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

Ak Steel Holding Corp

CIK: 918160 Ticker: AKS
 
 
EXHIBIT 99.1
 
aklogoq32018a02.jpg
        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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Inside Ak Steel Holding Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information Document
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) Parentheticals
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Equity (Deficit) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Acquisition Of Precision Partners (Details)
Acquisition Of Precision Partners (Notes)
Comprehensive Income (Loss) (Details)
Comprehensive Income (Loss) (Notes)
Comprehensive Income (Loss) (Tables)
Derivative Instruments And Hedging Activities (Details 2)
Derivative Instruments And Hedging Activities (Details 3)
Derivative Instruments And Hedging Activities (Details)
Derivative Instruments And Hedging Activities (Notes)
Derivative Instruments And Hedging Activities (Tables)
Earnings Per Share (Details)
Earnings Per Share (Notes)
Earnings Per Share (Policies)
Earnings Per Share (Tables)
Environmental And Legal Contingencies (Details 2)
Environmental And Legal Contingencies (Details 3)
Environmental And Legal Contingencies (Details 4)
Environmental And Legal Contingencies (Details)
Environmental And Legal Contingencies (Notes)
Environmental And Legal Contingencies (Tables)
Fair Value Measurements (Details)
Fair Value Measurements (Notes)
Fair Value Measurements (Tables)
Income Tax (Details)
Income Taxes (Notes)
Long-Term Debt And Other Financing (Tables)
Long-Term Debt And Other Financing Credit Facility (Details)
Long-Term Debt And Other Financing Debt Notes (Details)
Long-Term Debt And Other Financing Long-Term Debt And Other Financing (Notes)
New Accounting Pronouncements (Notes)
Pension And Other Postretirement Benefits (Details)
Pension And Other Postretirement Benefits (Notes)
Pension And Other Postretirement Benefits (Tables)
Share-Based Compensation (Details)
Share-Based Compensation (Notes)
Share-Based Compensation (Tables)
Summary Of Significant Accounting Policies (Notes)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies Accounting Change (Details)
Supplementary Cash Flow Information (Details)
Supplementary Cash Flow Information (Notes)
Supplementary Cash Flow Information (Tables)
Supplementary Financial Statement Information (Notes)
Supplementary Financial Statement Information (Tables)
Supplementary Financial Statement Information Affiliates (Details)
Supplementary Financial Statement Information Facility Idling (Details)
Supplementary Financial Statement Information Goodwill/Intangibles (Details)
Supplementary Financial Statement Information Inventory (Details)
Supplementary Financial Statement Information Lifo (Details)
Supplementary Financial Statement Information Revenue (Details)
Supplementary Guarantor Information (Details)
Supplementary Guarantor Information (Notes)
Supplementary Guarantor Information (Tables)
Union Contracts (Details)
Union Contracts (Notes)
Variable Interest Entities (Details)
Variable Interest Entities (Notes)
Ticker: AKS
CIK: 918160
Form Type: 10-Q Quarterly Report
Accession Number: 0000918160-18-000158
Submitted to the SEC: Fri Oct 26 2018 12:23:56 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens

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