AK Steel reported Tuesday its financial results for the fourth quarter and full year of 2014.
For Q4 2014, AK Steel reported net income of $13.5 million compared to net income of $35.2 million for the fourth quarter of 2013. Excluding the fourth quarter effects of pension and other postretirement benefit (“OPEB”) charges and one-time expenses associated with the acquisition of Severstal Dearborn, LLC (“Dearborn”), the company reported adjusted net income of $26.1 million for Q4.
Net sales for the fourth quarter of 2014 were $2.00 billion on shipments of 2,010,200 tons, compared to net sales of $1.46 billion on shipments of 1,420,000 tons for the year-ago fourth quarter and net sales of $1.59 billion on shipments of 1,462,900 tons for the third quarter of 2014. The increase in shipments in the fourth quarter of 2014 compared to the year-ago quarter was principally due to the acquisition of Dearborn Works and continued strong demand from the automotive market. The increase in shipments in the fourth quarter of 2014 compared to the third quarter of 2014 was largely due to the acquisition of Dearborn Works and increased shipments to the carbon spot market.
For the full year 2014, the company reported a net loss of $96.9 million compared to a net loss of $46.8 million for 2013. Excluding the effects of the pension corridor and OPEB settlement charges and acquisition-related expenses, the company reported an adjusted net loss of $59.7 million.
Sales for 2014 were $6.51 billion, an increase of 17 percent compared to $5.57 billion for 2013. Shipments for 2014 were 6,132,700 tons, an increase of 16 percent from 5,275,900 tons in 2013. Both increases were principally due to the acquisition of Dearborn Works and increased demand from the automotive market.