AK Steel received the “Deal Maker of the Year” award from the Association for Corporate Growth for its $690 million acquisition of Severstal Dearborn LLC.
The annual ACG award recognizes individuals and corporations for their pursuit of corporate growth via mergers and acquisitions along with efforts that drive continued growth and vitality of the region’s business community. AK Steel was an award winner in the category for corporations with over $1 billion in annual revenues.
“The successful completion of our Dearborn acquisition in the fall of 2014 has been a transformational deal for our company,” said James L. Wainscott, Chairman, President and CEO of AK Steel. “It has strengthened AK Steel as a premier North American steel manufacturer and enhanced our company’s ability to serve customers with increased size, scale and operational flexibility.”
Wainscott added, “The Dearborn acquisition helped increase AK Steel’s revenues to about $6.5 billion in 2014. With our corporate headquarters located in West Chester, Ohio, we believe that our company’s growth will also benefit the entire southwestern Ohio region.”
AK Steel acquired the Dearborn integrated steelmaking operations located in Michigan in September 2014. The deal also included the acquisition of the Mountain State Carbon cokemaking facility in Follansbee, West Virginia and ownership in three joint ventures that finish flat rolled carbon steel products.
Separately, in February 2015, AK Steel announced plans to build a new $36 million world-class Research and Innovation Center in Middletown, Ohio. The new Research and Innovation Center will be located in the Cincinnati – Dayton growth corridor along Interstate 75. Groundbreaking for that facility is planned for late in the second quarter of 2015.
(Source: AK Steel)
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