WEST CHESTER, Ohio, Oct. 11, 2018 — AK Steel (NYSE: AKS) announced today that it has accepted an award of up to $1.2 million from U.S. Department of Energy (DOE) under the Office of Energy Efficiency and Renewable Energy’s (EERE) Advanced Manufacturing Office program to investigate novel low density steels in the laboratory, which could ultimately be used in automotive structural applications.
The three-year project will be conducted in collaboration with DOE, Oak Ridge National Laboratory Materials Science and Technology Division, and the Advanced Steel Processing and Products Research Center in the Department of Metallurgical & Materials Engineering at the Colorado School of Mines. The objective of the project is to conduct alloy design, laboratory validation, and testing of low density steels that are alternatives to currently available advanced high strength steels and other lightweight metals. These low density steels are expected to generate energy savings by bringing efficiencies in manufacturing and lifetime savings in automotive structural applications.
“AK Steel is honored to have been selected by the Department of Energy to participate in this work to drive leading edge research in new steel technologies,” said Roger K. Newport, Chief Executive Officer of AK Steel. “Research into products such as low density steel alloys continues to showcase the capability of steel to provide innovative solutions for our customers, and the breadth of opportunity for further steel innovations.”
This funding opportunity under DOE was created to allow selected projects to perform early-stage research and development (R&D) of new, advanced manufacturing technologies as well as to encourage R&D contributions from new partners. Successful projects will reduce technical uncertainty and develop new knowledge associated with potential breakthrough materials, processes, and tools for U.S. manufacturers that could improve their competitiveness and enhance their energy efficiency.
AK Steel is one of the leading worldwide producers of advanced high strength steels (AHSS). This award complements our innovations in third generation AHSS design and manufacture to support automotive lightweighting. This is the second recent award AK Steel has received from DOE EERE to provide solutions for efficient vehicle design. The prior award is focused on manufacturing new steels that provide increased efficiency in high-frequency electric motors. Both awards demonstrate and underscore AK Steel’s innovation and commitment to being a leader in next generation steel product and process developments.
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AK Steel AK Steel is a leading producer of flat-rolled carbon, stainless and electrical steel products, primarily for the automotive, infrastructure and manufacturing, including electrical power, and distributors and converters markets. Through its subsidiaries, the company also provides customer solutions with carbon and stainless steel tubing products, die design and tooling, and hot- and cold-stamped components. Headquartered in West Chester, Ohio (Greater Cincinnati), the company has approximately 9,200 employees at manufacturing operations in the United States, Canada and Mexico, and facilities in Western Europe. Additional information about AK Steel is available at www.aksteel.com.
Contacts: Media – Lisa H. Jester, Corporate Manager, Communications and Public Relations (513) 425-2510 Investors – Douglas O. Mitterholzer, General Manager, Investor Relations (513) 425-5215