Ak Steel Holding Corp (AKS) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Ak Steel Holding Corp
Ticker: AKS CIK: 918160



		EXHIBIT 99.1
		News Release

	Contacts:
	Media – Lisa H. Jester, Corporate Manager, Communications and Public Relations (513) 425-2510
	Investors – Douglas O. Mitterholzer, General Manager, Investor Relations (513) 425-5215

AK Steel Announces Third Quarter 2018 Financial Results

and Fourth Quarter Outlook

WEST CHESTER, OH, October 25, 2018 – AK Steel (NYSE: AKS) today reported its financial results for the third quarter of 2018.

Third Quarter 2018 Highlights


•	Net income of $67.2 million, or $0.21 per diluted share, versus $22.3 million, or $0.07 per diluted share, a year ago


•	Adjusted EBITDA of $160.8 million, or 9.3% of sales; highest third quarter since 2008


•	Sales of $1,735.6 million, a 16% increase from third quarter 2017

“Our results represented our best third quarter performance in 10 years and reflected strong market conditions and our focus on value-added products,” said Roger K. Newport, Chief Executive Officer of AK Steel. “We expect market conditions to remain positive, which should be reflected in selling prices and support continued strong performance in the fourth quarter and 2019 fiscal year.”

AK Steel reported net income of $67.2 million, or $0.21 per diluted share of common stock, for the third quarter of 2018. For the third quarter of 2017, net income was $22.3 million, or $0.07 per diluted share.

The company’s adjusted EBITDA (as defined in the “Non-GAAP Financial Measures” section below) was $160.8 million, or 9.3% of net sales, for the third quarter of 2018. Adjusted EBITDA increased 39% from $115.8 million, or 7.7% of net sales, in the third quarter a year ago. Higher steel selling prices and shipments during the recent third quarter, particularly to the distributors and converters market, more than offset higher costs for certain raw materials, transportation and supplies, including graphite electrodes, compared to the third quarter a year ago.

Net sales for the recent third quarter of $1.74 billion increased 16% compared to the third quarter of 2017 due to higher selling prices and higher shipments.

The company reported liquidity of $953.5 million at the end of the third quarter, consisting of cash and cash equivalents and $911.8 million of availability under the company’s revolving credit facility. The company reported outstanding borrowings under the credit facility of $365.0 million at September 30, 2018.

The following information was filed by Ak Steel Holding Corp (AKS) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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