AK Steel to Make Pension Trust Fund Contribution
07/22/2009 - AK Steel’s board of directors has authorized the company to make a $110-million contribution to its pension trust fund, double the company's $55 million required funding for the balance of 2009.
AK Steel’s board of directors has authorized the company to make a $110-million contribution to its pension trust fund.
"AK Steel's solid liquidity position, along with our confidence in the long-term outlook for the company, enables us to make this substantial contribution to our pension fund at this time," said James L. Wainscott, AK Steel’s Chairman, President and CEO. "With this contribution, we will not only meet the balance of required pension funding for this year, but also reduce the level of required contributions in 2010."
The company said it would make the contribution during the third quarter. The contribution, which is double the company's $55 million required funding for the balance of 2009, will bring AK Steel's total 2009 pension contributions to $210 million and the company's total pension contributions since 2005 to more than $1 billion.
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 6100 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 250 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.
