AK Steel Holding (AKS)

Supplemental Plan

The Company’s supplemental retirement plan (the “Supplemental Plan”) provides (i) a “make up” of qualified plan benefits that were denied as a result of limitations imposed by the Code and (ii) supplemental benefits to vested participants. Vesting occurs when a participant completes a minimum of ten years of creditable service with the Company, including at least five years of service as an officer. Under the Supplemental Plan, the basic form of payment of a participant’s benefit is a single life annuity payment in equal monthly installments commencing on the later of the first day of the month following the participant’s 60^th birthday or his or her employment termination date. A participant may elect to commence the monthly payments early following his or her 55^th birthday, but the payments under those circumstances will be reduced to the actuarial equivalent of the regular payments based upon the participant’s age and certain actuarial assumptions. The Supplemental Plan was amended in 2004 provide that vesting also shall occur upon the effective date of a Change of Control (as defined in the Supplemental Plan) and to clarify that, in the event of a Change of Control, there would be no such actuarial reduction for commencement of a participant’s benefit before age 60 and participants would have the right to elect a lump sum form of payment rather than the annuity form of payment.

Benefits paid under the Supplemental Plan are subject to an offset for any benefit received under either the Company’s qualified plans or any qualified plan provided by another employer. A participant’s benefit under the Supplemental Plan, prior to giving effect to such offset, is equal to the greater of:

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Supplemental Plan

The Company’s supplemental retirement plan (the “Supplemental Plan”) provides (i) a “make up” of qualified plan benefits that were denied as a result of limitations imposed by the Code and (ii) supplemental benefits to participants with a minimum of ten years of creditable service with the Company, including at least

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five years of service as an executive officer. Under the Supplemental Plan, the basic form of payment of a participant’s benefit is a single life annuity payment in equal monthly installments commencing on the later of the first day of the month following the participant’s 60th birthday or his or her employment termination date. A participant may elect to commence the monthly payments early following his or her 55th birthday, but the payments under those circumstances will be reduced to the actuarial equivalent of the regular payments based upon the participant’s age and certain actuarial assumptions. The Supplemental Plan was amended in 2004 to clarify that in the event of a change in control (as defined in the Supplemental Plan) there would be no such actuarial reduction for commencement of a participant’s benefit before age 60 and participants would have the right to a lump sum form of payment or the annuity form of payment.

Benefits paid under the Supplemental Plan are subject to an offset for any benefit received under either the Company’s qualified plans or any qualified plan provided by another employer. A participant’s benefit under the Supplemental Plan, prior to giving effect to such offset, is equal to the greater of: