share of common stock, for the third quarter of 2019.
For the third quarter of 2018, net income was $67.2 million, or
$0.21 per diluted share. The company’s adjusted EBITDA (as
defined in the “Non-GAAP Financial Measures” section below) was
$86.9 million, or 5.7% of net sales, for the third quarter of
2019. Adjusted EBITDA decreased from $160.8 million, or 9.3%
of net sales, in the third quarter a year ago.
Net income and adjusted EBITDA in the recent third quarter
included mark-to-market losses of $15.3 million, or $0.05 per
diluted share, from iron ore derivatives, of which most are
associated with iron ore purchases in future years. For the
same period in 2018, the company recorded mark-to-market gains of
$4.4 million. Not included in the financial results for the
third quarter of 2019 were realized gains of $13.5 million for iron
ore derivatives contracts that settled during the period for which
the company had recognized mark-to-market gains in its financial
results in prior quarters, compared to $5.7 million for the same
period in 2018.
Net sales for the recent third quarter were $1.5 billion, a 12%
decrease compared to the third quarter of 2018. The decrease
was primarily due to a sharp drop in carbon spot market prices and
reduced shipments to the distributors and converters market.
The company reported liquidity of $1,024.0 million at the end of
the third quarter, consisting of cash and cash equivalents and
$994.5 million of availability under the company’s revolving credit
facility. The company reported outstanding borrowings under
the credit facility of $305.0 million at September 30, 2019.
|
|
|
|
(Dollars in millions, except
per share and per ton data) |
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
Flat-rolled steel shipments
(000 tons) |
1,303.0 |
|
|
1,424.0 |
|
|
4,082.8 |
|
|
4,294.7 |
|
Selling price per flat-rolled steel ton |
$ |
1,067 |
|
|
$ |
1,114 |
|
|
$ |
1,094 |
|
|
$ |
1,087 |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,535.5 |
|
|
$ |
1,735.6 |
|
|
$ |
4,913.7 |
|
|
$ |
5,141.1 |
|
Operating profit |
51.1 |
|
|
114.8 |
|
|
198.9 |
|
|
277.9 |
|
Net income attributable to AK
Steel Holding Corporation |
2.8 |
|
|
67.2 |
|
|
65.1 |
|
|
152.5 |
|
Adjusted net income
attributable to AK Steel Holding Corporation (a) |
2.8 |
|
|
67.2 |
|
|
142.5 |
|
|
152.5 |
|
Adjusted EBITDA (a) |
86.9 |
|
|
160.8 |
|
|
399.3 |
|
|
427.9 |
|
|
|
|
|
|
|
|
|
Net income per diluted share
attributable to AK Steel Holding Corporation |
$ |
0.01 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.48 |
|
Adjusted net income per diluted
share attributable to AK Steel Holding Corporation (a) |
0.01 |
|
|
0.21 |
|
|
0.45 |
|
|
0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Adjustments have been made to the nine months ended
September 30, 2019 for $77.4 million of charges related to the
company’s closure of its Ashland Works facility, as previously
disclosed. The charge was primarily for termination of
certain take-or-pay supply agreements and employee-related
costs.
OutlookIn July, the company provided annual
guidance based on carbon hot-rolled coil pricing of approximately
$555 per ton. This annual guidance also indicated that for
every $10 change in the carbon hot-rolled coil spot market price,
annual earnings would be impacted by $5 to $7 million.
However, since July, the pricing for carbon hot-rolled coil
products has fallen more sharply than previously anticipated to an
average of about $510 per ton for October. This decline has
also caused service centers to order at minimum levels. The
company expects the lower order volumes and the impact of the
strike at General Motors to result in a reduction of flat-rolled
steel shipments to between approximately 5.3 and 5.4 million tons
for the full year. Further, these volatile events result in a
deviation from the company’s anticipated range of $5 to $7
million. The company now expects net income for the year to
be in the range of $26 to $41 million, or $0.08 to $0.13 per
diluted share. Excluding the effects of the first quarter
2019 Ashland Works charge of $77.4 million, the company also
anticipates adjusted net income for the year to be in the range of
$103 to $118 million, or $0.32 to $0.37 per diluted share, and
adjusted EBITDA for the year to be in the range of $450 to $465
million. The other annual guidance items remain unchanged
from the company’s July guidance, including the recently completed
significant planned maintenance outage at Dearborn Works.
