And two of those are to invest in new processes and to expand the product mix.

“We're focused on idea generation," Roger Newport told the Cincinnati Inquirer newspaper. "All of us will have different ideas. Collectively, we'll reach the best idea."

Newport, who had been the flat rolled producer’s chief financial officer, took over as the chief executive on 1 January 2016, succeeding James Wainscott. Wainscott retired after 12 years at the helm, but he remains the board chairman.

Newport has spent his entire career with the company and came up on the business side of the operation. He told the Inquirer that innovation is critical and that steel is a high-tech sector, despite popular conceptions.

The Inquirer noted that AK Steel has been investing in research and development – the R& D team’s roster has grown 30 percent from a year ago and now counts 93 on the payroll. It also is investing US$36 million in in new research center, which is to open this year.

The Inquirer has more from the interview here.