S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Investor Day May 11, 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Forward-Looking Statement 2May 2017 We have made forward-looking statements in this presentation that are based on our management’s beliefs and assumptions and on information available to our management at the time such statements were made and hereby are identified as “forward-looking statements” for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “should” or the negative of these terms or similar expressions. Forward-looking statements involve risks, uncertainties and assumptions. Actual results may differ materially from those expressed in our forward-looking statements. You should not rely on any forward-looking statements. Factors that could cause our actual results 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; changes in the cost of raw materials and energy; our significant amount of debt and other obligations; severe financial hardship or bankruptcy of one or more of our major customers or key suppliers; our significant proportion of sales to the automotive market; reduced demand in key product markets due to competition from aluminum and other alternatives to steel; excess inventory of raw materials; supply chain disruptions or poor quality of raw materials; production disruption or reduced production levels; our healthcare obligations; our 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 emission limitations; conditions in the financial, credit, capital and banking markets; our use of derivative contracts to hedge commodity pricing volatility; potential permanent idling of facilities; inability to fully realize benefits of margin enhancement initiatives; and information technology security threats and cybercrime. The risk factors discussed under “Item 1A.—Risk Factors” in AK Holding’s Annual Report on Form 10-K for the year ended December 31, 2016 and under similar headings in AK Holding’s subsequently filed quarterly reports on Form 10-Q could cause our results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business. We expressly disclaim any obligation to update our forward- looking statements other than as required by law. Non-GAAP financial measures Included in this presentation are certain non-GAAP financial measures designed to complement the financial information presented in accordance with generally accepted accounting principles in the United States of America because management believes such measures are useful to investors. Because our calculations of these measures may differ from similar measures used by other companies, you should be careful when comparing our non-GAAP financial measures to those of other companies. A reconciliation of non-GAAP financial measures to GAAP financial measures is included in an Appendix to this presentation.

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N 3May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N AK Steel Investor Day - Welcome 4May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N AK Steel Investor Day - Agenda 5May 2017 John Catterall, Executive Director of the Auto/Steel Partnership Tour of the Research and Innovation Center Q&A AK Steel Executive Management Presentations Lunch/Continue Q&A Tour of Middletown Works

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N AK Steel Executive Team 6May 2017 Roger K. Newport Chief Executive Officer Kirk W. Reich President and Chief Operating Officer Jaime Vasquez Vice President, Finance and Chief Financial Officer Eric S. Petersen Vice President, Research and Innovation Joseph C. Alter Vice President, General Counsel and Corporate Secretary Brian K. Bishop Vice President, Carbon Steel Operations Stephanie S. Bisselberg Vice President, Human Resources Renee S. Filiatraut Vice President, Litigation, Labor and External Affairs Gregory A. Hoffbauer Vice President, Controller and Chief Accounting Officer Michael A. Kercsmar Vice President, Specialty Steel Operations Scott M. Lauschke Vice President, Sales and Customer Service Maurice A. Reed Vice President, Engineering, Raw Materials and Energy Christopher J. Ross Treasurer

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Opening Remarks Jaime Vasquez Vice President, Finance and Chief Financial Officer May 2017 7

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N A Changing AK Steel 8May 2017 • Game Plan − Phase I implemented successfully • Lowered risk profile of business model − Not a commodity or momentum play • Elevated our “sustainable” margin threshold − Return on cost of capital is objective • Transitioning towards a solution provider − Innovative material solutions − More value-added products

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N May 2017 9 Operations/Commercial Overview Kirk Reich Chief Operating Officer

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Industry Leading Safety Performance 10May 2017 OSHA Recordable Frequency (number of injuries per 200,000 manhours) Notes: Based upon most current AISI data available, through full year 2016. AK Steel data 2015 and forward includes Dearborn Works. • AK Steel’s safety performance is approximately four times better than AISI composite • During 2016, two AK Steel facilities operated the entire year with no OSHA recordables • Dearborn Works had lowest ever annual OSHA recordables in 2016 2.33 2.01 2.45 1.87 1.37 1.70 1.68 1.45 1.53 0.29 0.25 0.33 0.32 0.26 0.24 0.25 0.45 0.39 0.00 1.00 2.00 3.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 AISI AK Steel

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Diversified and Flexible Portfolio of Value-Added Facilities 11May 2017 Red = Carbon Blue = Specialty Grey = Raw Materials Temporarily idling Ashland’s hot end has resulted in utilization improvements at Dearborn, Middletown, and Butler MI IN KY OH PA Dearborn Carbon Melting Hot Rolling Cold Rolling Coating Mansfield Stainless Melting Hot Rolling Coshocton Cold Rolling Stainless Processing Zanesville Cold Rolling Electrical Processing Stainless ProcessingAshland Carbon Melting (idled) Coating AK Tube LLC Carbon / Stainless Tubular Products Rockport Cold Rolling Coating Stainless Processing Middletown Coke Making Carbon Melting Hot Rolling Cold Rolling Coating West Chester, HQ Mountain State Carbon Coke Making Butler Carbon Melting Stainless Melting Electrical Melting Hot Rolling Cold Rolling Stainless Processing Electrical Processing AK Tube LLC Querétaro, Mexico AK Coal Resources Joint Ventures (State / % ownership) Combined Metals (IL, MI / 40%) Delaco (MI / 49%) Spartan (MI / 48%) Vicksmetal/Armco Associates (IN, MS / 50%)

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Operating Excellence and Reliability 12May 2017 • Dramatic improvement in Dearborn operations − “Best Operational Improvement” recognition by American Metal Market in 2016 − Lowest ever OSHA recordables in 2016 − Best ever performance in 2016 for internal quality rejects and retreats − Record slab production in 2016 − Significant environmental compliance improvement from 2014 to 2016 • Consistent operational reliability − Intensive preventative/predictive maintenance program − Investing >$600 million annually in maintenance expense company-wide

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Operational Excellence – Dramatic Improvements at Dearborn 13May 2017 31 16 10 0 20 40 2014 2015 2016 Safety OSHA Recordables 13,163 17 35 0 5,000 10,000 15,000 2014 2015 2016 Environmental Title V Deviations 0% 10% 20% 2014 2015 2016 Quality % Missed Chemistry 0 50 100 2014 2015 2016 Productivity Caster Heats per Sequence

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Diversified Products Electrical Steel • High efficiency GOES among the best in the world • Solid relationships with U.S. transformer manufacturers • International sales team • Hybrid/Electric Vehicles motors (High efficiency NOES) • Innovation focus on higher efficiency products in all markets Tubing – Carbon and Stainless • Automotive exhaust • Advanced High Strength tubing development • Mexico expansion 14May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Diversified Products Stainless Steel • Chrome (400 series) − Leader in auto exhaust market − New grades − OEM relationships − Brite Anneal trim for auto market • Chrome Nickel (300 series) − Non-commodity strip and special tensile strength − Special finishes • Martensitic grades • Superferritic grade • Precipitation hardening alloys 15May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Diversified Products Carbon Automotive Steel • Existing products for virtually all applications • New product developments for lightweighting • Right product mix • Right platforms • Continue to gain market share • Long-term view / strategic approach 16May 2017 Product Mix Hot Rolled Cold Rolled Coated/Press Hardenable Steel Platform Mix SUV/CUV/Light Trucks Cars

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Diversified Products 17May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N FCA US LLC Raw Material Supplier of the Year 18May 2017 "We honor those who continue to fuel our momentum by providing us not only the best ideas and cutting-edge technologies, but also the suppliers who consistently exceed our expectations.” - Scott Thiele, Chief Purchasing Officer, FCA

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Key Supplier to Global Customers 19May 2017 Note: The trademark and logo of each manufacturer is the property of the respective manufacturer

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N The AK Steel Advantage 20May 2017 Flexible facilities Operational excellence Investment in maintenance and equipment reliability Diverse, high-value products and markets Right position in strategic markets Strong collaborative relationships Well positioned for long-term

ACCELERATING INNOVATION John K Catterall Executive Director

AUTO/STEEL PARTNERSHIP Collaborative organization Founded in 1987 Members include:

RECENT A/SP INNOVATIONS Integrated Computational Materials Engineering (ICME) Joining of DP1180 steels

RECENT A/SP INNOVATIONS Springback Predictions Die Tool Wear

FACTORS DRIVING AUTOMAKERS’ NEEDS Fuel economy leading to mass reduction Safety driven by regulation and customers Ability to execute globally Cost effective solutions

COMPLEX CHALLENGE IN AUTOMOTIVE

STEEL’S RESPONSE

Grade development Material characterization including CAE cards Initial forming and joining feasibilities Collaboration for accelerated implementation SUPPORT NEEDED FROM STEEL

High-tech, high-value solutions Leverages existing infrastructure and knowledge Provides recyclability and end-of-life benefits Continues to innovate and evolve – 3rd Generation AHSS VALUE STEEL PROVIDES

