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AK Steel Holding Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: AKS

Starting with safety. On the employee safety front, we continue to educate, equip and enforce our safety program with the finest workforce in the steel industry. For all of 2011, our safety performance results in terms of OSHA recordable injuries led the steel industry by a factor of 6x. And through the first half of 2012, our safety performance has actually improved by about 10%. These results are a credit to all of our employees, and I commend them for making safety their highest priority.

During the quarter, AK Steel's Coshocton Works received a special award for safety from the state of Ohio for operating nearly 3 million man hours from February of 2008 through August of last year without a single lost-time injury. Also during the quarter, AK Tube's Walbridge, Ohio plant was honored for its astounding safety performance and received the 100% Award for Safety from Ohio for operating the entire year 2011 without any los-time injuries or illnesses. These are marvelous achievements, and I congratulate the men and women of Coshocton and AK Tube Walbridge. We will continue to do everything we can to ensure the safety of our employees and our contractors who work on our property each and every day.

Speaking of our employees, I'm happy to report that just last week, we reached an early agreement on a new 4-year labor contract with our Butler Works employees represented by the United Auto Workers. This new agreement provides a competitive and flexible labor contract for the company and for our Butler Works employees. I might add that we have no other labor agreements expiring in 2012. Our next expiring contract is on April 1, 2013, with the UAW representing our Coshocton Works plant.

May I also take just a moment to comment on AK Steel retirees as we continue to meet our legacy obligations to them. During Q2 to complete our required pension funding obligations for 2012, we contributed $142 million to the pension trust. This brings our full year 2012 pension contributions to $170 million. In addition, it brings our total contributions to the pension trust since the year 2005 to $1.5 billion.

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