Enters Settlement Agreements in Pending Asbestos Liabilities ------------------------------------------------------------ Published September 06, 2002 During the quarter ended June 30, 2002, AK Steel Holding Corp. entered into settlement agreements with certain of its insurance carriers covering past and future environmental and asbestos liabilities in an amount, net of legal fees and increases to environmental liabilities, of approximately $23.9 million. Of the total settlement amount, $8 million was received in the second quarter. The net balance is due to be received in the second half of 2002. Several insurance policies have been commuted as a result of the settlement agreements. One of the settlements with a former insurer, however, provides AK Steel with continued partial coverage for defense and indemnity costs arising from non-employee asbestos claims. A number of lawsuits alleging asbestos exposure are pending and continue to be filed against AK Steel. The majority of these lawsuits were filed in Texas and relate to the former Houston works facility. The cases typically involve a large number of plaintiffs claiming against a large number of defendants. AK Steel is normally named as a defendant by a small percentage of the plaintiffs who typically were frequenters (independent contractors, delivery personnel) claiming that they were exposed to asbestos while they were on the premises. AK Steel is defending the cases. COMPANY PROFILE AK Steel Holding Corp. (NYSE: AKS) 703 Curtis St. Middletown, OH 45043 Phone: 513-425-5000 Fax: 513-425-2676 Website: http://www.aksteel.com Employees : 11,300 Revenue : $ 3,994,100,000 Net Income (Loss) : ($92,400,000) Assets : $ 5,225,800,000 Liabilities : $ 4,192,500,000 Estimated Insurance Recoveries : $ 23,900,000 (For the year ended December 31, 2001) Description: AK Steel Holding Corporation, through its wholly owned subsidiary, AK Steel Corp. and, together with AK Holding, is a fully integrated producer of flat-rolled carbon, stainless and electrical steels. Its operations include those previously conducted by Armco Inc., which merged with and into AK Steel on September 30, 1999. In addition to its steel operations, the company owns and operates a snow and ice control products company as well as pipe and tubing businesses and an industrial park. ----------------------------------------------------------- LitigationDataSource.com