8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8‑K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT - April 30, 2018

(Date of Earliest Event Reported)

AK STEEL HOLDING CORPORATION

(Exact name of registrant as specified in its charter)

Commission File No. 1-13696

Delaware	31-1401455
(State of Incorporation)	(I.R.S. Employer Identification No.)
9227 Centre Pointe Drive West Chester, OH	45069
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (513) 425-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

q Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

q Solicitation material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

q Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

q Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company q

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. q

Item 8.01. Other Items.

This Current Report on Form 8-K is being filed by AK Steel Holding Corporation (“AK Steel”) to recast certain information in the Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”), which AK Steel filed on February 15, 2018. AK Steel is filing herewith updated financial statements and other affected financial information for the periods included in the 2017 10-K that reflect retrospective adjustments resulting from certain accounting changes. Specifically, Part I, Items 1A and Part II, Items 6, 7 and 8 of AK Steel’s Form 10-K have been adjusted to reflect changes arising from (i) the adoption of Accounting Standards Update (ASU) No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, and (ii) a change in the method of determining the cost of inventories from the last-in, first-out (LIFO) method to the average cost method, both of which have been applied retrospectively in the updated financial statements filed herewith.

The information in this Current Report on Form 8-K is not an amendment to or restatement of AK Steel’s 2017 Form 10-K. This Current Report on Form 8-K should be read in conjunction with the 2017 Form 10-K and the March 31, 2018 Form 10-Q.

Adoption of ASU 2017-07

On January 1, 2018, we adopted ASU No. 2017-07. Under this standard, the service cost component of periodic pension and other postretirement benefit expense is included in cost of products sold and selling and administrative expenses, consistent with our treatment of other employee compensation costs. The remainder of periodic pension and other postretirement benefit income is recorded in a separate line in the consolidated statements of operations below operating profit. We have retrospectively applied the change in accounting principle to all periods presented. The adoption of this standard update had no other effect on our consolidated financial statements.

Change from LIFO to Average Cost Method

We changed our accounting method for valuing certain inventories from the LIFO method to the average cost method effective January 1, 2018, with retrospective application to all periods presented.

Item 9.01	Financial Statements and Exhibits.
	(d)	Exhibit:
		*12.1	Revised Ratio of Earnings to Combined Fixed Charges
		*12.2	Revised Ratio of Earnings to Fixed Charges
		*23.1	Consent of Ernst & Young LLP
		*99.1	Revised Part I, Item 1A. Risk Factors
		*99.2	Revised Part II, Item 6. Selected Financial Data
		*99.3	Revised Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation
		*99.4	Revised Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk
		*99.5	Revised Part II, Item 8. Financial Statements and Supplementary Data
		*99.6	Unaudited Selected Quarterly Information
		101	The financial statements and notes thereto included in this Current Report on Form 8-K of AK Steel Holding Corporation formatted in eXtensible Business Reporting Language (XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AK STEEL HOLDING CORPORATION
By:	/s/ Joseph C. Alter
	Joseph C. Alter
	Secretary

Dated: April 30, 2018

EX-12.1

EXHIBIT 12.1

AK STEEL HOLDING CORPORATION

RATIO OF EARNINGS TO COMBINED FIXED CHARGES

(dollars in millions)

	2017		2016		2015			2014		2013
Combined fixed charges:
Capitalized interest credit	$	1.9	$	3.1	$	2.1		$	2.7	$	2.7
Interest factor in rent expense	5.2		5.6		5.3			4.3		3.3
Other interest and fixed charges	152.3		164.0		173.1			144.2		127.6
Preference dividends	—		—		—			—		—
Total combined fixed charges	$	159.4	$	172.7	$	180.5		$	151.2	$	133.6
Earnings—pre-tax income (loss) with applicable adjustments	$	265.4	$	137.3	$	(452.8	)	$	52.4	$	48.4
Ratio of earnings to combined fixed charges	1.7		NM*		NM*			NM*		NM*

* In 2016, 2015, 2014 and 2013, earnings were less than combined fixed charges by $35.4, $633.3, $98.8 and $85.2, respectively.

EX-12.2

EXHIBIT 12.2

AK STEEL HOLDING CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in millions)

	2017		2016		2015			2014		2013
Fixed charges:
Capitalized interest credit	$	1.9	$	3.1	$	2.1		$	2.7	$	2.7
Interest factor in rent expense	5.2		5.6		5.3			4.3		3.3
Other interest and fixed charges	152.3		164.0		173.1			144.2		127.6
Total fixed charges	$	159.4	$	172.7	$	180.5		$	151.2	$	133.6
Earnings—pre-tax income (loss) with applicable adjustments	$	265.4	$	137.3	$	(452.8	)	$	52.4	$	48.4
Ratio of earnings to fixed charges	1.7		NM*		NM*			NM*		NM*

* In 2016, 2015, 2014 and 2013, earnings were less than fixed charges by $35.4, $633.3, $98.8 and $85.2, respectively.

