MIDDLETOWN, Ohio, May 19 /PRNewswire-FirstCall/ -- AK Steel (NYSE: AKS)
said that its board of directors has authorized the company to make an $84
million contribution to its pension trust fund months ahead of schedule.
The company said it would make its full required 2006 pension contribution
next week, more than five months before the final due date. AK Steel's
previous pension contribution was a voluntary $150 million contribution
made in January of 2005.
"AK Steel is proud to continue honoring a retiree tradition unique in
the steel industry," said James L. Wainscott, chairman, president and CEO.
"In more than half a century, this company has not missed a pension fund
contribution, nor a payment to any of its 32,000 pensioners."
AK Steel provides pension benefits to approximately 32,000 retirees
and/or their beneficiaries. The company said that while it has continued to
fund its retiree health care and pension legacy costs, most of its
competitors have reduced or eliminated their legacy obligations through the
Headquartered in Middletown, Ohio, 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.
SOURCE AK Steel Corporation