AK Steel Amends Stockholder Rights Plan

Middletown, OH, July 29, 2003—AK Steel (NYSE: AKS) said today that its Board of Directors has approved an amendment, effective immediately, to the company’s Stockholder Rights Plan (Rights Plan).  The amendment eliminates the provisions in the Rights Plan that, among other things, required a majority of the Board’s continuing directors to join in a decision to redeem the rights issued under the Rights Plan.  The amendment also reduces to 15% from 20% the threshold of ownership by an acquiring person of the company’s voting stock that would cause the rights, with certain exceptions, to become exercisable.

The purpose of the Rights Plan is to protect company stockholders in the event of takeover activity that would deny stockholders the full value of their investment.  The amendment was not made in response to any specific takeover threat.

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.