AK Steel Applauds the Trump Administration's Initiation of Section 232 Investigation into Unfair Trade Practices for Imported Steel
WEST CHESTER, OH--(Marketwired - Apr 20, 2017) - AK Steel (NYSE: AKS) said today that the company supports the Administration's decision to initiate a Section 232 investigation on the threats to our country's national security due to unfair and illegal trade practices by foreign producers importing steel products into the United States.
"We commend the President for the actions he is taking today by launching this investigation into the effects of unfair steel imports," said Roger K. Newport, AK Steel Chief Executive Officer. "We are hopeful that this action on behalf of our Administration will help us and other steel producers in America compete on an even playing field in all of our markets, and sustain our jobs here in the United States."
AK Steel is the only company producing carbon, stainless and electrical steels in North America today. Furthermore, the company is also the sole remaining producer of electrical steel in America. "AK Steel particularly feels the ongoing impact of unfair electrical steel imports flooding our market," said Mr. Newport. "We cannot allow our nation's electrical grid, which is a critical part of the nation's infrastructure and vital to America's national security interests, to be dependent on foreign electrical steel, particularly in the event of a natural disaster or other crisis," he said.
Mr. Newport and leaders of other steel companies in America joined President Trump at the White House today for the Administration's announcement. AK Steel looks forward to working with the Administration through this process.
AK Steel AK Steel is a leading producer of flat-rolled carbon, stainless and electrical steel products, and carbon and stainless tubular products, primarily for automotive, infrastructure and manufacturing, electrical power generation and distribution markets. Headquartered in West Chester, Ohio (Greater Cincinnati), the company employs approximately 8,500 men and women at eight steel plants, two coke plants, and two tube manufacturing plants across six states (Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia) and one tube plant in Mexico. Additional information about AK Steel is available at www.aksteel.com.
Lisa H. Jester
Corporate Manager, Communications and Public Relations
Douglas O. Mitterholzer
General Manager, Investor Relations