Steel Mills
New Credit Facility for AK Steel
Written by Sandy Williams
March 20, 2014
A new $1.1 billion credit facility agreement is expected to improve AK Steel liquidity and strategic flexibility. AK Steel announced the it has entered into the 5-year revolving credit facility with a group of lenders led by Bank of America NA, JP Morgan Securities LLC and Wells Fargo Capital Finance.
The new facility replaces an existing $1.1 billion facility due to expire in April 2016, both of which are secured by AK Steel’s inventory and accounts receivable. The new facility will expire in March 2019.
The credit will be used for working capital and general corporate purposes.
AK Steel reported net income of $35.2 million for the fourth quarter of 2013. The company ended the year 2013 with solid liquidity of $845 million, an increase of $33 million from its September 30, 2013 liquidity level.
For the year 2013, AK Steel reported a net loss of $46.8 million compared to a net loss of $1.0 billion in 2012.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
CRU: Blackout knocks out ArcelorMittal mill ‘for months’
Truchas works in Lazaro Cadenas, Michoacan, western Mexico. Repairs may take up to six months.
Nippon Steel posts quarterly loss on cost to buy U.S. Steel
Nippon Steel earnings take hit from buy of U.S. Steel.
Atlas completes Evraz NA deal, renames firm, and hires former USS exec as CEO
Atlas Holdings has completed its acquisition of Evraz North America (Evraz NA) and its subsidiaries.
ArcelorMittal: As tariffs slow global growth, Calvert could be a bright spot
ArcelorMittal expects less demand growth across most of the markets it operates in, including the US, because of President Donald Trump’s tariffs. But the Luxembourg-based steelmaker also thinks it stands to benefit from an increasingly regionalized world thanks to investments like the new EAF at its mill in Calvert, Ala.
Ternium posts solid Q2, expects further shipment growth
Latin American steel producer Ternium delivered a solid performance in the second quarter of 2025. Performance was driven primarily by higher realized steel prices in Mexico, even as shipment volumes declined slightly across its regional portfolio.