AK Steel Reports Financial Results For First Quarter Of 2013

         AK Steel Reports Financial Results For First Quarter Of 2013

1st Quarter 2013 Performance Summary

- Shipments of 1,289,800 tons

- Sales of $1.37 billion with an average selling price of $1,062 per ton

- Net loss of $9.9 million, or $0.07 per diluted share - a significant
quarter-to-quarter improvement

- Adjusted EBITDA of $66.8 million - a $50 million improvement from 4Q 2012

- Strong liquidity of approximately $1.1 billion

PR Newswire

WEST CHESTER, Ohio, April 23, 2013

WEST CHESTER, Ohio, April 23, 2013 /PRNewswire/ --AK Steel (NYSE: AKS) today
reported a net loss of $9.9 million, or $0.07 per diluted share of common
stock, for the first quarter ended March 31, 2013, compared to a net loss of
$11.8 million, or $0.11 per diluted share, for the first quarter of 2012. This
also compares to a net loss of $230.4 million, or $1.89 per diluted share, or
an adjusted net loss of $36.6 million, or $0.30 per diluted share, for the
fourth quarter of 2012. The adjusted net loss for the fourth quarter of 2012
excludes a pension corridor charge and a non-cash income tax charge as a
result of a change in a deferred tax asset valuation allowance and is
reconciled below.

Net sales for the first quarter of 2013 were $1,369.8 million on shipments of
1,289,800 tons, compared to net sales of $1,508.7 million on shipments of
1,325,900 tons for the year-ago first quarter and net sales of $1,423.1
million on shipments of 1,406,100 tons for the fourth quarter of 2012. The
decreased shipments in the first quarter of 2013 compared to both prior
periods were primarily due to lower shipments to the carbon spot market,
partially offset by increased shipments to the automotive market.

The company said its average selling price for the first quarter of 2013 was
$1,062 per ton, a 7% decrease from the first quarter of 2012, but a 5%
increase from the fourth quarter of 2012. The higher average selling price for
the first quarter of 2013 compared to the fourth quarter of 2012 was primarily
due to a higher value-added product mix and higher carbon spot market prices,
partially offset by lower selling prices for electrical steel products
globally. The lower average selling price for the first quarter of 2013
compared to the first quarter of 2012 was primarily due to lower spot market
prices for carbon steel products, reduced raw material surcharges and lower
selling prices for electrical steel products globally.

The company reported adjusted EBITDA (as defined in the "Use of Non-GAAP
Financial Measures" section below) of $66.8 million, or $52 per ton, for the
first quarter of 2013 compared to adjusted EBITDA of $48.9 million, or $37 per
ton, for the year-ago first quarter and adjusted EBITDA of $16.8 million, or
$12 per ton, for the fourth quarter of 2012. The adjusted EBITDA excludes
EBITDA of noncontrolling interests. This improvement was the result of a
higher value-added product mix and lower raw material costs, primarily for
iron ore, coal, carbon scrap and coke. The lower raw material costs included
benefits from energy credits received through the company's contractual
supplier arrangements with SunCoke Energy, Inc. pertaining to its Haverhill
cokemaking facility. These first quarter improvements were partly offset by
higher-than-anticipated operating costs associated with the company's
Middletown Works blast furnace and a lower LIFO credit. The 2013 first quarter
results include a LIFO credit of $6.0 million, compared to a LIFO credit of
$12.4 million in the first quarter of 2012 and a LIFO credit of $30.8 million
for the fourth quarter of 2012.

"AK Steel's results reflect significant progress for the company during the
first quarter," said James L. Wainscott, Chairman, President and CEO. "We
experienced increased shipments to the automotive market, a higher-priced
product mix, and lower costs, primarily for raw materials."

Mr. Wainscott added, "While the automotive market was a bright spot for our
business, markets remained challenging for some products, particularly those
in the spot market. Simply put, global steelmaking capacity continues to
exceed demand. Additionally, the cyclical improvement in spot market pricing
we normally see during the first quarter did not materialize and is expected
to occur later this year."

The company ended the first quarter of 2013 with total liquidity of $1,052.6
million, consisting of cash and cash equivalents and $874.4 million of
availability under the company's revolving credit facility. There were no
outstanding borrowings under the company's revolving credit facility as of
March 31, 2013.

