Navigation Links
AK Steel Reaches VEBA Health Care Settlement With Middletown Works Retirees
Date:10/8/2007

WEST CHESTER, Ohio, Oct. 8 /PRNewswire-FirstCall/ -- AK Steel (NYSE: AKS) said today that it has reached agreement with a group of retirees from its Middletown (OH) Works to settle a lawsuit stemming from the company's initiatives in 2006 to reduce its retiree health care costs in order to improve its competitiveness.

The company said the settlement agreement covers about 4,600 current Middletown Works retirees. Under terms of the agreement, AK Steel will transfer all of its health care (OPEB) obligations for the covered retirees to a Voluntary Employees Beneficiary Association (VEBA) trust, which will be managed solely by the retirees' designees, and will be utilized to fund the retirees' covered benefits. AK Steel will initially fund the VEBA trust with a contribution of $468 million, with three subsequent annual contributions of $65 million each, for a total of $663 million. In exchange for this funding, AK Steel will have no further liability related to the Middletown Works retirees covered by the agreement.

The company said that it intends to fund the initial $468 million trust contribution through one or more sources, including its existing cash balances and credit facilities; and possibly the capital markets. The company said it expects the initial trust contribution to occur in the first quarter of 2008. As of June 30, 2007, AK Steel's total OPEB liability was approximately $2.1 billion, of which approximately one-half was related to the Middletown Works retirees covered by the settlement announced today.

AK Steel said the agreement is subject to approval by the U.S. District Court, Southern District of Ohio, Western Division, in Cincinnati.

AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for automotive, appliance, construction and manufacturing markets.


'/>"/>
SOURCE AK Steel
Copyright©2007 PR Newswire.
All rights reserved

Page: 1

Related medicine news :

