AK STEEL HEADLINESSteel Producers /
AK Steel
USWA Members at AK–Ashland to Receive Profit-Sharing Checks
Mar. 14, 2006 March 14, 2006 — Hourly production and maintenance employees working at AK Steel’s Ashland (Ky.) Works will receive profit-sharing checks averaging $1,400 for the company's financial performance in 2005.
The profit-sharing checks are based on an agreed-upon formula within the collective bargaining agreements. Ashland Works hourly employees also received profit-sharing checks for the company's 2004 financial performance.
"We are proud to distribute these checks to the hard working men and women of the Ashland Works who helped make 2005 a significant turnaround year for AK Steel," said James L. Wainscott, Chairman, President and CEO of AK Steel. "We are also grateful to the Commonwealth of Kentucky and the Ashland-area community for helping insure the long-term viability of our Ashland Works in 2005 by supporting the revitalization of the Ashland operations with significant new capital projects."
With assistance from the Kentucky Cabinet for Economic Development, USW Locals 1865 and 523 and the Ashland-area community, AK Steel invested millions of dollars in new steelmaking capital equipment at the Ashland Works. The new equipment became operational in 2005.
AK Steel said it will distribute the checks Tuesday (March 14) to about 1,000 members of USW Locals 1865 and 523, which represent employees of the company's steelmaking and cokemaking facilities, respectively, at its Ashland Works. The company noted that hourly production and maintenance employees at its other plants are also eligible for various profit-sharing, gain-sharing or incentive payments, based upon specific contract language.
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.