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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 21, 1998
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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 21, 1998, issued by AK Steel Holding Corporation (the
"Company")to announce its earnings for the three months and twelve
months ended December 31, 1997. Included in the Press Release are
statements of operations and earnings per share data for the three
months ended December 31, 1997 and December 31, 1996 and the twelve
months ended December 31, 1997 and December 31, 1996. 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) Exhibits:
(1) Press Release, dated January 21, 1998
2
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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 21, 1998
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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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1 Press Release, dated January 21, 1998 5
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EXHIBIT 1
NEWS RELEASE
AK STEEL REPORTS RECORD QUARTERLY AND FULL-YEAR SHIPMENTS
MIDDLETOWN, OH, January 21, 1998 -- AK Steel (NYSE: AKS) reported
earnings of $40.4 million, or $0.66 per diluted share of common stock,
on record shipments of 1,180,000 tons for the fourth quarter of 1997.
In the same period of 1996, the company earned $30.7 million, or $0.50
per diluted share of stock. The per-share figures reflect the company's
common stock split effective November 17, 1997.
The company reported operating profit of $69.8 million, or $59 per
ton shipped for the fourth quarter of 1997. Sales for the 1997 fourth
quarter were $620.5 million. The 1997 fourth quarter results were
propelled by record shipments of nearly 560,000 tons to the company's
automotive customers.
1997 Full-Year Results
For the full year 1997, AK Steel earned $150.9 million, or $2.43 per
diluted share of common stock, on record shipments of more than 4.6
million tons, more than 6% higher than for 1996. Automotive shipments
for the year also established a new record of 2.1 million tons,
surpassing by 12% the company's 1996 record automotive shipments.
Operating profit for 1997 was $281.4 million, or $61 per ton shipped.
Record sales for 1997 were in excess of $2.4 billion.
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"AK Steel once again delivered a year of record performances for its
shareholders," said chairman and chief executive officer Richard M.
Wardrop, Jr. "Continued strong demand for AK Steel's quality products
was met with outstanding achievements in safety, quality and
productivity by our employees," he said. "Of particular significance,
our employees' record productivity marks were matched with an
unparalleled safety performance, completing the year with the industry's
best safety record," he said.
"We are pleased that 1997 diluted earnings per share were higher than
in 1996 even after the effects of the net financing costs associated
with the construction of Rockport Works," Mr. Wardrop concluded.
The 1997 results include approximately $0.13 per diluted share of
expense associated with net financing costs.
Rockport Works Construction Continues on Schedule
The company said progress on the construction of its 1.8 million
tons-per-year carbon and stainless flat-rolled finishing facility near
Rockport, Indiana, continued on budget and schedule throughout 1997.
The hot-dip galvanizing and galvannealing line is expected to start up
during the third quarter of 1998, with cold rolling, annealing and
pickling operations following during 1999.
"Construction progress at Rockport has been nothing short of
phenomenal," said Mr. Wardrop. "We eagerly await the start-up of the
coating line and expect Rockport Works to begin adding value to AK
Steel's shareholders this year."
Common Stock Dividend Declared
The company said its board of directors declared a regular quarterly
common stock dividend of $0.125 per share, payable on February 17, 1998,
to shareholders of record on February 3, 1998.
AK Steel produces low-carbon and stainless flat-rolled steel for
automotive, appliance, food and chemical processing, construction and
other markets. The company employs about 5,800 people in plants and
offices in Middletown, Ashland, Kentucky and Rockport, Indiana.
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<TABLE>
AK Steel Statements of Income & Earnings Per Share Data
($ Millions except per share data)
<CAPTION>
Three Months Ended Twelve Months Ended
December 31, December 31,
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Shipments (000 tons) 1,180 1,165 4,647 4,383
Net Sales $620.5 $608.2 $2,440.5 $2,301.8
Cost of Products Sold 500.6 505.2 1,964.5 1,846.5
Selling and Admin.
Expense 30.0 30.0 114.8 114.7
Depreciation 20.1 17.4 79.8 76.1
----- ----- ------- -------
Total Operating Costs 550.7 552.6 2,159.1 2,037.3
Operating Profit 69.8 55.6 281.4 264.5
Interest Expense 16.5 11.4 76.3 39.8
Other Income 9.2 3.9 36.4 12.3
----- ----- ------- -------
Income Before Income
Taxes 62.5 48.1 241.5 237.0
Income Tax Provision 22.1 17.4 90.6 91.1
----- ----- ------- -------
Net Income 40.4 30.7 150.9 145.9
Less Preferred Stock
Dividends ---- 2.6 7.7 11.1
----- ----- ------- -------
Net Income Applicable
to Common Stock $40.4 $28.1 $143.2 $134.8
<CAPTION>
Earnings Per Share Data
(Shares in thousands)
Three Months Ended December 31, 1997 1996
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<S> <C> <C>
Basic Earnings Per Share $ 0.67 $ 0.53
Diluted Earnings Per Share $ 0.66 $ 0.50
Weighted Average Shares
Outstanding - Basic 60,406 52,754
Weighted Average Shares
Outstanding - Diluted 61,718 61,758
Twelve Months Ended December 31, 1997 1996
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<S> <C> <C>
Basic Earnings Per Share $ 2.59 $ 2.57
Diluted Earnings Per Share $ 2.43 $ 2.35
Weighted Average Shares -
Outstanding - Basic 55,219 52,419
Weighted Average Shares
Outstanding - Diluted 62,038 62,119
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Restated giving effect for a two-for-one stock split effective November
17, 1997
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</TABLE>
