AK Steel Announces Pricing of $300 Million Senior Notes Offering


West Chester, OH, March 19, 2012—AK Steel Holding Corporation (NYSE: AKS) (“AK Holding”) announced today that its subsidiary, AK Steel Corporation (“AK Steel”), has successfully priced a public offering of $300 million of 8.375% senior notes due 2022.  The size of the offering was increased from the previously announced $250 million to $300 million.

AK Steel will pay interest on the notes semi-annually on April 1 and October 1 of each year.  Interest on the newly issued notes will accrue from March 22, 2012. The notes will be fully and unconditionally guaranteed on a senior unsecured basis by AK Holding.  AK Steel intends to use the net proceeds from the sale of the notes to repay borrowings under its revolving credit facility.  The offering is expected to close on March 22, 2012, subject to customary closing conditions.

The joint book-running managers for the offering are BofA Merrill Lynch, J.P. Morgan, Citigroup, Credit Suisse, Deutsche Bank Securities, and Wells Fargo Securities.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy the notes in the offering, nor shall there be any sale of such notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

A copy of the prospectus for the offering can be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department, 800-294-1322 or email: dg.prospectus_requests@baml.com; J.P. Morgan at J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, attention: High Yield Syndicate, (800) 245-8812 or email: HY_syndicate@jpmorgan.com; Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, New York 11220, (877) 858-5407, Attention: Prospectus Department; Credit Suisse at Attention: Prospectus Department, One Madison Avenue, New York, NY 10171 (1-800-221-1037); Deutsche Bank Securities (1-800-503-4611 or prospectus.cpdg@db.com); or Wells Fargo Securities at Wells Fargo Securities, LLC, Attn: Client Support, 550 South Tryon Street, 7th Floor MAC D1086-070, Charlotte, NC 28202, (800) 326-5897 or email: cmclientsupport@wellsfargo.com.

Forward-Looking Statements

Some of the statements in this release are intended to be, and hereby are identified as “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  The company cautions readers that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently expected by management, including those risks and uncertainties discussed in AK Holding's Annual Report on Form 10-K for the year ended December 31, 2011, as updated in its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission.  Except as required by law, the company disclaims any obligation to update any forward-looking statements to reflect future developments or events.

AK Steel

AK Steel produces flat-rolled carbon, stainless and electrical steels, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets.  The company employs about 6,200 men and women in Middletown, Mansfield, Coshocton and Zanesville, Ohio; Butler, Pennsylvania; Ashland, Kentucky; Rockport, Indiana; and its corporate headquarters in West Chester, Ohio. 

AK Tube LLC, a wholly-owned subsidiary of AK Steel, employs about 300 men and women in plants in Walbridge, Ohio and Columbus, Indiana.  AK Tube produces carbon and stainless electric resistance welded (ERW) tubular steel products for truck, automotive and other markets. 

AK Coal Resources, Inc., another wholly-owned subsidiary of AK Steel, owns or leases metallurgical coal reserves in Somerset County, Pennsylvania.  AK Steel also owns 49.9% of Magnetation LLC, a joint venture headquartered in Grand Rapids, Minnesota, which produces iron ore concentrate from previously mined ore reserves.