AK Steel to Make Early Pension Trust Fund Contribution
01/23/2008 - AK Steel will make an early $75-million contribution to its pension trust fund in the first quarter, which is expected to satisfy approximately one-half of the company's total pension-funding obligations for 2008.
AK Steel’s board of directors has authorized the company to make an early $75-million contribution to its pension trust fund. The early payment is expected to satisfy approximately one-half of the company's total pension-funding obligations for 2008.
"Since the dramatic improvement of AK Steel's financial performance, beginning late in 2003, we have embraced pension funding as one of our highest priorities," said James L. Wainscott, AK Steel’s Chairman, President and CEO.
AK Steel will make the contribution during the first quarter of 2008. This will bring the company’s total early pension contributions (since 2005) to $684 million.
“We are proud that, in an industry known for broken pension promises, AK Steel has never walked away from its pension obligations to its 32,000 retirees,” said Wainscott.
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 6,500 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.
