AK Steel Announces Stainless Steel Price Increases

Middletown, OH, January 23, 2004—AK Steel (NYSE: AKS) said today that it will increase the price of 200, 300 and 400 series stainless steel sheet, strip and continuous mill plate products by approximately 3%, effective with shipments February 2, 2004, and by an additional 3%, effective with shipments March 1, 2004.

The increases will be accomplished through one point reductions in the functional discount rate.  AK Steel will also increase prices for polished steel and will amend freight charges and points of freight equalization. 

AK Steel said that these price increases will apply to all orders not covered by a firm price agreement. The increases are necessary due to significant increases in raw material, energy and freight cost inputs that are not covered by the current alloy surcharge mechanism.

AK Steel produces flat-rolled carbon, stainless and electrical steel products for automotive, appliance, construction and manufacturing markets, as well as tubular steel products.  The company has plants and offices in Middletown, Coshocton, Mansfield, Walbridge and Zanesville, Ohio; Ashland, Kentucky; Rockport and Columbus, Indiana; and Butler, Pennsylvania.  In addition, the company produces snow and ice control products and operates an industrial park on the Houston, Texas ship channel.