COLLABORATION ACCELERATES INNOVATION

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N May 2017 31 Research and Innovation Update Eric Petersen Vice President, Research and Innovation

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Heritage of Success and Innovation 32May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N 2013 2016 Increased R&D Investment Accelerating Innovation 33May 2017 Note: Investment excludes the cost of the new Research and Innovation Center 2013 2016 New Projects Market Leading Market Following 2013 2016 Increased Personnel

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N AK Steel Product Solutions 34May 2017 Stainless Steels Electrical SteelsCarbon Steels

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Steel – The Automotive Solution 35May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Advanced High Strength Steel (AHSS) Strategy 36May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Advanced High Strength Steel (AHSS) Strategy 37May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Advanced High Strength Steel (AHSS) Strategy 38May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Advanced High Strength Steel (AHSS) Strategy 39May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Advanced High Strength Steel (AHSS) Strategy 40May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Advanced High Strength Steel (AHSS) Strategy 41May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Advanced High Strength Steel (AHSS) Strategy 42May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Next Generation – NEXMET™ 440EX, 1000, 1200 43May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N NEXMET™ High Strength Steel Applications Both surface critical (exposed), and applications for improved crash performance (unexposed): 44May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N NEXMET™ 440EX 45May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N NEXMET™ 440EX – Door Study 46May 2017 Door Outer Study: 21% mass savings potential 0.95 kg per door Gauge reduction to 0.55 mm • Passes all door loading requirements • Stamping feasibility Material Frequency Torsional Rigidity Belt Squeeze Denting Oil Canning BH250 (0.7 mm) Pass Pass Pass Pass Pass NEXMET™ 440EX (0.55 mm) Pass Pass Pass Pass Pass

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N NEXMET™ 440EX – Stamping Feasibility 47May 2017 Full Sized Truck Fender • Down gauge with NEXMET™ 440EX at 0.6 mm • Performs better than BH 250 with 0.77 mm 100% Holding force Formability Issue 100% Holding force Formability Issue BH 250 0.77 mm YS = 254 MPa TS = 370 MPa NEXMET™ 440EX at 0.6 mm YS = 290 MPa TS = 475.8 MPa

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N NEXMET™ 1000 and 1200 48May 2017 Yield Strength, MPa Tensile Strength, MPa Total Elongation, % Hole Expansion Ratio, % NEXMET™ 1000 730 1000 22 22 NEXMET™ 1200 1100 1210 15 30

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Stamping Validation with T-Shaped Panel 49May 2017 12.87 12.00 10.70 15.85 14.50 0.00 5.00 10.00 15.00 20.00 600 1000 1200 Dual Phase NEXMET™ Tensile Strength (MPa) vs. Draw Depth (mm)

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Full Size Truck – NEXMET™ AHSS Application 50May 2017 Targets  Reduce mass  Meet NCAP front impact  Meet IIHS 40% offset  Minimize torsional stiffness and bending reductions * Public domain models courtesy of George Washington University * Fully validated and correlated crash models

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Optimized Design – NEXMET™ 1000 and 1200 51May 2017 NEXMET™ 1000 NEXMET™ 1200 NEXMET™ 440EX

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N NEXMET™ AHSS Front End Optimization Results 52May 2017 Results  Reduce mass of the selected parts by 29.54 kg  Stamping feasibility complete  Meets front crash requirements  Plan for reducing torsional rigidity effects Weight Comparison – Baseline/Revised Parts Number of Parts Baseline Weight (kg) Reduced Weight (kg) % Weight Saving Weight Saving (kg) Rail, Cradle, Bumper, Brackets, Fender and Firewall 18 97.44 67.90 30.32 29.54

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N NEXMET™ 1200 Lightweighting in SORB Regulation 53May 2017 Meeting the latest government regulations and reducing mass Small Off-Set Rigid Barrier (SORB) Deflector Assembly Thick (mm) Mass (kg) Mass Saving (%) Dual Phase 500 1.5 1.77 - NEXMET™ 1200 1.0 1.18 33%

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N NITRONIC® 30 – Tensilized Properties 54May 2017 40% Mass Savings 3 to 1 Part Consolidation Yield Strength, MPa Tensile Strength, MPa Total Elongation, % NITRONIC® 30 730 990 31 NITRONIC® 30 830 1130 22 NITRONIC® 30 1100 1330 15

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N NanoSteel® NXG™ 1200 55May 2017 Yield Strength, MPa Tensile Strength, MPa Total Elongation, % NXG™ 1200 380 1190 55

