AK Steel is completing repayment of $450 million in debt by redeeming $150 million in senior notes.
The Middletown-based manufacturer announced Tuesday it would finish paying off the senior notes due by February 2009. The company previously redeemed $225 in senior notes in March and $75 million in May.
The redemption is funded through AK Steel's cash reserves and will be completed by August. The company said it expects to incur a $600,000 hit in its third quarter that will be offset by interest-related benefits of $5.8 million through 2008 as a result of the early payoff.
AK Steel Holding Corp. (NYSE:AKS) makes flat-rolled carbon, stainless and electrical steel products, and carbon and stainless tubular steel products at mills in Mansfield, Coshocton, Zanesville and at four other plants in Ohio, Indiana and Kentucky.