AK Steel Issues Profit-Sharing Checks for Sixth Consecutive Year
8 February 2000
AK Steel Issues Profit-Sharing Checks for Sixth Consecutive Year
MIDDLETOWN, Ohio--Feb. 7, 2000--With checks averaging about $1,750, hourly production and maintenance employees of AK Steel are receiving profit-sharing checks today for the sixth consecutive year. The checks for 1999 performance bring to nearly $16,750 the total profit-sharing average for AK Steel hourly employees since the first-ever profit-sharing payments were made for 1994 performance. In total, AK Steel employees have shared nearly $115 million in profit sharing since 1994."I am especially proud that safety, quality and productivity improvements have again led to an extra payday for AK Steel employees," said Richard M. Wardrop, Jr., chairman and chief executive officer of AK Steel. "AK Steel employees should be proud that we closed 1999 with operating profit per ton of $56 versus our competitors' average of a loss of $13 per ton in operating profit."
AK Steel produces flat-rolled carbon, stainless and electrical steel products for automotive, appliance, construction and manufacturing markets, as well as standard pipe and tubular steel products. AK Steel is headquartered in Middletown, Ohio. It employs about 11,000 men and women in plants and offices in Middletown, Coshocton, Mansfield, Warren and Zanesville, Ohio; Ashland, Kentucky; Rockport, Indiana; and Butler, Sharon and Wheatland, Pennsylvania. AK Steel also produces snow and ice control products, and operates a major industrial park on the Houston, Texas ship channel. Note to Editors: Additional information about AK Steel is available on the company's web site at www.aksteel.com.