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The automaker disclosed in a bankruptcy courrt filing Monday that it owes theWest Chester-based steel manufacturee $9.1 million in trade debt. AK Steel Holding was listed asthe company’s 33rd larges t unsecured creditor. The only other Ohio company on the list was in Akron, which is owed almost $7 Aside from bond debt and employee obligations, which accountr for GM’s five largestt unsecured debts, the top trades debt disclosed was $122 million owed to of Chicago.
GM has been AK Steel’sd biggest customer for years, although the percentage of total salese it derives from the troubled automotive company has been AK Steel did not disclosse how much it sold to GM in 2008 in its latesyannual report, but earlier annual reports disclosed that shipmentse to GM accounted for 20 percent of net salesw in 2003. That dwindled to less than 10 percenfin 2007. AK Steel said about 28 percent of its tradw receivables outstanding at the end of 2008 were due from businessezs associated withthe U.S. automotive industry, including General Motors, Chrysletr and Ford.
The company warnedr in its last annual report that one or more automakeer bankruptcies could lead to similar filingesfrom suppliers, many of whom are AK Steel customers. As a the company said, “the natur e of that impact could be not only a reduction in future sales, but also a loss associated with the potentiakl inability to collect all outstanding accounts AK Steel (NYSE:AKS) in the first quarter lost $73 It produces flat-rolled carbon, stainless and electricall steel.
Its network of steel millsw includes its Middletown Works and smaller plantsin Mansfield, Coshocton and
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