This guidance excludes any future mark-to-market changes in iron
ore derivatives or potential pension or other postretirement
benefit plan corridor charges depending on year-end interest rates
and pension plan asset values.
The foregoing outlook is based on AK Steel’s current estimates
and may change based on business conditions and other
factors. There are many other items that could affect the
company’s 2019 results, as outlined in the Forward-Looking
Statements below.
Third Quarter 2019 Earnings Conference CallAK
Steel will provide live listening access on its website for the
company’s earnings conference call on October 31, 2019 at 8:30 a.m.
Eastern Time. A link to the webcast is on the company’s home
page at www.aksteel.com. Presentation slides will also be
available on the webcast link and under the Investor Presentations
section on the website. The webcast will be archived on the
company’s website for three months and will be accessible from the
Investor News and Events section.
AK SteelAK Steel is a leading producer of
flat-rolled carbon, stainless and electrical steel products,
primarily for the automotive, infrastructure and manufacturing,
including electrical power, and distributors and converters
markets. Through its subsidiaries, the company also provides
customer solutions with carbon and stainless steel tubing products,
hot- and cold-stamped components, and die design and tooling.
Headquartered in West Chester, Ohio (Greater Cincinnati), the
company has approximately 9,500 employees at manufacturing
operations in the United States, Canada and Mexico, and facilities
in Western Europe. Additional information about AK Steel is
available at www.aksteel.com.
Forward-Looking StatementsCertain statements
made or incorporated by reference in this earnings release reflect
management’s estimates and beliefs and are intended to be
“forward-looking statements” identified in 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 forward-looking statements.
The company cautions readers that forward-looking statements
reflect the company’s current beliefs and judgments, but are not
guarantees of future performance or outcomes. They are based
on a number of assumptions and estimates that are inherently
affected by economic, competitive, regulatory, and operational
risks and uncertainties and contingencies that are beyond the
company’s control. They are also based upon assumptions about
future business decisions and conditions that may change.
Forward-looking 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. Such factors that could
cause the company’s actual results and financial condition to
differ materially from the results contemplated by such
forward-looking statements include reduced selling prices,
shipments and profits associated with a highly competitive and
cyclical industry; domestic and global steel overcapacity; risks
related to U.S. government actions on trade agreements and
treaties, laws, regulations or policies affecting trade; changes in
the cost of raw materials, supplies 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 or key suppliers; the company’s significant proportion of
sales to the automotive market; reduced demand in key product
markets due to competition from aluminum or other alternatives to
steel; excess inventory of raw materials; supply chain disruptions
or poor quality of raw materials or supplies; production disruption
or reduced production levels; the company’s healthcare and pension
obligations; not reaching new labor agreements on a timely basis;
major litigation, arbitrations, environmental issues and other
contingencies; regulatory compliance and changes; climate change
and greenhouse gas emissions; conditions in the financial, credit,
capital and banking markets; the company’s use of derivative
contracts to hedge commodity pricing volatility; potential
permanent idling of facilities; inability to fully realize benefits
of margin enhancement initiatives; information technology security
threats, cybercrime and exposure of private information; the
company’s failure to achieve expected benefits of the Precision
Partners acquisition; and changes in tax laws and regulations; as
well as those risks and uncertainties discussed in more detail in
the company’s Annual Report on Form 10-K for the year ended
December 31, 2018, and its 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, the
company cautions readers not to place undue reliance on
forward-looking statements, which speak only to the company’s
plans, assumptions and expectations as of the date hereof.
