<PAGE>
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 13, 1999
--------------
AK STEEL HOLDING CORPORATION
- ----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE File No. 1-13696 31-1401455
- --------------- ----------------------- -------------
(State or other (Commission file number) (IRS employer
jurisdiction of identification
incorporation) number)
703 Curtis Street, Middletown, Ohio 45043
- ---------------------------------------- ---------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (513) 425-5000
-------------
Not Applicable
- ------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events.
------------
Filed herewith is a copy of a Press Release, dated April
13, 1999, issued by AK Steel Holding Corporation (the "Company")to
announce its earnings for the three months ended March 31, 1999.
Included in the Press Release are statements of income and
earnings per share data for the three months ended March 31, 1999
and March 31, 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 of a dividend of $0.125 per share of Common Stock
payable on May 19, 1999, to shareholders of record on April 23,
1999.
Item 7. Exhibit.
---------
(a) Financial Statements of business acquired:
Not applicable.
(b) Pro Forma financial information:
Not applicable.
(c) Exhibit:
(1) Press Release, dated April 13, 1999
2
<PAGE>
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
--------------------------------------
Secretary
Dated: April 13, 1999
3
<PAGE>
AK STEEL HOLDING CORPORATION
FORM 8-K
CURRENT REPORT
Exhibit Index
-------------
Exhibit No. Description Page
- ---------- ----------- ----
1 Press Release, dated April 13, 1999 5
4
<PAGE>
EXHIBIT 1
NEWS RELEASE
AK STEEL REPORTS RECORD VALUE-ADDED AND TOTAL QUARTERLY
SHIPMENTS
MIDDLETOWN, OH, April 13, 1999 -- AK Steel (NYSE: AKS) reported
earnings of $27.6 million, or $0.46 per diluted share of common
stock, on record shipments of 1,274,000 tons for the first quarter
of 1999. In the first quarter of 1999, the company shipped a
record 75% of its product as value-added cold-rolled and coated
material, an increase from 68% in the year-ago quarter.
The company reported operating profit of $47.3 million, or $37
per ton shipped, for the first quarter of 1999. Sales for the
1999 first quarter were $632.2 million.
"Our goal to enrich our product mix through increased cold-
rolled and coated shipments is progressing steadily," said Richard
M. Wardrop, Jr., chairman and chief executive officer. "We
eagerly await the start-up of the two remaining operating units of
Rockport Works in support of that goal." Mr. Wardrop also noted
the performance of the company's hot strip rolling mill in
Middletown, which rolled a quarterly record of 1,431,000 tons
during the quarter.
"Employees of the Middletown hot strip mill are rising to their
challenge of supporting an annual shipment level over the five
million ton mark," said Mr. Wardrop. The company said hot strip
mill productivity has increased from an average of 370,000 tons
per month in 1995 to 423,000 tons per month in 1998. The
increased hot mill productivity is necessary to support the
additional cold rolling and coating requirements of the company's
new Rockport Works.
Rockport Works' Temper Rolling and Hydrogen Annealing Begin
Operations
During the first quarter of 1999, operations began on the
company's hydrogen annealing and temper rolling facilities at its
new Rockport, Indiana plant. The units started operations about
three months ahead of schedule. These units will support the sale
of annealed and tempered cold-rolled material from Rockport Works.
Only two units remain under construction at the Rockport Works. A
continuous stainless annealing and pickling line is scheduled to
begin operations in the second quarter, while a continuous carbon
pickling line is scheduled to begin operations in the third
quarter.
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 19, 1999, to shareholders of record on April 23, 1999.
The company said net income and earnings per share amounts in
the first quarter of 1999 reflected a Kentucky recycling tax
credit of $11.6 million, or $0.19 per diluted share of common
stock. The credit will be utilized to offset future Kentucky
income tax liabilities.
AK Steel produces low-carbon and stainless flat-rolled steel
for automotive, appliance, food and chemical processing,
construction and other markets. The company employs about 5,800
people in plants and offices in Middletown, Ashland, Kentucky and
Rockport, Indiana.
<PAGE>
<TABLE>
AK Steel Corporation
Statements of Income & Earnings Per Share Data
($ Millions except per share data)
<CAPTION>
Three Months Ended
March 31,
1999 1998
---- ----
<S> <C> <C>
Shipments (000 tons) 1,274 1,088
Net Sales $ 632.2 $ 588.2
Cost of Products Sold 521.5 483.6
Selling and Administrative 30.2 29.2
Depreciation 33.2 21.2
---- ----
Total Operating Costs 584.9 534.0
----- -----
Operating Profit 47.3 54.2
Interest Expense 24.7 15.7
Other Income 3.2 6.9
--- ---
Income Before Income Taxes 25.8 45.4
Income Tax Provision (Benefit) (1.8) 17.0
----- ----
Net Income $ 27.6 $ 28.4
---- ----
---- ----
<CAPTION>
Earnings Per Share Data
(Shares in thousands)
Three Months Ended March 31, 1999 1998
---- ----
<S> <C> <C>
Basic Earnings Per Share $ 0.47 $ 0.47
Diluted Earnings Per Share $ 0.46 $ 0.47
Weighted Average Shares
Outstanding - Basic 59,172 59,928
Weighted Average Shares
Outstanding - Diluted 59,694 60,214
- -------------------------------
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
</TABLE>
</PAGE>
