AK Steel buys back $19.6 million notes in fourth quarter

By Susanna Moon

Chicago, Feb. 24 - AK Steel Holding Corp. repurchased $19.6 million of its $550 million senior notes, with cash payments totaling $14.2 million in the fourth quarter of 2008, according to a 10-K filing with the Securities and Exchange Commission.

As a result, the company said it incurred non-cash pre-tax gains of $5.4 million in 2008.

The repurchases were funded from existing cash balances.

The company said it may continue to make cash repurchases of its notes though open market purchases or privately negotiated transactions from time to time in 2009.

The repurchases would depend on whether any senior notes are offered to the company by the holders, prevailing market conditions, and cash and liquidity position and needs.

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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