AK Steel Reports First Quarter Results

Apr 20, 2001, 01:00 ET from AK Steel Corporation

    MIDDLETOWN, Ohio, April 20 /PRNewswire Interactive News Release/ -- AK
 Steel (NYSE:   AKS) reported a net loss of $12.8 million, or $0.12 per diluted
 share of common stock, for the first quarter of 2001.  Net sales for the 2001
 first quarter were $998.8 million, a decrease of 14% from the year-ago
 quarter, while shipments were about 6% lower than in the first quarter of
 2000.  Operating profit was a positive $12.2 million, or $8 per ton shipped.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19990901/AKSLOGO )
     Shipments of 1,508,000 tons in the first quarter of 2001 included a record
 92% value-added carbon, stainless, electrical and tubular products, an
 increase from the 89% value-added shipments for the first quarter of 2000, and
 90% for all of 2000.  Spot market price deterioration reduced AK Steel's
 average flat-rolled selling price in the first quarter of 2001 despite the
 company's 70% contract business level.  The company said its average flat-
 rolled selling price in the 2001 first quarter was $652 per ton, compared to
 $716 per ton in the first quarter of 2000.  The company also said, however,
 that first quarter 2001 average selling prices were an improvement of $11 per
 ton over fourth quarter 2000 due to an improved product mix.  The company also
 said automotive demand in the most recent quarter remained stronger than
 previously expected.
     "We are obviously disappointed that continuing difficult market conditions
 have led to the first quarterly net loss for AK Steel in 28 quarters," said
 Richard M. Wardrop, Jr., chairman and chief executive officer.  "Still, our
 relentless pursuit of cost reductions and our focus on the basics of safety,
 quality and productivity helped us maintain profitability at the operating
 level," he said.
     The company said that during the first quarter its specialty steel plants,
 including Mansfield Works, received their third consecutive perfect quality
 audit from an independent third party related to its QS-9000 certification.
 QS-9000 is an arduous quality improvement system required of steel suppliers
 to the U.S. automotive industry.  In addition, in the first quarter AK Steel
 was awarded Ford Motor Company's Gold World Excellence Award and Toyota's
 Superior in Quality and Superior in Delivery awards, the seventh consecutive
 year the company has earned dual quality awards from Toyota.
 
     Quarterly Dividends Announced
     The company announced its board of directors declared a regular quarterly
 dividend of $0.0625 per share on its outstanding common stock, payable on May
 30, 2001, to shareholders of record on May 1, 2001 and a regular quarterly
 dividend of $0.90625 per share on its outstanding preferred stock, payable
 June 29, 2001 to holders of record on June 1, 2001.
     AK Steel produces flat-rolled carbon, stainless and electrical steel
 products for automotive, appliance, construction and manufacturing markets, as
 well as standard pipe and tubular steel products.  AK Steel is headquartered
 in Middletown, Ohio.  It employs about 11,500 people in plants and offices in
 Middletown, Coshocton, Mansfield, Warren and Zanesville, Ohio; Ashland,
 Kentucky; Rockport, Indiana; and Butler, Sharon and Wheatland, Pennsylvania.
 AK Steel also produces snow and ice control products, and operates a major
 industrial park on the Houston, Texas ship channel.
 
 
             AK Steel Statement of Income & Earnings Per Share Data
             (Dollars and Shares in Millions Except Per Share Data)
 
                                                  Three Months Ended
                                                        March 31,
                                                   2001         2000
     Shipments (000 tons)                         1,508        1,604
 
     Net Sales                                   $998.8     $1,162.0
 
     Cost of Products Sold                        863.7        958.7
     Selling and Administrative Expense            63.7         64.9
     Depreciation                                  59.2         60.2
     Total Operating Costs                        986.6      1,083.8
 
     Operating Profit                              12.2         78.2
 
     Interest Expense                              34.4         33.9
     Other Income                                   1.9          0.4
 
     Income (Loss) Before Income Taxes            (20.3)        44.7
 
     Income Tax Provision (Benefit)                (7.5)        18.2
 
     Net Income (Loss)                            (12.8)        26.5
 
     Less Preferred Dividends                       0.2          0.3
 
     Net Income (Loss) Applicable
       to Common Stock                           $(13.0)       $26.2
 
     Basic Earnings Per Share
     Basic Earnings (Loss) Per Share             $(0.12)       $0.24
 
     Weighted Average Shares Outstanding          107.8        111.2
 
     Diluted Earnings Per Share
     Diluted Earnings (Loss) Per Share           $(0.12)       $0.24
 
     Weighted Average Shares Outstanding          107.8        111.3
 
                       MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X18175233
 
 

