AK Steel Chief Executive Officer Roger Newport Testifies in Support of the Administration’s Actions on Section 232
April 12 2018 - 2:30PM
AK Steel (NYSE:AKS) said that Roger K. Newport, Chief Executive
Officer of the Company, testified today at the House Ways and Means
Committee in support of the Administration’s Actions on Section
232.
“We encourage Congress to support the actions of
the Administration to ensure the steel Section 232 tariffs are
effective, and that the U.S. maintains the ability to produce
products critical to our national security interests, including the
electrical infrastructure supply chain,” said Roger Newport.
At no time in our history have the challenges
confronting the domestic steel industry because of unfair trade
been more severe than the last three years when unfairly traded
imports spiked to record highs threatening to impair our national
security interests. Nowhere is this more evident than for
electrical steel, where due to unfair trade, AK Steel is now the
only remaining domestic producer of electrical steel for
transformers which are critical to the nation’s electric
grid. Recognizing the global reality domestic steel producers
face and the inadequacies of the trade laws to address it,
President Trump took the bold and necessary action of imposing
tariffs on foreign steel as a result of the Department of
Commerce’s 232 investigation.
During his testimony, Mr. Newport also noted that
in order for the 232 remedy to be effective for electrical steel,
it must apply to electrical steel as well as to downstream products
like laminations, cores, core assemblies and transformers. He
also emphasized the importance of the Administration not losing
sight of the President’s objective of restoring the domestic steel
industry to at least 80 percent capacity utilization and making
sure mechanisms are in place to combat attempts to circumvent the
remedy and undermine its effectiveness.
AK Steel commends and supports the Administration
for its efforts to stand up for American workers. “We must
fight back to make American manufacturing stronger—given how
critical it is to our economy and ensuring Americans have jobs with
family sustaining wages that contribute to the health of our local
communities across this great country,” said Newport.
AK Steel AK Steel is a leading producer of
flat-rolled carbon, stainless and electrical steel products,
primarily for the automotive, infrastructure and manufacturing,
electrical power generation and distribution markets. Through
its subsidiaries, the company also provides customer solutions with
carbon and stainless steel tubing products, die design and tooling,
and hot- and cold-stamped components. Headquartered in West
Chester, Ohio (Greater Cincinnati), the company has approximately
9,200 employees at manufacturing operations across seven states
(Alabama, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West
Virginia), as well as in Canada and Mexico. Additional
information about AK Steel is available at
www.aksteel.com.
Forward Looking StatementsCertain statements
made or incorporated by reference in this release reflect
management’s estimates and beliefs and are intended to be
“forward-looking statements” identified in the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. Words such as “expects,” “anticipates,” “believes,”
“intends,” “plans,” “estimates” and other similar references to
future periods typically identify forward-looking
statements.
The company cautions readers that forward-looking statements
reflect the company’s current beliefs and judgments, but are not
guarantees of future performance or outcomes. They are based
on a number of assumptions and estimates that are inherently
affected by economic, competitive, regulatory, and operational
risks, uncertainties and contingencies that are beyond the
company’s control, and upon assumptions about future business
decisions and conditions that may change.
Forward-looking statements are only predictions and involve
risks and uncertainties, resulting in the possibility that actual
events or performance will differ materially from such predictions
as a result of certain risk factors. Such factors that could
cause the company’s actual results and financial condition to
differ materially from the results contemplated by such
forward-looking statements include reduced selling prices,
shipments and profits associated with a highly competitive and
cyclical industry; domestic and global steel overcapacity; U.S.
government actions on NAFTA and/or other trade agreements, treaties
or policies; changes in the cost of raw materials, supplies and
energy; the company’s significant amount of debt and other
obligations; severe financial hardship or bankruptcy of one or more
of the company’s major customers or key suppliers; the company’s
significant proportion of sales to the automotive market; reduced
demand in key product markets due to competition from aluminum or
other alternatives to steel; excess inventory of raw materials;
supply chain disruptions or poor quality of raw materials or
supplies; production disruption or reduced production levels; the
company’s healthcare and pension obligations; not reaching new
labor agreements on a timely basis; major litigation, arbitrations,
environmental issues and other contingencies; regulatory compliance
and changes; climate change and greenhouse gas emissions;
conditions in the financial, credit, capital and banking markets;
the company’s use of derivative contracts to hedge commodity
pricing volatility; potential permanent idling of facilities;
inability to fully realize benefits of margin enhancement
initiatives; information technology security threats, cybercrime
and exposure of private information; that the company will not
achieve the expected benefits of the acquisition of PPHC Holdings,
LLC (Precision Partners) and/or integrate Precision Partners
successfully; changes in tax laws and regulations; as well as those
risks and uncertainties discussed in more detail in the company’s
Annual Report on Form 10-K for the year ended December 31, 2017, as
updated in subsequent Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K filed with or furnished to the Securities and
Exchange Commission. As such, the company cautions readers
not to place undue reliance on forward-looking statements, which
speak only to the company’s plans, assumptions and expectations as
of the date hereof. The company undertakes no obligation to
publicly update any forward-looking statement, except as required
by law.
Contacts: Media – Lisa H. Jester,
Corporate Manager, Communications and Public Relations (513)
425-2510Investors – Douglas O. Mitterholzer, General Manager,
Investor Relations (513) 425-5215
A photo accompanying this announcement is available at
http://resource.globenewswire.com/Resource/Download/634f061a-e505-4751-80d2-1470c341f5c6
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