AK Steel Holding Corp

Stock Symbol: AKS

703 Curtis Street
Middletown, OH 45043
513-425-5000 (phone)
513-425-5220 (fax)
Website: AK Steel

Industry: Iron & Steel

Index Membership: N/A

AK Steel Holding Corp Description:
AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for automotive, appliance, construction and manufacturing markets. AK Steel maintains a relentless pursuit of improvement in every critical performance measure. The result is a track record without equal. We are a Fortune 500 company with more than $6 billion in sales and major plants and offices in Ohio, Indiana, Kentucky and Pennsylvania. AK Steel employs approximately 7,000 people.

AK Steel Holding Corp Financial Summary:
West Chester, OH, October 23, 2007 — AK Steel today reported net income of $108.4 million, or $0.97 per diluted share of common stock, for the third quarter of 2007, compared to net income of $26.0 million, or $0.23 per diluted share, for the third quarter of 2006. The 2007 third-quarter results include a non-cash tax credit of $11.8 million, or $0.10 per share of common stock, for the increase in value of the company’s deferred tax assets as the result of a state tax law change. Results for third-quarter 2006 included a $10.7 million, or $0.10 per share, after-tax charge related to the implementation of labor agreements at the company’s Zanesville, Ohio and Butler, Pennsylvania operations, as well as a $3.0 million, or $0.03 per share, reduction in the value of a deferred tax asset due to state tax law changes.

Net sales for the third quarter of 2007 were $1,721.7 million on shipments of 1,603,000 tons. Third-quarter 2007 sales and shipments were approximately 11% and 5% higher, respectively, than in the year-ago period. The company’s average selling price was $1,074 per ton in the third quarter of 2007, approximately 5% higher than the $1,020 per ton average price in the year-ago period.

Third-quarter 2007 operating profit was $163.5 million, or $102 per ton, compared to an operating profit of $55.1 million, or $36 per ton, in the third quarter of 2006. Adjusted third-quarter 2006 operating profit was $70.9 million, or $47 per ton, excluding one-time, pre-tax labor contract charges of $15.8 million.

AK Steel Holding Corp Business Summary:
AK Steel Holding Corporation (AK Holding) is a fully integrated producer of flat-rolled carbon, stainless and electrical steels and tubular products. Through its wholly owned subsidiary AK Steel Corporation (AK Steel), the Company produces flat-rolled carbon steels, including coated, cold-rolled and hot-rolled products, as well as specialty stainless and electrical steels that are sold in slab, hot band and sheet and strip form. AK Steel has seven steelmaking and finishing plants located in Indiana, Kentucky, Ohio and Pennsylvania. The Company's operations also include AK Tube LLC, which further finishes flat-rolled carbon and stainless steel into welded steel tubing used in the automotive, large truck and construction markets and European trading companies that buy and sell steel and steel products.