“It is an honor to receive this outstanding recognition from American Metal Market,” said Jim Wainscott, chairman, president and CEO of AK Steel. “These awards reflect the character of our company and the can-do spirit of the men and women at AK Steel.”
According to the company, AK was rated No. 1 by its carbon and specialty steel customers in overall satisfaction, quality and delivery in 2009, and led its major competitors in operating profit per ton during the fourth quarter of 2009. The Steel Producer of the Year award also reflects AK Steel’s ability to provide exceptional service and an uninterrupted supply of value-added steel products to its customers throughout the recession, according to a news release.
The “Best Turnaround of the Decade,” award reflects the company’s financial transformation that began in the fall of 2003. Under Wainscott’s leadership, AK’s earnings grew from an adjusted pre-tax loss of approximately $432 million in 2003 to record income of $693 million in 2008. In addition, the company decreased its net debt from $1.2 billion in 2003 to less than $150 million at the end of 2009, according to the company.
AK was also a finalist for AMM’s “Best Operational Improvements” award. The “Awards for Steel Excellence” celebrate and recognize advancements in pioneering and implementing business improvements that have delivered real change to the steel industry, according to AMM.