The company undertakes no obligation to publicly update any
forward-looking statement, except as required by law.
|
AK STEEL HOLDING CORPORATION |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(Unaudited) |
(Dollars and shares in millions, except per share and per ton
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Flat-rolled steel shipments (000
tons) |
1,303.0 |
|
|
1,424.0 |
|
|
4,082.8 |
|
|
4,294.7 |
|
Selling price per flat-rolled steel ton |
$ |
1,067 |
|
|
$ |
1,114 |
|
|
$ |
1,094 |
|
|
$ |
1,087 |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,535.5 |
|
|
$ |
1,735.6 |
|
|
$ |
4,913.7 |
|
|
$ |
5,141.1 |
|
|
|
|
|
|
|
|
|
Cost of products sold |
1,366.0 |
|
|
1,486.2 |
|
|
4,280.4 |
|
|
4,462.6 |
|
Selling and administrative
expenses |
71.0 |
|
|
79.6 |
|
|
222.9 |
|
|
235.8 |
|
Depreciation |
47.4 |
|
|
55.0 |
|
|
147.4 |
|
|
164.8 |
|
Ashland Works closure |
— |
|
|
— |
|
|
64.1 |
|
|
— |
|
Total operating costs |
1,484.4 |
|
|
1,620.8 |
|
|
4,714.8 |
|
|
4,863.2 |
|
Operating
profit |
51.1 |
|
|
114.8 |
|
|
198.9 |
|
|
277.9 |
|
Interest expense |
37.0 |
|
|
37.8 |
|
|
112.0 |
|
|
113.3 |
|
Pension and OPEB (income)
expense |
(6.8 |
) |
|
(10.0 |
) |
|
(7.2 |
) |
|
(30.0 |
) |
Other (income) expense |
0.7 |
|
|
0.7 |
|
|
(16.5 |
) |
|
(3.4 |
) |
Income before income
taxes |
20.2 |
|
|
86.3 |
|
|
110.6 |
|
|
198.0 |
|
Income tax expense (benefit) |
0.3 |
|
|
1.4 |
|
|
2.7 |
|
|
(4.0 |
) |
Net income |
19.9 |
|
|
84.9 |
|
|
107.9 |
|
|
202.0 |
|
Less: Net income attributable to
noncontrolling interests |
17.1 |
|
|
17.7 |
|
|
42.8 |
|
|
49.5 |
|
Net income attributable
to AK Steel Holding Corporation |
$ |
2.8 |
|
|
$ |
67.2 |
|
|
$ |
65.1 |
|
|
$ |
152.5 |
|
|
|
|
|
|
|
|
|
Net income per share
attributable to AK Steel Holding Corporation: |
|
|
|
|
|
|
|
Basic |
$ |
0.01 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.48 |
|
Diluted |
$ |
0.01 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.48 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
315.8 |
|
|
314.9 |
|
|
315.8 |
|
|
314.8 |
|
Diluted |
316.8 |
|
|
316.0 |
|
|
316.5 |
|
|
315.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AK STEEL HOLDING CORPORATION |
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
(Dollars in millions, except per share amounts) |
|
|
|
|
|
September 30, 2019 |
|
December 31, 2018 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
30.8 |
|
|
$ |
48.6 |
|
Accounts receivable, net |
624.4 |
|
|
635.8 |
|
Inventory |
1,362.7 |
|
|
1,419.9 |
|
Other current assets |
48.3 |
|
|
97.0 |
|
Total current assets |
2,066.2 |
|
|
2,201.3 |
|
Property, plant and
equipment |
7,094.0 |
|
|
6,969.2 |
|
Accumulated depreciation |
(5,201.8 |
) |
|
(5,057.6 |
) |
Property, plant and equipment,
net |
1,892.2 |
|
|
1,911.6 |
|
Operating lease assets |
253.4 |
|
|
— |
|
Other non-current assets |
392.8 |
|
|
402.8 |
|
TOTAL
ASSETS |
$ |
4,604.6 |
|
|
$ |
4,515.7 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
676.0 |
|
|
$ |
801.0 |
|
Accrued liabilities |
234.7 |
|
|
288.9 |
|
Current portion of operating lease liabilities |
53.6 |
|
|
— |
|
Current portion of pension and other postretirement benefit
obligations |
37.3 |
|
|
38.7 |
|
Total current liabilities |
1,001.6 |
|
|
1,128.6 |
|
Non-current liabilities: |
|
|
|
Long-term debt |
1,969.7 |
