AK Steel sees no antitrust issues in mill buy

Aug 13, 2014 | 12:17 PM | Nat Rudarakanchana

Tags  steel, AK Steel, Roger Newport, Dearborn mill, acquisition, antitrust, Justice Department, U.S. Steel ArcelorMittal

NEW YORK — AK Steel Corp. expects to win U.S. Justice Department approval for its proposed $700-million acquisition of OAO Severstal’s integrated mill in Dearborn, Mich., because the deal would not give the company an overly large share of the automotive steel market, a company executive said.

"We have competing products, especially with aluminum now. ... We have competitors: U.S. Steel (Corp.), ArcelorMittal (SA), Nucor (Corp.), Steel Dynamics (Inc.). And you have imports. Imports are still 20-plus percent of our market, have been forever," chief financial officer Roger K. Newport told analysts and investors at Jefferies LLC’s 10th annual Global Industrials Conference in New York. "You’ve got plenty of competing markets and suppliers out there."....

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