AK Steel Applauds the Trump Administration's Announced Plans to Issue Tariffs on Imported Steel Under Section 232
March 01 2018 - 04:40PM
AK Steel (NYSE:AKS) said that the company supports President
Trump's announcement today in which he indicated that next week he
will formally announce significant tariffs on imported
steels.
This follows the Section 232 investigation
initiated by the Department of Commerce in April 2017 to assess the
threats to the national security of the United States caused by
unfairly traded imports. AK Steel Chief Executive Officer
Roger K. Newport and leaders of other steel companies in the United
States joined President Trump at the White House today to discuss
Section 232 remedies.
"We support and commend President Trump for
announcing today the actions he plans to take to stem the tide of
unfairly traded steel imports that threaten the national security
of our country," said Roger Newport. "This is a strong,
important step to combat the effects of global steel overcapacity
and address actions by other countries to circumvent U.S. trade
laws and orders designed to ensure a level playing
field."
AK Steel is the only steel manufacturer in North
America that produces carbon, stainless and electrical
steels. The company is also the sole remaining producer of
electrical steel for electrical transformers in North
America. AK Steel looks forward to continuing to work with
the Administration and the Department of Commerce to address the
need to cover downstream electrical steel products that are
critical to our nation's electrical grid infrastructure, which is
vital to the national security of the United States. This is
important to ensure the remedies are effective and to prevent
future circumvention.
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 Statements Certain 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
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