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AK STEEL HOLDING CORPORATION
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(Exact name of registrant as specified in its charter)
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Commission File No. 1-13696
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Delaware
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31-1401455
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(State of Incorporation)
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(I.R.S. Employer Identification No.)
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9227 Centre Pointe Drive
West Chester, OH
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45069
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(Address of principal executive offices)
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(Zip Code)
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q
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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q
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Solicitation material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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q
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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q
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition
.
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Item 2.05
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Costs Associated With Exit or Disposal Activities
.
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Item 7.01
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Regulation of FD Disclosures
.
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AK STEEL HOLDING CORPORATION
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By:
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/s/ Joseph C. Alter
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Joseph C. Alter
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Secretary
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EXHIBIT 99.1
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News Release
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Contacts:
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Media – Lisa H. Jester, Corporate Manager, Communications and Public Relations (513) 425-2510
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Investors – Douglas O. Mitterholzer, General Manager, Investor Relations (513) 425-5215
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•
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Fourth quarter 2018 net income of
$33.5 million
, or
$0.11
per diluted share; adjusted net income of
$48.0 million
, or
$0.16
per diluted share, compared to a loss in prior year fourth quarter
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•
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Fourth quarter 2018 adjusted EBITDA of
$135.5 million
, a
101%
increase from the fourth quarter of 2017
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•
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Fourth quarter 2018 sales of
$1,677.1 million
, a
12%
increase from the fourth quarter of 2017
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•
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Plans to close the largely-idled Ashland Works, where 230 people currently work, by the end of 2019 to increase utilization at its other U.S. operations; will offer employees open jobs at other facilities; expects more than $40 million in annual cost savings when complete
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•
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Full-year 2018 net income of
$186.0 million
, or
$0.59
per diluted share; adjusted net income of
$200.5 million
, or
$0.64
per diluted share, up
25%
from 2017
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•
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Full-year 2018 adjusted EBITDA of
$563.4 million
, highest since 2008
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•
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Full-year 2018 sales of
$6,818.2 million
, a
12%
increase from 2017
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(Dollars in millions, except per share and per ton data)
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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||||||||||||
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2018
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2017
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2018
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2017
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Flat-rolled steel shipments (000 tons)
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1,388.7
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1,337.1
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5,683.4
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5,596.2
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Selling price per flat-rolled steel ton
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$
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1,106
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$
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1,024
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$
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1,091
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$
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1,022
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Net sales
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$
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1,677.1
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$
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1,495.6
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$
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6,818.2
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$
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6,080.5
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Operating profit (loss)
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86.5
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(52.3
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)
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364.4
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260.2
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||||
Net income (loss) attributable to AK Steel Holding Corporation
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33.5
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(80.4
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)
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186.0
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103.5
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Adjusted net income (loss) attributable to AK Steel Holding Corporation
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48.0
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(24.1
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)
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200.5
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159.8
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Adjusted EBITDA
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135.5
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67.4
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563.4
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528.5
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Net income (loss) per diluted share attributable to AK Steel Holding Corporation
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$
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0.11
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$
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(0.26
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)
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$
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0.59
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$
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0.32
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•
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About 50% of adjusted EBITDA for 2019 is expected to be generated in the first half of the year. The timing of planned outages is expected to mostly offset the seasonal nature of our business.
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•
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The guidance is based on the average carbon hot rolled coil spot market price for the month of January of about $720 per ton. The company estimates that for every $10 change in the carbon hot rolled coil spot market price, adjusted EBITDA and net income would be impacted by approximately $5 to $7 million, on an annualized basis, taking into consideration the related effects on carbon scrap, but holding everything else constant. Historically, changes in carbon scrap costs have been strongly correlated to carbon hot rolled coil spot market price movements.
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•
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The company’s guidance excludes the effects of the Ashland Works charge expected to be recorded in the first quarter of 2019, as discussed above.
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•
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The company expects to make capital investments of between $170 and $190 million in 2019, which includes about $25 to $30 million of growth related investments for Precision Partners and AK Tube.
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Assumptions on additional factors are included with the investor presentation slides on the company’s website. See information below for accessing the presentation slides.
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AK STEEL HOLDING CORPORATION
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited)
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(Dollars and shares in millions, except per share and per ton data)
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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2018
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2017
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2018
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2017
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Flat-rolled steel shipments (000 tons)
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1,388.7
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1,337.1
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5,683.4
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5,596.2
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Selling price per flat-rolled steel ton
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$
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1,106
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$
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1,024
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$
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1,091
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$
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1,022
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Net sales
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$
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1,677.1
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$
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1,495.6
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$
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6,818.2
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$
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6,080.5
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Cost of products sold
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1,448.4
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1,354.4
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5,911.0
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5,253.1
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Selling and administrative expenses
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86.8
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79.4
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322.6
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284.9
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Depreciation
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55.4
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57.8
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220.2
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226.0
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Credit for adjustment of liability for transportation costs
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—
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(19.3
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)
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—
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(19.3
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)
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Asset impairment charge
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—
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75.6
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—
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75.6
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Total operating costs
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1,590.6
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1,547.9
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6,453.8
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5,820.3
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Operating profit (loss)
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86.5
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(52.3
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)
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364.4
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260.2
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Interest expense
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38.3
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37.2
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151.6
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152.3
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Pension and OPEB (income) expense
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10.8
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(17.6
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)
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(19.2
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)
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(71.9
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)
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Other (income) expense