EX-23.1

EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the following Registration Statements:

(1) Registration Statement (Form S-8 No. 333-124296) pertaining to the AK Steel Holding Corporation Stock Incentive Plan (as amended and restated as of January 16, 2003),

(2) Registration Statement (Form S-3 No. 333-166303) of AK Steel Holding Corporation and AK Steel Corporation (as amended as of November 13, 2012),

(3) Registration Statement (Form S-8 No. 333-168541) pertaining to the AK Steel Holding Corporation Stock Incentive Plan (as amended and restated as of March 18, 2010),

(4) Registration Statement (Form S-8 No. 333-199853) pertaining to the AK Steel Holding Corporation Stock Incentive Plan (as amended and restated as of March 20, 2014),

(5) Registration Statement (Form S-3 No. 333-194078) of AK Steel Holding Corporation and AK Steel Corporation (as amended as of September 8, 2014),

(6) Registration Statement (Form S-3 No. 333-210785) of AK Steel Holding Corporation and AK Steel Corporation (as amended as of March 16, 2017), and

(7) Registration Statement (Form S-8 No. 333-212777) pertaining to the AK Steel Holding Corporation Stock Incentive Plan (as amended and restated as of May 26, 2016),

of our report dated February 15, 2018, (except for the paragraphs included under the caption "Adoption of New Accounting Principles" described in Notes 1 and 2, as to which the date is April 30, 2018) with respect to the consolidated financial statements of AK Steel Holding Corporation for the year ended December 31, 2017 included in this Current Report (Form 8-K) of AK Steel Holding Corporation.

/s/ ERNST & YOUNG LLP

Cincinnati, Ohio

April 30, 2018

EX-99.1

Exhibit 99.1

Part I

Item 1A. Risk Factors.

We caution readers that our business activities involve risks and uncertainties that could cause actual results to differ materially from those we currently expect. While the items listed below represent the most significant risks to us, we regularly monitor and report risks to the Board of Directors through a formal Total Enterprise Risk Management program.

Risk of reduced selling prices, shipments and profits associated with a highly competitive and cyclical industry. The competitive landscape in the steel industry reflects shifting domestic and international political priorities, an uncertain global trade landscape, and continued intense competition from domestic and foreign steel competitors. These conditions directly impact our pricing. It is impossible to predict whether the domestic and/or global economies or industry sectors of those economies that are key to our sales will continue to improve and generate enough demand to absorb some of the existing excess capacity in the steel industry, as well as new or expanded capacity. Also, we cannot know how customers or competitors will react to these and other factors and how their actions could affect market dynamics and sales of, and prices for, our products. Market price and demand for steel are very hard to predict and decreases in either or both could adversely impact our sales, financial results and cash flows. In addition, our direct sales to the automotive industry generate approximately 65% of our revenue and we make additional sales to distributors and converters whom, we believe, ultimately resell some of that volume to the automotive market. If automotive demand should decline substantially or we lose market share to competitors, our sales, financial results and cash flows could be severely impacted.

Risk of domestic and global steel overcapacity.  Significant global steel capacity and new or expanded production capacity in the United States in recent years has caused and continues to cause capacity to exceed demand globally, as well as in our primary markets in North America, which has and may continue to result in lower prices and shipments of our products. In fact, significant increases in production capacity in the U.S. by our competitors already have occurred in recent years as new carbon and stainless steelmaking and finishing facilities have begun production. In addition, foreign competitors have substantially increased their production capacity in the last few years and, in some instances appear to have targeted the U.S. market for imports. Also, some foreign economies, such as China, seem to be slowing relative to recent historical norms, resulting in an increased volume of steel products that cannot be consumed by industries in those foreign steel producers’ own countries. These and other factors have contributed to a high level of imports of foreign steel into the U.S. in recent years compared to historical levels and create a risk of even greater levels of imports, depending upon foreign market and economic conditions, the value of the U.S. dollar relative to other currencies, and other variables beyond our control. A significant further increase in domestic capacity or foreign imports could adversely affect our sales, financial results and cash flows.

Risks related to U.S. government actions on Section 232 and 301, NAFTA and/or other trade agreements, treaties or policies. The U.S. government has recently taken actions under Section 232 of the Trade Act and indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, including the North American Free Trade Agreement (“NAFTA”). Although we expect the steel tariffs imposed under Section 232 in March 2018 may benefit our business in many ways, the tariffs themselves, as well as country- or product-specific exemptions and retaliatory actions from foreign governments in response to the Section 232 actions (as well as any actions under Section 301 or otherwise), could also directly and/or indirectly affect us adversely. In addition, actions by others to import more finished products containing steel that are not subject to the tariffs instead of flat-rolled steel may reduce domestic demand for our steel products. Using an example related to electrical steel products, the Section 232 steel tariffs currently apply only to flat-rolled electrical steel and do not assess tariffs on any downstream products that utilize electrical steel, such as laminations (i.e., cut pieces of electrical steel), electrical transformer cores or core assemblies, or electrical transformers (“Downstream Electrical Products”). Producers of Downstream Electrical Products may increase imports of foreign-made Downstream Electrical Products to avoid the Section 232 steel tariffs or move domestic production outside the United States. This would adversely affect our electrical steel business, both directly by reducing our sales to domestic customers and indirectly (as a result of the decrease in volume) by increasing our fixed costs per ton of production and reducing our margin on sales to our remaining customers, among other potential negative impacts. Although we are proactively working to mitigate these risks, including by communicating our concerns regarding electrical steel to the U.S. government and requesting appropriate action to address our concerns, there is no certainty that our efforts will be successful. In addition, despite several rounds of negotiation thus far among the NAFTA member countries and other discussions with foreign governments, it remains unclear what the Administration will or will not do with respect to NAFTA or other international trade agreements, treaties and policies. If the U.S. government withdraws from or materially modifies NAFTA or other international trade agreements, treaties or policies, those U.S. government actions and/or retaliatory actions from foreign governments could adversely impact our business, customers and/or suppliers directly by disrupting trade and commercial transactions and/or indirectly by adversely affecting the U.S. economy or certain sectors thereof, thereby impacting demand for our customers’ products and, in turn, negatively affecting demand for our products. Key links of the supply chain for some of our key customers, including automotive manufacturers, could be negatively impacted by a withdrawal from or

significant change to NAFTA or other international trade agreements or retaliatory actions from foreign governments. Any of these matters could materially adversely affect our sales, financial results and cash flows.

Risk of changes in the cost of raw materials, supplies and energy.  The price that we pay for energy and key supplies and raw materials, such as electricity, natural gas, industrial gases, graphite electrodes, iron ore, chrome, zinc and coal, can fluctuate significantly based on market factors. In some cases the prices at which we sell steel will not change in tandem with changes in our raw materials, supplies and energy costs. Global demand and supply, particularly Chinese demand and supply, for certain raw materials can have a significant influence on our costs for those raw materials, especially iron ore and coal, as well as supplies for production whose prices are impacted by raw material prices, such as graphite electrodes and refractory materials. However, our sales prices are generally driven by North American demand, which can compress our margins in cases where raw material costs increase and our sales prices do not move in a similar manner. The majority of our shipments are sold under contracts that do not allow us to pass through all increases in raw materials, supplies and energy costs. Some of our shipments to contract customers include variable-pricing mechanisms allowing us to adjust the total sales price based upon changes in specified raw materials, supplies and energy costs. Those adjustments, however, rarely reflect all of our underlying raw materials, supplies and energy cost changes. The scope of the adjustment may be limited by the terms of the negotiated language including limitations on when the adjustment occurs. For shipments made to the spot market, market conditions or timing of sales may not allow us to recover the full amount of an increase in raw material, supplies or energy costs. In such circumstances, a significant increase in raw material, supplies or energy costs likely would adversely impact our financial results and cash flows. Conversely, in certain circumstances, we may not realize all of the benefits when the price for certain raw materials, supplies or energy declines. For example, this can occur when we lock in the price of a raw material over a set period and the spot market price for the material declines during that period. Our need to consume existing inventories may also delay the impact of a change in prices of raw materials or supplies. New inventory may not be purchased until some portion of the existing inventory is consumed. The impact of this risk is particularly significant for iron ore and coke because of the volumes held in inventory. We manage our exposure to the risk of iron ore price increases by hedging a portion of our annual iron ore supply and by entering supply agreements where the IODEX, the global iron ore price index, is only one factor affecting our price of iron ore pellets. Significant changes in raw material costs may also increase the potential for inventory value write-downs in the event of a reduction in selling prices and our inability to realize the cost of the inventory.

