AK Steel Enters Licensing Agreement Involving Its ULTRALUME® PHS High Strength, High Formability Steel Product
October 28 2019 - 11:30AM
AK Steel (NYSE: AKS) announced today that it has entered into a
licensing agreement involving its aluminized boron press hardenable
steel product, ULTRALUME® PHS. This product is a high
strength, high formability steel that is hot stamped into parts for
the automotive industry.
Under this agreement with ArcelorMittal, AK Steel
has full rights to manufacture and sell its ULTRALUME® PHS product
for hot stamping and its customers are permitted to stamp and use
the product in the United States, Canada and Mexico.
AK Steel will be the sole licensee, along with the
licensor's subsidiaries, permitted to produce aluminized boron
press hardenable steel in the United States, Canada or Mexico to be
processed pursuant to ArcelorMittal’s licensed patents about the
press hardening of parts made of aluminized boron high strength
steel. This licensing agreement is a part of the settlement
of a patent infringement case that has been pending in the Federal
District Court for the District of Delaware between the
parties.
AK Steel expects to significantly expand its sales
of this important automotive product as a result of the dispute
being resolved.
AK SteelAK Steel is a leading
producer of flat-rolled carbon, stainless and electrical steel
products, primarily for the automotive, infrastructure and
manufacturing, including electrical power, and distributors and
converters markets. Through its subsidiaries, the company also
provides customer solutions with carbon and stainless steel tubing
products, hot- and cold-stamped components, and die design and
tooling. Headquartered in West Chester, Ohio (Greater Cincinnati),
the company has approximately 9,500 employees at manufacturing
operations in the United States, Canada and Mexico, and facilities
in Western Europe. Additional information about AK Steel is
available at www.aksteel.com.
Contacts: Media – Lisa H.
Jester, Corporate Manager, Communications and Public Relations
(513) 425-2510Investors – Douglas O. Mitterholzer, General Manager,
Investor Relations (513) 425-5215
AK Steel (NYSE:AKS)
Historical Stock Chart
From Mar 2024 to Apr 2024
AK Steel (NYSE:AKS)
Historical Stock Chart
From Apr 2023 to Apr 2024