© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
Fourth Quarter and Full Year 2017
Earnings Call
January 30, 2018
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 2
AK Steel Executive Management Team
Roger Newport Chief Executive Officer
Kirk Reich President and Chief Operating Officer
Jaime Vasquez Vice President – Finance and Chief Financial Officer
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 3
Forward-Looking Statements
We have made forward-looking statements in this presentation that are based on our management’s beliefs and assumptions and on information available to our management at the time such
statements were made and hereby are identified as “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, potential growth opportunities, potential
operating performance improvements, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and
can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “should” or the
negative of these terms or similar expressions.
Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in our forward-looking statements. You should not rely on any
forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include: reduced selling prices; shipments
and profits associated with a highly competitive and cyclical industry; domestic and global steel overcapacity; changes in the cost of raw materials and energy; our significant amount of debt and other
obligations; severe financial hardship or bankruptcy of one or more of our major customers or key suppliers; our significant proportion of sales to the automotive market; reduced demand in key product
markets due to competition from aluminum and other alternatives to steel; excess inventory of raw materials; supply chain disruptions or poor quality of raw materials; production disruption or reduced
production levels; our healthcare and pension obligations; not reaching new labor agreements on a timely basis; major litigation, arbitrations, environmental issues and other contingencies; regulatory
compliance and changes; climate change and greenhouse gas emission limitations; conditions in the financial, credit, capital and banking markets; our use of derivative contracts to hedge commodity
pricing volatility; potential permanent idling of facilities; inability to fully realize benefits of margin enhancement initiatives; information technology security threats and cybercrime; failure to achieve
expected benefits of the Precision Acquisition and/or to integrate Precision Partners successfully.
The risk factors discussed in this presentation and under “Item 1A.—Risk Factors” in AK Holding’s Annual Report on Form 10-K for the year ended December 31, 2016 and under similar headings in AK
Holding’s subsequently filed quarterly reports on Form 10-Q, as well as the other risks that could cause our results to differ materially from those expressed in forward-looking statements. There may be
other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business. We expressly disclaim any obligation to
update our forward-looking statements other than as required by law.
Non-GAAP financial measures
Included in this presentation are certain non-GAAP financial measures designed to complement the financial information presented in accordance with generally accepted accounting principles in the
United States of America because management believes such measures are useful to investors. These non-GAAP financial measures include EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted
Net Income (Loss), and Adjusted Earnings Per Share. Because our calculations of these measures may differ from similar measures used by other companies, you should be careful when comparing our
non-GAAP financial measures to those of other companies. A reconciliation of non-GAAP financial measures to GAAP financial measures is included in the Appendix to this presentation.
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
Roger Newport
Chief Executive Officer
January 2018
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 5
2017 Highlights
$680 million of debt refinanced and maturities extended
Lowered annual interest cost by $18 million
Enhanced and lowered cost of revolving credit facility
Strengthened
Capital
Structure
Major investment completed at Middletown Works hot-end
New tanks installed on Middletown Works electrogalvanizing line
Mansfield melt shop upgrade and new technology at caster
Enhanced
Core Business
Launched new NEXMET™ AHSS coated products
Collaboration with the DOE to develop more efficient electrical steel for motors
Acquired Precision Partners – tool design and build / hot stamping / cold stamping
Expanded
Growth
Platform
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 6
Safety Highlights – 2017
Six facilities achieved ZERO OSHA recordables for
4Q 2017
Three facilities achieved ZERO OSHA recordables for
the year 2017
Continue to lead the industry by a wide margin
2.33
2.01
2.45
1.87
1.37
1.70 1.68
1.45 1.53 1.54
0.29 0.25 0.33 0.32 0.26 0.24 0.25
0.45 0.39 0.36
0.00
1.00
2.00
3.00
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
AISI AK Steel
OSHA Recordable Frequency is number of injuries per 200,000 employee hours
Notes: Based upon most current American Iron and Steel Institute (AISI) data available through 3Q 2017.
AK Steel data is through 12/31/17; 2015 and forward includes Dearborn Works.
