AK Steel Holding
From Wikipedia, the free encyclopedia
| AK Steel, Inc. | |
| Type | Public (NYSE: AKS) |
|---|---|
| Founded | 1900 |
| Headquarters | Middletown, Ohio, USA |
| Industry | Steel |
| Revenue | $5.7 Billion FY2004 |
| Employees | 8,400 |
| Website | www.aksteel.com |
AK Steel Holding Corporation, formerly known as Armco, is a major American steel company founded in 1900 as the American Rolling Mills Corporation. With 2005 revenues of US$5 billion, it is on the list of the 500 largest companies from Fortune Magazine. Today the company is situated in Middletown, Ohio.
The company has production facilities in a number of American cities including: Middletown, Ohio, Ashland, Kentucky, Zanesville, Ohio, Mansfield, Ohio, Butler, Pennsylvania and Rockport, Indiana as well having production facilities in Canada, Mexico and Western Europe.
AK Steel's main products are carbon, stainless and electrical steels, cold rolled and aluminium coated stainless steel for automakers.
The current CEO at AK Steel Holding is James L. Wainscott
[edit] Genericized name
The name Armco has become synonymous with highway and racetrack crash barriers, being frequently applied to barriers made by other companies;[citation needed] in this respect it is a genericized trademark.
[edit] Middletown Works Lockout
On February 28, 2006, AK Steel began a Lockout of Armco Employees Independent Federation (AEIF), an employee union, at their Middletown Works plant, in Middletown, Ohio. This lockout is already the longest labor stalemate in the 105-year history of the Middletown Works. The previous longest stalemate was a five-day company lockout in 1986.
The aforementioned lockout is still in effect. On June 29, 2006, AK Steel made what it has called its "final offer" on the remaining 21 out of 29 items of interest to the union. Reports also claim that AK Steel is soliciting new unions to employ in the place of the AEIF, but this has been denied by AK Steel. As of December 12th, it is still in effect, the company gave the union a final offer to vote on, but it was rejected by about 200 votes. there was also a temporary restraint on picketing until october 24th. AK has somewhat stepped back on their contracts, citing that ever-changing steel industry economics. The contract after the last final offer gave lower wages, more health insurance sharing, and random drug tests. Many have left or sought other employment, citing that the lockout was the last straw. James Wainscott, the CEO, has not attended any negotiation sections, and has stayed quiet during the lockout. AK profits have remained strong, despite allegations of using steel from other mills. The mill has been operated by 1,800 salaried and temporary replacement workers.
