AK Steel Holding Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss of $9.9 million, or $0.07 per basic and diluted share of common stock compared to a net loss of $11.8 million, or $0.11 per basic and diluted share, for the first quarter of 2012. Net sales were $1,369.8 million on shipments of 1,289,800 tons, compared to net sales of $1,508.7 million on shipments of 1,325,900 tons for the year-ago first quarter. The decreased shipments in the first quarter of 2013 compared to both prior periods were primarily due to lower shipments to the carbon spot market, partially offset by increased shipments to the automotive market. The company reported adjusted EBITDA of $66.8 million, or $52 per ton, for the first quarter of 2013 compared to adjusted EBITDA of $48.9 million, or $37 per ton, for the year-ago first quarter. Operating profit was $33.2 million compared to $4.1 million a year ago. Income before income taxes was $4.0 million compared to loss before income taxes of $11.2 million a year ago. Net cash flows used in operating activities were $7.0 million compared to $150.0 million a year ago. Capital investments were $15.5 million compared to $10.5 million a year ago. EBITDA was $87.0 million compared to $60.1 million a year ago.

AK Steel announced that the United States Court of Appeals for the Federal Circuit denied, on March 20, 2013, ArcelorMittal's petition for re-hearing in its patent infringement lawsuit involving aluminized boron steel. This week's court decision again confirms that AK Steel does not infringe the patent and can sell its ULTRALUME(R) aluminized boron steel product. AK Steel's ULTRALUME(R) product is utilized for hot-stamped, press-hardened applications where the ultimate tensile strength is less than 1,500 MPa. AK Steel's ULTRALUME(R) is an advanced high-strength steel that is growing in popularity for various automotive applications. AK Steel announced that ULTRALUME(R) has been accepted for use by numerous automotive original equipment manufacturers (OEMs).

AK Steel Holding Corporation provided production and earnings guidance for the first quarter of 2013. The company expects shipments of approximately 1,275,000 to 1,300,000 tons in the first quarter of 2013 compared to shipments of 1,406,100 tons in the fourth quarter of 2012. For the first quarter of 2013, the company expects increased shipments to the automotive market compared to the previous quarter. However, the company projects its first quarter shipments to the spot market will decrease from the prior quarter as the normal cyclical improvement in spot market shipments has not yet materialized. The company expects its average selling price per-ton for the first quarter of 2013 to increase by approximately 5%, to about $1,060 per ton, from its average selling price per ton of $1,011 for the fourth quarter of 2012. The expected increase in average selling price is primarily due to a higher-priced product mix compared to the previous quarter. The company expects lower costs for the first quarter primarily due to lower raw material costs. The company expects to incur a net loss of between $0.09 and $0.13 per diluted share of common stock for the first quarter of 2013, which would represent a significant improvement compared to the fourth quarter of 2012.