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AKS » Topics » Combined Metals Recapitalization

This excerpt taken from the AKS 10-Q filed Nov 6, 2007.

Combined Metals Recapitalization

The Company holds a 40% equity interest in Combined Metals of Chicago L.L.C., which is not consolidated in the Company’s financial statements. The Company has a note receivable of $35.0 due from Combined Metals and also is owed interest associated with this note. Combined Metals is negotiating with certain financial institutions to recapitalize its business and expects to complete those negotiations and close the transaction in the fourth quarter 2007. If and when successfully completed, such recapitalization is expected to result in a payment by Combined Metals to the Company of approximately $42.0, representing a partial repayment of principal and accrued interest due under the note. It is anticipated that approximately $12.0 of this payment would constitute interest income to the Company.

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