AK Steel Holding Corporation (NYSE:AKS) Scoops Supplier Of The Year Award

AK Steel Holding Corporation (NYSE:AKS) Scoops Supplier Of The Year Award

Getting the Supplier of the Year award does not come easily because the company must be in line with various FCA foundational principles. The FCA named AK Steel Holding Corporation (NYSE:AKS) as the “Raw Material Supplier of the Year” citing its excellent performance. The FCA US, which is a North American automaker, stated that AK Steel had demonstrated its strengths in areas of innovation, quality delivery and was relevant in its costing.

Those who provide best ideas and cutting-edge technologies are acknowledged

The Chief Purchasing Officer, FCA – Global, Scott Thiele acknowledges that the automotive industry has become very competitive and so is the awarding of the automaker’s prestigious supplier award. However, despite every supplier having played a significant role, Scott says, “We honor those who continue to fuel our momentum by providing us not only the best ideas and cutting-edge technologies but also the suppliers who consistently exceed our expectations.”

Roger Newport, AK Steel Chief Executive Officer, the company is worth the award. He says that many of its products are quality including steel, which is of high strength. He also talks about their innovative products and the incredible customer service that every member of the team has been offering. They will now be tasked with holding onto continued commitment in serving FCA US in the achievement of their goals.

But the company’s Auto Sales have not been all good

While the leading producer of various stainless and electrical steel products may be celebrating in its prestigious award, it could also be mourning over its US auto sales. Reports have it that the sales have fallen year-over-year in 1Q17.

Nonetheless, the company doesn’t seem moved by this even as analysts cite a possible drop in car sales in 2017. Newport argues that the reduction will primarily be on small and medium-sized vehicle platforms. Hence they are safe because their larger chunk of shipment is usually on larger vehicles, thus there will be no impact on their business.

In the meantime, AK Steel’s stock closed at $5.75 a fall of $0.18 or 3.04%