Dearborn will be a plus for earnings, credit: AK

Jul 21, 2014 | 03:05 PM | Thorsten Schier

Tags  AK Steel, Dearborn, James Wainscott, Severstal, Thorsten Schier

NEW YORK — AK Steel Corp. expects its planned $700-million acquisition of OAO Severstal’s Dearborn, Mich., mill to be accretive to earnings and the firm’s 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 assets—including Dearborn’s joint ventures—following the transaction. "We do not intend to idle any of Dearborn’s production units," Wainscott said, and neither will the company "cease operations at any of AK Steel’s current steelmaking or steel-finishing operations."....

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