AK Steel Names Roger Newport CEO; Expects Lower Carbon Steel Shipments In Q4

(RTTNews) - AK Steel (AKS) reported that James Wainscott has announced his intention to retire as President and Chief Executive Officer, effective January 1, 2016. He will continue to serve as Executive Chairman, President and CEO, until his retirement on January 1, 2016, after which he will continue to serve as Chairman of the Board in a Non-Executive capacity.

The AK Steel Board also announced the appointments of: Roger Newport, as CEO and a Member of the Board; Kirk Reich, as President and COO; and James Wainscott, as Chairman of the Board. The appointments are effective January 1, 2016.

Newport started his career with the company in 1985 in the accounting department. He was named Vice President, Business Planning and Development in 2010, and Vice President, Finance and CFO in 2012. He was named Senior Vice President, Finance and CFO in 2014, and Executive Vice President, Finance and CFO in 2015.

Separately, AK Steel said it anticipates lower carbon steel pricing in the fourth quarter compared to the third quarter, due principally to the high level of low-priced foreign steel that has continued to be imported into the United States during the preliminary stages of the carbon steel trade cases, in addition to recent declines in carbon scrap prices. As a result of these low-priced imports and their impact on the current market environment, the company also expects lower carbon steel spot market shipments in the fourth quarter.

The company intends to provide detailed guidance for fourth quarter 2015 financial results in December.