AK Steel supplier strike to cost less than $10 million
AK Steel has said that a supplier side strike will affect its operating income by less than $10 million.
The Ohio-based company expects that the eight-week strike by Quebec Cartier Mining (QCM) will impact its second and third quarters by less than $5 million each. The strike has recently been resolved.
QCM supplies AK Steel with about 40% of its
iron ore used in its blast furnaces. The company managed to acquire
iron ore pellets from other supply sources as well as to alter its
production schedule to coincide with the strike.
AK Steel manufactures flat-rolled carbon,
stainless, and electrical steel products. It employs about 8200 nationwide.