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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) October 9, 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
October 8, 1998, issued by AK Steel Holding Corporation (the
"Company")to announce its earnings for the three months and nine
months ended September 30, 1998. Included in the Press Release
are statements of income and earnings per share data for the
three months ended September 30, 1998 and September 30, 1997 and
the nine months ended September 30, 1998 and September 30, 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 that its Board of Directors authorized a dividend of
$0.125 per share of Common Stock payable on November 16, 1998, to
shareholders of record on October 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 October 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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Senior Vice President, General Counsel
and Secretary
Dated: October 9, 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 October 8, 1998 5
4
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EXHIBIT 1
NEWS RELEASE
AK STEEL REPORTS OPERATING PROFIT OF $22 PER TON
FOR THIRD QUARTER OF 1998
MIDDLETOWN, OH, October 8, 1998 -- AK Steel (NYSE: AKS) reported
earnings of $9.3 million, or $0.16 per diluted share of common
stock, for the third quarter of 1998. Operating profit was $22
per ton for the quarter. Revenues for the 1998 third quarter were
$557.0 million on shipments of 1,067,000 tons. AK Steel's
shipments of value-added cold-rolled and coated products improved
in the quarter to 73% of total shipments, from 67% in the first
half of 1998, and from 62% for all of 1997.
Significant to the increased value-added shipments was the June
16 start-up of the company's new 800,000 tons-per-year hot-dip
galvanizing and galvannealing line at its Rockport Works. The
company said it expects the Rockport Works coating line to reach
its full capacity in the fourth quarter, about three months ahead
of schedule.
"In addition to the early start-up of the Rockport Works coating
line, we successfully began cold rolling operations on September
12, more than three months ahead of schedule," said Richard M.
Wardrop, Jr., chairman and chief executive officer. "Going
forward, we expect the Rockport Works to positively influence AK
Steel's fourth quarter and 1999 earnings by accelerating our
capabilities to supply exposed hot-dip galvanized and galvannealed
products, up to 80 inches wide, to the automotive and appliance
markets."
The company said that third quarter 1998 earnings were impacted
by a planned 20-day maintenance outage at its Middletown Works
primary operations and costs associated with the accelerated
start-up schedule of Rockport Works. In addition, record levels
of imported carbon flat-rolled steel severely eroded the market
price for non-contract market steel sales. Despite the record
levels of imports, the company said the market for its value-added
products remains strong.
Common Stock Dividend Declared
The company also said its board of directors declared a regular
quarterly common stock dividend of $0.l25 per share payable
November 16, 1998, to shareholders of record on October 21, 1998.
AK Steel produces carbon and stainless flat-rolled steel for
automotive, appliance, construction and manufacturing markets and
employs about 5,800 people. Note to Editors: Previous earnings
and other information about AK Steel is available on the company's
web site at www.aksteel.com.
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<TABLE>
AK Steel Statement of Income & Earnings Per Share Data
($ Millions except per share data)
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Shipments (000 tons) 1,067 1,147 3,327 3,467
Net Sales $557.0 $598.6 $1,757.2 $1,820.0
Cost of Products Sold 476.8 482.3 1,463.4 1,463.9
Selling and Admin.
Expense 30.7 28.1 89.4 84.8
Depreciation 26.3 19.8 68.7 59.7
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Total Operating Costs 533.8 530.2 1,621.5 1,608.4
------ ------ -------- --------
Operating Profit 23.2 68.4 135.7 211.6
Interest Expense 13.2 18.7 40.5 59.8
Other Income 3.7 9.9 16.6 27.2
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Income Before Income
Taxes 13.7 59.6 111.8 179.0
Income Tax Provision 4.4 22.6 40.7 68.5
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Net Income 9.3 37.0 71.1 110.5
Less Preferred Dividends
--- 2.5 --- 7.7
------ ------ -------- --------
Net Income Applicable
to Common Stock $ 9.3 $ 34.5 $ 71.1 $ 102.8
------ ------ -------- --------
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<CAPTION>
Earnings Per Share Data
(Shares in Thousands)
Three Months Ended September 30, 1998 1997
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<S> <C> <C>
Basic Earnings Per Share $ 0.16 $ 0.64
Diluted Earnings Per Share $ 0.16 $ 0.59
Weighted Average Shares Outstanding-
Basic 59,086 53,516
Weighted Average Shares Outstanding-
Diluted 59,253 62,292
Nine Months Ended September 30, 1998 1997
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Basic Earnings Per Share $ 1.20 $ 1.92
Diluted Earnings Per Share $ 1.19 $ 1.78
Weighted Average Shares Outstanding-
Basic 59,417 53,472
Weighted Average Shares Outstanding-
Diluted 59,678 62,144
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Restated giving effect for a two-for-one common stock split
effective November 17, 1997
This news release includes "forward-looking statements" within the
meaning of Section 21E of the Securities and Exchange Act of 1934.
In particular, all statements herein with respect to Rockport
Works, including without limitation those with respect to the
scheduled start-up of its major components, its production
capabilities and targeted performance levels and its anticipated
impact on the company's product mix are forward-looking
statements. Although management believes that the expectations
reflected in such forward-looking statements are reasonable, there
is no assurance that those expectations will prove to have been
correct. Important factors that could cause actual results to
differ from management's expectations include unanticipated
technical delays in the construction process and in the
installation of critical components and unexpected problems in
initiating operations, realizing targeted operating speeds and
achieving desired product specifications and consistency.
5
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