AK Steel Severance
A-K Steel Corporation's recent change of top management could cost the company more than 60 million dollars in parting benefits.
A-K Steel said today its obligations for severance pay and
retirement benefits to former chief executive Richard Wardrop and
president John Hritz could total 63 million dollars. The company told the Securities and Exchange Commission that it is evaluating those benefits and may try to negotiate a reduction with Wardrop and Hritz, if possible.
A-K Steel said it has paid a portion of the money to them, but
won't pay any more until the evaluation is complete.
Wardrop declined to comment this evening. Hritz couldn't be
reached for comment. They both resigned in September under an
agreement with A-K Steel's board of directors, after months of
company losses and a fall in its stock price.
The company's operations include steel mills in Ohio, Kentucky,
Indiana and Pennsylvania and an industrial park on the Houston ship
channel in Texas.
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