AK Steel looks to boost contract business
Oct 22, 2013 | 04:58 PM
| Catherine Ngai
NEW YORK AK Steel Corp. is looking to improve its bottom line to maintain sustainability as it turns away from the spot market and plans to delay its coal mining efforts, the companys top executive said.
Due to an uncertain steel environment, the company is actively trying to expand its contract business and move away from spot pricing, AK chairman, president and chief executive officer James L. Wainscott said during the West Chester, Ohio-based steelmakers third-quarter earnings call Oct. 22.
"Were selectively reducing (our participation) in the typically volatile spot market," he said. "A couple of years ago, our contract-to-spot ratio was 50-50. In the third quarter of this year, that ratio is 75-25."....
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