AK Steel Obtains $300 Million Credit Facility


Middletown, OH, May 27, 2004—AK Steel (NYSE: AKS) said today it has entered into a $300 million, three-year revolving credit facility, secured by trade receivables, with a syndicate of lenders. The new facility includes an option of two, one-year renewals. The facility replaces an existing accounts receivable credit facility that was to expire on September 30, 2004.

The new facility is secured by the company’s accounts receivables and borrowings would be used for general corporate purposes. GE Capital Markets Group, Inc. is the lead arranger and GE Commercial Finance is the administrative agent for the new facility.

AK Steel also has a $400 million, five-year credit facility, secured by inventory, that expires in July 2008.

Headquartered in Middletown, Ohio, AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for automotive, appliance, construction and manufacturing markets.