This is 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.
Also, shipments to the automotive industry were slightly lower in the fourth quarter of 2016 compared to a year ago, primarily as a result of inventory adjustments by several major automakers and changes to or the phasing out of certain automotive platforms.
The average selling price for the fourth quarter of 2016 increased 7% from the fourth quarter of 2015 to $998 per ton as a result of the better sales mix and higher carbon steel spot market pricing, partially offset by lower automotive contract pricing.
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.
Additionally, the company recorded outage costs of $22.1 million and $7.0 million for the fourth quarters of 2016 and 2015, respectively.
The company recorded an income tax benefit for the fourth quarter of 2016 of $0.9 million, or less than $0.01 per diluted share, compared to income tax expense of $23.9 million, or $0.13 per diluted share, in the fourth quarter of 2015.
The company's income tax provision is primarily related to changes in the company's LIFO reserve, which results in a tax valuation allowance adjustment related to the company's deferred tax assets, and from the allocation of income tax expense to other comprehensive income.
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.
The company ended the fourth quarter of 2016 with total liquidity of $1.35 billion, consisting of cash and cash equivalents and $1.19 billion of availability under the company's revolving credit facility. ■