AK Steel buys back $26.4 million of 7¾% notes in first half of 2009

By Susanna Moon

Chicago, Aug. 4 - AK Steel Holding Corp. repurchased $26.4 million of its 7¾% senior notes due 2012 during the first half of 2009 for $22.8 million in cash, according to a 10-Q filing with the Securities and Exchange Commission.

As a result, the company recorded non-cash pre-tax gains of $3.6 million.

The repurchases were funded from cash balances.

AK Steel said it may continue to make cash repurchases of its senior notes from time to time through open-market purchases or privately negotiated transactions depending on prevailing market conditions or cash and liquidity needs.

In the first quarter, the company bought back $23.1 million of its 7¾% notes for $19.8 million in cash.

The issuer is a West Chester, Ohio, producer of flat-rolled carbon, stainless and electrical steels and tubular products through its wholly owned subsidiary, AK Steel Corp.

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