AK Steel Moving to Big Board
MIDDLETOWN, Ohio (AP) _ AK Steel Corp. said Tuesday it has applied to list common and preferred shares on the New York Stock Exchange and expects to begin trading by April 5 under the symbol AK.
The steelmaker’s common shares have been listed on the Nasdaq Stock Market since the company, then known as Armco Steel Co., converted to public ownership in March 1994.
AK Steel said it earned $136.3 million, or $4.15 per fully diluted share of common stock in 1994. Its operating profit of $46 per ton of steel the same year was more than five times the $9 per ton it made in 1993.
AK Steel produces carbon flat-rolled steel for automakers and other manufacturing industries, with 6,000 employees in Middletown and Ashland, Ky.