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:1/19/2017)... Antonio, TX (PRWEB) , ... January 19, 2017 , ... ... has for the fifth consecutive year donated money to the Triumph Over Kid Cancer ... A. Ragan was one of those children. James saw firsthand the effect of the ...
(Date:1/19/2017)... ... January 18, 2017 , ... The CHP suggests that California drivers can avoid ... slowing down and increasing the space between themselves and other vehicles, according to a ... attorney Raymond R. Hassanlou notes that, rain or shine, drivers should always incorporate safe ...
(Date:1/19/2017)... ... , ... The 21st Century Cures Act’s Impact on Medical Devices:, What You ... 1:30 p.m. – 3:00 p.m. ET, http://www.fdanews.com/21stcenturycures          , What do ... this year? , The passage of the act means devicemakers will be scrambling to ...
(Date:1/19/2017)... ... 19, 2017 , ... Infinity® Massage Chairs announced today that Dan Grover has ... marketing strategies. Grover comes with a total of 15 years experience in consumer goods ... Executive Vice President of Direct Sales at Traeger® Wood Pellet Grills. , Grover ...
(Date:1/19/2017)... ... January 19, 2017 , ... ... age-related lines and wrinkles. Few people know that popular cosmetic fillers ... Richard Buckley, who is medical director of the MilfordMD Cosmetic Dermatology Surgery & ...
Breaking Medicine News(10 mins):
(Date:1/18/2017)... Jan. 18, 2017 The Philadelphia Pediatric Medical Device ... medical devices for children. The Consortium chose those ... grants of $50,000 each. The devices under development ... signals, a hand-operated rapid blood delivery system for emergency situations ... ...
(Date:1/18/2017)... , Jan. 18, 2017   Spotlight Innovation ... Caretta Therapeutics plans, in the second quarter of ... topical roll-on intended to provide relief from chronic ... steroidal analgesics. It was developed under a licensing ... commercialize products derived from snake venom. Additionally, Caretta ...
(Date:1/18/2017)... Md. , Jan. 18, 2017  Kratom ... the coffee family, are often used to prepare ... consumed by several million Americans annually to increase ... a natural remedy for minor aches and pains. ... effects is intended to assist FDA and DEA ...
Breaking Medicine Technology: