AK Steel made a $150 million voluntary contribution to its pension trust fund on January 3, 2005. The voluntary contribution applies toward approximately $300 million of pension funding that otherwise would be required in 2006.

AK Steel’s board of directors had authorized the early pension contribution based on the company’s improved financial performance and cash position, as announced in the company’s third quarter 2004 earnings release. The payment reduces the company’s 2006 projected pension funding obligation by approximately 50% and lowers its pension expense by approximately $13 million on an annualized basis.

Headquartered in Middletown, Ohio, AK Steel produces flat-rolled carbon, stainless and electrical steel products, as well as carbon and stainless tubular steel products, for the automotive, appliance, construction and manufacturing markets. AK Steel provides pension benefits to approximately 32,000 retirees and/or their beneficiaries.