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AK Steel Holding Corporation 2016 Annual Report

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AK Steel Holding Corporation 2016 Annual Report The Future of Steel is NOW AK Steel’s New Research and Innovation Center ANNUAL REPORT AND FORM 10-K 2016 2016 AK STEEL ANNUAL REPORT AND FORM 10-K This also resulted in nearlyyg doubling our liquidityqy and cash position p from $0.7 billion at the end of 2015 to $1.35 billion at the end of 2016. Roger K. Newport In addition, we completed the Chief Executive Officer refinancing of $380 million of our senior secured notes, which lowered our cash interest costs and extended our debt maturityyp profile. And, we were able to de-risk our balance sheet byy transferring A Message from Roger K. Newport about $210 million of pension assets 2016 was an exciting year for AK and liabilities to a third party insurance Steel, as we made substantial progress in company.py These actions will reduce executing our long-term strategy. our exposure to volatility in the financial Our results duringgy the year markets that can impact our pension demonstrated the success of the entire investment position.p AK Steel team in executinggg our strategy All of these transactions resulted in and implementingpg one of our guiding g a stronger balance sheet and an principles of: “We Can and We imppproved capital structure. This also Will” control items within our control. enhances our financial flexibility, which Throughoutgy the year,y we continued to will allow us to continue to execute our enhance the financial strengthg of our long-term strategy. AK Steel’s Zanesville Works and Coshocton Works company through improved profitability were recognized for outstanding safety performance. and various capital market transactions. Trade Action Progress We also made greatg strides in research After extensive investigations,g the ppproud of our performance which shows and innovation to further strengthen Department of Commerce and the that all of our employeespy continue to take our foundation. International Trade Commission safety seriously each and every day. announced positivep final determinations AK Steel remains an industry leader Strengthening Financial Position in the carbon steel trade cases for hot- in safety results, with a safety record in Our financial results reflected our rolled, cold-rolled and corrosion-resistant 2016 that was 4.3 times better than strategy to reduce our exposure to products.p In addition, in March 2017, the industry average. In addition to our commodityyp products. As a result, a very y these agencies made final positive longggygstanding industry-leading results, difficult decision was announced in late determinations in our trade case covering we were still able to improvep our safety 2015 to temporarilypyp idle our Ashland stainless steel products. Anti-dumping performance by 16% over the levels Works blast furnace and melt shop and countervailingg duties were assessed achieved in 2015. operations. This enabled us to make against foreign producers engaging in Eightg of our facilities—Ashland, Butler, importantppg progress to enhance our sales illegal trade practices. Coshocton, Mansfield, Rockport and portfolio and operations.p While this was ggpgood progress, we Zanesville Works, AK Tube and AK The actions of our team generated were disappointed that our appeal of Coal—had zero OSHA recordable improved results and a stronger the 2013 Grain Oriented Electrical Steel cases duringgq the fourth quarter. And AK Steel. Our work to optimizep our trade case was denied in November for all of December, our 8,500 footprint, relentlessly focus on costs, and 2016. We are evaluating the best employees worked with zero OSHA reduce exposure to commodity spot action forward to ensure fair trade of recordable events. markets ggpgenerated improved margins. these products. Zanesville Works and Coshocton This, alonggp with the successful completion The carbon steel and stainless steel Works were recognizedg in 2016 for of several capitalp market transactions, rulings have helped level the playing field outstandinggyp safety performance by y the allowed us to significantly strengthen our and counteract injury being caused by Ohio Bureau of Workers Compensation.p balance sheet. These actions position us dumped and subsidized imports. We will Both sites earned the 100% Award for well for the future. continue to monitor and vigilantly address Safety for operating the entire year of As a result, for the full-yeary 2016, our circumstances that arise when imports 2015 without any lost-time injuries revenues were approximatelypp y $5.88 are dumped here in the U.S. In addition, or illnesses. billion on shipments of about 6.05 we will work with the administration Dearborn Works was recognized in million tons, resultingg in an average to identifyyg long-term solutions to 2016 byy