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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report(Date of earliest event reported) January 27, 1997
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AK STEEL HOLDING CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE File No. 1-13696 31-1401455
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(State or other (Commission file number) (IRS employer
jurisdiction of identification
incorporation) number)
703 Curtis Street, Middletown, Ohio 45043
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (513) 425-5000
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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Filed herewith is a copy of a Press Release, dated
January 22, 1997, issued by AK Steel Holding Corporation (the
"Company") to announce its earnings for the three months and
twelve months ended December 31, 1996. Included in the Press
Release are statements of operations and earnings per share data
for the three months ended December 31, 1996 and December 31, 1995
and the twelve months ended December 31, 1996 and December 31,
1995. All normal recurring adjustments that are, in the opinion
of management, necessary for a fair presentation of the results of
operations for the periods presented have been included. The
nature of the Company's business is such that the results for any
interim period are not necessarily indicative of the results for a
full year.
Item 7. Exhibits.
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(a) Financial Statements of business acquired:
Not applicable.
(b) Pro Forma financial information:
Not applicable.
(c) Exhibit:
(99) Press Release, dated January 22, 1997
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Signatures
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
AK STEEL HOLDING CORPORATION
/s/ John G. Hritz
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Vice President, General Counsel
and Secretary
Dated: January 27, 1997
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AK STEEL HOLDING CORPORATION
FORM 8-K
CURRENT REPORT
Exhibit Index
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Exhibit No. Description Page
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99 Press Release, dated January 22, 1997 5
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EXHIBIT 99
NEWS RELEASE
RECORD AUTOMOTIVE SHIPMENTS BOLSTER
AK STEEL'S 1996 FOURTH QUARTER AND FULL YEAR RESULTS
MIDDLETOWN, OH, January 22, 1997 -- AK Steel (NYSE:
AKS) reported earnings of $30.7 million, or $0.99 per
fully diluted share of common stock, on record
shipments of nearly 1,165,000 tons for the fourth
quarter of 1996. The company reported operating
profit of $55.6 million, or $48 per ton shipped for
the fourth quarter of 1996.
The company shipped a record of 489,000 tons to
automotive customers in the quarter, capping a year in
which AK Steel's automotive shipments increased 17% to
nearly 1.9 million tons compared to 1.6 million tons
in 1995. Sales for the quarter were a record $608.2
million.
1996 Full-Year Results
For the full year 1996, AK Steel earned $145.9
million, or $4.70 per fully diluted share of common
stock, on record shipments of nearly 4.4 million tons.
Operating profit for 1996 was $264.5 million, or $60
per ton shipped. Total shipments for 1996 were more
than 8% higher than the 4.1 million tons shipped in
1995. Sales for 1996 were in excess of $2.3 billion.
"Our shareholders benefited in 1996 from continuing
strong operating, commercial and financial
performance," said Thomas C. Graham, chairman. "The
capital investments made in our Middletown and Ashland
operations have paid handsome returns, enabling AK
Steel to significantly increase the production of
value-added coated products, especially for the
automotive market. As a result of the company's
sustained performance, stockholders were also rewarded
in 1996 with a 33% increase in the common stock
dividend," he said.
Richard M. Wardrop, Jr., president and chief
executive officer, said the company anticipates a
continuation of the demand in 1997 for AK Steel's
products.
"All indications from our key markets foretell 1997
as another strong year," he said. "We also enter the
year embarking upon a tremendous plan for growth with
the start of construction of our state-of-the-art
finishing facility in Rockport, Indiana."
The company announced November 21 its plan to
construct a 1.8 million ton per year carbon and
stainless steel finishing complex to supply flat-
rolled sheet steel to automotive, appliance, food and
chemical processing and other value-added markets.
Construction is expected to begin later this month
with the first unit scheduled to be at full capacity
by December 1998.
Common Stock and Preferred Dividends Declared
The company said its board of directors declared a
regular quarterly common stock dividend of $0.20 per
share, payable on February 17, 1997, to shareholders
of record on February 5, 1997. The board also
declared a regular quarterly dividend of $0.538125 per
share on its mandatorily convertible preferred stock,
payable April 15, 1997, to shareholders of record on
March 14, 1997.
AK Steel produces carbon flat-rolled steel for
automotive, appliance, construction and manufacturing
markets and employs about 5,800 people.
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<TABLE>
AK Steel Statements of Income & Per Share Data
($ Millions except per share data)
<CAPTION>
Three Months Ended Twelve Months Ended
December 31, December 31,
1996 1995 1996 1995
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<S> <C> <C> <C> <C>
Shipments (000 tons) 1,165 951 4,383 4,051
Net Sales $608.2 $526.7 $2,301.8 $2,257.3
Cost of Products Sold 505.2 418.6 1,846.5 1,768.1
Selling and Admin.
Expense 30.0 30.3 114.7 116.5
Depreciation 17.4 16.8 76.1 74.6
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Total Operating Costs 552.6 465.7 2,037.3 1,959.2
Operating Profit 55.6 61.0 264.5 298.1
Interest Expense 11.4 9.0 39.8 35.6
Other Income 3.9 5.0 12.3 19.0
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Income Before Income
Taxes 48.1 57.0 237.0 281.5
Income Tax Provision 17.4 2.3 91.1 12.9
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Net Income 30.7 54.7 145.9 268.6
Less Preferred Stock
Dividends 2.6 3.2 11.1 15.3
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Net Income Applicable
to Common Stock $28.1 $51.5 $134.8 $253.3
<CAPTION>
Earnings Per Share Data
Three Months Ended December 31,
1996 1995
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Fully Fully
Primary Diluted Primary Diluted
------- ------- ------- -------
<S> <C> <C> <C> <C>
Earnings Per Share $ 1.05 $ 0.99 $ 1.20 $ 1.08
Weighted Average Shares
Outstanding (000) 26,702 30,901 26,645 32,582
Twelve Months Ended
December 31,
1996 1995
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Fully Fully
Primary Diluted Primary Diluted
------- ------- ------- -------
<S> <C> <C> <C> <C>
Earnings Per Share $ 5.07 $ 4.70 $ 5.97 $ 5.26
Weighted Average Shares
Outstanding (000) 26,593 31,077 26,515 32,988
<FN>
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Primary and fully diluted earnings per share for the three months
and twelve months ended December 31, 1995 have been adjusted to
reflect a constant 38.4% book tax rate for more valid comparisons
to current earnings.
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</TABLE>
