WEST CHESTER, OH--(Marketwired - Mar 16, 2017) - AK Steel Holding Corporation (NYSE: AKS) ("AK Holding") announced today that
its subsidiary, AK Steel Corporation ("AK Steel"), has successfully priced its public offering (the "Offering") of $400,000,000
aggregate principal amount of 7% senior notes due 2027 (the "Notes"). AK Steel will pay interest on the Notes semi-annually on
March 15 and September 15 of each year. Interest on the newly issued Notes will accrue from March 23, 2017. The Notes will mature
on March 15, 2027. The Notes will be fully and unconditionally guaranteed by AK Holding, AK Steel's direct parent, and by AK Tube
LLC, AK Steel Properties, Inc. and Mountain State Carbon, LLC (together with AK Holding, AK Tube LLC and AK Steel Properties,
Inc., the "Guarantors"), three wholly-owned subsidiaries of AK Steel. The Notes will be unsecured senior obligations of AK Steel
and the Guarantors.
AK Steel intends to use the net proceeds of the Offering, together with cash on hand and/or borrowings under its revolving
credit facility, to finance AK Steel's previously announced cash tender offer for any and all of AK Steel's outstanding 7.625%
Senior Notes due 2020 ("Old Notes"). If any Old Notes remain outstanding following the completion of the cash tender offer,
AK Steel intends to promptly redeem such Old Notes in accordance with the terms of the Old Notes and the applicable indenture.
The Offering is being made pursuant to an effective shelf registration statement on file with the Securities and Exchange
Commission (the "SEC") and is expected to close on March 23, 2017, subject to customary closing conditions.
The joint book-running managers for the Offering are BofA Merrill Lynch, Wells Fargo Securities, Citigroup, Goldman, Sachs &
Co., BMO Capital Markets, Credit Suisse and Deutsche Bank Securities.
AK Holding, along with certain of its subsidiaries, has filed a registration statement (including a prospectus) with the SEC
relating to the Offering. Before you invest, you should read the prospectus supplement and accompanying prospectus in that
registration statement and other documents AK Holding and AK Steel have filed with the SEC for more complete information about AK
Holding, AK Steel 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, AK Holding, AK Steel, any underwriter or any dealer participating in the Offering will arrange to send you the
prospectus supplement and accompanying base prospectus if you request it by contacting BofA Merrill Lynch at Attention:
Prospectus Department, One Bryant Park, New York, NY, 10036 (1-800-294-1322 or dg.prospectus_distribution@bofasecurities.com); Wells Fargo at
Attention: Client Support, 608 2nd Avenue, South Minneapolis, MN 55402, telephone: (800) 645-3751 Opt 5, or email: wfscustomerservice@wellsfargo.com; Citigroup, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (800) 831-9146; Goldman Sachs & Co. at Attn:
Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email prospectus-ny@ny.email.gs.com; BMO Capital Markets at 3 Times Square,
New York, NY 10036, Attn: High Yield Syndicate, telephone: (212) 702-1882; Credit Suisse at Attention: Prospectus Department, One
Madison Avenue, New York, NY 10010, telephone: 1-800-221-1037, or email: newyork.prospectus@credit-suisse.com; or Deutsche Bank Securities at Attention:
Prospectus Group, 60 Wall Street, New York, New York 10005-2836, email: prospectus.cpdg@db.com, telephone (800) 503-4611.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy the Notes in the Offering, nor
shall there be any sale of such Notes 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
Certain statements the company made or incorporated by reference in this release, or made in other documents
furnished to or filed with the Securities Exchange Commission, as well as in press releases or in oral presentations made by
company employees, reflect management's estimates and beliefs and are intended to be "forward-looking statements" identified in
the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates,"
"believes," "intends," "plans," "estimates" and other similar references to future periods typically identify forward-looking
statements. The company cautions readers that forward-looking statements reflect the company's current beliefs and judgments, but
are not guarantees of future performance or outcomes. They are based on a number of assumptions and estimates that are inherently
affected by economic, competitive, regulatory, and operational risks, uncertainties and contingencies that are beyond the
company's control, and upon assumptions about future business decisions and conditions that may change.
Forward-looking statements are only predictions and involve risks and uncertainties, resulting in the possibility that actual
events or performance will differ materially from such predictions as a result of certain risk factors, including reduced selling
prices, shipments and profits associated with a highly competitive and cyclical industry; domestic and global steel overcapacity;
changes in the cost of raw materials and energy; the company's significant amount of debt and other obligations; severe financial
hardship or bankruptcy of one or more of the company's major customers or key suppliers; our significant proportion of sales to
the automotive market; reduced demand in key product markets due to competition from aluminum or other alternatives to steel;
excess inventory of raw materials; supply chain disruptions or poor quality of raw materials; production disruption or reduced
production levels; the company's healthcare and pension obligations; not reaching new labor agreements on a timely basis; major
litigation, arbitrations, environmental issues and other contingencies; regulatory compliance and changes; climate change and
greenhouse gas emission limitations; financial, credit, capital and banking markets; derivative contracts to hedge commodity
pricing volatility; potential permanent idling of facilities; inability to fully realize benefits of margin enhancement
initiatives; information technology security threats and cybercrime; as well as those risks and uncertainties discussed in more
detail in the company's Annual Report on Form 10-K for the year ended December 31, 2016, as updated in subsequent Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission.
As such, the company cautions readers not to place undue reliance on forward-looking statements, which speak only to the
company's plans, assumptions and expectations as of the date hereof. The company undertakes no obligation to publicly update any
forward-looking statement, except as required by law.
About AK Steel
AK Steel is a leading producer of flat-rolled carbon, stainless and electrical steel products and carbon and
stainless tubular products, primarily for automotive, infrastructure and manufacturing, electrical power generation and
distribution markets. Headquartered in West Chester, Ohio (Greater Cincinnati), the company employs approximately 8,500 men and
women at eight steel plants, two coke plants and two tube manufacturing plants across six states (Indiana, Kentucky, Michigan,
Ohio, Pennsylvania and West Virginia) and one tube plant in Mexico.