AK Steel (AKS) has been under heavy pressure since the steelmaker announced disappointing third quarter earnings in late October. The company’s stock has heavily depreciated since the beginning of December and the bonds have followed suit. Currently, the company’s unsecured bonds due in 2021 are trading at 90 cents on the dollar and yielding nearly 12%. The attractive yield is higher than that of the company’s 2023 secured bonds and even bonds maturing in 2025 and 2027. By analyzing the company’s financial performance and management objectives, fixed income investors will find the