AK Steel Holding (AKS)

As of February 22, 2008 there were 111,912,162 shares of common stock outstanding and held of
record by 5,374 stockholders. The closing stock price on February 22, 2008 was $50.79 per share. Because depositories, brokers and other nominees held many of these shares, the number of record holders is not representative of the number of
beneficial holders.

The payment of cash dividends is subject to a restrictive covenant contained in the instruments governing most of the
Company’s outstanding senior debt. The covenant allows the payment of dividends, if declared by the Board of Directors, and the redemption or purchase of shares of its outstanding capital stock, subject to a formula that reflects cumulative net
earnings. Prior to 2007 and since 2001, as a result of cumulative losses recorded over several years, the Company was not permitted under the formula to pay a cash dividend on its common stock. During the third quarter of 2007, the cumulative losses
calculated under the formula were eliminated due to the improved financial performance of the Company. Accordingly, a cash dividend is now permissible under the senior debt covenants. Restrictive covenants also are contained in the instruments
governing the Company’s $850.0 asset-based revolving credit facility. Under the credit facility covenants, dividends are not restricted unless availability under the credit facility falls below $150.0, at which point dividends would be limited
to $12.0 annually. Currently, the availability under the asset-based revolving credit facility significantly exceeds $150.0. Accordingly, there currently are no covenant restrictions on the Company’s ability to declare and pay a dividend to its
shareholders.

On January 22, 2008, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.05 per
share of common stock, payable on March 10, 2008, to shareholders of record on February 15, 2008.

The Company made no open
market purchases of any of its equity securities during the fourth quarter of 2007 or at any time during the year 2007. In April 2000, the Board of Directors authorized the Company to repurchase, from time to time, up to $100.0 of its outstanding
equity securities. Through September 2002, the Company expended $53.6 to purchase 3,702,600 shares of its common stock and all of the outstanding shares of its $3.625 cumulative convertible preferred stock after declaring and paying all current and
accrued dividends then outstanding. The Company’s ability to purchase shares under this authorization is subject to the same debt covenant discussed above that can restrict dividend payments. Beginning in 2002 and continuing until the third
quarter of 2007, the Company was not permitted as a result of this restrictive covenant to repurchase further shares under the April 2000 authorization. Since the third quarter of 2007, the Company could again repurchase shares, but has not yet done
so and will announce its intent to re-activate this share repurchase program before making future purchases.

There were no unregistered
sales of equity securities in the quarter ended December 31, 2007.

16

Table of Contents