RED ALERT: Ohio-Based Steel Manufacturer Hit by Obamacare

Democrats’ Government Healthcare Takeover Impacts Employers

“The new law would require companies to ‘immediately account for the present value of this tax increase,’ cutting earnings, Caterpillar’s Burritt and CFOs of nine other companies including Boeing Co., Verizon Communications Inc. and freight hauler Con-Way Inc. told U.S. Speaker of House Nancy Pelosi and Senate Majority Leader Harry Reid in their December letter.”

“AK Steel was first out of the gate after Obama signed the law on March 23, announcing a $31 million first-quarter non-cash charge within hours. The third-largest U.S. steelmaker by sales is based in West Chester, Ohio.”

(Edmond Lococo, Ryan Donmoyer and Pat Wechsler, “Obama Tax’s $14 Billion Charge Starts at Caterpillar,” Bloomberg, 3/25/10)

By Code Red