November 21, 2008

Harbinger Capital boosts stake in AK Steel to 11.8%

In an amended 13G filing after the close on AK Steel Holding, Harbinger Capital disclosed an 11.8% stake in the company. This is up from the 9.1% stake the firm showed in a February filing.

As of June 1st 2007, Harbinger Capital Partners was managing in excess of USD 8.7 billion. Harbinger is a disciplined, value investor with an emphasis on intensive credit research. Its focus is on middle market companies that tend to be misunderstood or under researched by the market. Investment approaches include: Restructuring/Bankruptcy, Turnaround, Liquidation, Event Driven, Capital Structure Arbitrage, Short Sale and Special Situations. Harbinger Capital Partners is a subsidiary of Harbert Management Corporation.

AK Steel produces flat rolled carbon, stainless and electrical steels, primarily for automotive, appliance, construction and electrical power generation and distribution markets.