AK Steel looks to boost contract business

Oct 22, 2013 | 04:58 PM | Catherine Ngai

Tags  AK Steel, James Wainscott, Middletown outage, steel, steel pricing, contract business, spot business, coal mining 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 company’s 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 steelmaker’s third-quarter earnings call Oct. 22.

"We’re 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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