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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report(Date of earliest event reported) September 24, 1997
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AK STEEL HOLDING CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE File No. 1-13696 31-1401455
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(State or other (Commission file number) (IRS employer
jurisdiction of identification
incorporation) number)
703 Curtis Street, Middletown, Ohio 45043
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (513) 425-5000
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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Filed herewith are copies of two Press Releases, dated
September 18 and September 22, 1997, respectively, issued by AK Steel
Holding Corporation (the "Company"). The Press Release dated September
18, 1997, announced the redemption of all of the Company's outstanding
7% Convertible Preferred Stock, Stock Appreciation Income Linked
Securities (SAILS).
The September 22, 1997, Press Release announced that a new
labor agreement was reached between AK Steel and the Oil, Chemical and
Atomic Workers International Union (OCAW) covering about 360 hourly
employees of the Company's Ashland, Kentucky, coke plant.
Item 7. Exhibits.
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(a) Financial Statements of business acquired:
Not applicable.
(b) Pro Forma financial information:
Not applicable.
(c) Exhibits:
(1) Press Release, dated September 18, 1997
(2) Press Release, dated September 22, 1997
2
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Signatures
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
AK STEEL HOLDING CORPORATION
/s/ John G. Hritz
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Vice President, General Counsel
and Secretary
Dated: September 24, 1997
3
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AK STEEL HOLDING CORPORATION
FORM 8-K
CURRENT REPORT
Exhibit Index
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Exhibit No. Description Page
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1 Press Release, dated September 18, 1997 5
2 Press Release, dated September 22, 1997 6
4
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EXHIBIT 1
NEWS RELEASE
AK STEEL TO REDEEM PREFERRED STOCK
MIDDLETOWN, OH, September 18, 1997 -- AK Steel (NYSE: AKS) today
announced that it is calling for redemption all of its outstanding 7%
Convertible Preferred Stock, Stated Value $30.75 per Share, Stock
Appreciation Income Linked Securities (SAILS). The redemption date is
October 16, 1997.
SAILS outstanding at September 12, 1997, totaled 4,750,774. Each of
the SAILS will be redeemed solely in exchange for .8621 of a share of AK
Steel common stock, the same amount that would apply upon voluntary
conversion. Following the redemption, the company will have
approximately 31 million shares of common stock outstanding.
The company said the redemption will not dilute the interests of
common shareholders because per share earnings since the issuance of the
SAILS have been calculated on a fully diluted basis that has given
effect to the mandatory conversion of the SAILS. Cash requirements for
the redemption are minimal, relating only to payment for fractional
shares. Redemption of the SAILS will eliminate approximately $10
million annually in preferred stock dividend requirements.
A notice of redemption and letter of transmittal will be sent to
holders of the SAILS. The Fifth Third Bank, Cincinnati, Ohio, AK
Steel's newly appointed transfer agent and registrar, will serve as
redemption and conversion agent. Holders of the SAILS may contact Fifth
Third Bank at (800) 837-2755 with any questions.
AK Steel produces flat-rolled steel for automotive, appliance,
construction and manufacturing markets. The company employs about 5,800
people in plants and offices in Middletown, Ashland, Kentucky and
Rockport, Indiana.
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EXHIBIT 2
NEWS RELEASE
AK STEEL AND OCAW REACH AGREEMENT ON ASHLAND COKE PLANT CONTRACT
MIDDLETOWN, OH, September 22, 1997 -- AK Steel (NYSE: AKS) announced
today the company has reached an agreement with the Oil, Chemical and
Atomic Workers International Union (OCAW) on a new labor agreement
covering about 360 hourly employees of the company's Ashland, Kentucky,
coke plant. Members of OCAW Local 3-523 ratified the agreement
September 19.
The contract provisions include:
The terms of the agreement are in effect until April 1, 2001;
A $.50 per hour general wage increase and $500 bonus effective
October 1, 1997;
A $.25 per hour general wage increase and $500 bonus effective
October 1, 1998 and October 1, 1999;
Improved pension program.
The agreement succeeds a May 1, 1994 labor agreement between OCAW and
AK Steel.
AK Steel produces flat-rolled steel for automotive, appliance,
construction and manufacturing markets. The company employs about 5,800
people in plants and offices in Middletown, Ashland, Kentucky and
Rockport, Indiana.
