Kaiser Steel said it missed an escrow payment.

The Fontana-based company said it wasn't able to make a required initial payment into an escrow fund to redeem the company's Series B preferred stock. As a result, preferred shareholders now have the right to elect a majority of the company's board, which is authorized to have 11 directors but now has only eight. Because six directors represent common shareholders, one of those directors will be removed if the preferred shareholders select their directors, the company said.

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