by Bill Rogers
The lawsuit filed against AK Steel in 2006 that stretched for over a year has ended, filed by retired Middletown Works employees to stop AK's attempt at lowering retired employees' health benefits. AK attempted to make these changes stating that the company must "relieve itself of the financial weight of retiree health care costs in order to stay competitive".
AK Steel settled with the retirees to the tune of $663 million, with a $468 million initial contribution and three subsequent contributions of $65 million to a trust fund created for the occasion and managed by retirees.