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NOTE 17 – Supplemental Guarantor Information

AK Holding, along with AK Tube, LLC and AK Steel Investments Inc. (the “Guarantor Subsidiaries”), fully and unconditionally, jointly and severally, guarantee the payment of interest, principal and premium, if any, on AK Steel’s 7 3/4% senior notes due in 2012. AK Tube, LLC is owned 100% by AKS Investments Inc. and AKS Investments Inc. is 100% owned by AK Steel. AK Steel is 100% owned by AK Holding. The Company has determined that full financial statements and other disclosures concerning AK Holding and the Guarantor Subsidiaries are not required to be presented. The presentation of the supplemental guarantor information reflects all investments in subsidiaries under the equity method. Net income (loss) of the subsidiaries accounted for under the equity method is therefore reflected in their respective parents’ investment accounts. The principal elimination entries eliminate investments in subsidiaries and inter-company balances and transactions. The following supplemental condensed consolidating financial statements present information about AK Holding, AK Steel, the Guarantor Subsidiaries and the other subsidiaries. The other subsidiaries are not guarantors of the senior notes.

Condensed Statements of Operations
For the Three Months Ended September 30, 2009

	AK Holding			AK Steel			Guarantor Subsidiaries		Other			Eliminations			Consolidated Company
Net sales	$	—		$	921.4		$	35.1	$	110.0		$	(25.4	)	$	1,041.1
Cost of products sold		0.1			816.0			30.5		100.5			(17.9	)		929.2
Selling and administrative expenses		0.7			46.5			2.1		3.9			(7.6	)		45.6
Depreciation		—			49.2			1.7		0.1			—			51.0
Total operating costs		0.8			911.7			34.3		104.5			(25.5	)		1,025.8
Operating profit (loss)		(0.8	)		9.7			0.8		5.5			0.1			15.3
Interest expense		—			9.0			—		—			—			9.0
Other income (expense)		—			(1.2	)		—		9.1			(5.0	)		2.9
Income (loss) before income taxes		(0.8	)		(0.5	)		0.8		14.6			(4.9	)		9.2
Income tax provision (benefit)		(0.3	)		(0.9	)		0.3		5.3			(0.9	)		3.5
Income (loss) from continuing operations		(0.5	)		0.4			0.5		9.3			(4.0	)		5.7
Less: income (loss) attributable to noncontrolling interests		—			—			—		(0.5	)		—			(0.5	)
Income (loss) attributable to AK Holding		(0.5	)		0.4			0.5		9.8			(4.0	)		6.2
Equity in net income of subsidiaries		6.7			6.3			—		—			(13.0	)		—
Net income (loss) attributable to AK Holding	$	6.2		$	6.7		$	0.5	$	9.8		$	(17.0	)	$	6.2

Condensed Statements of Operations
For the Three Months Ended September 30, 2008

	AK Holding			AK Steel			Guarantor Subsidiaries		Other		Eliminations			Consolidated Company
Net sales	$	—		$	1,980.8		$	57.3	$	166.5	$	(47.0	)	$	2,157.6
Cost of products sold		—			1,574.0			48.0		138.9		(20.0	)		1,740.9
Selling and administrative expenses		0.9			64.3			3.0		4.7		(16.3	)		56.6
Depreciation		—			48.8			1.6		0.1		—			50.5
Total operating costs		0.9			1,687.1			52.6		143.7		(36.3	)		1,848.0
Operating profit (loss)		(0.9	)		293.7			4.7		22.8		(10.7	)		309.6
Interest expense		—			11.6			—		—		—			11.6
Other income (expense)		—			(2.3	)		2.0		5.2		(4.0	)		0.9
Income (loss) before income taxes		(0.9	)		279.8			6.7		28.0		(14.7	)		298.9
Income tax provision (benefit)		(0.3	)		77.5			2.4		9.5		21.3			110.4
Income (loss) from continuing operations		(0.6	)		202.3			4.3		18.5		(36.0	)		188.5
Less: income (loss) attributable to noncontrolling interests		—			—			—		0.2		—			0.2
Income (loss) attributable to AK Holding		(0.6	)		202.3			4.3		18.3		(36.0	)		188.3
Equity in net income of subsidiaries		188.9			(13.4	)		—		—		(175.5	)		—
Net income (loss) attributable to AK Holding	$	188.3		$	188.9		$	4.3	$	18.3	$	(211.5	)	$	188.3

Condensed Statements of Operations
For the Nine Months Ended September 30, 2009

	AK Holding			AK Steel			Guarantor Subsidiaries			Other			Eliminations			Consolidated Company
Net sales	$	—		$	2,403.6		$	92.3		$	329.8		$	(68.8	)	$	2,756.9
Cost of products sold		0.1			2,273.0			83.1			307.7			(45.1	)		2,618.8
Selling and administrative expenses		2.7			140.0			6.8			12.6			(20.8	)		141.3
Depreciation		—			148.5			5.0			0.4			—			153.9
Total operating costs		2.8			2,561.5			94.9			320.7			(65.9	)		2,914.0
Operating profit (loss)		(2.8	)		(157.9	)		(2.6	)		9.1			(2.9	)		(157.1	)
Interest expense		—			28.3			—			0.1			—			28.4
Other income (expense)		—			(1.2	)		—			40.2			(30.4	)		8.6
Income (loss) before income taxes		(2.8	)		(187.4	)		(2.6	)		49.2			(33.3	)		(176.9	)
Income tax provision (benefit)		(1.0	)		(72.0	)		(0.9	)		18.2			(5.3	)		(61.0	)
Income (loss) from continuing operations		(1.8	)		(115.4	)		(1.7	)		31.0			(28.0	)		(115.9	)
Less: income (loss) attributable to noncontrolling interests		—			—			—			(1.5	)		—			(1.5	)
Income (loss) attributable to AK Holding		(1.8	)		(115.4	)		(1.7	)		32.5			(28.0	)		(114.4	)
Equity in net income of subsidiaries		(112.6	)		2.8			—			—			109.8			—
Net income (loss) attributable to AK Holding	$	(114.4	)	$	(112.6	)	$	(1.7	)		32.5		$	81.8		$	(114.4	)

