AK Steel Slips To Loss In Q4

(RTTNews) - AK Steel Holding Corp. (AKS) reported that its net loss for the fourth quarter of 2019 was $53.9 million or $0.17 per share compared to net income of $33.5 million, or $0.11 per share in the fourth quarter of 2018.

During the fourth quarter of 2019, the company took another major step to de-risk its balance sheet and entered into a $615.6 million pension annuity transaction, bringing total pension obligations transferred through annuity transactions to approximately $1.1 billion since 2016.

Excluding items, adjusted net loss for the fourth quarter of 2019 was $35.1 million, or $0.11 per share, compared to adjusted net income of $48.0 million, or $0.16 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.10 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased to $1.45 billion from $1.68 billion in the prior year. Analysts expected revenues of $1.48 billion.