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This excerpt taken from the AKS 8-K filed Jan 25, 2005. Cash and Liquidity
AK Steel reported that it ended 2004 with $377.1 million of cash on hand and a combined $500.4 million of availability under its two credit facilities for total liquidity of $877.5 million. The company said that it had no borrowings under its credit facilities at any time during the fourth quarter, although availability was affected by outstanding letters of credit.
In December 2004, the company redeemed all of its outstanding 9% Senior Notes due September 2007 and 8 7/8% Senior Notes due December 2008, resulting in a $150.9 million reduction in its long-term debt. The company stated that it has no material public debt maturities until the year 2009.
Because of the company’s improved financial results and cash position, a $150.0 million voluntary contribution was made to its pension trust fund in January 2005, thus reducing by approximately 50% the previously projected amount that otherwise was required to be contributed in 2006.
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