WEST CHESTER, Ohio — AK Steel has reached a contract with the International Association of Machinists and Aerospace Workers, Local 1943, in Middletown, Ohio, covering about 1,700 hourly production and maintenance employees at the company's Middletown Works.

The new agreement took effect April 19 and will expire Sept. 15, 2014. The previous agreement was to expire Sept. 15, 2011.

The new agreement includes a $1,500 lump sum payment within 10 days of ratification to each employee covered by the contract, as well as base wage increases of 50 cents per hour on Sept. 15, and Sept. 15, 2012.

The new agreement also calls for establishment of a company-paid fund administered by the company and the union to provide reimbursement for specified maintenance and other job training programs.

The company also agreed to increase its contribution rate to the IAM National Pension Fund in 2011, 2012 and 2013.

AK Steel also has a plant in Butler Township.

TOKYO — Mitsubishi Motors' annual profit more than tripled, fueled by growth in emerging nations and the popularity of new models, but the automaker said its earnings outlook is clouded by uncertainty after Japan's earthquake and tsunami.Tokyo-based Mitsubishi Motors Corp. said net profit for the fiscal year ended March 31 increased 228 percent to $191 million from the previous fiscal year.