US - AK Steel's board of directors has authorised the company to make an early US$75m contribution to its pension trust fund during Q1 2008.
James Wainscott, chairman, president and CEO of AK Steel, said: "Since the dramatic improvement of AK Steel's financial performance, beginning late in 2003, we have embraced pension funding as one of our highest priorities. We are proud that, in an industry known for broken pension promises, AK Steel has never walked away from its pension obligations to its 32,000 retirees."
In April 2007, Global Pensions reported after an appeal hearing, AK Steel had been told to pay $46.2m to former employees who claimed the company miscalculated pensions under an early retirement programme. AK Steel said it intended to appeal the court's decision.
A number of employees who left the company after 1 January 2005 alleged the steelmaker's method of calculating lump sum payments to those who retired before the due age did not comply with state law, resulting in underpayments in one of its plans.
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