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AK Steel Receives Payment for Recapitalization of Combined Metals
12/21/2007 - AK Steel receives a $42.6-million cash payment from the recapitalization of Combined Metals of Chicago LLC, a private company in which AK Steel holds a 40% equity interest.
AK Steel has received a cash payment of $42.6 million resulting from the December 20 recapitalization of Combined Metals of Chicago LLC, a private company in which AK Steel holds a 40% equity interest.
The $42.6-million payment represents a partial repayment of principal and accrued interest on a $35-million receivables note held by AK Steel. As a result of the transaction, AK Steel said that it will record a pre-tax benefit of $12.3 million in interest income, which will be recognized in AK Steel's fourth quarter 2007 financial results.
Following the recapitalization, AK Steel will continue to hold a 40% equity interest in Combined Metals. Combined Metals’ results are not consolidated in AK Steel's financial statements.
Combined Metals cold reduces, anneals, slits and polishes flat-rolled stainless and alloy steels in facilities located in Bellwood, Elgin and Hampshire, Ill., and Ann Arbor, Mich.
Headquartered in West Chester, Ohio, AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for automotive, appliance, construction and manufacturing markets.
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