AK Steel to redeem convertible preferred stock, pay accrued dividends

New York, Aug. 30 - AK Steep said it will redeem its series B $3.625 cumulative convertible preferred stock on Sept. 30 and pay the accrued dividends for the past three quarters.

The securities will be redeemed at $50.3625 per share plus payment of the $3.625 dividend scheduled for Sept. 30.

The Middletown, Ohio steel maker noted that the Sept. 30 dividend payment includes a regular quarterly dividend of 90.625 cents for the current quarter and the accrued but unpaid dividends for the previous three quarters.

The preferreds can be converted into 2.6 shares of AK Steel common stock. AK Steel stock closed at $8.70 on Thursday.

At Dec. 31, 2001, AK Steel had 259,481 shares of the preferreds outstanding or $13 million.

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