WEST CHESTER, Ohio, Aug. 21, 2013 /PRNewswire/ -- AK Steel (NYSE: AKS) said today that it has reached an agreement to settle an action brought on behalf of the U.S. Environmental Protection Agency and Commonwealth of Kentucky under the Clean Air Act and other statutes and regulations with respect to AK Steel's former Ashland, Kentucky coke plant. The agreement was reached without admission of the alleged violations by AK Steel.
In connection with the settlement, AK Steel has agreed to undertake two supplemental environmental projects at its Ashland Works steel plant to help reduce air emissions from that plant. The estimated cost of the supplemental environmental projects is approximately $2 million. In addition, AK Steel will pay civil penalties of $1,625,000 to the United States and $25,000 to the Commonwealth of Kentucky.
AK Steel said that it appreciates the cooperation of the Commonwealth of Kentucky during the settlement negotiation process that enabled a portion of AK Steel's assessed penalty to be applied to environmental improvement projects at the Ashland Works.
AK Steel permanently closed its Ashland coke plant in 2011 because it was no longer cost competitive due to increased maintenance and increasingly stringent environmental regulations. Corporate-wide, from 2003 through the end of 2012, AK Steel spent approximately $85 million on environmental-related capital projects and more than $1.1 billion to operate and maintain its environmental controls.AK Steel AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets. The company employs about 6,100 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its corporate headquarters in West Chester, Ohio. Additional information about AK Steel is available on the company's web site at www.aksteel.com. AK Tube LLC, a wholly-owned subsidiary of AK Steel, employs about 300 men and women in plants in Walbridge, Ohio and Columbus, Indiana. AK Tube produces carbon and stainless electric resistance welded (ERW) tubular steel products for truck, automotive and other markets. Additional information about AK Tube LLC is available on its web site at www.aktube.com. AK Coal Resources, Inc., another wholly-owned subsidiary of AK Steel, controls and is developing metallurgical coal reserves in Somerset County, Pennsylvania. AK Steel also owns 49.9% of Magnetation LLC, a joint venture headquartered in Grand Rapids, Minnesota, which produces iron ore concentrate from previously mined ore reserves.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts