AK Steel CEO's compensation for 2007 valued at $9.25 million (workers nearly 13-month lockout ended

[Omaha Steve]

http://money.cnn.com/news/newsfeeds/articles/apwire/427400aa6866cd115de4715f4b3f574e.htm

AK Steel CEO's gets $9.25 million for 2007, up 71 percent from previous year
April 17, 2008: 08:22 PM EST

NEW YORK (Associated Press) - James Wainscott, the top executive of AK Steel Holding Corp., received compensation valued at $9.25 million in 2007, when the company had record revenues and shipments. That was a 71 percent increase from the previous year, according to an analysis of regulatory filings.

Wainscott, the suburban West Chester-based company's chief executive, chairman and president, received a salary of $1 million, incentives of $3.9 million, and stock and option awards that the company valued at $4.2 million when they were granted, according to a proxy statement filed Thursday with the Securities and Exchange Commission.

The company said in the filing that the compensation reported for 2007 reflected outstanding performance by its executive officers, not only in 2007, but in the preceding years when the management team laid the foundation for the company's record-breaking performance in 2007.

Union workers at AK Steel's Middletown Works approved a contract in March 2007 to end a lockout that began when the previous contract expired Feb. 28, 2006. When the nearly 13-month lockout ended, the company had shed about 1,000 jobs.

Wainscott's 2007 compensation also included $116,486 in "other compensation," including $90,000 in company matches to qualified and nonqualified defined contribution plans and $21,107 for items such as financial planning and tax preparation services, club memberships, company-owned tickets to athletic events, and costs paid by the company for a mandatory annual physical.

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