AK Steel to call $75 million more 7 7/8% notes

By Jennifer Chiou

New York, April 24 - AK Steel announced plans to redeem another $75 million of its 7 7/8% senior notes due Feb. 15, 2009 sometime during the second quarter of 2007.

On March 2, the Middletown, Ohio, steel producer redeemed $225 million of the then $450 million outstanding principal amount of notes.

Funding will come from the company's existing cash reserves.

Previously, the company said it expected to redeem the remainder of the notes by the end of the first quarter of 2008.

"We continue to focus our use of cash to strengthen our balance sheet and improve profitability for the benefit of shareholders," James L. Wainscott, chairman, president and chief executive officer, said in a news release.

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