AK Steel on Tuesday reported a fourth-quarter net profit of $35.2 million, reversing a $230.4 million loss in the year-ago period.
For full-year 2013, the West Chester, Ohio-based steelmaker posted a $46.8 million net loss, compared with a 2012 net loss of $1.027 billion.
AK recorded the loss on full-year sales of $5.57 billion, down 6% from the $5.93 billion recorded in 2012. Shipments and average selling prices fell 3% year-on-year to 5.275 million st, and $1,056/st, respectively.
It said net sales in Q4 reached $1.46 billion, up from $1.42 billion in Q4 2012 and $1.33 billion in Q3.
AK attributed the Q4 improvement to improved auto sector demand.
The company also noted that the "unexpected mechanical failure in the charging apparatus" at its Middletown, Ohio, blast furnace in late June was resolved by July 12, adding to the company's capabilities in Q4.
