AK Steel Beats Challenging Market to Post Robust Results

SEATTLE (Scrap Monster): West Chester, Ohio-based AK Steel reported robust operations despite challenging market conditions. This is evident from its financial results for the fourth quarter and full-year 2019.

In Q4 ’19, the company posted net loss of $53.9 million, or $0.17 per diluted share. The adjusted net loss for the quarter totalled $35.1 million, or $0.11 per diluted share. AK Steel reported adjusted EBITDA of $47.2 million on sales of $1.4 billion. The company completed closure of its Ashland Works coating line, as planned.

For the full year 2019, the company reported net income of $11.2 million, or $0.04 per diluted share. This compares with net income of $186.0 million, or $0.59 per diluted share, for 2018.  The adjusted net income registered notable decline from $200.5 million, or $0.64 per diluted share, for 2018 to $107.4 million, or $0.34 per diluted share, for 2019. The adjusted EBITDA for 2019 stood at $446.5 million.

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Roger K. Newport, Chief Executive Officer of AK Steel stated that the company operated well in the face of extremely challenging market conditions during the fourth quarter. He remained optimistic about the value-creation potential of the recently entered merger agreement with Cleveland-Cliffs Inc.