Second Quarter 2013 Outlook
Consistent with its current practice, the company said that it will provide
detailed guidance for its second quarter results in June. In advance of this
guidance, the company indicated that it will have a planned seven-day
maintenance outage at its Middletown blast furnace in the second quarter,
which is the first major maintenance outage that has been required for that
furnace since a major reline in 2009. Total maintenance outage costs,
including the Middletown blast furnace, are expected to be about $21 million
in the second quarter of 2013, compared to $1 million in the first quarter of
2013. The company expects the increased maintenance outage costs in the second
quarter to be mostly offset as a result of lower costs, primarily for raw
materials.

Safe Harbor Statement
The statements in this release with respect to future results reflect
management's estimates and beliefs and 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. Words such
as "expects," "anticipates," "believes," "intends," "plans," "estimates" and
other similar references to future periods typically identify such
forward-looking statements. 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 the company's
Annual Report on Form 10-K for the year ended December 31, 2012, as updated in
subsequent 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 6,100 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.



AK STEEL HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in millions, except per share and per ton data)
                                                        Three Months Ended
                                                        March 31,
                                                        2013        2012
Shipments (000 tons)                                    1,289.8     1,325.9
Selling price per ton                                   $ 1,062     $ 1,138
Net sales                                               $ 1,369.8   $ 1,508.7
Cost of products sold                                   1,252.3     1,409.0
Selling and administrative expenses                     51.6        55.8
Depreciation                                            48.6        48.3
Pension and OPEB expense (income)                       (15.9)      (8.5)
Total operating costs                                   1,336.6     1,504.6
Operating profit                                        33.2        4.1
Interest expense                                        31.0        16.2
Other income (expense)                                  1.8         0.9
Income (loss) before income taxes                       4.0         (11.2)
Income tax provision (benefit) (1)                      (2.8)       (4.3)
Net income (loss)                                       6.8         (6.9)
Less: Net income attributable to noncontrolling         16.7        4.9
interests (1)
Net income (loss) attributable to AK Steel Holding      $ (9.9)     $ (11.8)
Corporation
Basic and diluted earnings per share:
Net income (loss) attributable to AK Steel Holding      $ (0.07)    $ (0.11)
Corporation
Weighted-average shares outstanding:
Basic                                                   135.7       110.0
Diluted                                                 135.7       110.0
Dividends declared and paid per share                   $ —         $ 0.05

(1) As a result of changes to the legal structure of SunCoke Middletown,
income taxes are no longer being allocated to the separate financial
statements of SunCoke Middletown beginning in the first quarter of 2013. This
change has no effect on the net income (loss) attributable to AK Steel Holding
Corporation.



AK STEEL HOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in millions, except per share amounts)
                                             March 31, 2013  December 31, 2012
ASSETS
Current assets:
Cash and cash equivalents                    $   191.8       $    227.0
Accounts receivable, net                     516.4           473.9
Inventory, net                               664.0           609.2
Other current assets                         120.4           132.6
Total current assets                         1,492.6         1,442.7
Property, plant and equipment                5,952.4         5,943.9
Accumulated depreciation                     (3,980.1)       (3,931.6)
Property, plant and equipment, net           1,972.3         2,012.3
Other non-current assets                     441.2           448.1
TOTAL ASSETS                                 $   3,906.1     $    3,903.1
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable                             $   592.4       $    538.3
Accrued liabilities                          185.7           164.8
Current portion of long-term debt            0.7             0.7
Current portion of pension and other         109.8           108.6
postretirement benefit obligations
Total current liabilities                    888.6           812.4
Long-term debt                               1,411.9         1,411.2
Pension and other postretirement benefit     1,607.7         1,661.7
obligations
Other non-current liabilities                107.6           108.8
TOTAL LIABILITIES                            4,015.8         3,994.1
Equity (deficit):
Common stock, authorized 200,000,000 shares
of $.01 par value each; issued