the American Metal Market’s selling price of $969 per ton. address unfair trade and global steel Awards for Steel Excellence for I am pleasedppg with the progress we overcapacity, which is driven primarily “Best Operationalpp Improvement” made in strengtheninggg the financial by China. for safety, quality, reliability and position of our company. We successfully environmental progress. executed two capitalp market transactions Safety and Social Responsibility From an environmental standpoint, which resulted in $600 million in cash Safetyyy is and always will be the 2016 was also an excellent year. The proceeds that were utilized to lower foundation of all that we do. We are company set multiple annual water our debt levels and cash interest costs. and air records, in addition to working on several air emission and waste reduction projects. The company’spy improved p environmental performance surpassed our previous air compliance record by more than 75%. Mountain State Carbon coke AK Steel’s Research and Innovation Center opened in November 2016, in Middletown, OH. plppant operations imp roved their air and water compliance performance in facility is designed to drive expanded Strategy Execution 2016 by 95% with a record year in collaboration among our employees and In 2017, we will continue to execute both categories. Middletown Works with our customers and suppliers. our strategy—eachgy part p of which is significantly out-performed their previous In 2016, we completed a major designed to enhance the value of air compliance record set in 2012. capital investment at our Dearborn Works our company:py Additionally, multiple recycling projects hot-dipped galvanizing line. We will use • We will be offeringgp new products are beinggp developed in our company py this new equipment to introduce two new to our customers as the result of our that reduce disposal needs for waste NEXMET™ advanced highgg strength steels investment in our galvanizing line at water and other materials. in the first quarter of 2017—NEXMET Dearborn Works completedp in the In 2016, we continued to drive 1000 and NEXMET 1200—and to fourth quarter of 2016. employeepy engagement. gg We launched develop additional grades of next • Our Research and Innovation team a number of internal programs to drive generation advanced highgg strength steels. will continue to developpp new products a more open culture and work together We launched NEXMET 440EX, the first and processes for carbon, stainless, to lead continuous improvement. Our of our innovative NEXMET highg strength electrical and tubular productsp with the employees are our most important assets, steel productsp for use in automotive objectivejgpj of announcing new product and our actions allowed us to make the lightweighting,gggpyg specifically designed offerings for our customers in 2017 most of their inspiring talent, energy and to help our customers meet future and beyond. commitment. Corporatepg Average Fuel Economy y (CAFE) • We will continue our focus on We also established our Great Ideas requirements.qp This new, exposed surface enhancingggg margins throughout every ppgrogram to p rovide our empl pyp oyees and quality product is designed for use in aspect of our business. suppliers an additional platform to share applicationspp where appearance pp and dent • And, we will work to identify their ideas about enhancing margins and resistance are critical—for example,p on downstream opportunitiespp that will add driving innovation. the exposed panels of cars and trucks. value to our steel products to further We launched our AK CARES program Our NEXMET 1000 and NEXMET expand our margins and provide even to support and recognize our employees 1200 next generation advanced high greater value to our customers. who donate their time and talents to strengthgp steels are expectedp to be participate in hundreds of nonprofit available for customer qualifications in Thank you projects and organizations in their early 2017. Our oppgerating and financial community each year. We also announced a new third- performancep in 2016 reflected the AK Steel continued to match employeep generation steel, called NanoSteel® results of the collective efforts of the contributions to nonprofit charitable NXG™ 1200. We were recognized entire AK Steel team in makinggg high organizations through the company’s along with the NanoSteel® Comppyany quality products to serve the needs of AK Steel Foundation. The AK Steel with a globalgg award for “Breakthrough our customers. I would like to thank our Foundation enables the comppyany to Solution of the Year” for this work. These customers for their business. I would also make a positivep difference in the lives of new productspg will begin to enhance our like to thank our shareholders for their others, each year supporting nonprofit foundation of new productsp for
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