AK Steel Obtains $400 Million Credit Facility

Middletown, OH, July 25, 2003—AK Steel (NYSE: AKS) said today it has entered into a $400 million, five-year senior secured revolving credit facility with a syndicate of lenders.  The new facility is secured by the company’s inventory and borrowings would be used for general corporate purposes.  The company also has a $300 million revolving credit facility secured by accounts receivable.  Credit Suisse First Boston LLC acted as lead arranger and book running manager and is serving as administrative agent for the new facility.

AK Steel, headquartered in Middletown, produces flat-rolled carbon, stainless and electrical steel products for automotive, appliance, construction and manufacturing markets, as well as tubular steel products.  AK Steel has steel producing and finishing facilities in Middletown, Coshocton, Mansfield, Walbridge, and Zanesville, Ohio; Ashland, Kentucky; Rockport, Indiana; and Butler, Pennsylvania.  AK Steel also produces snow and ice control products, and operates a major industrial park on the Houston, Texas ship channel.