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AKS » Topics » Average Monthly Premium Costs For Typical Coverage

This excerpt taken from the AKS 8-K filed Jun 1, 2006.

Average Monthly Premium Costs For Typical Coverage

 

Payment Made By

      Pre-65 Traditional       

Medicare-Eligible

Traditional

        Medicare Advantage PPO  

AK Steel

      $1,260        $300        $200  

Retiree

      140 (1)      300 (2)      200 (2)

AK Steel

      440        150        100  

Surviving Spouse

      50 (3)      150 (3)      100 (3)

 

  (1) Family coverage
  (2) Two-party coverage
  (3) Single coverage

AK Steel said that it spent more than $230 million for health care benefits for employees, retirees and their dependents in 2005. In total, AK Steel provides health care benefits to about 54,000 active and retired employees and their dependents and surviving spouses. Last month AK Steel made an early contribution of $84 million to its employee pension fund trusts, which followed an early $150 million voluntary contribution in 2005.

“Unlike scores of companies, AK Steel has refused to simply ‘throw in the towel’ and force the government and taxpayers to shoulder our legacy costs,” said Mr. Wainscott. “We believe there should be a place in this country for at least one integrated steel company that hasn’t turned its back on a single retiree.”

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.

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