AK Steel Holding Corporation (NYSE:AKS)
AK Steel Holding Corporation (NYSE:AKS) celebrated the opening of its new Research and Innovation Center in Ohio. This event marked the inauguration of the 135,000 square foot facility, constructed on 16-acres close to company’s Middletown Works and West Chester corporate headquarters.
Roger K. Newport, the Chief Executive Officer, reported that they are proud to open this advanced facility as part of their focus on driving processes and products as an innovator in stainless, electrical and carbon steels. This Research and Innovation Center is a major part of company’s plan to ensure it is well positioned to exceed clients needs today and into the future.
Newport added that they appreciate the support of regional, state, and local government executives to construct and start this facility in Middletown. This new center is conveniently located to serve company’s numerous suppliers and clients in the region.
The new center expands AK Steel Holding Corporation (NYSE:AKS)’s capabilities to get new steel offerings to the marketplace. These offerings include next-gen state-of-the-art specialty steels and high strength carbon to help automotive clients design lighter, fuel-efficient vehicles with increased safety performance and superior strength; electrical steels that will help the electricity grid to turn more energy-efficient and enhance performance in motors for electric and hybrid vehicles; and stainless steels that provide superior corrosion resistance for numerous applications.
AK Steel is the single steelmaker firm in North America manufacturing stainless, electrical steel and carbon offerings, along with stainless tubular and carbon products.
AK Steel Holding Corporation (NYSE:AKS) has expanded their innovation team in the last couple of years by 30%. It even increased the count of research and innovation assignments started each year, almost tripling the number of assignments started in 2016 over 2014.
The new Research and Innovation Center’s pilot steelmaking facilities and advanced laboratories include 17 prototype labs, 22 collaborative spaces for suppliers, employees and customers and 17 analytical laboratories. It also features many of company’s steel offerings throughout the facility.
In the last trading session, the stock price of AK Steel Holding Corporation (NYSE:AKS) jumped more than 8% to close the day at $7.65. The gains came at a share volume of 37.61 million compared to average share volume of 16.27 million, clearly showing the increased buying interest in AKS.
|Last Price a/o 3:21 PM EST||$7.65|
|Market Cap (mlns)||$ 2.22B|
|Shares Outstanding (mlns)||289.93M|
|Share Float (mlns)||289.93M|
|Short Interest Ratio||2.25|
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.