AK Steel elects new chairman

Author: Mendoza College

James Wainscott, president and CEO of AK Steel, has been elected chairman of the board of directors, effective Jan. 1, the company announced Monday. He will continue to serve as president and CEO.

"Our board has the utmost confidence in Jim's strategic leadership and he has our complete support," said Robert Jenkins, the chairman since October 2003. "Jim has directed the start of a significant turnaround of AK Steel, and he is intently focused on the remaining critical components to achieve sustained profitability."

Wainscott was named acting president and CEO in September 2003 in an executive management change, and became full-time in those positions in October that year.

"First of all, I want to express my most sincere appreciation to Bob Jenkins for his outstanding leadership and guidance to me and this company as its first non-executive chairman," Wainscott said.

Wainscott joined AK Steel (NYSE: AKS) as vice president and treasurer in 1995. He was named chief financial officer in 1998 and senior vice president in 2000.

Wainscott holds a bachelor's degree in accounting from Ball State University, and a master of business administration degree from the University of Notre Dame. He is a member of the Business Roundtable and is a director of the American Iron and Steel Institute, the Specialty Steel Institute of North America and the Good Samaritan Hospital ( Cincinnati) Foundation.

The board of directors also said Jenkins has been named lead director, effective Jan. 1. Jenkins has been a member of AK Steel's board of directors since 1996. He is the retired chairman, president and CEO of Sundstrand Corp.

AK Steel, headquartered in Middletown, produces flat-rolled carbon, stainless and electrical steels, as well as tubular steel products for the automotive, appliance, construction and manufacturing markets.

The company has approximately 3,500 employees in Middletown and 8,200 nationwide, including about 1,800 at its Butler Works in Butler County, Pa.

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