AK Steel announces financial results

AK Steel has announced financial results for the fourth quarter and full year 2019.

Q4 2019 Highlights

• Q4 2019 net loss of $ 53.9 million, or $ 0.17 per diluted share; Adjusted net loss of $ 35.1 million or $ 0.11 per diluted share
• Adjusted EBITDA in the fourth quarter of 2019 in the amount of USD 47.2 million
• Q4 2019 sales of $ 1.4 billion

Highlights of 2019

• Net income for the full year of 2019 was $ 11.2 million, or $ 0.04 per diluted share; Adjusted net income of $ 107.4 million, or $ 0.34 per diluted share
• Adjusted EBITDA for 2019 in the amount of USD 446.5 million
• 2019 sales of $ 6.4 billion

Full Year 2019 Results

AK Steel's 2019 net income was $ 11.2 million, or $ 0.04 per common share. This compares to net income of $ 186.0 million, or $ 0.59 per share, for 2018. and the cost of closing Ashland Works of $ 69.3 million, with adjusted net income for 2019 of $ 107.4 million, or $ 0.34 per share. This compares to adjusted net income of $ 200.5 million, or $ 0.64 per share, for 2018. The reporting results for 2018 included a pension payment fee of $ 14.5 million. USA. We made cash disbursements of $ 8.8 million in 2019 related to Ashland Works expenses and expect to make cash disbursements of approximately $ 25.0 million in 2020 and the remainder over the next several years. years.

Adjusted EBITDA of the company in 2019 was USD 446.5 million, or 7.0% of net sales, compared to Adjusted EBITDA of USD 563.4 million, or 8.3% of net sales per year back. The decrease was mainly driven by lower selling prices in the steel market, lower supplies to the automotive and distribution markets, and higher costs for iron ore, coal and coke during 2019.