AK Steel Holding Corporation (NYSE:AKS) reported that it commends U.S. Secretary of Commerce Mr. Wilbur Ross for his suggestions to President Trump that extensive based relief be executed to address the increase of steel imports that he decided threaten to damage the national security of the U.S.
Roger K. Newport, the CEO of AK Steel, expressed that they are delighted with the recommendations of Secretary Ross that effective and tough actions be implemented in a holistic manner to reduce the flood of steel imports into the country. The appreciate Secretary Ross and his team at the U.S. Commerce Department for this initiative, and all that they have been doing on vital trade matters with President Trump and his administration. They urge swift action on the given recommendations.
Newport added that they agree that the current high level of imports is a risk to the national security of their country. This is mainly true for electrical steels, which are utilized to manufacture power generation, distribution and transmission transformers that serve as the support of their country’s electric power grid. It is important that measure be offered downstream to electrical steel intensive items required for their electrical grid, including cores, core assemblies, transformers and laminations in order to avert circumvention of the Section ‘232’ remedy.
In unrelated news, earlier during the results announcement, the CEO of AK Steel stated that they were delighted with their full-year results. Their fourth quarter was at par with their anticipation and showed the impact of the key intended maintenance outages, which they completed within budget and on time.
They are enthusiastic about this year as they project robust demand in several of their major end-use markets, and they continue to unlock the prospects being developed through their recent deal of Precision Partners. Over the preceding two years, they have meaningfully improved their portfolio of products, production facilities and capabilities.
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