|
|
1,993.7 |
|
Long-term operating lease liabilities |
219.1 |
|
|
— |
|
Pension and other postretirement benefit obligations |
785.0 |
|
|
829.9 |
|
Other non-current liabilities |
170.5 |
|
|
134.0 |
|
TOTAL
LIABILITIES |
4,145.9 |
|
|
4,086.2 |
|
|
|
|
|
Equity: |
|
|
|
Common stock, authorized 450,000,000 shares of $0.01 par value
each; issued 317,749,451 and 316,595,613 shares in 2019 and
2018; outstanding 316,382,722 and 315,535,765 shares in 2019
and 2018 |
3.2 |
|
|
3.2 |
|
Additional paid-in capital |
2,902.7 |
|
|
2,894.9 |
|
Treasury stock, common shares at cost, 1,366,729 and 1,059,848
shares in 2019 and 2018 |
(7.3 |
) |
|
(6.4 |
) |
Accumulated deficit |
(2,626.7 |
) |
|
(2,691.8 |
) |
Accumulated other comprehensive loss |
(137.3 |
) |
|
(100.0 |
) |
Total stockholders’ equity |
134.6 |
|
|
99.9 |
|
Noncontrolling interests |
324.1 |
|
|
329.6 |
|
TOTAL
EQUITY |
458.7 |
|
|
429.5 |
|
TOTAL LIABILITIES AND
EQUITY |
$ |
4,604.6 |
|
|
$ |
4,515.7 |
|
|
|
|
|
|
|
|
|
|
AK STEEL HOLDING CORPORATION |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(Dollars in millions) |
|
|
|
Nine Months EndedSeptember 30, |
|
2019 |
|
2018 |
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
107.9 |
|
|
$ |
202.0 |
|
Depreciation |
129.5 |
|
|
153.3 |
|
Depreciation—SunCoke Middletown |
17.9 |
|
|
11.5 |
|
Amortization |
25.7 |
|
|
24.5 |
|
Ashland Works closure |
64.1 |
|
|
— |
|
Deferred income taxes |
0.7 |
|
|
(6.3 |
) |
Pension and OPEB expense (income) |
(2.9 |
) |
|
(24.2 |
) |
Contributions to pension trust |
(34.0 |
) |
|
(40.7 |
) |
Other postretirement benefit payments |
(23.9 |
) |
|
(28.5 |
) |
Mark-to-market (gains) losses on derivative contracts |
(40.8 |
) |
|
(11.5 |
) |
Changes in working capital |
(36.7 |
) |
|
(11.1 |
) |
Other operating items, net |
(15.0 |
) |
|
(19.1 |
) |
Net cash flows from operating activities |
192.5 |
|
|
249.9 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Capital investments |
(135.8 |
) |
|
(101.1 |
) |
Other investing items, net |
10.0 |
|
|
0.2 |
|
Net cash flows from investing activities |
(125.8 |
) |
|
(100.9 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Net borrowings (payments) under credit facility |
(30.0 |
) |
|
(85.0 |
) |
Redemption of long-term debt |
(3.8 |
) |
|
— |
|
SunCoke Middletown distributions to noncontrolling interest
owners |
(48.3 |
) |
|
(54.0 |
) |
Other financing items, net |
(2.4 |
) |
|
(0.7 |
) |
Net cash flows from financing activities |
(84.5 |
) |
|
(139.7 |
) |
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
(17.8 |
) |
|
9.3 |
|
Cash and cash equivalents,
beginning of period |
48.6 |
|
|
38.0 |
|
Cash and cash equivalents, end
of period |
$ |
30.8 |
|
|
$ |
47.3 |
|
|
|
|
|
|
|
|
|
AK STEEL HOLDING
CORPORATIONNON-GAAP FINANCIAL
MEASURES(Unaudited)(Dollars in millions)
In certain of its disclosures in this news release, the company
has reported adjusted EBITDA, adjusted EBITDA margin and adjusted
net income attributable to AK Steel Holding that exclude the
effects of noncontrolling interests and costs associated with the
closure of Ashland Works. The company believes that reporting
adjusted net income with these items excluded more clearly reflects
its current operating results and provides investors with a better
understanding of its overall financial performance.
