AK Steel chief to chair industry board

AK Steel Corp. president, chairman and CEO Jim Wainscott has been elected as chairman of the American Iron and Steel Institute.
"We welcome Jim's leadership at a critical time for the North American steel industry," said AISI president and CEO Thomas J. Gibson. "Jim's skills in gaining consensus on diverse issues before the industry, fiscal responsibility and effective advocacy will greatly benefit AISI and our members."
The appointment comes at a crucial time for American steelmakers, which have been hit hard by the economic downturn. AK has been no exception, seeing its stock drop from more than $73 to $10.11 at the close of the market Monday, Jan. 12.
Wainscott said he would work as an aggressive advocate of the American steel industry. He indicated that steelmakers would be in support of an economic stimulus package.
"The package should support and stimulate infrastructure projects to jump start recovery and fuel job growth," he said. "We are a globally competitive, resilient industry and we look forward to working with the incoming administration and Congress to help shape America's economic revitalization."
In his role as chairman of the AISI, Wainscott will act as spokesman for the industry on issues such as strengthening pro-manufacturing public policies and maintaining the competitiveness of the North American steel industry.
Wainscott has worked in the steel industry for more than 25, beginning in 1982 with the Midwest division of the former National Steel Corp. He joined AK Steel in 1995 as vice president and treasurer. In 2003, he was named president and CEO of the company and was named chairman of the board of directors in 2006.
At the AISI, he has served as chairman of the policy and planning committee, as well as its finance committee.
The appointment to AISI was effective Monday. Wainscott will serve in the role until May 2010, said institute spokeswoman Nancy Gravatt.