1. Mittal tightens grip on steel making giant, to be its chief
2. SARS reaches Russian Federation
3. Birds Flu Scare Reaches Germany
4. Number Of Bird Flu Cases In Switzerland Reaches 11
5. Cholera Death Toll Reaches 1,156 in Angola
6. Indonesia’s Bird Flu Death Toll Reaches 3
7. Indonesias Bird Flu Death Toll Reaches 42
8. Dengue Cases in West Bengal Reaches 400 Mark
9. Chikungunya Reaches Sri Lanka
10. Poor health care in Russia maybe causing Decline in its Population
11. Startling Expose – Physicians Often Have No Regular Source Of Health Car
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/26/2014)... (PRWEB) December 26, 2014 Parker ... for the best in heating, cooling and plumbing ... 24 hour emergency services in 2014 with regard ... know that Arizona is known for its incredibly ... that understands the intricacies and details of a ...
(Date:12/25/2014)... (PRWEB) December 26, 2014 ... BambooFlooringChina.com combines beauty, strength and durability. Today, the ... promotion, which is valid until Jan. 30, 2015. ... grain of traditional hardwood. BambooFlooringChina.com is a well-known ... help consumers worldwide to find a reliable bamboo ...
(Date:12/25/2014)... 25, 2014 Product liability lawsuits filed ... recall ( http://www.consumerinjurylawyers.com/DePuy/ ) continue to move forward in ... Order issued in the U.S. District Court, Northern District ... an open conference on January 7, 2015, at the ... in West Palm Beach, Florida. The Conference is scheduled ...
(Date:12/25/2014)... Recently, Dylan Queen, a famous online company ... collection of discounted prom dresses, most of which are ... of the company, the promotion is valid until Jan. ... expand the UK market. , The prom dresses in ... and styles: A-line strapless, empire strapless chiffon, one shoulder, ...
(Date:12/25/2014)... 2014 BambooFlooringChina.com sells many bamboo products ... flooring. Today, the company announces big discounts on ... and colors. , BambooFlooringChina.com is the world’s leader in ... is valid until Jan. 20, 2015. , The bamboo ... with a natural thread. All the bamboo strips for ...
Breaking Medicine News(10 mins):Health News:Parker & Sons Announces Record Demand For 24 Hour Emergency Services In 2014 With Regard To Air-Conditioning Systems 2Health News:Parker & Sons Announces Record Demand For 24 Hour Emergency Services In 2014 With Regard To Air-Conditioning Systems 3Health News:BambooFlooringChina.com: click strand woven bamboo flooring promotion valid until Jan. 30, 2015. 2Health News:Federal Court Overseeing DePuy ASR Hip Lawsuit Set to Convene Conference in January, Bernstein Liebhard LLP Reports 2Health News:Federal Court Overseeing DePuy ASR Hip Lawsuit Set to Convene Conference in January, Bernstein Liebhard LLP Reports 3Health News:Dylan Queen: Cheap Prom Dresses for the UK Market 2Health News:Various Styles of Bamboo Mats in Many Colors from BambooFlooringChina.com 2
... Cipla has offered to manufacture an antiviral drug for ... by Glaxo Smithkline. It has already made Tamiflu in its ... well known and popular as Tamiflu has but is cheaper ... Hameid, CEO of Cipla in a press release said:‘‘Zanamivir is ...
... as the first most common cause for death in ... stress echocardiography that can help predict life-threatening heart problems ... conducted among a group of diabetic women aged between ... type of stress test for suspected coronary disease that ...
... form chronic back pain, an increasing attention is being ... study has established that chiropractic care produces significantly // ... underwent the therapy had higher pain relief and satisfaction ... medical care. , ,The study has been conducted ...
... detected by using a hand-held scope called VELscope, which has ... by National Institute of Dental Craniofacial Research. The devise emits ... white light in detection of cancerous lesions in the mouth. ... oral cancer as better treatment is achieved when oral cancer ...
... National Laboratory are studying the biopolymer structural dynamics of ... new theory on protein folding unfolds the mystery of ... to diseases and the study is to be published ... Sciences. , ,The researchers used a technique called ...
... Britain can look forward to some relief, as a cannabis-based ... time, following approval from the Home Office for its importation ... be able to obtain an unlicensed, cannabis-based medicine on prescription ... it is yet to be licensed in the UK. The ...
Cached Medicine News:Health News:Cipla In India Can Manufacture Drug For Bird Flu 2Health News:Cipla In India Can Manufacture Drug For Bird Flu 3Health News:A Simple Test To Detect Heart Disease In Women Can Be Lifesaving 2Health News:Back Pain Can Now Be Cost-Effectively Treated By Chiropractic Care 2Health News:Relief For British MS Patients: Cannabis-Based Oral Spray 2
(Date:12/24/2014)... Trade Commission (ITC) issued its final decision in the case ... issued on December 23, the ITC ruled in favor of ... invalid. BMC President, James Xu called ... the ITC,s decision in this case. This victory for us ... beginning on the key patents in the case. ResMed chose ...
(Date:12/24/2014)... Wis. , Dec. 23, 2014 PuraMed ... marketer of over-the-counter (OTC) medicinal and healthcare products, announced ... of MigraPure® H, a hemp-based, advanced headache relief product, ... dispensaries in Colorado , ... . With the MigraPure H Advanced headache ...
(Date:12/24/2014)...   Synageva BioPharma Corp. (NASDAQ: ... products for rare disorders, today announced validation by ... Authorization Application (MAA) for sebelipase alfa for LAL ... for accelerated assessment, which has the potential to ... The MAA, and the Biologics License Application ...
Breaking Medicine Technology:ITC Final Decision Goes Against ResMed (RMD) Monumental Win for 3B/BMC 2PuraMed BioScience Nears Final Stages Needed for Distribution of MigraPure H 2PuraMed BioScience Nears Final Stages Needed for Distribution of MigraPure H 3Synageva BioPharma Announces Sebelipase Alfa Marketing Authorization Application Validated By The EMA 2Synageva BioPharma Announces Sebelipase Alfa Marketing Authorization Application Validated By The EMA 3
... national reference laboratory and a worldwide leader ... offers an extensive test menu of highly ... and anatomic pathology. Owned by the University ... than half of the nation's university teaching ...
... national reference laboratory and a worldwide leader ... offers an extensive test menu of highly ... and anatomic pathology. Owned by the University ... than half of the nation's university teaching ...
... reference laboratory and a worldwide leader in ... an extensive test menu of highly complex ... anatomic pathology. Owned by the University of ... half of the nation's university teaching hospitals ...
... a national reference laboratory and a worldwide ... ARUP offers an extensive test menu of ... clinical and anatomic pathology. Owned by the ... more than half of the nation's university ...
Medicine Products: