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AK Steel Financing Planned

1 February 1999

AK Steel Financing Planned

    MIDDLETOWN, Ohio, Feb. 1 -- AK Steel today
announced that it had initiated a private offering of $450 million of new ten-
year senior notes.  The company said that proceeds from the offering will be
used to refinance its $325 million 10-3/4% Senior Notes Due 2004, which become
callable on April 1, 1999, and for general corporate purposes.
    AK Steel produces carbon and stainless flat-rolled steel for the
automotive, appliance, construction and other markets.  The company employs
about 5,800 people in plants and offices in Middletown, Ohio; Ashland,
Kentucky and Rockport, Indiana.
    The new notes are not being registered under the Securities Act of 1933
pursuant to an exemption from the registration requirements of the Act and may
not be offered or sold in the United States absent registration or an
available exemption.