AK Steel boasts improved financial performance, ends 2014 with liquidity of $872 million

By Lisa Kerner

Charlotte, N.C., Jan. 27 – AK Steel Corp. ended its fourth quarter on Dec. 31 with total liquidity of about $872 million, including cash and cash equivalents of $51 million and $821 million of availability under its revolving credit facility.

The company had outstanding borrowings of $605 million under its revolving credit facility, according to the earnings news release.

“AK Steel’s improved financial performance represented its best quarter of the year and quarter over quarter reflects strong market demand for our automotive products, lower steelmaking input costs and the first full quarter of results associated with the Dearborn Works acquisition,” said chairman, president and chief executive officer James L. Wainscott.

AK Steel’s fourth-quarter net income was $13.5 million, or $0.07 per diluted share. This compares to net income of $35.2 million, or $0.26 per diluted share, for the prior-year period.

Net sales for the quarter were $2 billion on shipments of about 2 million tons, compared to net sales of $1.46 billion on shipments of 1.42 tons for the year-ago period. AK Steel attributed the increase in shipments mainly to the acquisition of Dearborn Works and continued strong demand from the automotive market.

Full-year sales were up 17% at $6.51 billion, while shipments were up 16% to about 6.1 million tons.

AK Steel is an integrated steel producer based in West Chester, Ohio.

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