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, Kentucky; Rockport, Indiana; and its corporate headquarters in West Chester, Ohio. Additional information about AK Steel is available on the company's web site at http://www.aksteel.com.

AK Tube LLC, a wholly owned subsidiary of AK Steel, employs about 300 men and women in plants in Walbridge, Ohio and Columbus, Indiana. AK Tube produces carbon and stainless electric resistance welded (ERW) tubular steel products for truck, automotive and other markets. Additional information about AK Tube LLC is available on its web site at http://www.aktube.com.


'/>"/>
SOURCE AK Steel
Copyright©2008 PR Newswire.
All rights reserved

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:4/22/2017)... ... 22, 2017 , ... Ecommerce sales have grown every year since the 1990’s, ... The consequences of rapid innovation and growth are often neglected in the name ... every business and individual’s job to give something back to the planet that provides ...
(Date:4/21/2017)... ... April 21, 2017 , ... An April 10 article ... of ancient teeth, which reveal a great deal about prehistoric ice-age dental practitioners and ... may have been used to remove decayed dental matter, and that teeth were then ...
(Date:4/21/2017)... LAKE CITY, Utah (PRWEB) , ... April 21, ... ... provider of wilderness therapy treatment for adolescents and young adults, has kicked off ... April 20th-Sunday, April 23rd. This year’s theme is “Attachment Informed Therapy for ...
(Date:4/21/2017)... ... 2017 , ... The Patient Advocacy Community of The Beryl Institute presented Eve ... Ravich Patient Advocacy Award in recognition of her extraordinary contributions to the field ... at The Beryl Institute’s annual Patient Experience Conference on March 20 in ...
(Date:4/21/2017)... ... April 21, 2017 , ... Alive for Wellness ... wish to overcome their mental health struggles. The Alive team uses advanced behavioral ... “Our approach in dealing with a mental health struggle is based on 10 ...
Breaking Medicine News(10 mins):
(Date:4/20/2017)... , April 20, 2017 Research ... America Pharmaceutical Contract Manufacturing Services Market Analysis By Service (Manufacturing, ... Segment Forecasts, 2014 - 2025" report to their offering. ... The Latin American ... 21.0 billion by 2025 Low drug registration cost ...
(Date:4/19/2017)... Cardiology devices segment is anticipated to reach the highest market ... segment is likely to create absolute $ opportunity of a ... By the end of 2027, Cardiology Devices segment is projected ... expanding at a CAGR of 18.4% over the forecast period. ... reprocessed medical devices market in terms of revenue ...
(Date:4/19/2017)... April 19, 2017  IRIDEX Corporation (Nasdaq: ... results for the first quarter 2017 after the close ... management team will host a corresponding conference call beginning ... Investors interested in listening to the conference call ... callers or (703) 326-3030 for international callers, using conference ...
Breaking Medicine Technology: