EXHIBIT 12.1

AK STEEL HOLDING CORPORATION

RATIO OF EARNINGS TO COMBINED FIXED CHARGES

(dollars in millions)

	Three Months Ended March 31, 2016			2015			2014			2013			2012			2011
Combined fixed charges:
Capitalized interest credit	$	0.7		$	2.1		$	2.7		$	2.7		$	2.5		$	6.7
Interest factor in rent expense		1.3			5.3			4.3			3.3			3.8			3.0
Other interest and fixed charges		42.8			173.1			144.2			127.6			86.8			47.9
Preference dividends		—			—			—			—			—			—
Total combined fixed charges	$	44.8		$	180.5		$	151.2		$	133.6		$	93.1		$	57.6
Earnings—pre-tax income (loss) with applicable adjustments	$	30.3		$	(239.8	)	$	77.1		$	93.7		$	(159.0	)	$	(186.0	)
Ratio of earnings to combined fixed charges		NM	*		NM	*		NM	*		NM	*		NM	*		NM	*

* In the three months ended March 31, 2016 and the years ended December 31, 2015, 2014, 2013, 2012 and 2011, earnings were less than combined fixed charges by $14.5, $420.3, $74.1, $39.9, $252.1 and $243.6, respectively.