Davis Polk advised the representatives of the underwriters in an SEC-registered offering of 74.75 million shares of common stock of AK Steel Holding Corporation for aggregate gross proceeds of approximately $366.3 million. The amount sold includes 9.75 million shares from the full exercise of the underwriters’ option to purchase additional shares. The proceeds of the offering were used to repay outstanding borrowings and for general corporate purposes.

Headquartered in West Chester, Ohio, AK Steel is a publicly traded company that produces flat-rolled carbon, stainless and electrical steel products, and carbon and stainless tubular products primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets. The company operates eight steel plants, two coke plants and two tube manufacturing plants across six states (Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia) and one tube plant in Mexico.

The Davis Polk corporate team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associates Jennifer (Yujia) Jiang and Chris Van Buren. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice. Partner Michael Farber and associate Mahalia S. Burford provided tax advice. All members of the Davis Polk team are based in the New York office.

Copy link to share post