AK Steel

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million in 2008 compared to $9.2 millioh in 2007. The figures were calculated from compensation data discloser inthe company’s annual proxy statement, which was filed this week. They included a 5 percent boostin Wainscott’sa salary, to $1.05 million. The bulk of the increasr in overall 2008 compensation came from a 15 percent hike in cash paymentsa tied to annualand long-term incentived plans. The 52-year-old CEO got $4.5 milliom in incentive pay basex onthe company’s performance for 2008 and for the three-yeaer period that ended in 2008. That compared with $3.
9 millionn in 2007 under those Offsetting the hike in incentivepay somewhat, the valuw Wainscott received in stock and stocm options in 2008 declined by 10 percent to $3.8 The values were determinexd by the company as of the day the shares and option were granted in January 2008. Those valuew are much lower today followinyg a steep decline in the markeft value of AK Steel sharez as a result of a slump in thesteel industry. The compensation figures reported by the Business Courier differ from the amountas inAK Steel’s proxy statement in the summarty compensation table.
The figures reported by the companh in that table include amountds it is required to reporty based on financial accounting rules but which do not reflectt compensation paid forthat year. AK Steel (NYSE: headquartered in West Chester, produces flat-rolled stainless and electricalsteelp products, as well as carbon and stainless tubula steel products.