AK Steel Holding Corp. lost $46.8 million in 2013, a year analysts are calling a transition to possible brighter prospects ahead. The annual loss, reported Tuesday, was AK Steel’s smallest since 2009 – and down 95 percent from the $1.03 billion in red ink it reported in 2012.
Earnings before interest, taxes, depreciation and amortization were $255 million, compared to $181.2 million in 2012.
For the three months ending Dec. 31, the company said it earned $12.5 million, or 9 cents per share, excluding the impact from an income tax benefit, as the company worked to reduce operating costs and align its business in a time of stiff U.S. and international competition. The company’s fourth-quarter results beat analysts’ expectations by a few cents per share.
“I am delighted with our fourth-quarter 2013 results and our strong finish to the year 2013,” James Wainscott, AK Steel president and chief executive, said in a statement. “As we enter 2014, we will build upon our solid foundation for the future as we continue to make progress and add value to AK Steel.”
West Chester Township-based AK Steel is one of the region’s 10 Fortune 500 companies. It employs roughly 6,400 people at seven steel plants and two tube manufacturing plants in Ohio, Kentucky, Indiana and Pennsylvania.