AK Steel announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. The company reported net income of $35.2 million, or $0.26 per diluted share of common stock, for the fourth quarter of 2013, compared to a net loss of $230.4 million, or $1.89 per diluted share, for the fourth quarter of 2012. Excluding the effect of an income tax adjustment described below, the company reported adjusted net income of $12.5 million, or $0.09 per diluted share. The company reported adjusted EBITDA of $87.2 million, or $61 per ton, for the fourth quarter of 2013 compared to $16.8 million, or $12 per ton, for the fourth quarter of 2012. The company's results were also favorable to a third quarter 2013 net loss of $31.7 million, or $0.23 per diluted share, and the third quarter's adjusted EBITDA of $53.5 million, or $43 per ton. Net sales for the fourth quarter of 2013 were $1.46 billion on shipments of 1,420,000 tons, compared to net sales of $1.42 billion on shipments of 1,406,100 tons for the year-ago fourth quarter and net sales of $1.33 billion on shipments of 1,242,400 tons for the third quarter of 2013. The fourth quarter increase in shipments from the prior year fourth quarter was primarily due to stronger demand in automotive sales, partially offset by lower carbon shipments to the spot market. The increase in shipments from the third quarter of 2013 was primarily a result of higher carbon sales to the spot market and reflects the benefits of the company's recovery from the previously disclosed unplanned Middletown Works blast furnace outage in June 2013. Operating profit was $63.0 million against operating loss of $176.9 million a year ago. Income before income taxes was $27.8 million against loss before income taxes of $198.9 million a year ago.

For the full year, the company reported a net loss of $46.8 million, or $0.34 per diluted share, compared to a net loss of $1,027.3 million, or $9.06 per diluted share for 2012. Included in the results for the full-year 2013 and 2012 were non-cash income tax charges of $14.4 million, or $0.10 per diluted share, and $865.5 million, or $7.63 per diluted share, respectively, as a result of deferred tax asset valuation allowance changes. The full-year 2012 results also included a pre-tax pension corridor charge of $157.3 million, or $0.86 per diluted share. Sales for 2013 were $5.57 billion, a decrease of 6% compared to $5.93 billion for 2012. Shipments for 2013 were 5,275,900 tons, a decrease of 3% from 5,431,300 tons in 2012 as a result of lower shipments to the carbon spot market. The company said its average selling price for full-year 2013 was $1,056 per ton, approximately 3% lower than the $1,092 per ton reported for 2012. The lower average selling price for full-year 2013 was primarily due to lower spot market selling prices in the first half of 2013, lower selling prices for electrical steel and reduced raw material surcharges, partially offset by a more favorable mix of value-added products. The company reported adjusted EBITDA of $255.0 million, or $48 per ton, for 2013 compared to adjusted EBITDA of $181.2 million, or $33 per ton, for 2012. Operating profit was $135.8 million against operating loss of $128.1 million a year ago. Income before income taxes was $7.0 million against loss before income taxes of $208.6 million a year ago. Net cash outflows from operating activities were $110.2 million against $270.8 million a year ago.