Adjustments to net income do not result in an income tax effect as
any gross income tax effects are offset by a corresponding change
in the deferred income tax valuation allowance.
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. 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,
adjusted EBITDA margin 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 nor potential investors in the company’s
securities should rely on adjusted EBITDA, adjusted EBITDA margin
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 adjusted EBITDA and
adjusted net income.
|
Reconciliation of Adjusted EBITDA |
|
(dollars in millions, except per ton) |
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net income attributable to AK Steel Holding |
$ |
2.8 |
|
|
$ |
67.2 |
|
|
$ |
65.1 |
|
|
$ |
152.5 |
|
Net income attributable to
noncontrolling interests |
17.1 |
|
|
17.7 |
|
|
42.8 |
|
|
49.5 |
|
Income tax expense
(benefit) |
0.3 |
|
|
1.4 |
|
|
2.7 |
|
|
(4.0 |
) |
Interest expense, net |
36.7 |
|
|
37.6 |
|
|
111.3 |
|
|
112.7 |
|
Depreciation and
amortization |
51.4 |
|
|
58.4 |
|
|
160.7 |
|
|
178.3 |
|
EBITDA |
108.3 |
|
|
182.3 |
|
|
382.6 |
|
|
489.0 |
|
Less: EBITDA of noncontrolling
interests (a) |
21.4 |
|
|
21.5 |
|
|
60.7 |
|
|
61.1 |
|
Ashland Works closure |
— |
|
|
— |
|
|
77.4 |
|
|
— |
|
Adjusted EBITDA |
$ |
86.9 |
|
|
$ |
160.8 |
|
|
$ |
399.3 |
|
|
$ |
427.9 |
|
Adjusted EBITDA margin |
5.7 |
% |
|
9.3 |
% |
|
8.1 |
% |
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(a) The reconciliation of net income
attributable to noncontrolling interests to EBITDA of
noncontrolling interests is as follows:
|
|
|
|
(dollars in millions) |
Three Months
Ended September 30, |
|
Nine Months
Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net income attributable to noncontrolling interests |
$ |
17.1 |
|
|
$ |
17.7 |
|
|
$ |
42.8 |
|
|
$ |
49.5 |
|
Depreciation |
4.3 |
|
|
3.8 |
|
|
17.9 |
|
|
11.6 |
|
EBITDA of noncontrolling
interests |
$ |
21.4 |
|
|
$ |
21.5 |
|
|
$ |
60.7 |
|
|
$ |
61.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Net Income |
|
(dollars in millions, except per share) |
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Reconciliation of Net
Income Attributable to AK Steel Holding |
|
|
|
|
|
|
|
Net income attributable to AK Steel Holding |
$ |
2.8 |
|
|
$ |
67.2 |
|
|
$ |
65.1 |
|
|
$ |
152.5 |
|
Ashland Works closure |
— |
|
|
— |
|
|
77.4 |
|
|
— |
|
Adjusted net income
attributable to AK Steel Holding |
$ |
2.8 |
|
|
$ |
67.2 |
|
|
$ |
142.5 |
|
|
$ |
152.5 |
|
|
|
|
|
|
|
|
|
Reconciliation of
Diluted Earnings per Share |
|
|
|
|
|
|
|
Diluted earnings per
share |
$ |
0.01 |
|
|
$ |
0.21 |
|
|
$ |
0.21 |
|
|
$ |
0.48 |
|
Ashland Works closure |
— |
|
|
— |
|
|
0.24 |
|
|
— |
|
Adjusted diluted earnings per
share |
$ |
0.01 |
|
|
$ |
0.21 |
|
|
$ |
0.45 |
|
|
$ |
