SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 18, 2002
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AK STEEL HOLDING CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware File No. 1-13696 31-1401455
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(State or other (Commission file number) (IRS employer
jurisdiction of identification
incorporation) number)
703 Curtis Street, Middletown, Ohio 45043
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:513-425-5000
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Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events.
Filed herewith is a copy of a Press Release, dated October 18,
2002, issued by AK Steel Holding Corporation (the "Company") to announce its
earnings for the three months ended September 30, 2002. Included in the Press
Release are statements of income and earnings per share data for the three
months ended September 30, 2002 and September 30, 2001 and the nine months ended
September 30, 2002 and September 30, 2001. All normal recurring adjustments that
are, in the opinion of management, necessary for a fair presentation of the
results of operations for the periods presented have been included. The nature
of the Company's business is such that the results for any interim period are
not necessarily indicative of the results for a full year.
Item 7. Exhibit.
(a) Financial Statements of business acquired:
Not applicable.
(b) Pro Forma financial information:
Not applicable.
(c) Exhibit:
99 Press Release dated October 18, 2002
2
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AK STEEL HOLDING CORPORATION
/s/ Brenda S. Harmon
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Brenda S. Harmon
Secretary
Dated: October 18, 2002
3
AK STEEL HOLDING CORPORATION
FORM 8-K
CURRENT REPORT
EXHIBIT INDEX
Exhibit No. Description
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99 Press Release dated October 18, 2002
4
AK Steel Statement of Income & Earnings Per Share Data
(Dollars and Shares in Millions, Except Per Share Data)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
--------- --------- --------- ---------
Shipments (000 tons) 1,435.4 1,387.1 4,375.6 4,264.5
Net Sales $ 1,117.6 $ 960.7 $ 3,226.8 $ 2,900.7
Cost of products sold 933.5 818.6 2,788.2 2,470.0
Selling and administrative expenses 69.9 61.9 199.7 186.1
Depreciation 57.4 56.8 170.4 172.8
Insurance settlement -- -- (23.9) --
--------- --------- --------- ---------
Total operating costs 1,060.8 937.3 3,134.4 2,828.9
Operating profit 56.8 23.4 92.4 71.8
Interest expense 31.7 33.0 98.2 100.5
Gain on sale of Anthem stock -- -- 24.1 --
Other income 1.5 1.5 4.1 5.2
--------- --------- --------- ---------
Income (loss) before income taxes 26.6 (8.1) 22.4 (23.5)
Income tax provision (benefit) 9.9 (3.0) 8.3 (8.7)
--------- --------- --------- ---------
Income (loss) from continuing operations 16.7 (5.1) 14.1 (14.8)
Loss from discontinued operations, net of tax -- 0.8 0.5 1.2
Loss on sale of Sawhill Tubular, net of tax 0.1 -- 6.4 --
--------- --------- --------- ---------
Income (loss) before extraordinary item 16.6 (5.9) 7.2 (16.0)
Loss on early retirement of debt, net of tax 19.9 -- 19.9 --
--------- --------- --------- ---------
Net loss (3.3) (5.9) (12.7) (16.0)
Less preferred stock dividends 1.5 0.2 1.5 0.7
--------- --------- --------- ---------
Net loss applicable to common stock $ (4.8) $ (6.1) $ (14.2) $ (16.7)
========= ========= ========= =========
Basic earnings per share:
Income (loss) from continuing operations $ 0.15 $ (0.05) $ 0.12 $ (0.15)
Loss from discontinued operations -- 0.01 -- 0.01
Loss on sale of Sawhill Tubular -- -- 0.06 --
Loss on early retirement of debt 0.18 -- 0.18 --
--------- --------- --------- ---------
Net loss $ (0.03) $ (0.06) $ (0.12) $ (0.16)
========= ========= ========= =========
Weighted average shares outstanding 107.9 107.7 107.9 107.8
Diluted earnings per share:
Income (loss) from continuing operations $ 0.15 $ (0.05) $ 0.12 $ (0.15)
Loss from discontinued operations -- 0.01 -- 0.01
Loss on sale of Sawhill Tubular -- -- 0.06 --
Loss on early retirement of debt 0.18 -- 0.18 --
--------- --------- --------- ---------
Net loss $ (0.03) $ (0.06) $ (0.12) $ (0.16)
========= ========= ========= =========
Weighted average shares outstanding 107.9 107.7 107.9 107.8
AK Steel Corporation
THIRD QUARTER 2002
(Unaudited)
SUPPLEMENTAL INFORMATION
------------------------
Three Months Ended Sept. 30, Nine Months Ended Sept. 30,
----------------------------------- --------------------------------
2002 2001 2002 2001
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Other data:
Shipments (thousands of ton) 1,435.4 1,387.1 4,375.6 4,264.5
Steel operations selling price per ton $ 721 $ 659 $ 698 $ 656
Operating profit per ton $ 40 $ 17 $ 21 $ 17
Gross margin percentage 16.5% 14.8% 13.6% 14.8%
STEEL SHIPMENTS
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Three Months Ended Sept. 30, Nine Months Ended Sept. 30,
