WEST CHESTER, Ohio — AK Steel reported Tuesday a net loss of $430.6 million for the fourth quarter of 2008.

Share value dropped $3.88 per diluted share, as compared to a net income of $106.7 million, or 95 cents per share, for the same period in 2007.

AKSteel has already idled most of its plants, including those Ashland, Ky.; Middletown, Mansfield, Coshocton and Zanesville, Ohio; and Rockport, Ind. However, hours at the company's Butler Works in Butler Township, which produces specialty and electrical stainless steels, have not been cut.

The company is cutting a number of salaried positions to reduce costs.

AK Steel's board also announced Tuesday that net sales for the fourth quarter of 2008 were $1.458 million on shipments of just over 1 million tons — both lower from the same period in 2007. However, the selling price was $1,359 per ton, about 26 percent higher than the price a year ago.

The fourth quarter's adjusted operating profit was $10.3 million or $10 per ton.

The company reported a quarterly cash dividend of 5 cents per share payable March 10, to share holders of record on Feb. 13.

The board also authorized the company to make an early $50 million contribution to its pension trust fund. The contribution will be made in the first quarter of this year, reducing the amount AKSteel will have to contribute later.

The company has made $884 million in contributions to the pension fund since January 2005.