Item 1.01. Entry into a Material Definitive Agreement.
As previously disclosed,
On
The parties also have agreed to: (i) reduce AK Steel's coke purchase obligation
and Haverhill's coke supply obligation for the remainder of the 2020 contract
year by approximately 125,000 tons; and (ii) reduce, by approximately 75,000
tons, AK Steel's obligation to purchase coke produced by the Company's
Other key provisions of the Coke Purchase Agreement, including pass-through of
coal costs, reimbursement of operating and maintenance expenses subject to
certain metrics, and pricing remain unchanged. The foregoing brief description
of the amendment is qualified in its entirety by reference to the amendment, a
copy of which will be filed as an exhibit to the Company's Quarterly Report on
Form 10-Q for the period ending
The energy supply agreement, whereby AK Steel purchases electricity produced from Haverhill's cogeneration plant, will expire in 2021. Following the expiration of this energy supply agreement, Haverhill intends to continue to generate electricity for sale at prevailing market rates, either into the regional power market or to AK Steel.
Some of the statements contained in this report constitute forward-looking
statements (as defined in Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended), including
statements expectations regarding the Coke Purchase Agreement, as amended. Such
statements are based on the current knowledge, beliefs and expectations of the
Company, and the Company's actual results could differ materially from those
projected in such forward-looking statements. Factors that could affect those
results include, but are not limited to, domestic and international economic,
political, business, operational, competitive, regulatory and/or market factors
affecting the Company, as well as other risks and uncertainties described in the
Company's annual and quarterly reports and current reports on Form 8-K filed
with the
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