AK Steel Sells Douglas Dynamics Subsidiary

AK Steel said today that it has completed the sale of its wholly-owned subsidiary, Douglas Dynamics, LLC to DDL Acquisition Corporation, formed by a Los Angeles-based investor group, for approximately $260 million after fees and expenses.

The company said it expects the transaction to generate a first quarter pre-tax gain of approximately $210 million. Douglas Dynamics is one of the country's leading manufacturers of snow and ice removal equipment with operations in Milwaukee, Wisconsin, Johnson City, Tennessee and Rockland, Maine.

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