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(2.5
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)
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(2.1
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)
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(5.9
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)
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17.1
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||||
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Income (loss) before income taxes
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39.9
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(69.8
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)
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237.9
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162.7
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||||
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Income tax expense (benefit)
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(2.2
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)
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(2.3
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)
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(6.2
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)
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(2.2
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)
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||||||||
Net income (loss)
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42.1
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(67.5
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)
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244.1
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164.9
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||||
Less: Net income attributable to noncontrolling interests
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8.6
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12.9
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58.1
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61.4
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||||||||
Net income (loss) attributable to AK Steel Holding Corporation
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$
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33.5
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$
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(80.4
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)
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$
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186.0
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$
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103.5
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Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
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Basic
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$
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0.11
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$
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(0.26
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)
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$
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0.59
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$
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0.33
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Diluted
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$
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0.11
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$
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(0.26
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)
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$
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0.59
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$
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0.32
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||||||||
Weighted-average shares outstanding:
|
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||||||||
Basic
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315.0
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314.4
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314.8
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314.3
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Diluted
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315.9
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314.4
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315.6
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319.7
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AK STEEL HOLDING CORPORATION
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||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited)
|
||||||||
(Dollars in millions, except per share amounts)
|
||||||||
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
ASSETS
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|
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Current assets:
|
