Key Developments: AK Steel Holding Corp (AKS)
3.36USD
17 May 2013
$0.06 (+1.82%)
$3.30
$3.33
$3.44
$3.31
3,956,658
6,209,354
$6.73
$2.76
Latest Key Developments (Source: Significant Developments)
AK Steel Holding Corp Issues Q1 2013 EPS Guidance In Line Analysts' Estimates
AK Steel Holding Corp announced that for the first quarter of 2013, it expects to incur a net loss of between $0.09 and $0.13 per diluted share (EPS). According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $(0.09)for the first quarter of 2013. Full Article
AK Steel Holding Corp Announces Full Exercise Of Underwriters' Option To Purchase Additional Shares Of Common Stock
AK Steel Holding Corp announced that the underwriters for its previously announced offering of common stock have exercised in full their option to purchase an additional 3,300,000 shares of common stock. AK Holding intends to use the net proceeds from the sale of the additional shares for general corporate purposes. The offering is being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the "SEC"). Closing of the sale of the additional shares is expected to occur on December 3, 2012, subject to customary closing conditions. The joint book-running managers for the offering are J.P. Morgan, Credit Suisse, Morgan Stanley, Wells Fargo Securities, Deutsche Bank Securities and Goldman, Sachs & Co. Full Article
AK Steel Holding Corp Completes Securities Offerings
AK Steel Holding Corp announced that it has successfully completed securities offerings of $588 million before underwriting fees and other expenses. The offerings included $350 million of 8.750% senior secured notes due 2018 and $150 million of 5.00% exchangeable senior notes due 2019, each of which were issued by AK Steel Corporation, as well as 22 million shares of AK Steel common stock with an aggregate value of $88 million. AK Steel will use the proceeds from the offerings to repay borrowings under its asset-backed revolving credit facility and for general corporate purposes. He added that the offerings will help AK Steel: grow in its core value-added markets where the company is a major player; support the company's raw materials strategic investments to bolster long-term competitiveness; and, optimize capital investments and working capital utilization. The securities offerings were launched on November 13, 2012, and completed on November 20, 2012. Full Article
AK Steel Holding Corp Announces Pricing Of Offering Of Common Stock
AK Steel Holding Corp announced the pricing of its public offering of common stock. AK Holding agreed to sell 22 million shares of common stock at a public offering price of $4.00 per share. In connection with this offering, AK Holding granted the underwriters a 30-day option to purchase up to an additional 3.3 million shares of common stock. AK Holding intends to use the net proceeds from the sale of the common stock to repay borrowings under its asset-backed revolving credit facility and for general corporate purposes. The offering is expected to close on November 20, 2012. The joint book-running managers for the offering are J.P. Morgan, Credit Suisse, Morgan Stanley, Wells Fargo Securities, Deutsche Bank Securities and Goldman, Sachs & Co. Full Article
AK Steel Holding Corp Announces Pricing of $350 Million Senior Secured Notes Offering
AK Steel Holding Corp announced that its subsidiary, AK Steel Corporation (AK Steel), has successfully priced an offering of $350 million of 8.750% senior secured notes due 2018. AK Steel will pay interest on the notes semi-annually on June 1 and December 1 of each year. The notes will mature on December 1, 2018. The notes will be fully and unconditionally guaranteed on a senior basis by AK Holding and will be secured by substantially all real property, plant and equipment of AK Steel and proceeds thereof. AK Steel intends to use the net proceeds from the sale of the notes to repay borrowings under its asset-backed revolving credit facility and for general corporate purposes. The offering is expected to close on November 20, 2012. Full Article
AK Steel Holding Corp Announces Pricing of $150 Million Exchangeable Senior Notes Offering
AK Steel Holding Corp announced that its subsidiary, AK Steel Corporation (AK Steel), has successfully priced a public offering of $150 million of 5.00% exchangeable senior notes due 2019 (the notes). AK Steel also agreed to grant the underwriters a 30-day option to purchase up to an additional $22.5 million aggregate principal amount of notes. AK Steel will pay interest on the notes semi-annually on May 15 and November 15 of each year, beginning on May 15, 2013, at a rate of 5.00% per annum. The notes will mature on November 15, 2019. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by AK Holding. Upon exchange of the notes, AK Steel will pay cash up to the aggregate principal amount of the notes to be exchanged and pay or deliver, as the case may be, cash, shares of AK Holding common stock or a combination of cash and shares of AK Holding common stock. The notes will mature on November 15, 2019. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by AK Holding. AK Steel intends to use the net proceeds from the sale of the notes to repay borrowings under its asset-backed revolving credit facility and for general corporate purposes. The offering is expected to close on November 20, 2012. The joint book-running managers for the offering are Credit Suisse, J.P. Morgan, Citigroup, Wells Fargo Securities, Morgan Stanley and BofA Merrill Lynch. Full Article
AK Steel Holding Corp Announces Offering Of Common Stock
AK Steel Holding Corp announced that it has commenced a registered offering of 25,000,000 shares of its common stock. In connection with this offering, AK Holding has granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of common stock. AK Holding intends to use the net proceeds from the sale of the common stock to repay borrowings under its asset-backed revolving credit facility and for general corporate purposes. The offering is being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the "SEC"). The joint book-running managers for the offering are J.P. Morgan, Credit Suisse, Morgan Stanley, Wells Fargo Securities, Deutsche Bank Securities and Goldman, Sachs & Co. AK Holding and AK Steel have filed a registration statement (including a prospectus) with the SEC relating to the offering. Full Article
AK Steel Holding Corp Issues Q4 2012 EPS Guidance Below Analysts' Estimates
AK Steel Holding Corp announced that for the fourth quarter of 2012, it expects to incur a net loss of between $0.67 and $0.72 per diluted share of common stock, which includes approximately $0.33 per share related to the non-cash income tax charge. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $(0.21) for the fourth quarter of 2012. Full Article
Bidders Line Up For ThyssenKrupp AG's Steel Americas Mills; AK Steel Holding Corp And Others May Bid-Reuters
Reuters reported that global steel companies including ArcelorMittal, United States Steel Corp and POSCO have made first round bids for ThyssenKrupp AG's steel mills in Brazil and the United States. Nucor Corporation, Japan's JFE Holdings, Inc., China's Baoshan Iron & Steel Co., Ltd. and Brazil's CSN also submitted bids. ThyssenKrupp said in May it was considering all options for the loss-making steel mills, including a partnership or a sale, to halt the losses and concentrate on its European business. The plants were meant to give ThyssenKrupp a foothold in the Americas, but the mills have had to struggle with rising costs and sluggish demand. the mills separately for at least their combined book value of EUR7 billion ($9 billion). Bids were at only about EUR3-4 billion. Brazil's Usinas Siderurgicas de Minas Gerais S.A. and Gerdau S.A., Japan's Nippon Steel & Sumitomo Metal Corp and AK Steel Holding Corp, which had been named as possible bidders - have not made any indicative offers. Full Article
AK Steel Holding Corp Issues Q3 2012 EPS Guidance
AK Steel Holding Corp expects to incur a net loss of between $0.60-$0.65 per diluted share of common stock for the third quarter of 2012. Full Article
BRIEF-AK Steel up 2.4 percent in premarket trading
NEW YORK, April 23 - AK Steel Holding Corp : * Shares up 2.4 percent in premarket trading
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