AK Steel reports fourth-quarter loss

Credit: DaytonDailyNews

caption arrowCaption
Opening ceremony for AK Steel Research and Innovation Center in Middletown

Credit: DaytonDailyNews

AK Steel Holding Corp. this morning reported a loss of $107.9 million in its fourth quarter.

On a per-share basis, the West Chester Twp.-based company said it had a loss of 34 cents. Losses, adjusted for one-time gains and costs, were 6 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for a loss of 14 cents per share.

‘They were holding hands’: Hamilton couple of 60 years dies days apart, has emotional service together

The steel producer posted revenue of $1.5 billion in the period, also surpassing Wall Street forecasts. Four analysts surveyed by Zacks expected $1.44 billion.

“We were pleased with our full-year results,” said Roger Newport, AK Steel’s CEO. “We are enthusiastic about 2018 as we anticipate solid demand in many of our key end-use markets, and we continue to unlock the opportunities being developed through our recent acquisition of Precision Partners.”

Over the past two years, the company has “meaningfully enhanced” its portfolio of products, production capabilities and facilities, while at the same time strengthening its capital structure, Newport said.

“We continue to focus on AK Steel’s transformation into an innovative steel solutions provider of a broadening and innovative portfolio of carbon, electrical, and stainless steels, as well as a solutions provider of tooling and complex hot- and cold-stamped components and tubular products,” Newport said. “We believe that our strategic actions will create sustainable long-term shareholder value.”

For the year, the company reported net income of $10 million, or 3 cents per share, swinging to a profit in the period. Revenue was reported as $6.08 billion.

AK Steel shares have climbed 11 percent since the beginning of the year. The stock has decreased 22 percent in the last 12 months.

Between operations in West Chester Twp. and its Middletown Works steel plant, AK Steel employs approximately 2,400 full-time workers in Butler County, making it the county’s third-largest employer.

AK Steel facilities in Ohio, Kentucky, Indiana, Pennsylvania, Michigan and Minnesota employ more than 8,000 altogether and produce flat-rolled carbon, electrical and stainless steels used by the automotive, appliance, construction and manufacturing markets.

The Associated Press contributed to this story

About the Author