Dearborn will be a plus for earnings, credit: AK
Jul 21, 2014 | 03:05 PM
| Thorsten Schier
NEW YORK AK Steel Corp. expects its planned $700-million acquisition of OAO Severstals Dearborn, Mich., mill to be accretive to earnings and the firms credit line, according to its top executive.
"We intend for this to be credit-enhancing, and we stand by that," chairman, president and chief executive officer James L. Wainscott said during a July 21 conference call.
Meanwhile, AK Steel is not looking to idle any assetsincluding Dearborns joint venturesfollowing the transaction. "We do not intend to idle any of Dearborns production units," Wainscott said, and neither will the company "cease operations at any of AK Steels current steelmaking or steel-finishing operations."....
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