AK Steel changes senior management and announces layoffs

2015-12-24

 USA, Ohio: AK Steel, a U.S.-based producer of electrical steels, has announced senior management changes as its Board of Directors approved the promotion of several members of its executive management team.

Roger Newport has been appointed CEO and member of the board of directors of the West Chester-based AK Steel, and Kirk Reich has been promoted president and chief operating officer, the company announced in the press release.

James Wainscott, who has been president and CEO since 2003, will retire from that role, but will remain on as chairman of the board of directors in a non-executive capacity, a role he has held since 2006.

Three more promotions to executive vice president positions have been announced, as well as three new vice president positions.

At the same time, the company notified workers earlier this month of its plans to start layoffs before the end of the year due to difficult market conditions resulting from what they believe are “unfairly traded imports” of steel.

The company could lay off as many as 733 workers at its steelmaking plant in Kentucky as early as 18 December.

Source: AK Steel; Business Journal
Image: Flickr