AK Steel Honored with Two Awards for Steel Excellence
06/24/2010 - AK Steel receives two "Awards for Steel Excellence" from AMM; one as "Steel Producer of the Year" and the other for "Best Turnaround of the Decade."
AK Steel has been named "Steel Producer of the Year" by American Metal Market (AMM) in recognition of the company's performance during the global economic downturn of 2009.
The company’s carbon and specialty steel customers rated was rated AK Steel Number One in overall satisfaction, quality and delivery for the year 2009, and the company also led its major competitors in operating profit per ton during the fourth quarter of 2009. The award also reflects AK Steel's ability to provide exceptional service and an uninterrupted supply of value-added steel products to its customers throughout the recession.
AMM also honored AK Steel for achieving the industry's "Best Turnaround of the Decade," reflecting the company's financial transformation that began in the fall of 2003. Under the leadership of AK Steel Chairman, President and CEO James L. Wainscott, the company logged a series of financial achievements, including:
- Earnings growth from an adjusted pre-tax loss of approximately $432 million in 2003 to record adjusted pre-tax income of $693 million in 2008
- Decreased net debt from $1.2 billion in 2003 to less than $150 million at the end of 2009
- Reduced its net debt, pension and OPEB liabilities by about 2.2 billion, or approximately 51%.
In addition to its financial achievements, AK Steel's carbon and specialty steel customers consistently rated the company Number One throughout the decade, in overall product quality and customer satisfaction.
"It is an honor to receive this outstanding recognition from American Metal Market," said James L. Wainscott, AK Steel Chairman, President and CEO. "These awards reflect the character of our company and the can-do spirit of the men and women at AK Steel."
AK Steel was also a finalist for AMM's award for "Best Operational Improvements."
According to AMM, the "Awards for Steel Excellence" celebrate and recognize advancements in pioneering and implementing business improvements that have delivered real change to the steel industry.
AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, appliance, construction and electrical power generation and distribution markets. The company employs about 6200 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pa.; Ashland, Ky.; Rockport, Ind.; and its corporate headquarters in West Chester, Ohio.
AK Tube LLC, a wholly owned subsidiary of AK Steel, employs about 300 men and women in plants in Walbridge, Ohio, and Columbus, Ind. AK Tube produces carbon and stainless electric resistance welded (ERW) tubular steel products for truck, automotive and other markets.
