AK Steel Successfully Completes Securities Offerings

             AK Steel Successfully Completes Securities Offerings

PR Newswire

WEST CHESTER, Ohio, Nov. 20, 2012

WEST CHESTER, Ohio, Nov. 20, 2012 /PRNewswire/ --AK Steel Holding Corporation
(NYSE: AKS) ("AK Steel") said today it has successfully completed securities
offerings of $588 million before underwriting fees and other expenses. The
offerings included $350 million of 8.750% senior secured notes due 2018 and
$150 million of 5.00% exchangeable senior notes due 2019, each of which were
issued by AK Steel Corporation, as well as 22 million shares of AK Steel
common stock with an aggregate value of $88 million.

"These offerings are part of our broad-based strategy at AK Steel to
strengthen the company and build value for our shareholders," said James L.
Wainscott, Chairman, President and CEO of AK Steel. "The offerings fortify AK
Steel's balance sheet and enhance the company's liquidity and financial
flexibility." He noted that AK Steel's liquidity improved significantly as a
result of the offerings, nearly doubling to approximately $1.2 billion.

Mr. Wainscott indicated that AK Steel will use the proceeds from the offerings
to repay borrowings under its asset-backed revolving credit facility and for
general corporate purposes. He added that the offerings will help AK Steel:
grow in its core value-added markets where the company is a major player;
support the company's raw materials strategic investments to bolster long-term
competitiveness; and, optimize capital investments and working capital
utilization. The securities offerings were launched on November 13, 2012, and
completed on November 20, 2012.

Additional Information
The senior secured notes were not registered under the Securities Act of 1933,
as amended (the "Securities Act") or the securities laws of any other
jurisdiction. As a result, they may not be offered or sold in the United
States or to any U.S. persons except pursuant to an applicable exemption from,
or in a transaction not subject to, the registration requirements of the
Securities Act. The senior secured notes were offered only to qualified
institutional buyers pursuant to Rule 144A under the Securities Act and to
non-U.S. persons outside the United States under Regulation S under the
Securities Act.

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. Additional information about AK
Steel is available on the company's web site at www.aksteel.com.

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. Additional information about AK Tube
LLC is available on its web site at www.aktube.com.

AK Coal Resources, Inc., another wholly-owned subsidiary of AK Steel, controls
and is developing 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.

SOURCE AK Steel Holding Corporation

Website: http://www.aksteel.com
Contact: Media - Barry L. Racey, Director, Government and Public Relations,
+1-513-425-2749, or Investors - Albert E. Ferrara, Jr., Senior Vice President,
Corporate Strategy and Investor Relations, +1-513-425-2888
Press spacebar to pause and continue. Press esc to stop.