 149,597,084 and 149,094,571 shares in     1.5             1.5
2013 and 2012; outstanding 136,310,324

 and 135,944,172 shares in 2013 and 2012
Additional paid-in capital                   2,073.6         2,069.7
Treasury stock, common shares at cost,
13,286,760 and 13,150,399 shares in 2013     (173.9)         (173.3)

 and 2012
Accumulated deficit                          (2,414.2)       (2,404.3)
Accumulated other comprehensive income       (18.6)          1.1
(loss)
Total stockholders' equity (deficit)         (531.6)         (505.3)
Noncontrolling interests                     421.9           414.3
TOTAL EQUITY (DEFICIT)                       (109.7)         (91.0)
TOTAL LIABILITIES AND EQUITY (DEFICIT)       $   3,906.1     $    3,903.1



AK STEEL HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in millions)
                                                            Three Months Ended
                                                            March 31,
                                                            2013      2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                                           $ 6.8     $ (6.9)
Depreciation                                                45.1      44.9
Depreciation—SunCoke Middletown                             3.5       3.4
Amortization                                                5.9       6.3
Deferred income taxes                                       (4.4)     (9.4)
Pension and OPEB expense (income)                           (15.9)    (8.5)
Contributions to pension trust                              (30.0)    (28.7)
Other postretirement benefit payments                       (18.1)    (16.3)
Changes in working capital                                  (9.6)     (150.7)
Changes in working capital—SunCoke Middletown               3.3       7.9
Other operating items, net                                  6.4       8.0
Net cash flows from operating activities                    (7.0)     (150.0)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital investments                                         (15.5)    (10.5)
Capital investments—SunCoke Middletown                      (1.0)     (19.2)
Other investing items, net                                  0.8       (0.2)
Net cash flows from investing activities                    (15.7)    (29.9)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings under credit facility                        —         (105.0)
Proceeds from issuance of long-term debt                    —         373.3
Redemption of long-term debt                                (0.2)     (73.5)
Debt issuance costs                                         (1.5)     (8.2)
Purchase of treasury stock                                  (0.6)     (1.7)
Common stock dividends paid                                 —         (5.5)
SunCoke Middletown distributions to noncontrolling          (9.1)     —
interest owners
Other financing items, net                                  (1.1)     0.8
Net cash flows from financing activities                    (12.5)    180.2
Net increase (decrease) in cash and cash equivalents        (35.2)    0.3
Cash and cash equivalents, beginning of period              227.0     42.0
Cash and cash equivalents, end of period                    $ 191.8   $ 42.3



AK STEEL HOLDING CORPORATION
NON-GAAP FINANCIAL MEASURES
(Unaudited)
(Dollars in millions)

In certain of its disclosures in this news release, the company has reported
adjusted EBITDA and adjusted net income (loss). The company has made these
adjustments because management believes that doing so enhances the
understanding of the company's financial results.

EBITDA is an acronym for earnings before interest, taxes, depreciation and
amortization. It is a metric that is sometimes used to compare the results of
companies by removing the effects of different factors that might otherwise
make comparisons inaccurate or inappropriate. For purposes of this news
release, the company has made an adjustment to EBITDA in order to exclude the
effect of noncontrolling interests. For purposes of this report, "adjusted
EBITDA" is defined as net income (loss) attributable to AK Holding, plus
income tax provision (benefit), net interest expense, depreciation and
amortization and pension corridor charges. Adjusted EBITDA is presented
because the company believes it is a useful indicator of its performance and
ability to meet debt service and capital expenditure requirements. It is not,
however, intended as an alternative measure of operating results or cash flow
from operations as determined in accordance with generally accepted accounting
principles. Adjusted EBITDA is not necessarily comparable to similarly titled
measures used by other companies.

Management believes that reporting adjusted net income (loss), as a total and
on a per share basis, which is defined as net income (loss) with the pension
corridor charge and charge for deferred tax asset valuation allowance
excluded, more clearly reflects the company's current operating results and
provides investors with a better understanding of the company's overall
financial performance. In addition, the adjusted results, although not a
financial measure under GAAP, facilitate the ability to analyze the company's
financial results in relation to those of its competitors and to the company's
prior financial performance by excluding items which otherwise would distort
the comparison. Also, although the tax valuation charge reduces reported net
income (loss), it is a non-cash charge.

