Third-largest US-based steelmaker AK Steel said Monday that it will make a $21 million capital investment to expand the company's production capacity for grain-oriented electrical steel due to strong domestic and international demand.
The investment will include the installation of new production equipment at the company's Butler, Pennsylvania Works and upgrades to an existing processing line at Butler. The company's product mix flexibility will also be improved. Completion of the project is slated for late 2009.
"AK Steel continues to respond to strong customer demand for our grain-oriented electrical steels," said James L. Wainscott, chairman, president and CEO of AK Steel. "This latest capital investment will help AK Steel further serve the growing domestic and international markets for some of our highest energy-efficiency and highest valued products."
The capital investment announced today is an addition to a previously-announced project currently underway at AK Steel's Butler, Pennsylvania and Zanesville, Ohio plants, which is the company's fourth project in the past four years to expand production of electrical steels.