AK Steel to Make 3rd Early Pension Fund Contribution in 2007
07/24/2007 - AK Steel’s board of directors authorizes the company to make another early contribution to its pension trust fund, which will be the third such payment in 2007.
AK Steel’s board of directors has authorized the company to make another early contribution to its pension trust fund.
When completed later this month, the $70-million contribution will represent the third early contribution the company has made by the company to its pension trust fund in 2007. The two previous early pension fund contributions, which were made in January and April 2007, totaled $180 million.
AK Steel provides pension benefits for about 32,000 former employees or their surviving spouses.
"Funding AK Steel's retiree pension obligation is one of our highest priorities," said James L. Wainscott, Chairman, President and CEO. "We are very pleased that we will make our third early contribution this year to AK Steel's pension trust."
Following this most recent contribution, AK Steel will have voluntarily made $609 million in early pension fund contributions since 2005.
AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for automotive, appliance, construction and manufacturing markets.
