You have reached your limit of free articles this month.

Enjoy unlimited access to

Starting at just 99¢ for 8 weeks.


  • ePAPER

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.


Welcome to

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

Strong 4Q trims AK Steel’s annual net loss for 2013

AK Steel Holding Corp. returned to profitability in the fourth quarter of 2013, helping the Butler County steelmaker trim its annual loss for the full-year 2013 to $46.8 million.

In the most recent October through December quarter, AK Steel recorded a net profit of $35.2 million, according to results released Tuesday. The company has not had a quarterly profit since the April to June period of 2011.

AK Steel is Middletown’s largest employer. Between the company’s headquarters in West Chester Twp. and the Middletown steel plant, AK Steel has approximately 2,400 full-time jobs in Butler County.

AK Steel also released Tuesday its annual results for 2013. Last year’s net loss was $46.8 million, compared to a net loss in 2012 of more than $1 billion. It was AK Steel’s fifth consecutive yearly loss.

AK Steel in 2013 reduced its financial losses from the year before despite lower steel sales.

Sales for 2013 were $5.57 billion, a decrease of 6 percent compared to $5.93 billion in revenues for 2012. Last year, 5.3 million tons of steel were shipped from AK Steel’s seven major plants, a 3 percent drop from approximately 5.4 million tons shipped in 2012 as a result of lower shipments to the carbon spot market, AK Steel said.

The combined effects of weak market conditions at the beginning of 2013 and an unplanned outage halfway through the year at the company’s largest steel plant Middletown Works lowered sales in 2013, Roger Newport, chief financial officer of AK Steel, told investors in a conference call.

However, sales to the automotive market, which represents about half of AK Steel’s business, grew more than 8 percent in 2013 over 2012, said James Wainscott, chairman, president and chief executive officer of AK Steel, on the same call to investors.

“2013 was a year of progress for AK Steel. Despite facing a number of challenges during the year, we persevered and improved in most facets of our business,” Wainscott said.

Forecasts for higher auto sales in 2014, and improving residential and commercial construction markets bode well for steel demand in the year ahead, Wainscott said. However, he also noted that the electrical steel market continues to suffer from excess capacity, unfairly traded imports and relatively flat demand.

“Following five challenging years for the steel industry and for AK Steel — from 2009 to 2013 — AK Steel expects to emerge as a stronger company, on every front, in 2014,” Wainscott said.

AK Steel’s stock price rose 18.7 percent in trading Tuesday to close at $7.11 per share.

Reader Comments ...

Next Up in News

Overdoses have doubled in Clark County in the past 24 hours
Overdoses have doubled in Clark County in the past 24 hours

Clark County has seen at least 13 opioid-related drug overdoses in the past 24 hours, according to the Ohio Department of Health. The state department sent an alert to the Clark County Combined Health District today. RELATED: Springfield partnership shows promise for heroin-addicted moms The increase is double the county’s current average of...
Former Wittenberg professor acquitted of rape in 2013 killed in Florida
Former Wittenberg professor acquitted of rape in 2013 killed in Florida

A former Wittenberg professor that was acquitted of rape in Clark County in 2013 was killed in a knife and hammer attack near Tampa, Florida, according to a report from the Miami Herald. Hollant Maxford Adrien, 56, was killed last week after a 20-year-old man told police the former professor was making unwanted sexual advances near a Manatee County...
Police officer accused of assaulting 5-year-old
Police officer accused of assaulting 5-year-old

A polilce officer in Revere, Massachusetts, was arrested over the weekend on charges of child abuse. Police say Marcos Garcia, 32, of Saugus, physically abused the 5-year-old child of a woman he was having an affair with. The child, who is not being identified by name or gender, is now in the care of a family member. Neighbors in Saugus say Garcia...
Pulse gunman's widow pleads not guilty to 2 federal charges
Pulse gunman's widow pleads not guilty to 2 federal charges

The widow of the gunman who opened fire on a crowd gathered at Florida's Pulse nightcub last June pleaded not guilty Wednesday to two federal charges during a hearing in California. Noor Salman, 30, is charged with obstruction of justice and aiding and abetting the attempted provision of material support to a foreign terrorist organization. A...
'Will and Grace' returning to television
'Will and Grace' returning to television

Hit television series "Will and Grace" will return to television for a 2017-2018 season. >> Read more trending stories   NBC announced the show's 10-episode revival Wednesday.   THEY'RE BACK! Your favorite foursome is returning to NBC!#WillAndGrace— NBC (@nbc) January 18, 2017 "We're...
More Stories