AK Steel Holding Corp (NYSE:AKS) On Two Year Labor Deal

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AK Steel Holding Corp (NYSE:AKS) reported that members of the IAM Local 1943 have approved a two year labor deal covering nearly 1,730 hourly employees at the firm’s Middletown, Ohio facility. The company stated that the deal was approved in voting done on March 12, 2018. The new deal will be valid until March 15, 2020.

The buzz

Roger K. Newport, the CEO of AK Steel, expressed that they are delighted to have finalized a deal at Middletown Works prior to the expiration date. The new agreement offers a competitive labor deal that develops the interests of their staff and the firm. Middletown Works marks as integrated steel activities with carbon steel casting, melting, cold and hot rolling, and finishing operations to make a number of stainless steels and carbon for the automotive and other segments.

In unrelated news, AK Steel reported that the firm supports President Trump’s announcement in which he stated that next week he will officially report considerable tariffs on imported steels. This follows the Section-232 probe started by the Department of Commerce in last April to evaluate the fears to the national security of the U.S. led by unfairly traded imports. The CEO of AK Steel and pioneers of other steel firms in the U.S. met President Trump at the White House to discuss Section-232 remedies.

They commend and support President Trump for reporting the actions he intends to take to curtail the tide of unlawfully traded steel imports that intimidate the national security of their nation. This is a strong, vital measure to combat the effects of international steel overcapacity and address measures by other nations to circumvent U.S. trade regulations and orders advanced to guarantee a level playing field. AK Steel marks the only steel maker in North America that produces stainless, electrical and carbon steels.

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