Management views the reported results of adjusted EBITDA and adjusted net
income (loss) as important operating performance measures and believes that
the GAAP financial measure most directly comparable is net income (loss) (as a
total and on a per share basis). Adjusted EBITDA and adjusted net income
(loss) are used by management as a supplemental financial measure to evaluate
the performance of the business. Management believes that these non-GAAP
measures, when analyzed in conjunction with the company's GAAP results and the
accompanying reconciliations, provide additional insight into the financial
trends of the company's business versus the GAAP results alone.

Neither current nor potential investors in the company's securities should
rely on the adjusted EBITDA and adjusted net income (loss) results as a
substitute for any GAAP financial measure and the company encourages current
and potential investors to review the reconciliations of adjusted EBITDA and
adjusted net income (loss) to the comparable GAAP financial measure.



The following schedules reflect the reconciliations of the non-GAAP quarterly
financial measures discussed in this news release:



Reconciliation of Adjusted EBITDA
                                                                   Three
                                              Three Months Ended   Months
                                                                   Ended
                                              March 31,            Dec 31,
                                              2013      2012       2012
Net income (loss) attributable to AK Holding  $ (9.9)   $ (11.8)   $ (230.4)
Noncontrolling interests                      16.7      4.9        8.8
Income tax provision (benefit)                (2.8)     (4.3)      22.7
Interest expense                              31.0      16.2       26.3
Interest income                               (0.7)     (0.1)      (0.1)
Depreciation                                  48.6      48.3       47.1
Amortization                                  4.1       6.9        2.8
EBITDA                                        87.0      60.1       (122.8)
Less: EBITDA of noncontrolling interests      20.2      11.2       17.7
Pension corridor charge                       —         —          157.3
Adjusted EBITDA                               $ 66.8    $ 48.9     $ 16.8



Reconciliation of Adjusted Net Income (Loss)
                                                                    Three
                                                                    Months
(dollars in millions, except per share data)                        Ended
                                                                    December
                                                                    31, 2012
Reconciliation to Net Income (Loss) Attributable to AK Steel
Holding
Adjusted net income (loss) attributable to AK Steel Holding         $ (36.6)
Corporation
Pension corridor charge (net of tax)                                (97.4)
Non-cash income tax charge from change in deferred tax asset
valuation allowance                                                 (96.4)

Net income (loss) attributable to AK Steel Holding Corporation, as  $ (230.4)
reported
Reconciliation to Basic and Diluted Earnings (Loss) per Share
Adjusted basic and diluted earnings (loss) per share                $ (0.30)
Pension corridor charge                                             (0.80)
Non-cash income tax charge from change in deferred tax asset
valuation allowance                                                 (0.79)

Basic and diluted earnings (loss) per share, as reported            $ (1.89)



AK STEEL HOLDING CORPORATION
STEEL SHIPMENTS
(Unaudited)
(Tons in thousands)
                                    Three Months Ended
                                    March 31,
                                    2013       2012
Tons Shipped by Product
Stainless/electrical                204.4      214.9
Coated                              577.1      583.2
Cold-rolled                         277.4      286.0
Tubular                             31.5       36.3
Subtotal value-added shipments      1,090.4    1,120.4
Hot-rolled                          172.3      170.5
Secondary                           27.1       35.0
Subtotal non value-added shipments  199.4      205.5
Total shipments                     1,289.8    1,325.9
Shipments by Product (%)
Stainless/electrical                15.8    %  16.2    %
Coated                              44.8    %  44.0    %
Cold-rolled                         21.5    %  21.6    %
Tubular                             2.4     %  2.7     %
Subtotal value-added shipments      84.5    %  84.5    %
Hot-rolled                          13.4    %  12.9    %
Secondary                           2.1     %  2.6     %
Subtotal non value-added shipments  15.5    %  15.5    %
Total shipments                     100.0   %  100.0   %



SOURCE AK Steel

Website: http://www.aksteel.com
Contact: Media - Barry L. Racey, Director, Government and Public Relations
(513) 425-2749, Investors - Albert E. Ferrara, Jr., Senior Vice President,
Corporate Strategy and Investor Relations (513) 425-2888