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N B-Sized Sedan Press Hardenable Steel (PHS) vs. Cold Stamping 56May 2017 ROOF IMPACT SIDE MDB SIDE POLE Targets  Reduce mass  Convert PHS to cold stamping  Meet IIHS side impact  Meet NCAP roof crush  Meet NCAP pole impact

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Potential – PHS vs. NanoSteel Cold Stamping 57May 2017 Total Mass Saving 1.0 kg (4%) Load Cases Baseline Modified Side Pole Max Intrusion (mm) 445 446 Side Impact Intrusion (mm) 221 228 Roof Crush Max Force (kN) 63.2 63.9

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Press Hardenable Steel (PHS) Development 58May 2017 Strategic Goals • Next Generation PHS for lightweighting • Higher toughness in crash events • Higher residual ductility for energy absorption High Residual Ductility • Ultimate Tensile Strength (UTS) ≥ 1,200 – 1500 MPa • Total elongation ≥ 12% • Tailored properties for application • Patents pending 2 GPa Ultra High Strength PHS • UTS ≥ 2,000 MPa (2 GPa) • Total elongation ~7 - 8% • Patents pending

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N THERMAK® Stainless Steel – Family of Exhaust Products 59May 2017 Dual Stabilized Ferritic Stainless Steel for Exhaust System Lightweighting 30% Better Life ULTRA FORM Technology • High formability with excellent ridging resistance • Good weld properties THERMAK® 17 • High temperature strength • Improved thermal fatigue life • High temperature oxidation resistance THERMAK® 22 • Alternative to Type 304 with stable pricing (no Ni) • Resistant to stress corrosion cracking and intergranular corrosion

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N High Alloy Non-Oriented Electrical Steels for H/EV 60May 2017 DI-MAX® HF-10X High Frequency Non Oriented Electrical Steel • Low core loss (more efficient conversion of electric power to motion) • High permeability (ease of flux passing through motor core) • Next Generation H/EV improved magnetic and high strength mechanical properties • Qualifications underway for Next Generation H/EV power train systems

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N AK Steel Awarded $1.8 Million from the Department of Energy (DOE) Advanced Non-Oriented Electrical Steel Project 61May 2017 DOE Advanced Manufacturing Office Project (80 µΩ-cm alloy) • Substantial increase in alloy resistivity for core loss reduction • Research project to prove manufacturing feasibility • Three year project • 2020 completion Note: Subject to final agreement with Department of Energy

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Electrical Steel Development 62May 2017 RGX (M-3 LITE CARLITE®) TCX (X-0 CARLITE® DR®) TRAN-COR® H Regular Grain Oriented

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N May 2017 63 Electrical Steel Geoff Pfeiffer General Manager, Specialty Sales

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Electrical Steels – Helping to Energize the World 64May 2017 • Global leader in production of high permeability electrical steels used to manufacture energy-efficient power generation and distribution transformers • Focused on innovation and product mix enhancement − Highest quality product line − Developing even more advanced products − Enhanced operational capabilities • Only North American producer of infrastructure critical grain-oriented electrical steels • Product capabilities to meet more stringent energy efficiency standards • Well positioned for growth in Hybrid/Electric Vehicles

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Grain Oriented Electrical Steels (GOES) 65May 2017 TRAN-COR® H Regular Grain Oriented

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Grain Oriented Electrical Steels (GOES) – Transformers 66May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Transformer Cores 67May 2017 Secondary Winding Primary Winding Primary current Secondary voltage + - Primary current Primary voltage + -

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Grain Orientation – Rolling Direction 68May 2017 Regular Grain Oriented TRAN-COR® H

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N More Stringent Efficiency Standards Play to the Strength of AK Steel 69May 2017 January 2016 July 2015

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Non-Oriented Electrical Steel (NOES) – Motors 70May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Non-Oriented Electrical Steel (NOES) – Motors 71May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Opportunity for NOES - Today and Tomorrow 72May 2017 Today Large Industrial Motors Tomorrow Hybrid/Electric Motors

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Tour of Research and Innovation Center 73May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N May 2017 74 Closing Remarks Roger Newport Chief Executive Officer

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N AK Steel’s Commitment to Innovation 75May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Our Steel Is Everywhere You Look 76May 2017

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N 77May 2017 New Direction Has Been Defined • Investing resources in higher-value products − Positioning with customers that align with our “best value” approach − Minimizing exposure to commoditized products and markets where quality is less valued • Implementing margin enhancement actions − Dedicating capacity to more profitable products − Relentless focus on cost and process improvements • Enhancing product portfolio through collaborations − Working hand-in-hand with our customers and technical partners • Accelerating investment in research and innovation

