AK Steel Applauds Findings and Recommendations by Commerce to President Trump for Action on the Section 232 Trade Investigati...
February 16 2018 - 3:45PM
AK Steel (NYSE:AKS) said today that it applauds U.S. Secretary of
Commerce Wilbur Ross for his recommendations to President Trump
that broad based relief be implemented to address the surge of
steel imports that he determined threaten to impair the national
security of the United States.
“We are pleased with the recommendations by
Secretary Ross that tough and effective actions be taken in a
holistic manner to mitigate the flood of steel imports into the
U.S.,” said Roger K. Newport, Chief Executive Officer of AK
Steel. “We commend Secretary Ross and his team at the
Commerce Department for this work, and all that he and others have
been doing on important trade issues with President Trump and his
Administration. We urge prompt action on these
recommendations.”
“We agree that the ongoing high level of imports is
a threat to the national security of our country,” said Roger
Newport. “This is particularly true for electrical steels,
which are used to manufacture power generation, transmission and
distribution transformers that serve as the backbone of our
nation’s electric power grid. It is vital that action be
extended downstream to electrical steel intensive products
necessary for our electrical grid, including laminations, cores,
core assemblies and transformers in order to prevent circumvention
of the Section 232 remedy.”
AK Steel AK Steel is a leading producer of
flat-rolled carbon, stainless and electrical steel products,
primarily for the automotive, infrastructure and manufacturing,
electrical power generation and distribution markets. Through
its subsidiaries, the company also provides customer solutions with
carbon and stainless steel tubing products, die design and tooling,
and hot- and cold-stamped components. Headquartered in West
Chester, Ohio (Greater Cincinnati), the company has approximately
9,200 employees at manufacturing operations across seven states
(Alabama, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West
Virginia), as well as in Canada and Mexico. Additional
information about AK Steel is available at www.aksteel.com.
Forward Looking StatementsCertain statements
made or incorporated by reference in this release reflect
management’s estimates and beliefs and are intended to be
“forward-looking statements” identified in the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. Words such as “expects,” “anticipates,” “believes,”
“intends,” “plans,” “estimates” and other similar references to
future periods typically identify forward-looking statements.
The company cautions readers that forward-looking statements
reflect the company’s current beliefs and judgments, but are not
guarantees of future performance or outcomes. They are based
on a number of assumptions and estimates that are inherently
affected by economic, competitive, regulatory, and operational
risks, uncertainties and contingencies that are beyond the
company’s control, and upon assumptions about future business
decisions and conditions that may change.
Forward-looking statements are only predictions and involve
risks and uncertainties, resulting in the possibility that actual
events or performance will differ materially from such predictions
as a result of certain risk factors. Such factors that could
cause the company’s actual results and financial condition to
differ materially from the results contemplated by such
forward-looking statements include reduced selling prices,
shipments and profits associated with a highly competitive and
cyclical industry; domestic and global steel overcapacity; U.S.
government actions on NAFTA and/or other trade agreements, treaties
or policies; changes in the cost of raw materials, supplies and
energy; the company’s significant amount of debt and other
obligations; severe financial hardship or bankruptcy of one or more
of the company’s major customers or key suppliers; the company’s
significant proportion of sales to the automotive market; reduced
demand in key product markets due to competition from aluminum or
other alternatives to steel; excess inventory of raw materials;
supply chain disruptions or poor quality of raw materials or
supplies; production disruption or reduced production levels; the
company’s healthcare and pension obligations; not reaching new
labor agreements on a timely basis; major litigation, arbitrations,
environmental issues and other contingencies; regulatory compliance
and changes; climate change and greenhouse gas emissions;
conditions in the financial, credit, capital and banking markets;
the company’s use of derivative contracts to hedge commodity
pricing volatility; potential permanent idling of facilities;
inability to fully realize benefits of margin enhancement
initiatives; information technology security threats, cybercrime
and exposure of private information; failure to achieve the
expected benefits of the Precision Partners acquisition and/or to
integrate Precision Partners successfully; changes in tax laws and
regulations; as well as those risks and uncertainties discussed in
more detail in the company’s Annual Report on Form 10-K for the
year ended December 31, 2017, as updated in subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K
filed with or furnished to the Securities and Exchange
Commission. As such, the company cautions readers not to
place undue reliance on forward-looking statements, which speak
only to the company’s plans, assumptions and expectations as of the
date hereof. The company undertakes no obligation to publicly
update any forward-looking statement, except as required by
law.
Contacts:Media - Lisa H. Jester, Corporate
Manager, Communications and Public Relations (513)
425-2510Investors - Douglas O. Mitterholzer, General Manager,
Investor Relations (513) 425-5215
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