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|
||||
Cash and cash equivalents
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$
|
48.6
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$
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38.0
|
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Accounts receivable, net
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635.8
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517.8
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Inventory, net
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1,419.9
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1,385.0
|
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Other current assets
|
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97.0
|
|
|
130.3
|
|
||
Total current assets
|
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2,201.3
|
|
|
2,071.1
|
|
||
Property, plant and equipment
|
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6,969.2
|
|
|
6,831.8
|
|
||
Accumulated depreciation
|
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(5,057.6
|
)
|
|
(4,845.6
|
)
|
||
Property, plant and equipment, net
|
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1,911.6
|
|
|
1,986.2
|
|
||
Other non-current assets:
|
|
|
|
|
||||
Goodwill and intangible assets
|
|
298.9
|
|
|
306.7
|
|
||
Other non-current assets
|
|
103.9
|
|
|
110.8
|
|
||
TOTAL ASSETS
|
|
$
|
4,515.7
|
|
|
$
|
4,474.8
|
|
|
|
|
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|
||||
LIABILITIES AND EQUITY
|
|
|
|
|
||||
Current liabilities
:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
801.0
|
|
|
$
|
690.4
|
|
Accrued liabilities
|
|
288.9
|
|
|
270.5
|
|
||
Current portion of pension and other postretirement benefit obligations
|
|
38.7
|
|
|
40.1
|
|
||
Total current liabilities
|
|
1,128.6
|
|
|
1,001.0
|
|
||
Non-current liabilities:
|
|
|
|
|
||||
Long-term debt
|
|
1,993.7
|
|
|
2,110.1
|
|
||
Pension and other postretirement benefit obligations
|
|
829.9
|
|
|
894.2
|
|
||
Other non-current liabilities
|
|
134.0
|
|
|
168.9
|
|
||
TOTAL LIABILITIES
|
|
4,086.2
|
|
|
4,174.2
|
|
||
Equity:
|
|
|
|
|
||||
Common stock, authorized 450,000,000 shares of $.01 par value each; issued 316,595,613 and 315,782,764 shares in 2018 and 2017; outstanding 315,535,765 and 314,884,569 shares in 2018 and 2017
|
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3.2
|
|
|
3.2
|
|
||
Additional paid-in capital
|
|
2,894.9
|
|
|
2,884.8
|
|
||
Treasury stock, common shares at cost, 1,059,848 and 898,195 shares in 2018 and 2017
|
|
(6.4
|
)
|
|
(5.4
|
)
|
||
Accumulated deficit
|
|
(2,691.8
|
)
|
|
(2,877.0
|
)
|
||
Accumulated other comprehensive income (loss)
|
|
(100.0
|
)
|
|
(50.2
|
)
|
||
Total stockholders’ equity (deficit)
|
|
99.9
|
|
|
(44.6
|
)
|
||
Noncontrolling interests
|
|
329.6
|
|
|
345.2
|
|
||
TOTAL EQUITY
|
|
429.5
|
|
|
300.6
|
|
||
TOTAL LIABILITIES AND EQUITY
|
|
$
|
4,515.7
|
|
|
$
|
4,474.8
|
|
AK STEEL HOLDING CORPORATION
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
(Dollars in millions)
|
||||||||
|
|
Twelve Months Ended December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net income
|
|
$
|
244.1
|
|
|
$
|
164.9
|
|
Depreciation
|
|
201.6
|
|
|
209.8
|
|
||
Depreciation—SunCoke Middletown
|
|
18.6
|
|
|
16.2
|
|
||
Amortization
|
|
32.0
|
|
|
24.1
|
|
||
Asset impairment charge
|
|
—
|
|
|
75.6
|
|
||
Credit for adjustment of liability for transportation costs
|
|
—
|
|
|
(19.3
|
)
|
||
Deferred income taxes
|
|
(8.0
|
)
|
|
(9.0
|
)
|
||
Contributions to pension trust
|
|
(49.9
|
)
|
|
(44.1
|
)
|
||
Pension and OPEB (income) expense
|
|
(11.6
|
)
|
|
(64.4
|
)
|
||
Other pension payments
|
|
(1.0
|
)
|
|
(1.1
|
)
|
||
OPEB payments
|
|
(35.6
|
)
|
|
(39.6
|
)
|
||
Changes in working capital, net of effect of acquired business
|
|
13.8
|
|
|
(112.4
|
)
|
||
Other operating items, net
|
|
(39.3
|
)
|
|
(1.9
|
)
|
||
Net cash flows from operating activities
|
|
364.7
|
|
|
198.8
|
|
||
|
|
|
|
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES
:
|
|
|
|
|
||||
Capital investments
|
|
(152.0
|
)
|
|
(152.5
|
)
|
||
Investment in acquired business, net of cash acquired
|
|
—
|
|
|
(360.4
|
)
|
||
Other investing items, net
|
|
0.1
|
|
|
4.2
|
|
||
Net cash flows from investing activities
|
|
(151.9
|
)
|
|
(508.7
|
)
|
||
|
|
|
|
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Net borrowings (repayments) under credit facility
|
|
(115.0
|
)
|
|
450.0
|
|
||
Proceeds from issuance of long-term debt
|
|
—
|
|
|
680.0
|
|
||
Redemption of long-term debt
|
|
(12.6
|
)
|
|
(848.4
|
)
|
||
Debt issuance costs
|
|
—
|
|
|
(25.3
|
)
|
||
SunCoke Middletown distributions to noncontrolling interest owners
|
|
(73.7
|
)
|
|
(79.1
|
)
|
||
Other financing items, net
|
|
(0.9
|
)
|
|
(2.5
|
)
|
||
Net cash flows from financing activities
|
|
(202.2
|
)
|
|
174.7
|
|
||
|
|
|
|
|
||||
Net increase (decrease) in cash and cash equivalents
|
|
10.6
|
|
|
(135.2
|
)
|
||
Cash and cash equivalents, beginning of year
|
|
38.0
|
|
|
173.2
|
|
||
Cash and cash equivalents, end of year
|
|
$
|
48.6
|
|
|
$
|
38.0
|
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
||||||||||||
