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AK Steel Holding Corporation Message Board

  • union_all_the_way union_all_the_way Jan 28, 2000 4:51 PM Flag

    Another one take them down

    NEW YORK -(Dow Jones)- Bear Stearns lowered its
    rating of AK Steel Holding Corp. to neutral from buy,
    after an analyst conference call Wednesday led Bear
    Sterns to believe expectations for the company's future
    earnings have been "drastically" reduced.

    Shares
    of AK Steel (AKS, news, msgs) dropped $1.563, or
    13%, to settle at $10.813 on Thursday.

    Bear
    Stearns said despite the company's move to the highest
    value-added range of the steel market, improving global steel
    markets will hurt AK Steel in the future.

    Bear
    Stearns said AK Steel is locked into contract prices set
    in late 1998 and 1999, when raw material prices were
    plummeting.

    There is now greater demand for raw
    materials, which has sent prices rising, Bear Stearns said.
    AK Steel estimates that raw material costs will run
    $100 million higher in 2000 than in 1999.

    Bear
    Stearns also said that the company's costs at the former
    Armco Mansfield, an operation that produced 400 series
    stainless for automotive exhaust systems, were estimated to
    be $17 million higher in the fourth quarter than
    they would have been with the unit's normal labor
    force in place. AK Steel was forced to operate with
    temporary and salaried workers because of a dispute with
    the United Steel Workers of America.

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    • and try to read. you are another union slacker that can't stand the truth! you should work for clinton and gore. oopps, the uswa supports both of those liars too!

      the barracuda

    • I don't know what propaganda you are trying to portray, but I can tell you don't have any idea what you are talking about.

    • that the president of the uswa local in ashland
      is a lying sack of shit. does this really surprise
      anyone. now don't everyone try to jump down my throat at
      once. see the post that ironic steel left earlier today
      from the business wire.
      dskers and noscab, would
      like to try and put a spin on this, we're
      waiting!

      the barracuda

    • "Business Wire": "...The original complaint was
      filed March 2, 1998 by Gail Riggs, president of the
      local union representing hourly employees of AK Steel's
      Ashland, Kentucky coke operations. Riggs filed the
      complaint after union employees were disciplined for
      violating plant safety rules.

      The employees claimed
      the company disciplined them in retaliation for
      reporting alleged safety violations by the company, which
      led to a Kentucky Labor Cabinet citation and a
      hearing. In findings of fact from the hearing, the hearing
      officer determined that AK Steel has a comprehensive
      safety program that instructs employees to follow
      specific general safety procedures that were applicable in
      the incident. The hearing officer also stated as fact
      that the employees did not follow the requirements of
      the applicable safety procedures in this case.


      At the conclusion of the hearing, held in December
      of 1998, the Review Commission's hearing officer
      concluded that the testimony of union president Gail Riggs
      was not credible and that no evidence was presented
      to support the OSH investigator's claim of
      discriminatory discipline. The Secretary of Labor then
      petitioned the Review Commission for appeal of the hearing
      officer's dismissal of the citation.

      The Review
      Commission concluded, in its decision dated February 2,
      2000, that AK Steel acted appropriately with regard to
      the discipline of the employees and dismissed the
      complaint. ..."

      So, perhaps it IS possible for
      someone under oath to be "less than correct."

    • What do you make of Kawasaki continuing to HOLD over 5,500,000 shares? Stupid, or informed?

    • what do you make of the insider sale by Kawasaki (sp?) and of James Banker? Harmless, or informed?

    • How much of AKS "Stainless" business is the low
      margin 400 series "muffler grades" versus the 300 series
      Nickel grades. I think your research will find AKS very
      dependant on muffler grades that don't have the "markup"
      value that 300 series has. You should listen to SSB
      chi, he knows what he's talking about. This stock is
      going nowhere until there is definite proof of improved
      earnings. Dead money until 2001 at least.

    • that only comes once in a lifetime-chrmn screwed
      up in his statements and the drop is an opportunity
      to buy into the best operating gross margins in the
      industry! buy on lows and trade on move ups---thats what
      the brokers do- they love this kind of
      situation-start a stampeed out and start a stampeed back in and
      make money!!! remember it always looks darkest before
      the dawn!!

    • looking at 700kt purchased slabs and 6.5mmt/yr or so annual t/yr just estimates-quick-ucan recheck!imo thiss is now a bargain stock-to go up after lockout settled!!imo!

    • Not bad for a bunch of unintelligent steelworkers
      huh? On the day of the contract deadline, the company
      gave everybody the afternoon off so they could go to
      the union meeting. While we were there, they
      proceeded to start bringing their hired security goons in
      the plant and putting up gates with barbed-wire. They
      were that sure we were going to strike. They played
      their hand and lost. We wanted to work while we
      negotiated a fair contract. Since they had already spent the
      investors money bringing Securcorp(www.securcorp.com) in,
      they proceeded to lock us out.

      These new
      experts/analysts on this board are either AK management or are
      being paid by AK management, just like the
      analyst(Waldo Best) that toured the plant last week prior to
      the stock going to hell. This is just my opinion, no
      proof of it.


      I feel for the investors out
      there that are bankrolling Wardrop's personal vendetta
      against the union, and not getting much in return. You'd
      think that somebody would be screaming for his
      head(job).


      In Solidarity...Steelworkinman

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