New board directors named at AK Steel [Dayton Daily News, Ohio]
(Dayton Daily News (OH) Via Acquire Media NewsEdge) Oct. 23--In addition to releasing quarterly results Tuesday, AK Steel also named two new board directors.
On Oct. 18, the board of directors of AK Steel Holding Corp. expanded its number of authorized directors from 10 to 12. They elected Mark Essig and Vicente Wright as directors of the company effective November 1, according to a U.S. Securities and Exchange Commission filing.
Essig is currently chief executive officer of FKI Security Group. Essig previously held senior executive positions with several steel industry companies, including Shale-Inland, Washington Steel Corp., RathGibson LLC, GS Industries and AK Steel. He was executive vice president of AK Steel from 1992 to 1998, according to the SEC filing.
Wright previously has served as chairman of the board of directors, as well as president and chief executive officer of California Steel Industries, also according to the SEC filing.
"In accordance with our corporate governance guidelines, and as standard practice, the size of AK Steel's Board of Directors may be increased from time to time," said AK Steel spokesman Mike Wallner in an email. "Both Mr. Essig and Mr. Wright bring additional experience and insight to our Board."
AK Steel will disclose with the SEC the new board members' stock ownership in November, Wallner said.
"It is the policy of our Board that all Directors hold a significant equity interest in AK Steel consistent with their responsibilities to our shareholders," he said.
AK Steel reported Tuesday a lower third quarter net loss of $31.7 million, compared to $40.4 million in the April to June quarter this year and $60.9 million a year ago. Total revenues dropped on lower shipments due to the unplanned outage this year at Middletown Works, as well as a seasonal reduction in shipments to the automotive market, company officials said.
AK Steel is headquartered in West Chester Twp. and operates several steel plants, including Middletown Works.
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