Condensed Statements of Operations
For the Nine Months Ended September 30, 2008

	AK Holding			AK Steel			Guarantor Subsidiaries		Other		Eliminations			Consolidated Company
Net sales	$	—		$	5,698.9		$	176.7	$	470.7	$	(160.7	)	$	6,185.6
Cost of products sold		0.1			4,707.1			152.2		391.3		(104.3	)		5,146.4
Selling and administrative expenses		2.6			188.6			9.3		13.9		(46.3	)		168.1
Depreciation		—			148.5			5.0		0.4		—			153.9
Total operating costs		2.7			5,044.2			166.5		405.6		(150.6	)		5,468.4
Operating profit (loss)		(2.7	)		654.7			10.2		65.1		(10.1	)		717.2
Interest expense		—			34.8			—		0.1		—			34.9
Other income (expense)		—			(8.2	)		13.7		31.9		(27.3	)		10.1
Income (loss) before income taxes		(2.7	)		611.7			23.9		96.9		(37.4	)		692.4
Income tax provision (benefit)		(0.9	)		226.4			8.4		32.5		(9.0	)		257.4
Income (loss) from continuing operations		(1.8	)		385.3			15.5		64.4		(28.4	)		435.0
Less: income (loss) attributable to noncontrolling interests		—			—			—		0.4		—			0.4
Income (loss) attributable to AK Holding		(1.8	)		385.3			15.5		64.0		(28.4	)		434.6
Equity in net income of subsidiaries		436.4			51.1			—		—		(487.5	)		—
Net income (loss) attributable to AK Holding	$	434.6		$	436.4		$	15.5	$	64.0	$	(515.9	)	$	434.6

Condensed Balance Sheets
As of September 30, 2009

	AK Holding			AK Steel			Guarantor Subsidiaries			Other			Eliminations			Consolidated Company
ASSETS
Current Assets:
Cash and cash equivalents	$	—		$	326.1		$	—		$	13.4		$	—		$	339.5
Accounts receivable, net		—			331.0			18.7			54.1			(0.1	)		403.7
Inventories, net		—			546.9			14.5			68.2			(16.3	)		613.3
Deferred tax asset		—			355.2			—			—			—			355.2
Other current assets		0.3			50.8			0.4			0.5			—			52.0
Total Current Assets		0.3			1,610.0			33.6			136.2			(16.4	)		1,763.7
Property, Plant and Equipment		—			5,193.9			89.7			83.4			—			5,367.0
Less accumulated depreciation		—			(3,304.5	)		(46.0	)		(9.7	)		—			(3,360.2	)
Property, Plant and Equipment, Net		—			1,889.4			43.7			73.7			—			2,006.8
Other Assets:
Investment in AFSG Holdings, Inc.		—			—			55.6			—			—			55.6
Investment in affiliates		(1,237.6	)		1,237.6			40.1			987.1			(1,027.2	)		—
Inter-company accounts		2,055.9			(3,006.6	)		(24.7	)		(296.4	)		1,271.8			—
Other investments		—			30.6			—			18.3			—			48.9
Goodwill		—			(0.1	)		32.9			4.3			—			37.1
Other intangible assets		—			—			0.2			—			—			0.2
Deferred tax asset		—			485.8			—			—			—			485.8
Other non-current assets		—			9.2			—			0.2			—			9.4
TOTAL ASSETS	$	818.6		$	2,255.9		$	181.4		$	923.4		$	228.2		$	4,407.5

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current Liabilities:
Accounts payable	$	—		$	527.4		$	4.4		$	9.7		$	(0.1	)	$	541.4
Accrued liabilities		—			193.8			2.3			3.3			—			199.4
Current portion of long-term debt		—			0.7			—			—			—			0.7
Current portion of pension and other postretirement benefit obligations		—			148.8			—			—			—			148.8
Total Current Liabilities		—			870.7			6.7			13.0			(0.1	)		890.3
Non-current Liabilities:
Long-term debt		—			605.9			—			—			—			605.9
Pension and other postretirement benefit obligations		—			1,870.7			0.5			—			—			1,871.2
Other non-current liabilities		—			146.2			—			72.9			1.2			220.3
Total Non-current Liabilities		—			2,622.8			0.5			72.9			1.2			2,697.4
TOTAL LIABILITIES		—			3,493.5			7.2			85.9			1.1			3,587.7
TOTAL AK HOLDING STOCKHOLDERS’ EQUITY (DEFICIT)		818.6			(1,237.6	)		174.2			836.3			227.1			818.6
Noncontrolling interest		—			—			—			1.2			—			1.2
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)		818.6			(1,237.6	)		174.2			837.5			227.1			819.8
TOTAL LIABILITIES AND EQUITY	$	818.6		$	2,255.9		$	181.4		$	923.4