OSHA Recordable Frequency
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
550
1,550
2,550
3,550
4,550
2010 2011 2012 2013 2014 2015 2016 2017
0
20
40
60
80
2014 2015 2016 YTD Nov. 2017
20%
22%
24%
26%
28%
30%
2010 2011 2012 2013 2014 2015 2016 2017
January 2018 7
Trade Update
Source: U.S. Dept. of Commerce, Enforcement, and Compliance
(000s Metric Tons)
Imports remain elevated
Pleased with the Department of Commerce decision
to levy duties on transshipments through Vietnam
Electrical steel imports continue to impact market
Urge President to act under Section 232
Steel Imports - % of U.S. Consumption
Grain Oriented Electrical Steel ImportsCarbon Coated Imports
(000s Metric Tons)
Source: American Iron and Steel Institute (AISI)
(Includes license data for December 2017)
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
$2,316 $2,452
$2,593 $2,715
$2,811
2016 2017 2018E 2019E 2020E
17.8 17.1 17.2 17.5 17.8
2016 2017 2018E 2019E 2020E
January 2018 8
Steel Market Conditions
1.2 1.2 1.3
1.4 1.4
2016 2017 2018E 2019E 2020E
(Vehicles in Millions)
($ Billions)(Millions)
Overall economic conditions remain solid
Automotive market remains healthy
Spot market prices have increased recently
Service center inventories are well controlled
North America Light Vehicle Production
U.S. Housing Starts U.S. Non-Residential Construction Fixed Investment
Source: AK Steel estimates
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
Kirk Reich
President and Chief Operating Officer
January 2018
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 10
Precision Partners – Growth Platform Serving Our Core Market
Creates a differentiated, innovative leader in the steel industry
Creates a premier integrated supplier to the
automotive market
Combines AK Steel’s advanced materials expertise with
Precision Partners’ leading advanced product design
engineered solutions, tool design and build, hot- and cold-
stamping capabilities and complex assemblies
Enhances our product offerings
End-to-end solutions further strengthen our close
collaboration with our automotive OEM customers and
their Tier 1 suppliers
Leverages both AK Steel’s and Precision Partners’
research and innovation capabilities
Accelerates the materials and metals-forming
development and innovation efforts in the high-growth
automotive lightweighting space
Accelerates introduction of lightweighting solutions
Advanced High Strength Steels and innovation in fast-
growing hot-stamping market
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 11
Precision Partners Update
45%
25%
75%
90%
0%
20%
40%
60%
80%
100%
Hot-Stamping Cells 3,000 Ton Press
2017
2018E
51%
67%
92%
0%
20%
40%
60%
80%
100%
2Q 2017 3Q 2017 4Q 2017
Collaborative efforts are already yielding results
Strong new order pipeline
Operational improvements are progressing
2018E 2019E 2020E 2021E 2022E
Sales Opportunities
Press Efficiency Utilization Levels
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 12
Investing in Core Assets
($ Millions)
Middletown Works blast
furnace top equipment
Mansfield Works
electromagnetic stirring
Middletown Works hot-end and electrogalvanizing line
Mansfield Works melt shop upgrade
Intensive preventive/predictive maintenance program
Annual maintenance expense >$600 million
Planned Maintenance Outages
$75
$51
$62
$85
$50
$0
$20
$40
$60
$80
$100
2014 2015 2016 2017 2018E
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
0.0%
2.0%
4.0%
6.0%
8.0%
2013 2014 2015 2016 2017
0.0%
0.5%
1.0%
1.5%
2.0%
2013 2014 2015 2016 2017
January 2018 13
Operational Excellence – Continued Improvements at Dearborn Works
0
10
20
30
40
2013 2014 2015 2016 2017
All-time plant
record
Since AK Steel acquired Dearborn Works in 2014
– OSHA recordables decreased 78%; 55% in last two years
– Internal quality losses improved 41%
– Internal retreats improved 47%
OSHA Recordables
Internal Quality Losses Internal Retreats
(Number of Cases)
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
14
Innovative Steel Solutions
ULTRALUME®
Press Hardenable Steel
NEXMET™ Family of Products
NanoSteel®
Third-Gen AHSS
Electrical Steels and DOE Collaboration
January 2018
440EX 1000 / 1200
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 15
Innovative Automotive Lightweighting Solutions
Automotive
Aluminum
NanoSteel NXG 1200
NITRONIC 30
NEXMET™ 440EX
NEXMET™ 1000 / 1200
Developmental PHS
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 16
High-Value Product Mix With More Predictable Pricing
Flat-Rolled Product Mix Customer Contract Structure
2017
2015
2017
Coated
47%
Cold-rolled
18%
Other
5%
Stainless/
Electrical
12%
Hot-rolled
18%
2015
Coated
53%
Cold-rolled
17%
Other
2%
Stainless/
Electrical
15%
Hot-rolled
13%
Fixed Base
Price Contracts
~62%Steel Index
Based Contracts
~19%
Spot Market
~19%
Fixed Base
Price Contracts
~70%Steel Index
Based Contracts
~20%
Spot Market
~10%
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
Jaime Vasquez
Vice President – Finance and Chief Financial Officer
January 2018
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 18
Financial Highlights
Note: See Appendix for reconciliations of non-GAAP financial measures
($ Millions, except per share)
Fourth Quarter 2017
4Q 2017 4Q 2016
Quarter Over
Quarter % Change
Flat-Rolled Shipments 1,337 1,386 (49) -4%
Flat-Rolled ASP $1,024 $983 $41 4%
Net Sales $1,495.6 $1,418.6 $77.0 5%
Net Income (Loss) ($107.9) (62.4) ($45.5) -73%
Adjusted Net Income (Loss) ($19.5) $75.2 ($94.7) NC
Adjusted EBITDA $65.4 $164.9 ($99.5) -60%
Adjusted EBITDA Margin 4.4% 11.6% -7.2 pts -62%
Earnings (Loss) Per Share ($0.34) ($0.22) ($0.12) -55%
Adjusted EPS ($0.06) $0.25 ($0.31) NC
Full Year 2017
2017 2016
Year Over
Year % Change
5,596 5,936 (340) -6%
$1,022 $955 $67 7%
$6,080.5 $5,882.5 $198.0 3%
$10.0 ($7.8) 17.8 NC
$98.4 $129.8 ($31.4) -24%
$419.5 $501.9 ($82.4) -16%
6.9% 8.5% -1.6 pts -19%
$0.03 ($0.03) $0.06 NC
$0.31 $0.56 ($0.25) -45%
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
19
$25
$50
$75
$100
$125
$150
$175
$200
$225
$250
2016 4Q Actual Price/Mix/Volume Raw Materials & Energy Planned Outages Operations/SG&A/Other 2017 4Q Actual
Consolidated EBITDA Bridge – 4Q 2016 to 4Q 2017
$111
$25
$65
$165
$62
$26
($ Millions)
Note: See Appendix for reconciliations of non-GAAP financial measures
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 20
Fourth Quarter Adjustments
Lower corporate tax rate reduces value of net
deferred tax assets
4Q 2017 charge of $32.1 million to reduce value of
deferred tax assets
No cash tax impact
NOLs of ~$2.6 billion remain available to reduce
future tax liabilities
Ashland hot-end remains in temporary idle status
Non-cash asset impairment of $75.6 million in 4Q 2017
appropriate under GAAP accounting
No final decision made on future status
Railcars were leased to transport iron ore pellets
