Standard & Poor's has announced that AK Steel Holding Corp. will replace Countrywide Financial Corp. on the S&P 500.
The change, which is the result of Countrywide’s acquisition by S&P 100/ S&P 500 constituent Bank of America, will take place after the close of trading on Monday, June 30. Countrywide’s acquisition is expected to close on or about that date, pending final approvals.
Standard & Poor's said it will monitor the transaction, and post any relevant updates on its website. The agency notes that additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.
AK Steel, a producer of carbon flat-rolled steel for the automotive, appliance, construction and manufacturing markets, will be added to the S&P 500 GICS (Global Industry Classification Standard) Steel Sub-Industry index.
Standard & Poor's Index Services, a leading index provider, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Its family of indices includes the S&P 500, an index with $1.32 trillion invested and $4.91 trillion benchmarked, and the S&P Global 1200, a composite index comprised of seven regional and country headline indices.
Standard & Poor's, a division of The McGraw-Hill Companies, provides financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8500 employees, including wholly owned affiliates, located in 23 countries, Standard & Poor's has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.
AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, appliance, construction and electrical power generation and distribution markets. The company employs about 6500 men and women in Middletown, Mansfield, Coshocton, and Zanesville, Ohio; Butler, Pa.; Ashland, Ky.; Rockport, Ind.; and its corporate headquarters in West Chester, Ohio.