AK Steel Holding (AKS)

Full-Year 2005 Results

For the full year, AK Steel had adjusted income before income taxes of $170.7 million, compared to 2004 adjusted income before income taxes of $146.2 million, which excludes the fourth quarter charges previously detailed. Including the charges, AK Steel reported a net loss $2.3 million, or $0.02 per common share for 2005, compared to net income of $238.4 million, or $2.18 per common share for 2004. The 2004 results included a gain of $201.4 million related to the sale of non-core assets.

Net sales for 2005 were a record $5,647.4 million, on record shipments of 6,418,200 tons, compared to net sales in 2004 of $5,217.3 million, on shipments of 6,252,600 tons. The company said its average steel selling price in 2005 rose to $879 per ton, compared to its 2004 average of $833 per ton, and that its adjusted operating profit for 2005 was $245.8 million, equal to $38 per ton, compared to 2004 adjusted operating profit, excluding the previously detailed charges, of $251.1 million, or $40 per ton. Including the charges, 2005 operating profit was $113.1 million, or $18 per ton, compared to an operating loss of $79.7 million, or $13 per ton in 2004. AK Steel said that it ended 2005 with a cash balance of $519.6 million.