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AK Steel to restart arc furnace by end of September

WEST CHESTER, Ohio — AK Steel said today that the No. 5 electric arc furnace at the Butler Works, which was damaged July 1 when molten steel leaked out of it, will restart by the end of September.

Alan McCoy, AK’s spokesman, said the leak damaged the furnace and some of the surrounding components, but not the building itself. No one was injured in the incident.

The company restarted other Butler Works furnaces within 24 hours and production has not been effected, McCoy said.

In other news, AK Steel’s board of directors has declared a quarterly cash dividend of 5 cents per share of common stock, payable on Sept. 9, 2011, to shareholders of record on Aug. 15, 2011.

The board also reported a net income of $33.1 million, or 30 cents per diluted share of common stock, for 2011’s second quarter, compared to net income of $26.7 million, or 24 cents per diluted share, for the second quarter of 2010.

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