AK Steel and United Steelworkers of America Announce Final Agreement on Mansfield Works

Sweeping Accord Settles All Outstanding Related Court and Labor Board Issues

Middletown, OH, January 26, 2004—AK Steel Corporation (NYSE: AKS) and the United Steelworkers of America (USWA) jointly announced today that they have reached agreement on all unresolved issues related to the collective bargaining agreement covering USWA-represented employees at the company’s Mansfield Works in Ohio. 

As part of the settlement, the company and the union have also agreed to dismiss all outstanding civil litigation arising from the labor dispute at the Mansfield Works, and to seek National Labor Relations Board (NLRB) approval for the dismissal of all NLRB charges against each other.  The settlement is contingent upon NLRB approval.

  “This historic settlement is the first big step in establishing the framework for a new, cooperative relationship between AK Steel and the USWA,” said James L. Wainscott, president and CEO of AK Steel.  “We have closed the book on our past differences and we look forward to a new era working together toward goals of mutual interest and benefit,” said Mr. Wainscott.

AK Steel and the USWA said that many of the components of the Mansfield collective bargaining agreement had previously been agreed upon, including the expiration date of March 31, 2005.  The company said that it has completed the recall of the 280 eligible USWA members necessary to meet current operational needs, and that all temporary employees have been terminated.

Headquartered in Middletown, AK Steel produces flat-rolled carbon, stainless and electrical steel products for automotive, appliance, construction and manufacturing markets, as well as tubular steel products.  In addition, the company produces snow and ice control products and operates an industrial park on the Houston, Texas ship channel.