Risk from our significant amount of debt and other obligations.  On December 31, 2017, we had $2,165.5 of indebtedness outstanding. We also had pension and other postretirement benefit obligations totaling $934.3. We anticipate approximately $51.0 of required annual pension contributions for 2018. Based on current funding projections, we expect to make contributions to the master pension trust of approximately $35.0 for 2019 and $10.0 for 2020, though funding projections for 2019 and beyond could be affected by differences between expected and actual returns on plan assets, actuarial data and assumptions relating to plan participants, the discount rate used to measure the pension obligations and changes to regulatory funding requirements. We can borrow additional amounts under our $1,350.0 revolving credit facility. At December 31, 2017, we had $450.0 of outstanding borrowings under this credit facility with outstanding letters of credit of $71.5, resulting in maximum remaining availability of $828.5 under the credit facility (subject to customary borrowing conditions, including a borrowing base). Borrowing capacity under the credit facility is determined by the value of eligible collateral less outstanding borrowings and letters of credit. At December 31, 2017, borrowing availability under the credit facility was $807.3 based on eligible collateral at that time. Our debt and pension obligations, along with other financial obligations, could have important consequences. For example, they could increase our vulnerability to general adverse economic and industry conditions; require a substantial portion of our cash flows to be dedicated to interest payments and debt service, reducing the amount of cash flows available for other purposes, such as working capital, capital expenditures, acquisitions, joint ventures or general corporate purposes; limit our ability to obtain future additional financing; reduce our planning flexibility for, or ability to react to, changes in our business and the industry; and place us at a competitive disadvantage with competitors who may have less indebtedness and other obligations or greater access to financing.

Risk of severe financial hardship or bankruptcy of one or more of our major customers or key suppliers.  Sales and operations of a majority of our customers are sensitive to general economic conditions, especially as they affect the North American automotive and housing industries. If there is a significant weakening of current economic conditions, whether because of secular or cyclical issues, it could lead to financial difficulties or even bankruptcy filings by our customers. The concentration of customers in a specific industry, such as the automotive industry, may increase our risk because of the likelihood that circumstances may affect multiple customers at the same time. The nature of that impact would likely include lost sales or losses associated with the potential inability to collect all outstanding accounts receivable. Such an event could also negatively impact our financial results and cash flows. In addition, many of our key suppliers, particularly those who supply us with critical raw materials for the steelmaking process, have recently faced severe financial challenges or bankruptcy and other suppliers may face such circumstances in the future. For example, the significant decline in commodity prices during 2015 led to increased economic distress and even bankruptcy filings for several of the domestic sources of metallurgical coal, as well as one of our iron ore suppliers. Also, we purchase substantially all of our iron ore from one supplier under two multi-year contracts. This reliance on a single supplier for a primary raw material may increase our risk of increased costs from substitute suppliers or supply chain disruptions in the event of their financial hardship or bankruptcy. Key suppliers facing financial hardship or operating in bankruptcy could experience operational disruption or even face liquidation, which

could result in our inability to secure replacement raw materials on a timely basis, or at all, or cause us to incur increased costs to do so. Such events could adversely impact our operations, financial results and cash flows.

Risk related to our significant proportion of sales to the automotive market. In 2017, approximately 65% of our sales were to the automotive market. In addition to the size of our exposure to the automotive industry, we face risks related to our relative concentration of sales to certain specific automotive manufacturers. In 2017, one customer accounted for 12% of our net sales. Automotive production and sales are cyclical and sensitive to general economic conditions and other factors, including interest rates, consumer credit, and consumer spending and preferences. If automotive production and sales decline, our sales and shipments to the automotive market are likely to decline in a similarly corresponding manner. Adverse impacts that we may sustain as a result include, without limitation, lower margins because of the need to sell our steel to less profitable customers and markets, higher fixed costs from lower steel production if we are unable to sell the same amount of steel to other customers and markets, and/or lower sales, shipments and margins generally as our competitors face similar challenges and compete vigorously in other markets. These adverse impacts would negatively affect our sales, financial results and cash flows. Additionally, the trend toward lightweighting in the automotive industry, which requires lighter gauges of steel at higher strengths, could result in a lower volume of steel required by that industry over time. Moreover, competition for automotive business has intensified in recent years, as steel producers and companies producing alternative materials have focused their efforts on capturing and/or expanding their market share of automotive business because of less favorable conditions in other markets for steel and other metals, including commodity products and steel for use in the oil and gas markets. As a result, the potential exists that we may lose market share to existing or new entrants or that automotive manufacturers will take advantage of the intense competition among potential suppliers to pressure our pricing and margins in order to maintain or expand our market share with them, which could negatively affect our sales, financial results and cash flows.

Risk of reduced demand in key product markets due to competition from aluminum and other alternatives to steel.  The automotive market is important to our business, both in terms of volume and margins. Automotive manufacturers are under pressure to meet increasing government-mandated fuel economy standards through 2025. Automotive manufacturers have begun to incorporate aluminum and other alternative materials into their vehicles and continue to investigate the potential risks and benefits of expanding the use of non-steel materials. For example, one major automotive company previously elected to substitute aluminum for carbon steel in the body of some of its vehicles. Although automotive manufacturers have incorporated aluminum and other competing materials at a much slower rate than some experts previously expected, if demand for steel from one or more of our major automotive customers were to significantly decline because of increased use of aluminum or other competing materials in substitution for steel, it likely would negatively affect our sales, financial results and cash flows.

Risks of excess inventory of raw materials.  We have certain raw material supply contracts that include minimum annual purchases, subject to exceptions for force majeure and other circumstances. If our need for a particular raw material is reduced for an extended period significantly below what we projected at the contract’s inception, or what we projected at the time an annual nomination was made under certain contracts, we could be required to purchase quantities of raw materials that exceed our anticipated annual needs. Our decision to temporarily idle the Ashland Works blast furnace and steelmaking operations (“Ashland Works Hot End”) in 2015 increases this risk, as those operations were a major consumer of several key raw materials for which we have take-or-pay obligations, including coke. If our existing supply contracts require us to purchase raw materials in quantities beyond our needs, and if we do not succeed in reaching an agreement with a particular raw material supplier to reduce the quantity of raw materials we purchase from that supplier, then we would likely be required to purchase more of a particular raw material in a given year than we need, negatively affecting our financial results, liquidity and cash flows.

Risk of supply chain disruptions or poor quality of raw materials or supplies. Our sales, financial results and cash flows could be adversely affected by transportation, raw material, energy or other key supply disruptions, or poor quality of raw materials, particularly scrap, coal, coke, iron ore and alloys. For example, the market for graphite electrodes has tightened significantly as a result of supply-side shortages of certain raw materials used for their production, and the supply chain has become increasingly challenged. In addition, we may experience supply chain disruptions or increased costs from transportation-related challenges due to new or enhanced regulation, changes to providers’ operations, labor shortages or other factors. Disruptions or quality issues, whether the result of severe financial hardships or bankruptcies of suppliers, natural or man-made disasters, other adverse weather events, or other unforeseen events, could reduce production or increase costs at one or more of our plants and potentially adversely affect customers or markets to which we sell our products. Any significant disruption or quality issue in any of the areas addressed above would adversely affect our sales, financial results and cash flows.

Risk of production disruption or reduced production levels.  When business conditions permit, we attempt to operate our facilities at production levels that are at or near capacity. High production levels are important to our financial results because they enable us to spread fixed costs over a greater number of production tons. We have implemented a strategy to target markets for our products that deliver higher margins, where possible, and reduce amounts sold into the lower margin spot markets. This ongoing strategy relies on our ability to sell higher margin products that overcome the effects of lower production volumes on our fixed costs. If we are unable to sustain this strategy successfully, it would adversely affect our sales, financial results and cash flows. Production disruptions could be caused by unanticipated plant outages or equipment failures, a lack of redundancy for key production assets, or lack of adequate raw

materials, energy or other supplies, particularly under circumstances where we lack adequate redundant facilities. Production disruptions could result in significant costs and potential liability to us, as well as negative publicity and damage to our reputation with current or potential customers. In addition, the occurrence of natural or man-made disasters, adverse weather conditions or similar events could significantly disrupt our operations, negatively impact the operations of other companies or contractors we depend upon, or adversely affect customers or markets who buy our products. Any significant disruption or reduced level of production would adversely affect our sales, financial results and cash flows.

Risks associated with our healthcare obligations.  We provide healthcare coverage to our active employees and to a significant portion of our retirees, as well as certain members of their families. We are self-insured for substantially all of our healthcare coverage. While we have reduced our exposure to rising healthcare costs to a significant degree through cost sharing, cost caps and VEBA trusts, the cost of providing such healthcare coverage may be greater on a relative basis for us than for our competitors because they either provide a lesser level of benefits, require that their participants pay more for their benefits, or do not provide coverage to as broad a group of participants (e.g., they do not provide retiree healthcare benefits). In addition, our costs for retiree healthcare obligations could be affected by fluctuations in interest rates or by federal healthcare legislation.