Charge of $32.9 million was taken in 4Q 2016
Railcars have been repurposed
Partial reversal of prior charge resulted in a credit of
$19.3 million in 4Q 2017
Tax Cuts and Jobs Act of 2017
Ashland Impairment Rail Car Lease
Three Months
Ended 12/31/17
Twelve Months
Ended 12/31/17
Net
Income
(Loss) EPS
Net
Income
(Loss) EPS
Net income (loss) / Diluted earnings (losses) per share, as reported ($107.9) ($0.34) $10.0 $0.03
Charges (credit) for termination of pellet agreement and related
transportation costs (19.3) (0.06) (19.3) (0.06)
Asset impairment charge 75.6 0.24 75.6 0.24
Non-cash charge for U.S. tax legislation 32.1 0.10 32.1 0.10
Adjusted net income (loss) / Earnings (losses) per share ($19.5) ($0.06) $98.4 $0.31
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 21
Balance Sheet and Cash Flow Highlights
$1,281 $1,225
$1,135
$934
$0
$500
$1,000
$1,500
2014 2015 2016 2017
($ Millions)
Maintain focus on strengthening balance sheet
Working capital was a small source of cash in 2017
Roughly one-third of capital investments in 2018 targeted
for margin improvement
Legacy liabilities decreased ~$350 million since 2014
$81
$99
$128
$153 $160
$0
$50
$100
$150
$200
2014 2015 2016 2017 2018E
($ Millions)
$197
$24
$0
$44 $51 $35
$10
$0
$50
$100
$150
$200
$250
2014 2015 2016 2017 2018E 2019E 2020E
($ Millions)
Pension / OPEB Liabilities
Capital Investments Pension Contributions
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
$1,005 $1,040 $1,021 $1,024
$0
$300
$600
$900
$1,200
1Q 2017 2Q 2017 3Q 2017 4Q 2017
January 2018 22
1Q 2018 Guidance
* Guidance is relative to 4Q 2017 actual results
1,456 1,434 1,369 1,337
0
250
500
750
1,000
1,250
1,500
1Q 2017 2Q 2017 3Q 2017 4Q 2017
9.3% 9.1%
4.6% 4.4%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
1Q 2017 2Q 2017 3Q 2017 4Q 2017
(000s tons)
First quarter 2018 estimated outlook
– Flat-rolled shipments marginally higher*
– Average selling price marginally higher*
– Downstream revenue ~$125–150 million
– Planned maintenance outages ~$5 million
– LIFO expense ~$10 million
– Adjusted EBITDA margin ~150 basis points higher*
• Includes ~$30 million impact from unplanned outage at
Middletown Works
Flat-Rolled Shipments
Flat-Rolled Average Selling Price Per Ton Adjusted EBITDA Margin
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 23
2018 Guidance Estimates
Note: Guidance is relative to 2017 actual results
Depreciation of ~$210 million
Pension and OPEB income of ~$32 million
Book tax rate of ~24% of LIFO expense
Minimal cash taxes
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
24
Longer Term Target Metrics
January 2018
Average EBITDA Margin
through a Cycle
>8%
Debt-to-EBITDA
<4.0x
Economic Profit:
Return on Invested Capital
>10.5%
EBITDA Contributions from
Downstream Business
>30%
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
Roger Newport
Chief Executive Officer
January 2018
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 26
Strengthening Our Foundation
Began Portfolio
Optimization
Acquired
Dearborn
Idled Ashland
Hot-end
Operations
2014 2015 2016 2017
Completed Major
Hot-end Operations
Investments
Strengthened
Capital
Structure
Completed
Dearborn AHSS
Investment
Lowered
Interest Costs
Launched New
NEXMET™ AHSS
Products
Opened New
Research and
Innovation Center
Acquired
Precision Partners
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018
THANK YOU!
