AK Steel and National Steel Extend Labor Agreement Deadline.Business Editors MIDDLETOWN, Ohio--(BUSINESS WIRE)--March 7, 2003 AK Steel (NYSE NYSE See: New York Stock Exchange :AKS) said today that it has agreed with National Steel Corporation to extend the timeframe to March 26 for AK Steel to reach a new labor agreement with the United Steelworkers United Steelworkers (USW) historic labour union representing workers in steel, aluminum, and other metallurgical industries for much of the 20th century. In the U.S. of America (USWA USWA United Steelworkers of America USWA United States Wrestling Association USWA United States Windsurfing Association USWA United States Wristwrestling Association ) in its bid to acquire substantially all of the assets of National Steel Corporation. AK Steel and National Steel agreed to the extension after AK Steel presented a contract proposal to the union earlier this week. The previous deadline had been March 17. "We are negotiating within an extremely truncated schedule and dealing with complex issues, especially those related to pensions and health care benefits for future retirees," said Richard M. Wardrop, Jr., chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AK Steel. "The extension will give both parties additional time to evaluate, in detail, these critical elements of any new labor agreement," Mr. Wardrop said. AK Steel and National Steel have signed an Asset Purchase Agreement for AK Steel to acquire substantially all of the steelmaking and finishing assets of National for $1.125 billion. The agreement is subject to various contingencies, including the approval of the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , following a formal auction scheduled for early April. AK Steel's current bid topped a January 29 bid from U.S. Steel The United States Steel Corporation (NYSE: X) is an integrated steel producer with major production operations in the United States and Central Europe. The company is the world's seventh-largest steel producer ranked by sales (see list of steel producers). of $1.050 billion, according to AK Steel. AK Steel produces flat-rolled carbon, stainless and electrical steel products for automotive, appliance, construction and manufacturing markets, as well as tubular steel products. The company has more than 10,000 employees in plants and offices in Middletown, Coshocton, Mansfield, Walbridge and Zanesville, Ohio; Ashland, Kentucky; Rockport, Indiana; and Butler, Pennsylvania. In addition, the company produces snow and ice control products and operates an industrial park on the Houston, Texas ship channel. |
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