X0306 4 2016-01-20 0000918160 AK STEEL HOLDING CORP AKS 0001298509 Newport Roger K 9227 CENTRE POINTE DR WEST CHESTER OH 45069 1 1 Chief Executive Officer Common Stock 2016-01-20 4 A 0 142700 0 A 303484.259 D Common Stock 2016-01-20 4 F 0 47211 1.74 D 256273.259 D Employee Stock Option (Right to Buy) 1.74 2016-01-20 4 A 0 199300 0 A 2017-01-20 2026-01-20 Common Stock 199300 199300 D Performance Shares 2016-01-20 4 A 0 73900 0 A 2018-12-31 2018-12-31 Common Stock 73900 73900 D Options vest in three equal annual installments beginning one year after grant date. Each Performance Share represents a contingent right to receive 0 to 1.5 shares of Common Stock. The conversion rate (0, .5, or 1.5) ultimately applied to these Performance Shares will be determined based on the compounded annual growth rate ("CAGR") of the Common Stock between January 1, 2016 to December 31, 2018 (the "Performance Period"). This represents one half of the Performance Shares which were awarded on January 20, 2016 and are required to be reported at this time because they constitute derivative securities. The other half do not constitute derivative securities and therefore are not required to be reported at this time. The number of shares of Common Stock underlying this grant of the Performance Shares will be 0 to 1.5 times the number of Performance Shares granted depending on CAGR achieved during the Performance Period. /s/ Roger K. Newport 2016-01-22