AK Steel Holding (AKS)

AK Steel Reports Fourth Quarter and Full-Year 2005 Results

MIDDLETOWN, OH, January 24, 2006 – AK Steel (NYSE: AKS) today reported that its 2005 fourth quarter adjusted income before income taxes was $65.1 million, compared to an adjusted income before income taxes of $73.7 million for the fourth quarter of 2004. The adjusted income excludes charges of $132.7 million, of which only $17.5 million is cash. Without the adjustments, the company recorded a net loss of $41.5 million, or $0.38 per common share for the 2005 fourth quarter, compared to a net loss of $102.8 million, or $0.95 per share in the 2004 fourth quarter.

Net sales for the fourth quarter of 2005 totaled $1,377.0 million on shipments of 1,600,200 tons. The company said that its average steel selling price for the fourth quarter of 2005 was $860 per ton, and that its adjusted operating profit for the 2005 fourth quarter was $83.5 million, or $52 per ton, compared to adjusted operating profit of $98.7 million, or $61 per ton for the 2004 fourth quarter. AK Steel said that a better than expected LIFO adjustment that resulted in an $17.7 million credit, as well as receipt of a foreign trade duty payment of $7.1 million, were beneficial to the 2005 fourth quarter results.