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AK Steel Executive Presenters . Roger Newport Chief Executive Officer . Kirk Reich President and Chief Operating Officer . Jaime Vasquez Vice President – Finance and Chief Financial Officer SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 2 © 2019 AK Steel. All rights reserved.

Forward-Looking Statements Certain statements made or incorporated by reference in this presentation reflect management’s estimates and beliefs and are intended to be “forward-looking statements” identified in the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “believes,” “intends,” “plans,” “estimates” and other similar references to future periods typically identify forward-looking statements. The company cautions readers that forward-looking statements reflect the company’s current beliefs and judgments, but are not guarantees of future performance or outcomes. They are based on a number of assumptions and estimates that are inherently affected by economic, competitive, regulatory, and operational risks and uncertainties and contingencies that are beyond the company’s control. They are also based upon assumptions about future business decisions and conditions that may change. Forward-looking statements are only predictions and involve risks and uncertainties, resulting in the possibility that actual events or performance will differ materially from such predictions as a result of certain risk factors. Such factors that could cause the company’s actual results and financial condition to differ materially from the results contemplated by such forward-looking statements include reduced selling prices, shipments and profits associated with a highly competitive and cyclical industry; domestic and global steel overcapacity; risks related to U.S. government actions on trade agreements, trade related laws and regulations and trade related treaties or policies; changes in the cost of raw materials, supplies and energy; the company’s significant amount of debt and other obligations; severe financial hardship or bankruptcy of one or more of the company’s major customers or key suppliers; the company’s significant proportion of sales to the automotive market; reduced demand in key product markets due to competition from aluminum or other alternatives to steel; excess inventory of raw materials; supply chain disruptions or poor quality of raw materials or supplies; production disruption or reduced production levels; the company’s healthcare and pension obligations; not reaching new labor agreements on a timely basis; major litigation, arbitrations, environmental issues and other contingencies; regulatory compliance and changes; climate change and greenhouse gas emissions; conditions in the financial, credit, capital and banking markets; the company’s use of derivative contracts to hedge commodity pricing volatility; potential permanent idling of facilities; inability to fully realize benefits of margin enhancement initiatives; information technology security threats, cybercrime and exposure of private information; the company’s failure to achieve expected benefits of the Precision Partners acquisition; changes in tax laws and regulations; as well as those risks and uncertainties discussed in more detail in the company’s Annual Report on Form 10-K for the year ended December 31, 2018, and its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. As such, the company cautions readers not to place undue reliance on forward-looking statements, which speak only to the company’s plans, assumptions and expectations as of the date hereof. The company undertakes no obligation to publicly update any forward-looking statement, except as required by law. SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 3 © 2019 AK Steel. All rights reserved.

Protecting Our Most Important Asset – Our People . Continue to be an industry leader in safety performance . Six facilities achieved zero OSHA DART* cases for 2Q 2019 . Four facilities achieved zero OSHA Recordable cases for 2Q 2019 . Two facilities achieved zero occupational injuries for 2Q 2019 * Days Away from work, Restricted or Transferred cases SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 5 © 2019 AK Steel. All rights reserved.

Sustainability – Telling our Story Improvement in waste recycling from 55% to 66% Hazardous waste generation down 3,458 tons Renewable energy up 23% AK Steel recently recognized on the television series John Holden – EARTH “EARTH” for our environmental sustainability efforts 2018 Sustainability Report available at www.aksteel.com SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 6 © 2019 AK Steel. All rights reserved.

Strategic Accomplishments 2014-15 2016 2017 2018 2019+ • Acquired Dearborn assets • Dearborn coating line • New Research and Innovation • Best financial performance • Capital investment to support • Idled Ashland hot-end upgraded to produce next Center since 2008 growth at Precision Partners steelmaking operations generation steels • Introduced NEXMET® 1000 • General Motors Supplier of • Announced closure of Ashland • Began product portfolio • Introduced NEXMET® 440EX and 1200 the Year Works; $40 million annual optimization • Strengthened balance sheet • Raw Material Supplier of the • Mansfield melt shop upgrade run-rate savings • Reduced interest cost and Year by FCA USA • Launched TRAN-COR® X • DOE award to leverage high extended maturity • DOE award to improve motor electrical steel performance computing for • ~$210 million pension de- efficiency for hybrid/electric • DOE Award for development hot rolling steel research risking annuitizations vehicles of lightweight steels • General Motors Supplier of • Acquisition of Precision • Record AK Tube results the Year Partners • ~$280 million pension • Ford Smart Brand Pillar Award • Major investment at de-risking annuitization • DOE award to leverage Middletown hot-end • Reduced debt by $116 million supercomputing for advanced thermo-mechanical forming process development • NEXMET® AHSS sourced on first automotive application • Major investment at Dearborn hot-end SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 7 © 2019 AK Steel. All rights reserved.

Ashland Works Update . Plan to close the Ashland Works facility by the end of 2019 − Blast furnace and ‘hot-end’ were idled in 2015 . Transitioning of production to increase utilization at other AK Steel coating lines in the U.S. is on track . These actions are expected to result in annual savings of over $40 million beginning in 2020 SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 8 © 2019 AK Steel. All rights reserved.

Steel Market Update North America Light Vehicle Production . Overall demand for steel remains solid (Millions) . Automotive production remains strong, although 17.1 17.0 16.8 16.6 16.8 expected to be slightly lower than 2018 . Service center inventories are balanced with demand 2017 2018 2019E 2020E 2021E U.S. Housing Starts U.S. Non-Residential Construction Fixed Investment (Millions) ($ Billions) $2,921 $2,868 1.31 $2,803 $2,712 1.26 1.26 1.27 $2,539 1.21 2017 2018 2019E 2020E 2021E 2017 2018 2019E 2020E 2021E Source: AK Steel estimates SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 9 © 2019 AK Steel. All rights reserved.

Strategy – Create Shareholder Value by . . . COMMERCIALIZING TRANSFORMING DRIVING innovative our operations to further growth - organically products significantly improve and through acquisitions and services our competitive into new markets and cost position downstream business SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 10 © 2019 AK Steel. All rights reserved.

Record Performance and Solid Growth at AK Tube . Expect 2019 to exceed record 2018 results . Proficient in both carbon and stainless tube across the entire spectrum of steel grades . Production capabilities provide a competitive advantage . Solid and growing automotive and power sports OEM partnerships . Significant additional opportunities in development SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 12 © 2019 AK Steel. All rights reserved.

Growth at Precision Partners . Leading producer of hot- and cold-stamped automotive components and assemblies . Increase in profitability expected in 2019 . Joint commercial activity with AK Steel and AK Tube progressing . Investing in new facility and equipment to support new business awarded . One of only three North American producers with the capability to produce hot-stamped, one-piece, door ring SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 13 © 2019 AK Steel. All rights reserved.

Department of Energy Awards . Non Oriented Electrical Steel 30% efficiency improvement – intended for industrial motors and electric vehicle motors . Low density steel – targeted 10% reduction using new steel alloys . Leveraged supercomputing for hot roll/material property modeling . Leveraged supercomputing for advanced thermo- mechanical forming process development SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 14 © 2019 AK Steel. All rights reserved.

Automotive Materials and Components Solutions Provider . Uniquely positioned among suppliers to automotive OEMs ‒ Broadest portfolio of materials ‒ Tool and die design and manufacturing ‒ Hot- and cold-stamped offerings ‒ Complex part assembly ‒ Exhaust system components ‒ Tubular structural parts . More than 70% of volume sold into automotive ‒ Stability through fixed price contracts ‒ Components typically sourced for the life of model . Go-to solution provider with focus on research and innovation ‒ More than 550 engineers, metallurgists, technical specialists and tool-makers supporting automotive OEMs ‒ Depth of product portfolio, research and innovation, and technical support allows for consistent and growing market share SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 15 © 2019 AK Steel. All rights reserved.

Second Quarter 2019 Financial Highlights ($ Millions, except per share and per ton) 2Q 2018 1Q 2019 2Q 2019 Y-o-Y Flat-Rolled Shipments (in 000s of tons) 1,440 1,388 1,391 -3% Flat-Rolled Average Selling Price Per Ton $1,101 $1,112 $1,102 0% Net Sales $1,746.6 $1,697.7 $1,680.5 -4% Net Income (Loss) $56.6 ($4.5) $66.8 18% Adjusted Net Income $56.6 $72.9 $66.8 18% Adjusted EBITDA $148.4 $160.9 $151.5 2% Adjusted EBITDA Margin 8.5% 9.5% 9.0% 6% Earnings (Loss) Per Share – Diluted $0.18 ($0.01) $0.21 17% Adjusted Earnings Per Share – Diluted $0.18 $0.23 $0.21 17% Note: See Appendix for reconciliations of non-GAAP financial measures SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 17 © 2019 AK Steel. All rights reserved.

Adjusted EBITDA – 1Q 2019 to 2Q 2019 $200 $21 $175 $161 $152 $150 $5 $16 $9 $125 ($ ($ Millions) $100 $75 $50 1Q 2019 Actual Pricing/Volume/Mix Raw Materials & Operations Other 2Q 2019 Actual Energy SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 18 © 2019 AK Steel. All rights reserved.

2019 Full Year Guidance Estimates . Net income attributable to AK Steel of ~$41 to $61 million Flat-Rolled Shipments . Adjusted net income of ~$118 to $138 million (000s tons) . Adjusted EBITDA in the range of ~$470 to $490 million 8,000 6,974 5,936 5,683 ‒ Based on average carbon hot-rolled coil spot market price of 6,000 5,596 ~$555 per ton 4,000 ‒ Every $10 change in the carbon hot roll coil spot market price, adjusted EBITDA and net income impacted by ~$5 to $7 million annually 2,000 . Adjusted results exclude the effect of the Ashland Works closure 0 charge of $77.4 million recorded in 1Q 2015 2016 2017 2018 Flat-Rolled Average Selling Price Per Ton Adjusted EBITDA ($ Millions) $1,200 $1,091 $600 $563.4 $1,022 $528.5 $955 $929 $500 $472.8 $900 $400 $600 $300 $180.4 $200 $300 $100 $0 $0 2015 2016 2017 2018 2015 2016 2017 2018 Note: 2017 and prior recast to reflect retrospective adjustments from certain accounting changes, including switch from LIFO The company's guidance is based on AK Steel’s current estimates and may change based on business conditions and other factors. There are many other items that could affect the company’s 2019 results, as outlined in the Forward-Looking Statements slide of this presentation, including developments in the domestic and global economies, in the company’s business, in trade actions and the imposition of tariffs, and in the businesses of the company’s customers, suppliers and competitors. SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 19 © 2019 AK Steel. All rights reserved.

2019 Full Year Other Guidance Items . Earnings per share of ~$0.13 to $0.20 . Adjusted earnings per share of ~$0.37 to $0.44 (1) . Flat-rolled shipments ~5.5 – 5.6 million tons . Average flat-rolled selling price roughly the same as 2018 . Major maintenance outages ~$70 to $80 million; fourth quarter expected to be similar to second quarter . Depreciation and amortization ~$210 million (2) . Cash/total interest expense of ~$135/$155 million . Pension and OPEB income ~$20 to $25 million (3) . OPEB payments of ~$40 million . Minimal cash and book taxes . Working capital expected to be modest source of cash (1) Adjusted results exclude the effect of the Ashland Works closure charge of $77.4 million recorded in 1Q (2) Includes $20 million for SunCoke (3) Includes ~$6 million expense reported in Cost of Products Sold/Selling and Administrative expenses; excludes $13 million charge in 1Q for Ashland Works closure The company's guidance is based on AK Steel’s current estimates and may change based on business conditions and other factors. There are many other items that could affect the company’s 2019 results, as outlined in the Forward-Looking Statements slide of this presentation, including developments in the domestic and global economies, in the company’s business, in trade actions and the imposition of tariffs, and in the businesses of the company’s customers, suppliers and competitors. SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 20 © 2019 AK Steel. All rights reserved.

High-Value Product Mix with More Predictable Pricing Flat-Rolled Product Mix Customer Contract Structure 2015 2015 Other 3% Spot Market Hot-rolled ~19% 18% Coated Fixed Base 48% Price Contracts Stainless/ Steel Index ~62% Electrical Based Contracts 13% ~19% Cold-rolled 2018 2018 18% Other 3% Spot Market Hot-rolled ~13% 13% Coated Fixed Base 50% Price Contracts Stainless/ Steel Index ~70% Electrical Based Contracts 15% ~17% Cold-rolled 19% SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 24 © 2019 AK Steel. All rights reserved.

Balance Sheet and Cash Flow Second Quarter Highlights Robust Liquidity ($ Millions) . Reduced borrowings by $95 million $1,500 $1,354 $1,079 . Maintain focus on strengthening balance sheet $989 $1,000 $845* . Increased revolving credit facility to $1.5 billion $700 . Ended quarter with liquidity of more than $1 billion $500 . Working capital was a source of $62 million; expected $0 to be a modest source of cash for full year 2019 12/31/15 12/31/16 12/31/17 12/31/18 06/30/19 * Acquisition of Precision Partners Consistent Capital Investments Manageable Pension Contributions ($ Millions) ($ Millions) $200 ~$170 - $190 $75 $153 $152 $150 $128 $50 $50 $50 $44 $44 $99 $50 $100 $24 $25 $50 $0 $0 $0 2015 2016 2017 2018 2019E 2015 2016 2017 2018 2019E 2020E 2021E SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 25 © 2019 AK Steel. All rights reserved.

Significantly Improved Debt Profile ($ Millions) December 31, 2015 June 30, 2019 Total Debt: $2.4 billion $700 $150 $150 $537 Total Debt: $2.0 billion $7 $406 $406 $380 $380 $392 $290 $285 $270 $550 $530 $149 $62 $62 $30 $30 $7 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Credit Facility Senior Notes Senior Secured Notes Industrial Revenue Bonds . Liquidity is sufficient to pay down the $149 million exchangeable notes due in November 2019 Note: Excludes unamortized debt discount and issuance costs SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 26 © 2019 AK Steel. All rights reserved.

Non-GAAP Financial Measures Reconciliation of Adjusted Net Income Qtr ended Qtr ended 1st Half Qtr ended Qtr ended 1st Half 2019 Guidance ($ Millions) 2016 2017 2018 03/31/2018 06/30/2018 2018 03/31/2019 06/30/2019 2019 Low High Reconciliation to Net Income (Loss) Attributable to AK Steel Holding Corporation Net income (loss) attributable to AK Steel Holding Corporation, as reported ($16.8) $103.5 $186.0 $28.7 $56.6 $85.3 ($4.5) $66.8 $62.3 $41 $61 Pension and OPEB net corridor and settlement charges 68.1 14.5 Charges (credit) for termination of pellet agreement and related transportation costs 69.5 (19.3) Ashland Works closure 77.4 77.4 77 77 Asset impairment charge 75.6 Adjusted net income attributable to AK Steel Holding $120.8 $159.8 $200.5 $28.7 $56.6 $85.3 $72.9 $66.8 $139.7 $118 $138 Reconciliation to Diluted Earnings (Losses) per Share Diluted earnings (loss) per share, as reported ($0.07) $0.32 $0.59 $0.09 $0.18 $0.27 ($0.01) $0.21 $0.20 $0.13 $0.20 Pension and OPEB net corridor charge/settlement loss 0.30 0.05 Charges (credit) for termination of pellet agreement and related transportation costs 0.30 (0.06) Ashland Works closure 0.24 0.24 0.24 0.24 Asset impairment charge 0.24 Adjusted diluted earnings per share $0.53 $0.50 $0.64 $0.09 $0.18 $0.27 $0.23 $0.21 $0.44 $0.37 $0.44 Flat-rolled Shipments 5,936.4 5,596.2 5,683.4 1,430.9 1,439.8 2,870.7 1,388.4 1,391.4 2,779.8 Flat-rolled Average Selling Price $955 $1,022 $1,091 $1,045 $1,101 $1,073 $1,112 $1,102 $1,107 Note: 2017 and prior recast to reflect retrospective adjustments from certain accounting changes, including switch from LIFO SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 27 © 2019 AK Steel. All rights reserved.

Non-GAAP Financial Measures Reconciliation of Adjusted EBITDA Qtr ended Qtr ended 1st Half Qtr ended Qtr ended 1st Half 2019 Guidance ($ Millions) 2016 2017 2018 3/31/2018 6/30/2018 2018 3/31/2019 6/30/2019 2019 Low High Net income (loss) attributable to AK Steel Holding ($16.8) $103.5 $186.0 $28.7 $56.6 $85.3 ($4.5) $66.8 $62.3 $41 $61 Net income (loss) attributable to NCI 66.0 61.4 58.1 16.1 15.7 31.8 12.6 13.1 25.7 55 55 Income tax expense (benefit) (16.9) (2.2) (6.2) (4.9) (0.5) (5.4) 1.4 1.0 2.4 7 7 Interest expense, net 162.3 150.9 150.7 37.4 37.7 75.1 37.7 36.9 74.6 155 155 Depreciation and amortization 221.4 236.3 237.0 61.3 58.6 119.9 56.3 53.0 109.3 210 210 EBITDA $416.0 $549.9 $625.6 $138.6 $168.1 $306.7 $103.5 $170.8 $274.3 $468 $488 Less: EBITDA of NCI (a) 80.8 77.7 76.7 19.9 19.7 39.6 20.0 19.3 39.3 75 75 Pension and OPEB net corridor charges / settlement loss 68.1 14.5 Charges (credit) for termination of pellet agreement and related transportation costs 69.5 (19.3) Ashland Works closure 77.4 77.4 77 77 Asset impairment charge 75.6 Adjusted EBITDA $472.8 $528.5 $563.4 $118.7 $148.4 $267.1 $160.9 $151.5 $312.4 $470 $490 Adjusted EBITDA margin 8.0% 8.7% 8.3% 7.2% 8.5% 7.8% 9.5% 9.0% 9.2% (a) The reconciliation of EBITDA of noncontrolling interest to net income attributable to noncontrolling interests is as follows: Net income (loss) attributable to noncontrolling interests $66.0 $61.4 $58.1 $16.1 $15.7 $31.8 $12.6 $13.1 $25.7 $55 $55 Depreciation 14.8 16.3 18.6 3.8 4.0 7.8 7.4 6.2 13.6 20 20 EBITDA of noncontrolling interests $80.8 $77.7 $76.7 $19.9 $19.7 $39.6 $20.0 $19.3 $39.3 $75 $75 Note: 2017 and prior recast to reflect retrospective adjustments from certain accounting changes, including switch from LIFO SAFETY | QUALITY | PRODUCTIVITY | INNOVATION July 2019 28 © 2019 AK Steel. All rights reserved.