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N 78May 2017 Driving Improved Results  Instilled a focus: We can. We will.  Engaged and empowered employees  Improving profitability  De-risking of the business model  Driving product and process innovation

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N 79May 2017 Margins Increased Despite Lower Shipments 0 2,000 4,000 6,000 8,000 0% 2% 4% 6% 8% 10% 2010 2011 2012 2013 2014 2015 2016 Sh ip m e n ts (000s To n s) EBI TD A Ma rgi n Adjusted EBITDA Margin Shipments Note: See Appendix for reconciliations of non-GAAP financial measures

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N 80May 2017 AK Tube Delivering Value to Customers Downstream • Four facilities located in Ohio, Indiana and Mexico • Electric Resistance Welded (ERW) stainless and carbon tubing for automotive/truck and other applications • Innovators in the production of tubing made from Advanced High Strength Steels • Annual shipments of ~140 million feet • Supplying these products enhances our position in the value chain while further allowing us to offer more product solutions to our clients

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N 81May 2017 Significant Progress, More to be Done • Multi-material solutions serving critical applications in flat-rolled and tubular carbon, stainless and electrical steels • Strong support of fair trade • Positioned to deliver more value-added, higher-margin products • Strengthened commitment to Research and Innovation • Intense focus on operational excellence • Focusing on downstream, value-added products • Strong liquidity and continued focus on deleveraging balance sheet

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Q&A

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N May 2017 83 Tour of Middletown Works Dale Rupp General Manager, Middletown Works

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Tour of Middletown Works 84May 2017 Personal Protective Equipment (PPE) Requirements • Long pants • Long sleeve mill jacket • Hard hat • Metatarsal safety shoes • Plastic safety glasses with permanently mounted side shields • Hearing protection • Shoulder length hair must be tucked up under the hard hat • No finger rings (gloves are available to cover rings) • No ear rings (stud type ear rings are permitted)

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Tour of Middletown Works 85May 2017 Highlighted Safety Rules • Never wander from the tour group • Stay within the walkway designated by your tour guide • Cell phones may not be used while on the tour • Absolutely no photographs may be taken without written permission • Always maintain three points of contact when on stairs

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N May 2017 86 Tour of Middletown Works

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N THANK YOU! May 2017 87

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N May 2017 88 Appendix

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Investor Contact Information 89May 2017 Douglas O. Mitterholzer Assistant Treasurer and General Manager, Investor Relations (513) 425-5215 doug.mitterholzer@aksteel.com

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N Non-GAAP Financial Measures Reconciliation of Adjusted EBITDA 90May 2017 ($ Millions) 2010 2011 2012 2013 2014 2015 2016 Net Income (loss) attributable to AKS ($128.9) ($155.6) ($1,027.3) ($46.8) ($96.9) ($509.0) ($7.8) Net income attributable to NCI (1.8) (4.5) 28.7 64.2 62.8 62.8 66.0 Income tax expense 43.8 (94.0) 790.0 (10.4) 7.7 63.4 3.2 Interest expense 33.0 47.5 86.7 127.4 144.7 173.0 163.9 Interest income (1.6) (0.5) (0.4) (1.1) (0.7) (1.3) (1.6) Depreciation and amortization 212.1 199.1 206.2 200.0 211.0 224.4 221.4 EBITDA $69.0 ($8.0) $83.9 $333.3 $328.6 $13.3 $445.1 Less: EBITDA of NCI (1) (2.5) (5.6) 60.0 78.3 77.2 77.1 80.8 Pension and OPEB new corridor charges / settlement loss 72.8 268.1 157.3 131.2 68.1 Impairment of Magnetation investment 256.3 69.5 Impairment of AFSG investment 41.6 Charge for facility idling 28.1 Adjusted EBITDA $144.3 $265.7 $181.2 $255.0 $280.2 $393.4 $501.9 EBITDA margin 2.4% 4.1% 3.1% 4.6% 4.3% 5.9% 8.5% Net income attributable to noncontrolling interests ($1.8) ($4.5) $28.7 $64.2 $62.8 $62.8 $66.0 Depreciation (0.7) (1.1) 31.3 14.1 14.4 $14.3 14.8 EBITDA of noncontrolling interests ($2.5) ($5.6) $60.0 $78.3 $77.2 $77.1 $80.8 (a) The reconciliation of EBITDA of noncontrolling interests to net income attributable to noncontrolling interests is as follows:

S A F E T Y | Q U A L I T Y | P R O D U C T I V I T Y | I N N O V A T I O N May 2017