Wardrop, Writz out at AK, Stock drops 10%

Friday, September 19, 2003 12:00:00 AM - Monroe Ohio

Richard Wardrop CEO and John Wirtz President of AK Steel' resigned' Thursday causing the stock to drop 10% in early trading Friday.

Photo: Richard Wardrop speaks

Goldman Sachs (GS) rates AKS as Under perform/Neutral in light of the resignations. GS sees both positive and negative implications for the stock.

Mr. Wardrop and Mr. Wirtz had 'difficult' relations with labor. But both are credited with keeping AKS out of Chapter 11 Bankruptcy. Jim Wainscott, the new acting CEO, might be a fresh start on labor relations and has an aversion to bankruptcy as did his predecessors.

Additional News from outside sources:
RPT-UPDATE - AK Steel's top brass resign as stock sinks

AK Steel Announces Resignation of Chairman/CEO, President

AK Steel Holding Corporation Announces Changes in Executive Leadership: James L. Wainscott Named Acting CEO, Board Forms Executive Committee