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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) July 15, 1999
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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 July
15, 1999, issued by AK Steel Holding Corporation (the "Company")to
announce its earnings for the three months ended June 30, 1999.
Included in the Press Release are statements of income and
earnings per share data for the three months ended June 30, 1999
and June 30, 1998 and the six months ended June 30, 1999 and June
30, 1998. 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 August 25, 1999, to
shareholders of record on July 26, 1999.
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 July 15, 1999
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/ Brenda S. Harmon
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Secretary
Dated: July 15, 1999
3
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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 July 15, 1999 5
4
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EXHIBIT 1
NEWS RELEASE
AK STEEL REPORTS EARNINGS FOR SECOND QUARTER OF 1999
MIDDLETOWN, OH, July 15, 1999 -- AK Steel (NYSE: AKS) reported
earnings of $7.9 million, or $0.13 per diluted share of common
stock, for the second quarter of 1999. The results include an
extraordinary charge of $12.0 million, net of tax, or $0.20 per
diluted share, related to the refinancing of the company's $325
million 10-3/4% Senior Notes Due 2004. Excluding the
extraordinary item, earnings were $19.9 million, or $0.33 per
diluted share in the 1999 second quarter.
Operating profit was $53.6 million, or $40 per ton for the
quarter. Revenues for the 1999 second quarter were a record
$682.6 million on record shipments of 1,345,000 tons. Shipments
of value-added cold-rolled and coated products reached a record
quarterly mark of 1,021,000 tons, or 76% of total shipments.
Rockport Works Construction Completed
"The continued ramp-up of Rockport Works is quickly helping AK
Steel to enrich its product mix with additional value-added
products," said Richard M. Wardrop, Jr., chairman and chief
executive officer. "The very significant news from AK Steel's
second quarter is that it marks the completion of construction
with the early start-up of the continuous carbon pickling line in
late June."
Ground was broken for AK Steel's Rockport Works in February of
1997 and the first line began operating in June of 1998, three
months ahead of schedule. Each major operating unit has begun
operations about three months ahead of schedule.
For the first six months of 1999, AK Steel earned $35.5
million, or $0.59 per diluted share of common stock after the
extraordinary charge of $0.20 per share. First half revenues were
$1.3 billion on shipments of 2.6 million tons. Operating profit
was $101 million for the first half, or $39 per ton.
Dividend Declared
The company also said its board of directors declared a
quarterly common stock dividend of $0.125 per share, payable on
August 25, 1999, to shareholders of record on July 26, 1999.
AK Steel produces flat-rolled steel for automotive, appliance,
construction and manufacturing industries and employs about 5,800
people. Note to Editors: Previous earnings and other information
about AK Steel company is available on the company's web site at
www.aksteel.com.
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<TABLE>
AK Steel Statement of Income & Earnings Per Share Data
($ Millions except per share data)
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
1999 1998 1999 1998
------------------ ----------------
<S> <C> <C> <C> <C>
Shipments (000 tons) 1,345 1,172 2,619 2,260
Net Sales $682.6 $612.0 $1,314.8 $1,200.2
Cost of Products Sold 562.5 503.0 1,084.0 986.6
Selling and Administrative 32.6 29.5 62.8 58.7
Expense
Depreciation 33.9 21.2 67.1 42.4
------ ------ -------- --------
Total Operating Costs 629.0 553.7 1,213.9 1,087.7
------ ------ -------- --------
Operating Profit 53.6 58.3 100.9 112.5
Interest Expense 24.0 11.6 48.7 27.3
Other Income 2.4 6.0 5.6 12.9
------ ------ -------- --------
Income Before Income Taxes 32.0 52.7 57.8 98.1
Income Tax Provision 12.1 19.3 10.3 36.3
------ ------ -------- --------
Income Before Extraordinary 19.9 33.4 47.5 61.8
Item
Extraordinary Item (12.0) -- (12.0) --
------ ------ -------- --------
Net Income $ 7.9 $ 33.4 $ 35.5 $ 61.8
------ ------ -------- --------
------ ------ -------- --------
Earnings Per Share Data
(Shares in 000's)
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Basic Earnings Per Share:
Income Before Extraordinary $ 0.33 $ 0.56 $ 0.80 $ 1.04
Item
Extraordinary Item (0.20) -- (0.20) --
Net Income 0.13 0.56 0.60 1.04
Weighted Average Shares 59,476 59,246 59,325 59,585
Outstanding
Diluted Earnings Per Share:
Income Before Extraordinary $ 0.33 $ 0.56 $ 0.79 $ 1.03
Item
Extraordinary Item (0.20) -- (0.20) --
Net Income 0.13 0.56 0.59 1.03
Weighted Average Shares 60,154 59,584 59,930 59,893
Outstanding
5
</TABLE>
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