----------------------------------- --------------------------------
2002 2001 2002 2001
-------------- -------------- ------------ ------------
Tons Shipped by Product (000's)
Stainless/Electrical 239.4 235.9 758.7 719.2
Coated 724.5 671.5 2,230.9 2,112.1
Cold Rolled 299.2 368.3 977.9 1,096.4
Tubular 24.7 13.5 69.5 13.5
Hot Rolled 78.0 21.4 125.2 99.3
Secondary 69.6 76.5 213.4 224.0
-------------- -------------- ------------ ------------
Total Shipments 1,435.4 1,387.1 4,375.6 4,264.5
============== ============== ============ ============
Shipments by Product (%)
Stainless/Electrical 16.7% 17.0% 17.3% 16.9%
Coated 50.5% 48.4% 51.0% 49.5%
Cold Rolled 20.8% 26.6% 22.3% 25.7%
Tubular 1.7% 1.0% 1.6% 0.3%
Hot Rolled 5.4% 1.5% 2.9% 2.3%
Secondary 4.9% 5.5% 4.9% 5.3%
-------------- -------------- ------------ ------------
Total Shipments 100.0% 100.0% 100.0% 100.0%
============== ============== ============ ============
AK Steel Corporation
CONSOLIDATED BALANCE SHEETS
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THIRD QUARTER 2002
(Dollars in millions, except per share amounts)
(Unaudited)
Sept. 30, December 31,
2002 2001
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Current Assets
Cash and cash equivalents $ 243.3 $ 101.0
Accounts and notes receivables - net 522.8 388.0
Inventories - net 848.4 904.6
Current assets held for sale - 60.6
Other current assets 85.6 93.6
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Total Current Assets 1,700.1 1,547.8
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Property, plant and equipment 4,783.9 4,742.9
Accumulated depreciation (2,121.0) (1,974.6)
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Property, plant and equipment - net 2,662.9 2,768.3
Noncurrent assets held for sale - 24.4
Other 810.4 885.3
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Total Assets $ 5,173.4 $ 5,225.8
==================== ====================
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $ 473.2 $ 537.6
Other accruals 260.2 270.5
Current portion of long-term debt 77.4 78.0
Current portion of pension & postretirement benefit obligation 67.2 68.3
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Total Current Liabilities 878.0 954.4
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Long-term debt 1,322.3 1,324.5
Pension & postretirement benefit obligation 1,780.9 1,740.1
Other liabilities 168.8 173.5
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Total Liabilities 4,150.0 4,192.5
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Shareholders' Equity
Preferred stock - 259,481 shares redeemed 9/30/02 - 12.5
Common stock - 2002; authorized 200,000,000 shares of $.01 par value
each; 116,290,376 shares issued; 107,894,607 shares outstanding 1.2 1.2
Additional paid-in capital 1,810.9 1,807.2
Treasury stock - 2002; 8,395,769 shares at cost (122.0) (120.4)
Retained earnings (666.7) (667.2)
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Total Shareholders' Equity 1,023.4 1,033.3
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Total Liabilities and Shareholders' Equity $ 5,173.4 $ 5,225.8
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AK Steel Corporation
CONSOLIDATED STATEMENTS OF CASH FLOWS
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THIRD QUARTER 2002
(Dollars in millions)
(Unaudited)
Nine Months Ended Sept. 30,
---------------------------------------------
2002 2001
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Cash Flow From Operating Activities:
Net loss $ (12.7) $ (16.0)
Depreciation 170.4 172.8
Amortization 7.4 11.5
Deferred taxes 59.8 (8.8)
Extraordinary item 19.9 -
Working capital (117.4) (63.4)
Other 31.7 (65.8)
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Net Cash Flow From Operating Activities 159.1 30.3
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Cash Flow From Investing Activities:
Capital investments (64.9) (65.9)
Other 100.3 9.2
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Net Cash Flow From Investing Activities 35.4 (56.7)
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Cash Flow From Financing Activities:
Principal payments on long-term debt (550.6) (0.5)
Premium payment on retirement of long-term debt (25.1) -
Proceeds on issuance of debt 538.1 -
Common and preferred stock transactions (14.7) (1.1)
Preferred stock dividends (0.9) (0.7)
Common stock dividends - (13.5)
Other (2.1) 0.8
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Net Cash Flow From Financing Activities (55.3) (15.0)
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Cash Flow From Discontinued Operations 3.1 19.3
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Net Increase (Decrease) in Cash 142.3 (22.1)
Cash and Cash Equivalents - Beginning 101.0 86.8
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Cash and Cash Equivalents - Ending $ 243.3 $ 64.7
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