Navigation Links
U.S. Court Approves AK Steel's VEBA Health Care Settlement With Middletown Works Retirees
Date:2/21/2008

WEST CHESTER, Ohio, Feb. 21 /PRNewswire-FirstCall/ -- AK Steel (NYSE: AKS) said today that the United States District Court in Cincinnati has approved an agreement between AK Steel and a group of retirees from its Middletown (OH) Works to settle a lawsuit stemming from the company's initiatives in 2006 to reduce its health care costs in order to improve its competitiveness.

The settlement agreement, which established a Voluntary Employees Beneficiary Association (VEBA) trust, was reached on October 8, 2007, and was subject to approval by the court. The agreement covers approximately 4,900 current Middletown Works retirees. The retirees had been represented by the AEIF independent labor union, or its successor union, the IAM, during their employment with the company.

"We are very pleased that the court has approved this landmark agreement," said James L. Wainscott, chairman, president and CEO of AK Steel. "The court's approval allows the parties to establish an innovative VEBA trust to fund the health care benefits for this group of retirees."

Under terms of the agreement, AK Steel will fund the VEBA trust and transfer all of its retiree health care (OPEB) obligations for the covered retirees to the trust. The trust will be managed solely by the retirees' designees and will be utilized to fund the retirees' covered benefits. In exchange for the funding, AK Steel will have no further liability related to the Middletown Works retirees covered by the agreement.

The company said that the settlement will reduce by about one-half the company's total current OPEB liability of approximately $2 billion.

About AK Steel

AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, appliance, construction and electrical power generation and distribution markets. The company employs about 6,500 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, K
'/>"/>

SOURCE AK Steel
Copyright©2008 PR Newswire.
All rights reserved

0

GOOD

Page: 1 2

Related medicine news :

