AK Steel steps up pursuit of automotive market

Apr 23, 2013 | 05:17 PM | Catherine Ngai

Tags  AK Steel, James Wainscott, steel markets, market strategies, steel prices, AK Coal, Magnetation, high-end products value-added steel markets

NEW YORK — AK Steel Corp. aims to capture more market share in the automotive sector as the steelmaker continues to shift gears and focus on selling high-end products.

"The automotive market, which represents 45 percent of revenue for our full-year 2012, continues to be a bright spot for our business both in terms of carbon and specialty steel products," James L. Wainscott, chairman, president and chief executive of the West Chester, Ohio-based steelmaker, said during a first-quarter earnings call April 23. "We anticipate growth in the automotive sector with higher automotive shipments. We’ll continue to move toward richer mixes. We saw that in the first quarter, and we continue to look for more of that going forward."

AK Steel, which saw its first-quarter earnings narrow in the first three months ended March 31 (see related story, left), said that multiyear highs for housing starts and automotive unit sales will provide a boost to the steel market.....





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