0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA Guidance for
2019 |
|
(dollars in millions) |
Year Ending December 31, 2019 |
|
Low |
|
High |
Net income attributable to AK Holding |
$ |
26 |
|
|
$ |
41 |
|
Net income attributable to
noncontrolling interests |
55 |
|
|
55 |
|
Income tax expense |
7 |
|
|
7 |
|
Interest expense, net |
150 |
|
|
150 |
|
Depreciation and
amortization |
210 |
|
|
210 |
|
EBITDA |
448 |
|
|
463 |
|
Less: EBITDA of noncontrolling
interests (a) |
75 |
|
|
75 |
|
Ashland Works closure |
77 |
|
|
77 |
|
Adjusted EBITDA |
$ |
450 |
|
|
$ |
465 |
|
|
|
|
|
|
|
|
|
(a) The reconciliation of net
income attributable to noncontrolling interests to EBITDA of
noncontrolling interests is as follows:
|
|
(dollars in millions) |
Year Ending
December 31, 2019 |
|
Low |
|
High |
Net income attributable to noncontrolling interests |
$ |
55 |
|
|
$ |
55 |
|
Depreciation |
20 |
|
|
20 |
|
EBITDA of noncontrolling
interests |
$ |
75 |
|
|
$ |
75 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted Net Income Guidance for
2019 |
|
(dollars in millions, except per share) |
Year Ending December 31, 2019 |
|
Low |
|
High |
Reconciliation of Net
Income Attributable to AK Steel Holding |
|
|
|
Net income attributable to AK Steel Holding |
$ |
26 |
|
|
$ |
41 |
|
Ashland Works closure |
77 |
|
|
77 |
|
Adjusted net income
attributable to AK Steel Holding |
$ |
103 |
|
|
$ |
118 |
|
|
|
|
|
Reconciliation of
Diluted Earnings per Share |
|
|
|
Diluted earnings per
share |
$ |
0.08 |
|
|
$ |
0.13 |
|
Ashland Works closure |
0.24 |
|
|
0.24 |
|
Adjusted diluted earnings per
share |
$ |
0.32 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
AK STEEL
HOLDING CORPORATION |
FLAT-ROLLED
STEEL SHIPMENTS |
(Unaudited) |
(Tons in
thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Tons Shipped by Product |
|
|
|
|
|
|
|
Stainless/electrical |
187.9 |
|
|
206.6 |
|
|
592.9 |
|
|
628.8 |
|
Coated |
697.6 |
|
|
720.0 |
|
|
2,149.7 |
|
|
2,175.8 |
|
Cold-rolled |
209.3 |
|
|
264.3 |
|
|
694.7 |
|
|
816.4 |
|
Hot-rolled |
171.8 |
|
|
192.4 |
|
|
530.7 |
|
|
554.8 |
|
Other |
36.4 |
|
|
40.7 |
|
|
114.8 |
|
|
118.9 |
|
Total shipments |
1,303.0 |
|
|
1,424.0 |
|
|
4,082.8 |
|
|
4,294.7 |
|
|
|
|
|
|
|
|
|
Shipments by Product (%) |
|
|
|
|
|
|
|
Stainless/electrical |
14 |
% |
|
15 |
% |
|
15 |
% |
|
15 |
% |
Coated |
54 |
% |
|
49 |
% |
|
52 |
% |
|
50 |
% |
Cold-rolled |
16 |
% |
|
19 |
% |
|
17 |
% |
|
19 |
% |
Hot-rolled |
13 |
% |
|
14 |
% |
|
13 |
% |
|
13 |
% |
Other |
3 |
% |
|
3 |
% |
|
3 |
% |
|
3 |
% |
Total shipments |
100 |
% |
|
100 |
% |
|
100 |
% |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Contacts: Media – Lisa H. Jester, Corporate
Manager, Communications and Public Relations (513)
425-2510Investors – Douglas O. Mitterholzer, General Manager,
Investor Relations (513) 425-5215
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