EXHIBIT 12.1

AK STEEL HOLDING CORPORATION

RATIO OF EARNINGS TO COMBINED FIXED CHARGES

(dollars in millions)

	1999			2000		2001			2002			2003
Pretax Income (Loss)	$	76.6		$	172.5	$	(193.9	)	$	(873.6	)	$	(773.0	)
Interest expense		123.7			136.1		133.1			128.3			117.8
Interest factor in rent expense		3.0			3.0		2.4			2.4			2.4
Undistributed income from equity companies		(1.4	)		1.8		1.0			2.3			1.0
Total earnings	$	201.9		$	313.4	$	(57.4	)	$	(740.6	)	$	(651.8	)
Total combined fixed charges	$	173.9		$	143.2	$	139.7		$	133.7		$	121.9
Ratio of earnings to combined fixed charges		1.2			2.2		NM	*		NM	*		NM	*
Combined fixed charges:
Preferred dividends	$	25.8		$	1.6	$	1.4		$	1.2		$	—
Interest expense		123.7			136.1		133.1			128.3			117.8
Capitalized interest credit		21.4			2.5		2.8			1.8			1.7
Interest factor in rent expense		3.0			3.0		2.4			2.4			2.4
Total combined fixed charges	$	173.9		$	143.2	$	139.7		$	133.7		$	121.9

* In 2001, 2002 and 2003, earnings were less than fixed charges by $197.1, $874.3 and $773.7, respectively.