AK Steel Holding Corporation
) announced that it has inked an agreement to settle an action
brought on behalf of the U.S. Environmental Protection Agency and
Commonwealth of Kentucky under the Clean Air Act and other
statutes and regulations with respect to the company's former
Ashland, Ky., coke plant.
Per the agreement, AK Steel will undertake two supplemental
environmental projects worth $2 million at its Ashland Works
steel plant to reduce air emissions from that plant. According to
AK Steel, it received cooperation from the Commonwealth of
Kentucky during the settlement negotiation process for a part of
its assessed penalty to be applied to environmental improvement
projects at the Ashland Works.
AK Steel permanently shut down its Ashland coke plant in 2011
on account of excessively high maintenance costs and also due to
increasingly stringent environmental regulations. The company has
spent about $85 million on environmental-related capital projects
and more than $1.1 billion to operate and maintain its
environmental standards from 2003 till 2012.
A few days ago, AK Steel reached a new labor agreement with
the members of the United Steelworkers (USW) Local 1865 union.
The agreement will hold good for 18 months and will cover more
than 800 hourly production and maintenance steel operations
employees at the Ashland Works plant.
The current agreement will expire on Sep 1. The new one will
be effective from Sep 1, 2013, and will expire on Mar 1, 2015.
The agreement is in the best interests of both AK Steel and Local
AK Steel currently retains a Zacks Rank #3 (Hold).
Other companies in the steel industry with favorable Zacks
Nippon Steel & Sumitomo Metal Corporation
Kobe Steel Ltd.
). While Nippon Steel retains a Zacks Rank #1 (Strong Buy), Kobe
Steel and Ternium carry a Zacks Rank #2 (Buy).
AK STEEL HLDG (AKS): Free Stock Analysis
KOBE STEEL-ADR (KBSTY): Get Free Report
NIPPON STEEL CP (NSSMY): Get Free Report
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