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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) April 8, 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
April 8, 1998, issued by AK Steel Holding Corporation (the "Company")to
announce its earnings for the three months ended March 31, 1998.
Included in the Press Release are statements of income and earnings per
share data for the three months ended March 31, 1998 and March 31, 1997.
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.
Also included in the Press Release is the Company's
announcement of a dividend of $0.125 per share of Common Stock payable
on May 15, 1998, to shareholders of record on April 21, 1998.
Item 7. Exhibit.
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(a) Financial Statements of business acquired:
Not applicable.
(b) Pro Forma financial information:
Not applicable.
(c) Exhibit:
(1) Press Release, dated April 8, 1998
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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: April 8, 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 April 8, 1998 5
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EXHIBIT 1
NEWS RELEASE
AK STEEL REPORTS RECORD QUARTERLY AUTOMOTIVE SHIPMENTS
MIDDLETOWN, OH, April 8, 1998 -- AK Steel (NYSE: AKS) reported
earnings of $28.4 million, or $0.47 per diluted share of common stock,
on shipments of 1,088,000 tons for the first quarter of 1998. AK Steel
shipped a record 616,000 tons of product to its automotive customers,
while cold-rolled and coated shipments reached a record 68% of total
shipments.
The company's automotive market shipments eclipsed the previous
quarterly record of 559,000 tons set in the fourth quarter of 1997, and
were nearly 14% higher than the 541,000 tons the company shipped to
automotive customers in the first quarter of 1997. The company reported
operating profit of $54.2 million, or $50 per ton shipped, for the first
quarter of 1998. Sales for the 1998 first quarter were $588.2 million.
"Once again AK Steel has delivered solid earnings for its
shareholders," said Richard M. Wardrop, Jr., chairman and chief
executive officer. "Clearly our strategy of increasing shipments of
value-added products is progressing at a steady rate."
Rockport Works Construction Continues on Schedule
The company said construction progress of its Rockport Works
finishing facility is proceeding on schedule, with nearly 2,800
construction employees on the site in southwestern Indiana. The final
piece of high structural steel was set in place February 10, 1998, just
one year following the start of construction.
The plant's hot-dip galvanizing and galvannealing line is expected to
begin production in the third quarter of 1998, and at full operation
will produce 800,000 tons annually of coated steel, primarily for
automotive and appliance markets. Virtually all of the coating line
equipment has been delivered to the facility and is being placed and
tested. All mill housings for the Rockport Works continuous cold
rolling mill have been delivered to the site and four of the five cold
mill stands have been set on their foundations. The continuous cold
mill is scheduled to begin operation in the first quarter of 1999.
Common Stock Dividend Declared
The company also said its board of directors declared a regular
quarterly common stock dividend of $0.125 per share, payable on May 15,
1998, to shareholders of record on April 21, 1998.
AK Steel produces low-carbon and stainless flat-rolled steel for
automotive, appliance, food and chemical processing, construction and
other markets. The company employs about 5,800 people in plants and
offices in Middletown, Ashland, Kentucky and Rockport, Indiana.
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<TABLE>
Statements of Income & Earnings Per Share Data
($ Millions except per share data)
<CAPTION>
Three Months Ended
March 31,
1998 1997
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<S> <C> <C>
Shipments (000 tons) 1,088 1,146
Net Sales $ 588.2 $ 598.8
Cost of Products Sold 483.6 $ 480.9
Selling and Administrative 29.2 28.4
Depreciation 21.2 20.0
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Total Operating Costs 534.0 529.3
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Operating Profit 54.2 69.5
Interest Expense 15.7 21.7
Other Income 6.9 8.3
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Income Before Income Taxes 45.4 56.1
Income Tax Provision 17.0 21.6
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Net Income 28.4 34.5
Less Preferred Dividends -- 2.6
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Net Income Applicable to Common
Stockholders $ 28.4 $ 31.9
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<CAPTION>
Earnings Per Share Data
(Shares in thousands)
Three Months Ended March 31, 1998 1997
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<S> <C> <C>
Basic Earnings Per Share $ 0.47 $ 0.60
Diluted Earnings Per Share $ 0.47 $ 0.56
Weighted Average Shares
Outstanding - Basic 59,928 53,469
Weighted Average Shares
Outstanding - Diluted 60,214 62,235
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Restated giving effect for a two-for-one common stock split
effective November 17, 1997
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</TABLE>
