March 1, 2018 - AK Steel (NYSE:AKS) said today that the company supports President Trump's announcement today in which he indicated that next week he will formally announce significant tariffs on imported steels.
This follows the Section 232 investigation initiated by the Department of Commerce in April 2017 to assess the threats to the national security of the United States caused by unfairly traded imports. AK Steel Chief Executive Officer Roger K. Newport and leaders of other steel companies in the United States joined President Trump at the White House today to discuss Section 232 remedies.
"We support and commend President Trump for announcing today the actions he plans to take to stem the tide of unfairly traded steel imports that threaten the national security of our country," said Roger Newport. "This is a strong, important step to combat the effects of global steel overcapacity and address actions by other countries to circumvent U.S. trade laws and orders designed to ensure a level playing field."
AK Steel is the only steel manufacturer in North America that produces carbon, stainless and electrical steels. The company is also the sole remaining producer of electrical steel for electrical transformers in North America. AK Steel looks forward to continuing to work with the Administration and the Department of Commerce to address the need to cover downstream electrical steel products that are critical to our nation's electrical grid infrastructure, which is vital to the national security of the United States. This is important to ensure the remedies are effective and to prevent future circumvention.
AK Steel is a leading producer of flat-rolled carbon, stainless and electrical steel products, primarily for the automotive, infrastructure and manufacturing, electrical power generation and distribution markets. Through its subsidiaries, the company also provides customer solutions with carbon and stainless steel tubing products, die design and tooling, and hot- and cold-stamped components. Headquartered in West Chester, Ohio (Greater Cincinnati), the company has approximately 9,200 employees at manufacturing operations across seven states (Alabama, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia), as well as in Canada and Mexico.
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