AK Steel President James Wainscott says key investments the company has made to secure materials used to make steel should pay off this year. He spoke at the firm’s annual shareholder’s meeting today (May 29).
Wainscott says the moves include ventures into iron ore and coal production to benefit AK’s blast furnaces in Ashland and Middletown, Ohio.
Wainscott says AK’s joint venture with Magnetation LLC on the construction of a plant in Indiana should result in the production of the first iron ore pellets for Ashland and Middletown during the second half of this year.
Wainscott says AK decided to make investments in iron ore and coal to control more of the materials used in the production of steel. As a result, he says, his company will be more competitive.
The Ashland Works makes carbon steel slabs which are shipped to Middletown. The mill spans almost 700 acres and employs about 800 people.