1. Michigan Resident, Kimberly Kents Drug Product Liability Case Will Be Argued in the United States Supreme Court on February 25, 2008
2. Wyeth Wins Thimerosal-Autism Case in Maryland Court
3. Justice Department Requires Divestitures in Pearsons Acquisition of Harcourt Assessment
4. Lawsuit Filed in Florida Federal Court Over Marketing of Vytorin and Zetia By Merck and Schering-Plough
5. Boston Scientific Announces Court Decision
6. Memry Corporation Plans to Appeal Unfavorable Court Result
7. Aspreva receives final court approval for acquisition by Galenica
8. Wedgewood Pharmacy: U.S. Court of Appeals Vacates DEA Action
9. EPA Plan to Evade Required Cuts in Mercury Pollution Challenged in Court by States, Tribes, Health and Environmental Groups
10. Court issues final order approving Biomiras move to U.S. and name change to Oncothyreon
11. Supreme Court Hears Case on Federal Pre-emption of Safety Standards for Medical Technologies (Riegel v. Medtronic, Inc.)
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/2/2008)... in first 3 months more likely to have respiratory...s) -- Infants whose mothers take folic acid (folat...sk for respiratory illness, according to a Norwegi... risk of birth defects, and many countries fortify... examined data on more than 32,000 children born b...
(Date:12/2/2008)... history of terrorism in India precedes the recent...sm Database (GTD), maintained at the University of... of Terrorism and Responses to Terrorism (START) c...ince 1970. Fatalities number in the thousands. Thi...GTD is the most comprehensive and detailed open-so...
(Date:12/2/2008)...SNewswire/ -- EIN News has announced the launch of...ung cancer. , , With new advances in medici...formation is one of the key components to survivin...emand for accurate information about lung cancer, ...o treat it, EIN News is introducing Lung Cancer Ne...
(Date:12/2/2008)... 2 Fatigued medical res...supervision of work hour limits to improve patient... a new Institute of Medicine report funded by HHS,... , The report is the result of a 15-month stud...ip between residents, work schedules, their perfor...
Breaking Medicine News(10 mins):Health News:Folate in Early Pregnancy May Boost Wheezing in Baby 2Health News:India terrorism by the numbers 2Health News:EIN News Introduces 'Lung Cancer News Today'; Website Offers Information on Risk Factors, Treatment, Drugs 2Health News:New Report Recommends Strategies to Reduce Medical Resident Fatigue-Related Errors and Improve Training 2Health News:New Report Recommends Strategies to Reduce Medical Resident Fatigue-Related Errors and Improve Training 3Health News:New Report Recommends Strategies to Reduce Medical Resident Fatigue-Related Errors and Improve Training 4
Overseas-trained nurses will be given ?5,000 to retrain themselves to work in the NHS in Scotland. Health minister Andy Kerr said that the Scottish Executive had put aside ?1.25 million over two years
...ng older people can be a common feature but could ...chigan Health System//, have stated that many a ti...he bathtub or shower, for older people could turn ...h essential feature. The study that appears in th...
... latest medical trusts facing major losses to outs...nearly one million pounds a year.// Around 60 spec...tsourcing. Hospitals in Leeds are reported to be f...ral other hospitals in Britain have already outsou...
...ration or income group, more and more people are g... and an exercise physiologist// at New York City’s...r sports medicine, thinks she knows why. “The bes..., balanced, promotes fitness and importantly, one ...
Other Medicine News:Health News:Common Falls In Bath Among Older Adults Can Be Prevented 2Health News:Common Falls In Bath Among Older Adults Can Be Prevented 3Health News:Leeds Hospitals to Outsource Medical Transcription Work to India 2Health News:Dance Your Way to a Better Body 2Health News:Dance Your Way to a Better Body 3
(Date:12/1/2008)... 1 Following a,Request ...cure an MVA-based,third generation smallpox vacc... on behalf of the Canadian Department of National ...c for the delivery of IMVAMUNE(R). , The Ca...rt of the,country,s bio-preparedness programme. ,...
(Date:11/30/2008)...ewswire-USNewswire/ -- Older adults who exercise r...greater number of small blood vessels in the brain...ual meeting of the Radiological Society of North A... the University of North Carolina ( UNC) - Chape...der adults who exercise to brain scans of those wh...
(Date:11/27/2008)...acute lymphoblastic leukemia relapse cases arise f...s , , MEMPHIS, Tenn., Nov. 27 /PRNewswire-U...search Hospital have identified distinctive geneti...te lymphoblastic leukemia (ALL) that cause relapse...ents for ALL relapse in children and, ultimately, ...
(Date:11/25/2008)...covery , , Audio and Web Video Resources to...inic News Blog. Please see the bottom of this rele... Nov. 25 A Mayo Clinic ...ink they,re having a stroke -- and as a result -- ...ens. The findings appear in the current issue of E...
Breaking Medicine Technology:The Government of Canada Procures IMVAMUNE(R) Smallpox Vaccine for the Country's Biological Preparedness 2The Government of Canada Procures IMVAMUNE(R) Smallpox Vaccine for the Country's Biological Preparedness 3Exercise Helps Prevent Age-Related Brain Changes in Older Adults 2Exercise Helps Prevent Age-Related Brain Changes in Older Adults 3St. Jude Identifies Genomic Causes of a Certain Type of Leukemia Relapse 2St. Jude Identifies Genomic Causes of a Certain Type of Leukemia Relapse 3Do You Know You're Having a Stroke? 2Do You Know You're Having a Stroke? 3MAP Pharmaceuticals to Present at the Lazard Capital Markets 5th Annual Healthcare Conference 29365 1Hospira Names Ken Meyers to Lead Human Resources 29362 1Hospira Names Ken Meyers to Lead Human Resources 29362 2Trubion Pharmaceuticals Inc Reports Third Quarter and Nine Months 2008 Results 9069 1Trubion Pharmaceuticals Inc Reports Third Quarter and Nine Months 2008 Results 9069 2Trubion Pharmaceuticals Inc Reports Third Quarter and Nine Months 2008 Results 9069 3Trubion Pharmaceuticals Inc Reports Third Quarter and Nine Months 2008 Results 9069 4Trubion Pharmaceuticals Inc Reports Third Quarter and Nine Months 2008 Results 9069 5Trubion Pharmaceuticals Inc Reports Third Quarter and Nine Months 2008 Results 9069 6Sangamo BioSciences Announces Results From Diabetic Neuropathy Clinical Trial SB 509 601 9066 1Sangamo BioSciences Announces Results From Diabetic Neuropathy Clinical Trial SB 509 601 9066 2Sangamo BioSciences Announces Results From Diabetic Neuropathy Clinical Trial SB 509 601 9066 3Sangamo BioSciences Announces Results From Diabetic Neuropathy Clinical Trial SB 509 601 9066 4Sangamo BioSciences Announces Results From Diabetic Neuropathy Clinical Trial SB 509 601 9066 5Sangamo BioSciences Announces Results From Diabetic Neuropathy Clinical Trial SB 509 601 9066 6
... 2007 /PRNewswire/ -- MAP,Pharmaceuticals, Inc. to...om its MAP0004 migraine therapy clinical program a...g at the Hyatt Regency,Chicago in Chicago, Illinoi...a late-breaker, is entitled Rapid and Sustained,Cl...amine Mesylate,via a Novel Inhaler (Tempo(TM) Inha...
...Newswire/ -- , Professor Home said: , "The editori...sleading in that they disregarded important pieces...nd physicians. Most,significantly the editorials i...e in cardiovascular death or death from any,cause....lip Home, (44) 778-525-1736 , Terms and condition...
Other Medicine Technology:MAP Pharmaceuticals to Present MAP0004 Phase 2 Clinical Data at the,American Headache Society Meeting 2
Medium Surgical Clips. 6 clips per cartridge. Box of 30 cartridges with a total of 180 titanium clips per box. For secure vasal and other occlusion.
Thermal Cautery, Reusable Base Unit. Burns at approximately 1200C (2200 F), non-sterile base unit with 1 non-sterile tip, 1 set single-use batteries. The two (2) AA batteries are replaceable (alkalin
Platinum General Purpose Cautery Electrodes , ,A - Loop Tip, ,Fully autoclavable. Tips typically last for 50 to 100 or more procedures, depending on burn time.
No Scalpel Vasectomy Ring Clamp, 5 1/2" (14cm), gold finger rings
Medicine Products: