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Financial report summary
?Management Discussion
- In 2019, we made significant capital investments to strengthen the company for the long-run, including a major planned outage that will lower our steelmaking costs at Dearborn Works and the construction of a new Precision Partners facility to grow our market position and capabilities in automotive stamping and complex assembly. While those investments will benefit the company in future years, we faced market headwinds in 2019 that impacted our financial results. Those headwinds included lower shipments resulting from challenging steel market conditions with softening spot market steel prices and a slight decline in automotive demand, including reduced shipments to General Motors as a result of the 40-day strike that halted its vehicle production. Our 2019 net income was $11.2, or $0.04 per diluted share of common stock, which reflected a charge for the Ashland Works closure of $69.3 (or $0.22 per diluted share), compared to 2018 net income of $186.0, or $0.59 per diluted share. Our 2019 results also reflected a pension settlement charge of $26.9, or $0.08 per diluted share, from a pension annuity transaction that we entered into in the fourth quarter of 2019 as part of our efforts to de-risk our balance sheet. Our 2018 results reflected a pension settlement charge of $14.5, or $0.05 per diluted share, for a separate pension annuity transaction that we entered into in 2018. Excluding the Ashland closure and pension settlement charges, 2019 adjusted net income was $107.4, or $0.34 per diluted share, compared to 2018 adjusted net income of $200.5, or $0.64 per diluted share. Our adjusted EBITDA (as defined in Non-GAAP Financial Measures) was $446.5, or 7.0% of net sales, for 2019, compared to adjusted EBITDA of $563.4, or 8.3% of net sales, for 2018.