AK Steel Announces Full Exercise of Underwriters’ Option to Purchase Additional Shares of Common Stock

West Chester, OH, September 12, 2014—AK Steel Holding Corporation (NYSE: AKS) (“AK Holding”) announced that the underwriters for its previously announced offering of common stock have exercised in full their option to purchase an additional 5.25 million shares of common stock.  AK Holding intends to use the net proceeds from the sale of the additional shares to repay borrowings under its asset-backed revolving credit facility and for general corporate purposes.  The offering is being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the “SEC”).  Closing of the sale of the additional shares is expected to occur on September 16, 2014, subject to customary closing conditions.

The joint book-running managers for the common stock offering are BofA Merrill Lynch, Credit Suisse and J.P. Morgan.  

AK Holding has filed a registration statement (including a prospectus) with the SEC relating to the common stock offering.  The offering may be made only by means of a prospectus supplement and the accompanying prospectus.  Before you invest, you should read the prospectus supplement and accompanying prospectus and other documents AK Holding has filed with the SEC for more complete information about AK Holding and the offering.  You may review electronic copies of these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.

Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request them by contacting: (i) BofA Merrill Lynch, 222 Broadway, New York, New York 10038, Attention: Prospectus Department, email: dg.prospectus requests@baml.com; (ii) Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, New York 10010, telephone: 1-800-221-1037, or email: newyork.prospectus@credit-suisse.com; and (iii) and J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204.
 
This announcement does not constitute an offer to sell or the solicitation of an offer to buy the common stock, nor shall there be any sale of such common stock 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.

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, 2013 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2014, 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 is a world leader in the production of flat-rolled carbon, stainless and electrical steel products, primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets.  The company’s AK Tube subsidiary produces carbon and stainless electric resistance welded tubular steel products for truck, automotive and other markets.  Headquartered in West Chester, Ohio (Greater Cincinnati), the company employs approximately 6,500 men and women at seven steel plants and two tube manufacturing plants across four states: Indiana, Kentucky, Ohio and Pennsylvania.  The company also has interests in iron ore through its Magnetation LLC joint venture and in metallurgical coal through its AK Coal subsidiary.  Additional information about AK Steel is available at www.aksteel.com