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AK Steel Corp. appointed an interim chief financial officer as it continued an overhaul of top management begun last week when the company parted ways with its top two executives.
Albert E. Ferrara Jr., the new interim financial officer, had joined AK Steel in June as director of strategic planning. He previously worked for steelmakers NS Group Inc. and USX Corp.
AK Steel, beset by a prolonged slump in its stock price and contentious relations with its labor unions, said that its chief executive Richard Wardrop Jr. and president John G. Hritz had resigned, effective immediately. AK Steel's board said the company is sound but that it expected a better financial performance.
The company last week appointed James L. Wainscott, senior vice president and chief financial officer, to serve as interim chief executive. Mr. Wainscott joined the company in 1995 as vice president and treasurer. AK Steel has begun a search for a new chief executive officer.
AK Steel makes flat-rolled carbon, stainless and electrical steel products for automotive, appliance, construction and manufacturing uses, as well as tubular steel products.
The company has about 10,000 employees. It operates steelmaking and finishing plants in Middletown, Coshocton, Mansfield, Walbridge and Zanesville in OH; Ashland, KY.; Rockport, IN.; and Butler, PA, U.S. (Reuters)
It also operates an industrial park on the Houston shipping channel in Texas and owns Douglas Dynamics, which makes snowplows and salt spreaders for medium-size trucks.
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