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
Appendix
January 2018
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 29
Investor Contact
Douglas O. Mitterholzer
Assistant Treasurer and
General Manager, Investor Relations
Address
9227 Centre Pointe Drive
Cincinnati, OH 45069
E-mail Address
doug.mitterholzer@aksteel.com
Telephone Number
Office: 513.425.5215
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 30
Non-GAAP Financial Measures
Reconciliation of Adjusted Net Income
Qtr ended Qtr ended Qtr ended Qtr ended
($ Millions) 2013 2014 2015 2016 03/31/2017 06/30/2017 09/30/2017 12/31/2017 2017
Reconciliation to Net Income (Loss) Attributable to AK Steel Holding Corporation
Net income (loss) attributable to AK Steel Holding Corporation, as reported ($46.8) ($96.9) ($509.0) ($7.8) $62.5 $61.2 ($5.8) ($107.9) $10.0
Pension and OPEB net corridor and settlement charges 5.5 131.2 68.1
Charges (credit) for termination of pellet agreement and related transportation costs 69.5 (19.3) (19.3)
Impairment of Magnetation investment 256.3
Impairment of AFSG investment 41.6
Charge for facility idling 28.1
Asset impairment charge 75.6 75.6
Non-cash charge for U.S. tax legislation 32.1 32.1
Acquisition-related expenses (net of tax) 31.7
Adjusted net income (loss) attributable to AK Steel Holding ($46.8) ($59.7) ($51.8) $129.8 $62.5 $61.2 ($5.8) ($19.5) $98.4
Reconciliation to Diluted Earnings (Losses) per Share
Diluted earnings (loss) per share, as reported ($0.34) ($0.65) ($2.86) ($0.03) $0.19 $0.19 ($0.02) ($0.34) $0.03
Pension and OPEB net corridor charge/settlement loss 0.04 0.74 0.29
Charges (credit) for termination of pellet agreement and related transportation costs 0.30 (0.06) (0.06)
Impairment of Magnetation investment 1.44
Impairment of AFSG investment 0.23
Charge for facility idling 0.16
Asset impairment charge 0.24 0.24
Non-cash charge for U.S. tax legislation 0.10 0.10
Acquisition-related expenses 0.21
Adjusted diluted earnings (loss) per share ($0.34) ($0.40) ($0.29) $0.56 $0.19 $0.19 ($0.02) ($0.06) $0.31
Flat-rolled Shipments 5,153.7 6,007.2 6,974.0 5,936.4 1,456.2 1,434.3 1,368.6 1,337.1 5,596.2
Flat-rolled Average Selling Price $1,056 $1,058 $929 $955 $1,005 $1,040 $1,021 $1,024 $1,022
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018 31
Non-GAAP Financial Measures
Reconciliation of Adjusted EBITDA
Qtr ended Qtr ended Qtr ended Qtr ended
($ Millions) 2013 2014 2015 2016 03/31/2017 06/30/2017 09/30/2017 12/31/2017 2017
Net income (loss) attributable to AK Steel Holding ($46.8) ($96.9) ($509.0) ($7.8) $62.5 $61.2 ($5.8) ($107.9) $10.0
Net income (loss) attributable to NCI 64.2 62.8 62.8 66.0 16.2 15.2 17.1 12.9 61.4
Income tax expense (benefit) (10.4) 7.7 63.4 3.2 (13.4) (8.7) (18.8) 23.1 (17.8)
Interest expense 127.4 144.7 173.0 163.9 39.4 38.2 37.5 37.2 152.3
Interest income (1.1) (0.7) (1.3) (1.6) (0.4) (0.4) (0.5) (0.1) (1.4)
Depreciation and amortization 200.0 211.0 224.4 221.4 58.9 56.1 60.8 60.6 236.4
EBITDA $333.3 $328.6 $13.3 $445.1 $163.2 $161.6 $90.3 $25.8 $440.9
Less: EBITDA of NCI (a) 78.3 77.2 77.1 80.8 20.3 19.6 21.1 16.7 77.7
Pension and OPEB net corridor charges / settlement loss 5.5 131.2 68.1
Charges (credit) for termination of pellet agreement and related transportation
costs 69.5 (19.3) (19.3)
Impairment of Magnetation investment 256.3
Impairment of AFSG investment 41.6
Charge for facility idling 28.1
Asset impairment charge 75.6 75.6
Acquisition-related expenses 23.3
Adjusted EBITDA $255.0 $280.2 $393.4 $501.9 $142.9 $142.0 $69.2 $65.4 $419.5
Adjusted EBITDA margin 4.6% 4.3% 5.9% 8.5% 9.3% 9.1% 4.6% 4.4% 6.9%
(a) The reconciliation of EBITDA of noncontrolling interest to net income attributable to noncontrolling interests is as follows:
Net income (loss) attributable to noncontrolling interests $64.2 $62.8 $62.8 $66.0 $16.2 $15.2 $17.1 $12.9 $61.4
Depreciation 14.1 14.4 14.3 14.8 4.1 4.4 4.0 3.8 16.3
EBITDA of noncontrolling interests $78.3 $77.2 $77.1 $80.8 $20.3 $19.6 $21.1 $16.7 $77.7
S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N
© 2 0 1 8 A K S t e e l . A l l r i g h t s r e s e r v e d .
January 2018