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AK Steel Announces Pricing of $280,000,000 of Senior Notes due 2025

WEST CHESTER, OH--(Marketwired - Aug 2, 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 $280,000,000 aggregate principal amount of 6.375% senior notes due 2025 (the "Notes"). AK Steel will pay interest on the Notes semi-annually on April 15 and October 15 of each year. Interest on the newly issued Notes will accrue from August 9, 2017. The Notes will mature on October 15, 2025. 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 8.375% Senior Notes due 2022 ("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 August 9, 2017, subject to customary closing conditions.

The joint book-running managers for the Offering are Wells Fargo Securities, Deutsche Bank, Goldman Sachs & Co. LLC, BofA Merrill Lynch, Barclays, BMO Capital Markets, Citigroup, Credit Suisse and KeyBanc Capital Markets.

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 Wells Fargo Securities at Attention: Client Support, 608 2nd Avenue...


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