AK Steel stock sinks after Bush move

Shares in AK Steel stock dropped 17 cents Tuesday after President Bush unveiled a three-year tariff policy of 30 percent on most imported steel. The industry had been asking for a 40 percent, four-year tariff.

A number of U.S. steel firms have lobbied for the tariff, saying the United States has become a dumping ground for cheap foreign steel, which is blamed for more than 30 U.S. steel company bankruptcies since 1997.

Other industry stocks slipped Tuesday as well, including Nucor Steel, down $2.53, and U.S. Steel, down 28 cents.

Middletown-based AK Steel, which produces flat-rolled carbon, stainless and electrical steel products, closed New York Stock Exchange trading at $13.55 per share on double the average volume. Shares traded Tuesday totaled 979,000, compared to average volume of just more than 445,000 shares traded.

Other significant movers among the Dayton area's 18 publicly traded companies included NCR Corp., which shed $1.98 to close at $42.45 per share; DPL Inc. added 36 cents, rising to $24.50 per share; and MCSi Inc. closed at $11.03 per share, a 27-cent gain.

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Also of note: Reynolds and Reynolds, for the second day, notched a 52-week stock high. At one point, the Dayton-based company traded at $30.40 per share before closing at $30.35, a 10-cent boost.

Gains edged declines Tuesday, 11-7.

Copyright 2002 American City Business Journals Inc. Click for permission to reprint (PRC# 1.1642.560762)

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