SOURCE AK Steel Corporation
    MIDDLETOWN, Ohio, April 20 /PRNewswire Interactive News Release/ -- AK
 Steel (NYSE:   AKS) reported a net loss of $12.8 million, or $0.12 per diluted
 share of common stock, for the first quarter of 2001.  Net sales for the 2001
 first quarter were $998.8 million, a decrease of 14% from the year-ago
 quarter, while shipments were about 6% lower than in the first quarter of
 2000.  Operating profit was a positive $12.2 million, or $8 per ton shipped.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19990901/AKSLOGO )
     Shipments of 1,508,000 tons in the first quarter of 2001 included a record
 92% value-added carbon, stainless, electrical and tubular products, an
 increase from the 89% value-added shipments for the first quarter of 2000, and
 90% for all of 2000.  Spot market price deterioration reduced AK Steel's
 average flat-rolled selling price in the first quarter of 2001 despite the
 company's 70% contract business level.  The company said its average flat-
 rolled selling price in the 2001 first quarter was $652 per ton, compared to
 $716 per ton in the first quarter of 2000.  The company also said, however,
 that first quarter 2001 average selling prices were an improvement of $11 per
 ton over fourth quarter 2000 due to an improved product mix.  The company also
 said automotive demand in the most recent quarter remained stronger than
 previously expected.
     "We are obviously disappointed that continuing difficult market conditions
 have led to the first quarterly net loss for AK Steel in 28 quarters," said
 Richard M. Wardrop, Jr., chairman and chief executive officer.  "Still, our
 relentless pursuit of cost reductions and our focus on the basics of safety,
 quality and productivity helped us maintain profitability at the operating
 level," he said.
     The company said that during the first quarter its specialty steel plants,
 including Mansfield Works, received their third consecutive perfect quality
 audit from an independent third party related to its QS-9000 certification.
 QS-9000 is an arduous quality improvement system required of steel suppliers
 to the U.S. automotive industry.  In addition, in the first quarter AK Steel
 was awarded Ford Motor Company's Gold World Excellence Award and Toyota's
 Superior in Quality and Superior in Delivery awards, the seventh consecutive
 year the company has earned dual quality awards from Toyota.
 
     Quarterly Dividends Announced
     The company announced its board of directors declared a regular quarterly
 dividend of $0.0625 per share on its outstanding common stock, payable on May
 30, 2001, to shareholders of record on May 1, 2001 and a regular quarterly
 dividend of $0.90625 per share on its outstanding preferred stock, payable
 June 29, 2001 to holders of record on June 1, 2001.
     AK Steel produces flat-rolled carbon, stainless and electrical steel
 products for automotive, appliance, construction and manufacturing markets, as
 well as standard pipe and tubular steel products.  AK Steel is headquartered
 in Middletown, Ohio.  It employs about 11,500 people in plants and offices in
 Middletown, Coshocton, Mansfield, Warren and Zanesville, Ohio; Ashland,
 Kentucky; Rockport, Indiana; and Butler, Sharon and Wheatland, Pennsylvania.
 AK Steel also produces snow and ice control products, and operates a major
 industrial park on the Houston, Texas ship channel.
 
 
             AK Steel Statement of Income & Earnings Per Share Data
             (Dollars and Shares in Millions Except Per Share Data)
 
                                                  Three Months Ended
                                                        March 31,
                                                   2001         2000
     Shipments (000 tons)                         1,508        1,604
 
     Net Sales                                   $998.8     $1,162.0
 
     Cost of Products Sold                        863.7        958.7
     Selling and Administrative Expense            63.7         64.9
     Depreciation                                  59.2         60.2
     Total Operating Costs                        986.6      1,083.8
 
     Operating Profit                              12.2         78.2
 
     Interest Expense                              34.4         33.9
     Other Income                                   1.9          0.4
 
     Income (Loss) Before Income Taxes            (20.3)        44.7
 
     Income Tax Provision (Benefit)                (7.5)        18.2
 
     Net Income (Loss)                            (12.8)        26.5
 
     Less Preferred Dividends                       0.2          0.3
 
     Net Income (Loss) Applicable
       to Common Stock                           $(13.0)       $26.2
 
     Basic Earnings Per Share
     Basic Earnings (Loss) Per Share             $(0.12)       $0.24
 
     Weighted Average Shares Outstanding          107.8        111.2
 
     Diluted Earnings Per Share
     Diluted Earnings (Loss) Per Share           $(0.12)       $0.24
 
     Weighted Average Shares Outstanding          107.8        111.3
 
                       MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X18175233
 
 SOURCE  AK Steel Corporation