One of the Miami Valley’s largest publicly traded companies has issued 22 million new shares of common stock.

AK Steel Corp. said it has issued the new shares of common stock with an aggregate value of $88 million. The West Chester Twp.-based company, which has a Middletown steel plant, also said it has completed securities offerings of $588 million (before underwriting fees and other expenses). Those offerings include $350 million of 8.75 percent senior secured notes dues 2018 and $150 million of 5 percent exchangeable senior notes due 2019.

A note is a certificate issued by a company stating the amount of a loan, with its interest and date for repayment.

AK said it will use the proceeds from the offerings to repay borrowings from a credit facility and for general corporate purposes.

“These offerings are part of our broad-based strategy at AK Steel to strengthen the company and build value for our shareholders,” James Wainscott, AK chairman, president and chief executive, said in a statement.

Shares of AK (NYSE: AKS) were up three cents in early trading Wednesday, at $3.77.