Send us Feedback

AK Steel Holding (AKS)
Analysis
SUMMARY
BULLS
BEARS
TOPICS
Data
DATA CENTRAL
STOCK CHART
Financials
SEC FILINGS
BALANCE
INCOME
CASH FLOW

AKS » Topics » for AK Steels Ashland Works

This excerpt taken from the AKS 8-K filed Sep 26, 2005.

for AK Steel’s Ashland Works

 

MIDDLETOWN, OH, September 26, 2005—AK Steel (NYSE: AKS) said members of United Steelworkers of America (USW) Local 1865 have ratified a new five-year labor agreement covering about 750 hourly production and maintenance employees at its Ashland Works in Kentucky.

 

“Ratification of this contract marks the beginning of a ‘new era’ for AK Steel and USW Local 1865,” said James L. Wainscott, president & CEO of AK Steel. “This is a labor agreement that clearly recognizes AK Steel’s urgent need to have total employment costs that are competitive with the pattern established in the wake of steel company bankruptcies and consolidation we have witnessed over the past several years. At the same time, the agreement provides equitable and competitive contract provisions for employees and retirees.”

 

AK Steel said the agreement includes, among other provisions, the following:

 

  •   Five-year term spanning September 1, 2005 to September 1, 2010,

 

  •   Company defined benefit pension plan locked and frozen at 1/1/06, with subsequent company pension contributions to the Steelworkers Pension Trust (SPT),

 

  •   100+ job classes consolidated to five job classes with additional workforce flexibility,

 

  •   Elimination of base workforce guarantees,

 

  •   Increased active and retiree healthcare cost-sharing,

 

  •   Enhanced profit-sharing plan.

 

“I commend members of the USW, at the local and international levels, for recognizing the need to address AK Steel’s fundamental goal of achieving sustained profitability,” said Mr. Wainscott. “I believe this agreement can become a pattern that allows the company and its employees to share in our future success.”

 

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.

 

# # #

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki