AK Steel Holding Corp. reported a steep fourth-quarter loss, reversing a year-earlier profit, as it was hit by weak pricing and overcapacity in the U.S. steel industry.
The company reported a net loss of $76.4 million, compared with year-earlier net income of $15.2 million.
The Middletown, Ohio-based company said its quarter and full-year results were ``significantly'' impacted by a non-cash pension charge of $194 million and a $49.9 million pre-tax benefit from receiving shares in the demutualization of its health care insurer Anthem Inc. The charge stemmed from the declining equities markets and interest rates in 2001, it said.
Fourth-quarter revenues fell to $973 million from $1.1 billion a year earlier.