US - AK Steel will be making a US$50m voluntary contribution to its company pension fund following substantial contributions over the last 18 months.
This decision was taken after the company board of directors authorised the payment.
In May, AK Steel had paid in an additional $84m on the back of another $150m contribution made in January 2005.
“Our strong business results have enabled AK Steel to contribute nearly $300m to our employee pension fund in the past 18 months,” said James L. Wainscott, CEO of AK Steel. “Most of those contributions were either made voluntarily or well ahead of funding deadlines, underscoring our commitment to pension funding.”
AK Steel provides pension benefits to approximately 32,000 retirees and/or their beneficiaries. The company noted it has continued to fund its retiree health care and pension legacy costs, although most of its competitors have reduced or eliminated their legacy obligations through the bankruptcy process.
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