(dollars in millions, except per ton)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income (loss) attributable to AK Steel Holding
|
|
$
|
33.5
|
|
|
$
|
(80.4
|
)
|
|
$
|
186.0
|
|
|
$
|
103.5
|
|
Net income attributable to noncontrolling interests
|
|
8.6
|
|
|
12.9
|
|
|
58.1
|
|
|
61.4
|
|
||||
Income tax expense (benefit)
|
|
(2.2
|
)
|
|
(2.3
|
)
|
|
(6.2
|
)
|
|
(2.2
|
)
|
||||
Interest expense, net
|
|
38.0
|
|
|
37.1
|
|
|
150.7
|
|
|
150.9
|
|
||||
Depreciation and amortization
|
|
58.7
|
|
|
60.5
|
|
|
237.0
|
|
|
236.3
|
|
||||
EBITDA
|
|
136.6
|
|
|
27.8
|
|
|
625.6
|
|
|
549.9
|
|
||||
Less: EBITDA of noncontrolling interests (a)
|
|
15.6
|
|
|
16.7
|
|
|
76.7
|
|
|
77.7
|
|
||||
Pension settlement charges
|
|
14.5
|
|
|
—
|
|
|
14.5
|
|
|
—
|
|
||||
Credit for adjustment of liability for transportation costs
|
|
—
|
|
|
(19.3
|
)
|
|
—
|
|
|
(19.3
|
)
|
||||
Asset impairment charge
|
|
—
|
|
|
75.6
|
|
|
—
|
|
|
75.6
|
|
||||
Adjusted EBITDA
|
|
$
|
135.5
|
|
|
$
|
67.4
|
|
|
$
|
563.4
|
|
|
$
|
528.5
|
|
Adjusted EBITDA margin
|
|
8.1
|
%
|
|
4.5
|
%
|
|
8.3
|
%
|
|
8.7
|
%
|
(a)
|
The reconciliation of net income attributable to noncontrolling interests to EBITDA of noncontrolling interests is as follows:
|
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
|
||||||||||||
(dollars in millions)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
||||||||
Net income attributable to noncontrolling interests
|
|
$
|
8.6
|
|
|
$
|
12.9
|
|
|
$
|
58.1
|
|
|
$
|
61.4
|
|
|
Depreciation
|
|
7.0
|
|
|
3.8
|
|
|
18.6
|
|
|
16.3
|
|
|
||||
EBITDA of noncontrolling interests
|
|
$
|
15.6
|
|
|
$
|
16.7
|
|
|
$
|
76.7
|
|
|
$
|
77.7
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
||||||||||||
(dollars in millions, except per share)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Reconciliation to Net Income (Loss) Attributable to AK Steel Holding
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to AK Steel Holding Corporation, as reported
|
|
$
|
33.5
|
|
|
$
|
(80.4
|
)
|
|
$
|
186.0
|
|
|
$
|
103.5
|
|
Pension settlement charges
|
|
14.5
|
|
|
—
|
|
|
14.5
|
|
|
—
|
|
||||
Credit for adjustment of liability for transportation costs
|
|
—
|
|
|
(19.3
|
)
|
|
—
|
|
|
(19.3
|
)
|
||||
Asset impairment charge
|
|
—
|
|
|
75.6
|
|
|
—
|
|
|
75.6
|
|
||||
Adjusted net income (loss) attributable to AK Steel Holding
|
|
$
|
48.0
|
|
|
$
|
(24.1
|
)
|
|
$
|
200.5
|
|
|
$
|
159.8
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation to Diluted Earnings (Losses) per Share
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (losses) per share, as reported
|
|
$
|
0.11
|
|
|
$
|
(0.26
|
)
|
|
$
|
0.59
|
|
|
$
|
0.32
|
|
Pension settlement charges
|
|
0.05
|
|
|
—
|
|
|
0.05
|
|
|
—
|
|
||||
Credit for adjustment of liability for transportation costs
|
|
—
|
|
|
(0.06
|
)
|
|
—
|
|
|
(0.06
|
)
|
||||
Asset impairment charge
|
|
—
|
|
|
0.24
|
|
|
—
|
|
|
0.24
|
|
||||
Adjusted diluted earnings (losses) per share
|
|
$
|
0.16
|
|
|
$
|
(0.08
|
)
|
|
$
|
0.64
|
|
|
$
|
0.50
|
|
|
|
Year Ending December 31, 2019
|
||||||
(dollars in millions)
|
|
Low
|
|
High
|
||||
Net income attributable to AK Holding
|
|
$
|
160.0
|
|
|
$
|
180.0
|
|
Net income attributable to noncontrolling interests
|
|
55.0
|
|
|
55.0
|
|
||
Income tax expense
|
|
10.0
|
|
|
10.0
|
|
||
Interest expense, net
|
|
155.0
|
|
|
155.0
|
|
||
Depreciation and amortization
|
|
210.0
|
|
|
210.0
|
|
||
EBITDA
|
|
590.0
|
|
|
610.0
|
|
||
Less: EBITDA of noncontrolling interests (a)
|
|
75.0
|
|
|
75.0
|
|
||
Adjusted EBITDA
|
|
$
|
515.0
|
|
|
$
|
535.0
|
|
(a)
|
The reconciliation of net income attributable to noncontrolling interests to EBITDA of noncontrolling interests is as follows:
|
|
|
Year Ending December 31, 2019
|
||||||
(dollars in millions)
|
|
Low
|
|
High
|
||||
Net income attributable to noncontrolling interests
|
|
$
|
55.0
|
|
|
$
|
55.0
|
|
Depreciation
|
|
20.0
|
|
|
20.0
|
|
||
EBITDA of noncontrolling interests
|
|
$
|
75.0
|
|
|
$
|
75.0
|
|
AK STEEL HOLDING CORPORATION
|
||||||||||||
FLAT-ROLLED STEEL SHIPMENTS
|
||||||||||||
(Unaudited)
|
||||||||||||
(Tons in thousands)
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended December 31,
|
|
Twelve Months Ended December 31,
|
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Tons Shipped by Product
|
|
|
|
|
|
|
|
|
||||
Stainless/electrical
|
|
201.4
|
|
|
195.6
|
|
|
830.2
|
|
|
813.1
|
|
Coated
|
|
720.0
|
|
|
672.2
|
|
|
2,895.8
|
|
|
2,942.1
|
|
Cold-rolled
|
|
261.5
|
|
|
256.6
|
|
|
1,077.9
|
|
|
988.6
|
|
Hot-rolled
|
|
165.3
|
|
|
179.1
|
|
|
720.1
|
|
|
706.4
|
|
Secondary
|
|
40.5
|
|
|
33.6
|
|
|
159.4
|
|
|
146.0
|
|
Total shipments
|
|
1,388.7
|
|
|
1,337.1
|
|
|
5,683.4
|
|
|
5,596.2
|
|
|
|
|
|
|
|
|
|
|
||||
Shipments by Product (%)
|
|
|
|
|
|
|
|
|
||||
Stainless/electrical
|
|
15
|
%
|
|
15
|
%
|
|
15
|
%
|
|
15
|
%
|
Coated
|
|
52
|
%
|
|
50
|
%
|
|
50
|
%
|
|
53
|
%
|
Cold-rolled
|
|
18
|
%
|
|
19
|
%
|
|
19
|
%
|
|
17
|
%
|
Hot-rolled
|
|
12
|
%
|
|
13
|
%
|
|
13
|
%
|
|
13
|
%
|
Secondary
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
2
|
%
|
Total shipments
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|