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Updated: 9:38 PM EDT
Monday, Aug 26, 2002
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August 23, 2002 

AK Steel buys controlling stake in Cleveland steel facility

AK Steel purchased a 60 percent interest in a flat-rolled steel electrogalvinizing facility in Cleveland, formerly known as L-S Electro-Galvanizing Co.

Financial terms were not disclosed.

The remaining 40 percent interest will continue to be owned by International Steel Group. L-S Electro-Galvanizing has been a venture between the former LTV Corp. and Sumitomo Metal USW Corp. prior to ISG's acquisition of LTV in April. ISG will continue to operate the plant, now known as AK-ISG Steel Coating Co.

AK Steel said the acquisition will add about 300,000 tons of additional coated steel to its production each year. The company said that about half of its annual shipments are coated products, used by mainly automotive and appliance customers.

"The additional product from this line complements our existing capacity, making AK Steel the largest supplier of electro-galvanized flat-rolled steel in the country," said CEO Richard Wardrop.

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Middletown-based AK Steel is a manufacturer of flat-rolled carbon, stainless and electrical steel.



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