AK Steel Holding Corporation (NYSE: AKS) is off to an incredibly strong day in the market today, and for good reason. An OSHA investigation ended just about as quickly as it started, with no problems found. Of course, this led to excitement among investors, sending the stock upward and prompting our partners at Trade Ideas to alert us to the gains. At the moment (11:55), AKS is trading at $5.90 per share after a gain of $0.34 per share (6.22%) thus far today.
AKS Investigation Closed
As mentioned above, AK Steel Holding Corporation is having a strong day in the market today after an investigation turned up no hazards. Recently, the AKS Middletown Works site was under investigation on the grounds of hazardous conditions reported. However, according to documents from the Occupational Safety and Health Administration, the investigation into the site was closed shortly after it was opened because the alleged hazardous conditions simply did not exist.
According to the allegations, “welders have no certification to weld or pressure pipes, structures, railings, etc…” The allegations also suggested that no welding logs were being kept for certification purposes. However, these allegations didn’t prove to be true. In a letter regarding the issue, Mick Paddock, Manager of Safety and Health at the West Chester Township-based company, offered the following:
“In that timeframe, AK Steel has certified nearly 200 of its employees as welders…. The enclosed documents confirm that AK Steel maintains appropriate documentation of the certification of its welders, and the complaint’s vague allegation to the contrary is without merit.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on AKS. In particular, tomorrow is likely to be a big day for the steel industry as a whole as a hearing with regard to the effect of steel imports on safety takes place, which could prove to be a massive boost for the US steel industry. We’ll continue to follow the story closely and bring the news to you as it breaks.
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