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R.M. Wardrop, Jr. Named to Forbes Platinum CEO List

30 December 1998

Richard M. Wardrop, Jr. Named to Forbes Platinum CEO List

    MIDDLETOWN, Ohio, Dec. 29 -- Forbes Magazine, in its
January 11, 1999 issue, named AK Steel chairman and chief
executive officer Richard M. Wardrop, Jr. to its Platinum List for his
leadership in steering AK Steel to the best performing company in the metals
industry.  Forbes said sales growth, net income growth and return on capital
were the primary criteria for the inclusion of companies to its new Platinum
List.
    In a profile of Mr. Wardrop, one of only 25 profiles among the 400
companies chosen for inclusion on the Platinum List, Forbes editors noted AK
Steel's operating margin of 12.4% is nearly two points higher than Value
Line's estimated industry average.  The story also notes that AK Steel's
predecessor company was losing as much as $540 million per year at the time
Mr. Wardrop joined the company in 1992.  The story notes that Mr. Wardrop
responded to the dire circumstances with quick, bold moves, including ordering
the antiquated ingot molds still in use to be literally broken apart.  That
action required the company's operators to utilize the more efficient
continuous casters.
    "Economies of scale don't explain AK's success; at $2.4 billion in 1998
sales, the company is smaller than its competitors," quoting from the story.
AK Steel's operating profit per ton, a key industry measure, is expected to
lead the integrated steel industry for a fifth consecutive year.
    The profile also notes that Mr. Wardrop has managed to bring AK Steel's
new 1.8 million tons-per-year Rockport Works finishing facility up months
ahead of schedule.
    AK Steel produces low-carbon and stainless flat-rolled steel for
automotive, appliance, construction and other markets.  The company employs
about 5,800 people in plants and offices in Middletown, Ashland, Kentucky and
Rockport, Indiana.