WEST CHESTER, Ohio (AP) -- The board of directors at AK Steel Holding Corp. on Monday approved a $21 million capital investment to expand production of high-valued, grain-oriented electrical steels at its Butler, Pa., facility.
The funds will be used toward a project to install new production equipment at the facility and upgrade an existing processing line. The project is expected to be completed in late 2009.
This is the fourth company project in the past four years to expand production of electrical steels due to increased demand in U.S. and global markets, the company said.
Shares of AK Steel added $1.15, or 2.4 percent, to $48.25 in morning trading.