AK Steel reported unaudited consolidated financial results for the fourth quarter and full year ended Dec. 31, 2016. The company reported a net loss of $62.4 million, or $0.22 per diluted share of common stock, for the fourth quarter of 2016, compared to a net loss of $145.4 million, or $0.82 per diluted share, for the fourth quarter of 2015. Included in the most recent fourth quarter were charges totaling $137.6 million, or $0.47 per diluted share, and unrealized derivative gains of $33.8 million, or $0.11 per diluted share. Included in the year ago fourth quarter were charges totaling $200.9 million, or $1.13 per diluted share. The company reported adjusted EBITDA of $164.9 million, or 11.6% of net sales, for the fourth quarter of 2016, compared to adjusted EBITDA of $168.3 million, or 10.9% of net sales, for the fourth quarter a year ago. Net sales for the fourth quarter of 2016 were $1.42 billion on shipments of 1,412,200 tons, compared to net sales of $1.54 billion on shipments of 1,655,800 tons for the year-ago fourth quarter. The decline in shipments was largely driven by the company’s strategic decision to reduce commodity steel sales to the distributor and converters market, which declined 23% from the fourth quarter of 2015. The 2016 fourth quarter results include a LIFO credit of $7.5 million, significantly lower than the LIFO credit of $98.6 million for the fourth quarter of 2015. Included in the results for the fourth quarter of 2016 was a non-cash income tax benefit of $4.5 million, or $0.02 per diluted share, as a result of the allocation of income tax expense to other comprehensive income, compared to a similar benefit of $13.2 million, or $0.07 per diluted share, in the fourth quarter of 2015. Operating loss was $11.2 million against $34.4 million for the same period of last year. Loss before income taxes was $49.9 million against $106.3 million for the same period of last year. Net cash flows from operating activities was $304.6 million against $200.3 million for the same period of last year. Capital investments were $127.6 million against $99.0 million for the same period of last year. The company reported a full-year 2016 net loss of $7.8 million, or $0.03 per diluted share of common stock, compared to a net loss of $509.0 million, or $2.86 per diluted share, for 2015. The company reported 2016 adjusted net income of $129.8 million, or $0.56 per diluted share, which reflected charges totaling $137.6 million, or $0.59 per diluted share. The company’s results improved from its 2015 adjusted net loss of $51.8 million, or $0.29 per diluted share, which reflected certain charges totaling $457.2 million, or $2.57 per diluted share. Included in net income and adjusted net income for 2016 are unrealized gains of $45.6 million, or $0.20 per diluted share, from iron ore derivatives that no longer qualify for hedge accounting treatment after the termination of the pellet offtake agreement with Magnetation LLC. The company reported adjusted EBITDA of $501.9 million, or 8.5% of net sales, for 2016, compared to adjusted EBITDA of $393.4 million, or 5.9% of net sales, for 2015. The 2016 results included LIFO credits of $23.3 million, lower than the LIFO credits of $195.3 million for 2015, primarily due to the leveling off of raw material cost declines in 2016 compared to 2015. Net sales for 2016 were $5.88 billion on shipments of 6,051,800 tons, a decrease from 2015 net sales of $6.69 billion on 7,089,200 tons. The decline in shipments from 2015 was primarily the result of a 41% decline in shipments to the distributor and converters market as the company intentionally reduced sales of commodity products. Operating income was $230.2 million against $86.7 million for the same period of last year. Income before income taxes was $61.4 million against loss of $382.8 million for the same period of last year. Net cash flows from operating activities was $304.6 million against $200.3 million for the same period of last year. Capital investments were $127.6 million against $99.0 million for the same period of last year.