AK Steel Completes Acquisition of Precision Partners Holding Company
Expands Platform for Innovative Lightweight Steel Solutions
WEST CHESTER, OH--(Marketwired - Aug 7, 2017) - AK Steel (NYSE: AKS) announced today that it has completed its
acquisition of Precision Partners Holding Company. Precision Partners is a leading North American provider of engineering,
tooling and hot and cold stamped products, with a broad portfolio of highly engineered solutions. Headquartered in Ontario,
the company employs more than 1,000 employees, including about 300 engineers and skilled tool makers, across eight plants in
Ontario, Alabama and Kentucky.
Precision Partners specializes in tool and die engineering and the production of complex stamped components for the automotive
industry.
"We are extremely pleased with the existing successful platforms and business that Precision Partners brings to our company,
and even more excited about how well this acquisition positions us to expand our capabilities to provide lightweighting solutions
to our automotive customers," said Roger Newport, Chief Executive Officer of AK Steel. "This acquisition aligns well with AK
Steel's long-term strategy and we believe it will play a key role in further strengthening the long-term performance of our
company."
This acquisition complements AK Steel's focus as a key provider to customers requiring the highest quality carbon, stainless
and electrical steel products and tubular steel solutions.
AK Steel
AK Steel is a leading producer of flat-rolled carbon, stainless and electrical steel products, primarily for
the automotive, infrastructure and manufacturing, electrical power generation and distribution markets. Through its
subsidiaries, the company also provides customer solutions through carbon and stainless steel tubing products, die design and
tooling, and hot and cold stamping. Headquartered in West Chester, Ohio (Greater Cincinnati), the company employs
approximately 9,400 men and women at manufacturing operations across seven states (Alabama, Indiana, Kentucky, Michigan, Ohio,
Pennsylvania and West Virginia), as well as Canada and Mexico. Additional information about AK Steel is available at www.aksteel.com.
Forward Looking Statements
Certain statements made or incorporated by reference in this release, or made in other documents furnished
to or filed with the Securities Exchange Commission, as well as in press releases or in oral presentations made by company
employees, reflect management's estimates and beliefs and are intended to be "forward-looking statements" identified in the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates,"
"believes," "intends," "plans," "estimates" and other similar references to future periods typically identify forward-looking
statements.
The company cautions readers that forward-looking statements reflect the company's current beliefs and judgments, but are not
guarantees of future performance or outcomes. They are based on a number of assumptions and estimates that are inherently
affected by economic, competitive, regulatory, and operational risks, uncertainties and contingencies that are beyond the
company's control, and upon assumptions about future business decisions and conditions that may change.
Forward-looking statements are only predictions and involve risks and uncertainties; resulting in the possibility that actual
events or performance will differ materially from such predictions as a result of certain risk factors. Factors that could cause
our actual results and financial condition to differ materially from the results contemplated by such forward-looking statements
include, without limitation, reduced selling prices, shipments and profits associated with a highly competitive and cyclical
industry; domestic and global steel overcapacity; changes in the cost of raw materials and energy; the company's significant
amount of debt and other obligations; severe financial hardship or bankruptcy of one or more of the company's major customers or
key suppliers; the company's significant proportion of sales to the automotive market; reduced demand in key product markets due
to competition from aluminum or other alternatives to steel; excess inventory of raw materials; supply chain disruptions or poor
quality of raw materials; production disruption or reduced production levels; the company's healthcare and pension obligations;
not reaching new labor agreements on a timely basis; major litigation, arbitrations, environmental issues and other
contingencies; regulatory compliance and changes; climate change and greenhouse gas emission limitations; conditions in the
financial, credit, capital and banking markets; the company's use of derivative contracts to hedge commodity pricing volatility;
potential permanent idling of facilities; inability to fully realize benefits of margin enhancement initiatives; information
technology security threats and cybercrime; and the failure to achieve expected benefits of the Precision Partners Holding
Company acquisition and/or to integrate Precision Partners Holding Company successfully; as well as those risks and uncertainties
discussed in more detail in the company's Annual Report on Form 10-K for the year ended December 31, 2016, as updated in
subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange
Commission.
As such, the company cautions readers not to place undue reliance on forward-looking statements, which speak only to the
company's plans, assumptions and expectations as of the date hereof. The company undertakes no obligation to publicly update
any forward-looking statement, except as required by law.