Risks associated with our pension obligations.  We have a substantial pension obligation that, along with the related pension expense (income) and funding requirements, is directly affected by various changes in assumptions, including the selection of appropriate mortality assumptions and discount rates. These items also are affected by the rate and timing of employee retirements, actual experience compared to actuarial projections and asset returns in the securities markets. Such changes could increase our cost for those obligations, which could have a material adverse effect on our results and ability to meet those obligations. In addition, changes in the law for pension funding could also materially adversely affect our costs and ability to meet our pension obligations. Also, under the method of accounting we use for pension obligation reporting, we recognize into our results of operations, as a “corridor” adjustment, any unrecognized actuarial net gains or losses that exceed 10% of the larger of projected benefit obligations or plan assets. These corridor adjustments are driven mainly by changes in assumptions and by events and circumstances beyond our control, primarily changes in interest rates, performance of the financial markets, and mortality and retirement projections. A corridor adjustment, if required after a re-measurement of our pension obligations, historically has been recorded in the fourth quarter of the year, though one may be recorded at any time if an interim remeasurement occurs. A corridor adjustment can have a significant impact on our financial statements when it occurs, although its immediate recognition reduces the impact of unrealized gains or losses on future periods. A corridor charge does not have any immediate impact on our cash flows. We also contribute to multiemployer pension plans according to collective bargaining agreements that cover certain union-represented employees. Participating in these multiemployer plans exposes us to potential liabilities if the multiemployer plan is unable to pay its unfunded obligations or we choose to stop participating in the plan.

Risk of not reaching new labor agreements on a timely basis.  Most of our hourly employees are represented by various labor unions and are covered by collective bargaining agreements with expiration dates between March 2018 and September 2021. Two of those contracts are scheduled to expire in 2018. The labor contract with the International Association of Machinists and Aerospace Workers, Local 1943, which represents approximately 1,725 hourly employees at our Middletown Works located in Middletown, Ohio, expires on March 15, 2018. The labor contract with the United Steel Workers, Local 1865, which represents approximately 305 hourly employees at our Ashland Works located in Ashland, Kentucky, expires on September 1, 2018. We intend to negotiate with these unions to reach new, competitive labor agreements in advance of the current expiration dates. We cannot predict, however, when new, competitive labor agreements with the unions will be reached or what the impact of such agreements will be on our operating costs, operating income and cash flows. There is the potential of work stoppages at these locations in 2018 and beyond if we cannot reach timely agreements in contract negotiations before the contract expirations. If work stoppages occur, they could have a material impact on our operations, financial results and cash flows. For labor contracts at other locations which expire after 2018, a similar risk applies.

Risks associated with major litigation, arbitrations, environmental issues and other contingencies.  We have described several significant legal and environmental proceedings in Note 10 to the consolidated financial statements in Item 8. For environmental issues, changes in application or scope of regulations applicable to us could have significant adverse impacts, including requiring capital expenditures to ensure compliance with the regulations, increased difficulty in obtaining future permits or meeting future permit requirements, incurring costs for emission allowances, restriction of production, and higher prices for certain raw materials. One or more of these adverse developments could negatively impact our operations, financial results and cash flows. For litigation, arbitrations and other legal proceedings, it is not possible to predict with certainty the outcome of such matters and we could incur future judgments, fines or penalties or enter into settlements of lawsuits, arbitrations and claims that could have an adverse effect on our business, results of operations and financial condition. In addition, while we maintain insurance coverage for certain claims, we may not be able to obtain insurance on acceptable terms in the future and, if we obtain such insurance, it may not provide adequate coverage against all claims. We establish reserves based on our assessment of contingencies, including contingencies for claims asserted against us in connection with litigation, arbitrations and environmental issues. Adverse developments in litigation, arbitrations, environmental issues or other legal proceedings may affect our assessment and estimates of the loss contingency recorded

as a reserve and require us to make payments in excess of our reserves, which could negatively affect our operations, financial results and cash flows.

Risk associated with regulatory compliance and changes. Our business and the businesses of our customers and suppliers are subject to a wide variety of government regulations, including those relating to environmental permitting requirements. The regulations promulgated or adopted by various government agencies, and the interpretations and application of such regulations, are dynamic and constantly evolving. If new regulations arise, the application of existing regulations expands, or the interpretation of applicable regulations changes, we may incur additional costs for compliance, including capital expenditures. For example, the United States Environmental Protection Agency (“EPA”) is required to routinely reassess the National Ambient Air Quality Standards (“NAAQS”) for criteria pollutants like nitrogen dioxide, sulfur dioxide, lead, ozone and particulate matter. These standards are frequently subject to litigation and revision. Revisions to the NAAQS could require us to make significant capital expenditures to ensure compliance and could make it more difficult for us to obtain required permits in the future. These risks are higher for our facilities that are located in non-attainment areas. Complex foreign and U.S. laws and regulations apply to our international operations, including but not limited to the Foreign Corrupt Practices Act, regulations related to import/export controls, the Office of Foreign Assets Control sanctions program, anti-boycott provisions and transportation and logistics regulations. These laws and regulations and changes in these laws and regulations may increase our cost of doing business in international jurisdictions and expose our operations and our employees to elevated risk. We have implemented policies and processes designed to comply with these laws and regulations, but failure by our employees, contractors or agents to comply with these laws and regulations could result in possible administrative, civil or criminal liability and reputational harm to us and our employees. We may also be indirectly affected through regulatory changes that impact our customers or suppliers. Regulatory changes that impact our customers could reduce the quantity of our products they demand or the price of our products that they are willing to pay. Regulatory changes that impact our suppliers could decrease the supply of products or availability of services they sell to us or could increase the price they demand for products or services they sell to us.

Risks associated with climate change and greenhouse gas emissions. Our business and operations, as well as the business and operations of our key suppliers and customers, may become subject to legislation or regulation intended to limit climate change or greenhouse gas emissions. It is possible that limitations on greenhouse gas emissions may be imposed in the United States through legislation or regulation. For example, the EPA has issued and/or proposed regulations addressing greenhouse gas emissions, including regulations that will require large sources and suppliers in the United States to report greenhouse gas emissions. In addition, the U.S. Congress has introduced from time to time legislation aimed at limiting carbon emissions from carbon-intensive business operations. The CAFE standards and other existing and future climate change-related legislation and regulation could also affect our customers, and in particular our automotive customers, as they may assess and elect to use lower volumes of steel to achieve mandates related to emissions. Similarly, our suppliers may incur cost increases in order to comply with climate control legislation and regulation, which they could in turn attempt to pass through to us in the form of higher prices for critical goods and/or services. It is impossible, however, to forecast the terms of the final regulations and legislation, if any, and the resulting effects on us. Depending upon the terms of any such legislation or regulation, however, we could suffer negative financial impacts because of increased energy, operational, environmental and other costs to comply with the limitations that would be imposed on greenhouse gas emissions. In addition, depending upon whether similar limitations are imposed globally, the regulations and/or legislation could negatively impact our ability to compete with foreign steel companies situated in areas not subject to such limitations. Unless and until all of the terms of such regulation and legislation are known, however, we cannot reasonably or reliably estimate their impact on our financial condition, operating performance or ability to compete.

Risks associated with financial, credit, capital and banking markets.  In the ordinary course of business, we seek to access financial, credit, capital and/or banking markets at competitive rates. Currently, we believe we have adequate access to these markets to meet our reasonably anticipated business needs. We provide and receive normal trade financing to our customers and from our suppliers. If access to competitive financial, credit, capital and/or banking markets by us, or our customers or suppliers, is impaired, our operations, financial results and cash flows could be adversely impacted.

Risk associated with derivative contracts to hedge commodity pricing volatility. We use cash-settled commodity price swaps and options to reduce pricing volatility for a portion of our raw material, energy and other commodity purchases. We employ a systematic approach in order to mitigate the risk of potential volatile price movements of certain commodities. This approach is intended to protect us against a sharp rise in the price of commodities. However, engaging in the use of swaps, options and similar agreements for hedging entails a variety of risks. For example, if the price of an underlying commodity falls below the price at which we hedged the commodity, we will benefit from the lower market price for the commodity purchased, but may not realize the full benefit of the lower commodity price because of the hedged transaction. In certain circumstances we also could be required to provide collateral for a potential derivative liability or close our hedging transaction for the commodity. Additionally, there may be a timing lag (particularly for iron ore) between a decline in the price of a commodity underlying a derivative contract, which could require us to make payments in the short-term to provide collateral or settle the relevant hedging transaction, and the period when we experience the benefits of the lower cost input through physical purchases of the commodity the hedge covers. Further, for derivatives designated as cash flow hedges, we initially record the effective gains and losses in accumulated other comprehensive income (loss) and reclassify them to

earnings in the same period we recognize the effect of the associated hedged transaction. We record all derivative gains or losses for which hedge accounting treatment has not been elected or from hedge ineffectiveness to earnings in the period the gain or loss occurs. Changes in the fair value of derivatives for which hedge accounting treatment has not been elected or greater hedge ineffectiveness than we anticipated on cash flow hedges may result in increased volatility in our reported earnings. For example, we immediately recognize changes in the fair value of our iron ore derivative contracts in earnings when the fair value changes, instead of when we recognize the underlying cost of iron ore, thus potentially increasing the volatility of our results of operations. Each of these risks related to our hedging transactions could adversely affect our financial results and cash flows.

Risks related to the potential permanent idling of facilities. We perform strategic reviews of our business, which may include evaluating each of our plants and operating units to assess their viability and strategic benefits. As part of these reviews, we may idle—whether temporarily or permanently—certain of our existing facilities in order to reduce participation in markets where we determine that our returns are not acceptable. For example, in December 2015 we temporarily idled the Ashland Works Hot End to mitigate our exposure to the carbon steel spot market. If we decide to permanently idle the Ashland Works Hot End or any other facility or assets, we are likely to incur and accelerate significant cash expenses, including those relating to labor benefit obligations, take-or-pay supply agreements and accelerated environmental remediation costs, as well as substantial non-cash charges for impairment of those assets and the effects on pension and OPEB liabilities. We could incur similar types of cash and non-cash costs if we elect to temporarily or permanently idle any of our other currently operating assets or facilities. If we elect to permanently idle material facilities or assets, it could adversely affect our operations, financial results and cash flows.

Risk of inability to fully realize benefits of margin enhancement initiatives. In recent years we have undertaken several significant projects in an effort to lower costs and enhance margins. These projects and initiatives include efforts to focus production and sales on higher margin products, increase our operating rates and lower our costs. We identified a number of areas for enhancing profitability, including increasing our percentage of contract sales, producing and selling a higher-margin mix of products (including lowering our sales to the carbon steel spot market, which drove our decision to temporarily idle the Ashland Works Hot End) and developing new products that can command higher prices from customers. If one or more of these key cost-savings or margin enhancement projects are unsuccessful, or are significantly less effective in achieving the level and timing of combined cost savings or margin enhancement than we anticipated, or if we do not achieve results as quickly as anticipated, our financial results and cash flows could be adversely impacted.

Risk of information technology (“IT”) security threats, cybercrime and exposure of private information.We rely on IT systems and networks in almost every aspect of our business activities. In addition, we and certain of our third-party data processing providers collect and store sensitive data, and our vendors or suppliers may collect and store sensitive data about us in their information system environments. We have taken, and intend to continue to take, what we believe are appropriate and reasonable steps to prevent security breaches in our systems and networks. In recent years, however, both the number and sophistication of IT security threats and cybercrimes have increased. Additionally, regulation has increased for companies to prevent security breaches and notify stakeholders if data is exposed. These IT security threats and increasingly sophisticated cybercrimes, including advanced persistent attacks, pose a risk to system security and the confidentiality, availability and integrity of our data. A breach in security could expose us to risks of production downtimes and operations disruptions, misuse of information or systems, or the compromise of confidential information, which in turn could adversely affect our reputation, competitive position, business and financial results.

Risk of failure to achieve expected benefits of the Precision Partners acquisition and/or to integrate Precision Partners successfully. We may be unable to achieve the strategic, operational, financial and other benefits contemplated as part of the acquisition of Precision Partners to the full extent expected or in a timely manner. If we are not as successful or timely as we expect in integrating Precision Partners, we may not fully realize the potential growth opportunities, ability to provide enhanced solutions to our customers, leveraging and acceleration of combined research and innovation efforts, and anticipated financial and non-financial benefits and opportunities from the acquisition. Goodwill is a significant part of Precision Partners’ assets and our inability to realize the benefits of the acquisition could result in an impairment of goodwill. These circumstances, either alone or in combination, could have other adverse effects on our business, financial results and cash flows.

Risks associated with changes in tax laws and regulations. We are a large corporation with operations in the U.S. and other jurisdictions. As such, we are subject to tax laws and regulations of the U.S. federal, state and local governments, as well as various foreign jurisdictions. We compute our income tax provision based on enacted tax rates in the jurisdictions in which we operate. Significant judgment is required in determining our tax provision for income taxes. Changes in tax laws or regulations may be enacted that could adversely affect our overall tax assets and liabilities. For example, on December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (the “Tax Act”). The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the estimates provided elsewhere in this Annual Report, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates we have used to calculate the transition impacts. Any changes in enacted tax laws (such as the recent U.S. tax legislation), rules or regulatory or judicial interpretations, any adverse outcome in connection with tax audits in any jurisdiction, or any change in the

pronouncements relating to accounting for income taxes could materially and adversely impact our financial condition and results of operations.

EX-99.2

Exhibit 99.2

Part II

Item 6.        Selected Financial Data.

The following selected historical consolidated financial data should be read along with the consolidated financial statements presented in Item 8 and Management’s Discussion and Analysis of Financial Condition and Results of Operations presented in Item 7.

	2017		2016			2015			2014			2013
	(dollars in millions, except per share and per ton data)
Statement of Operations Data:
Net sales	$	6,080.5	$	5,882.5		$	6,692.9		$	6,505.7		$	5,570.4
Operating profit (loss)	260.2		217.6			(67.4		)	17.6			14.8
Net income (loss) attributable to AK Steel Holding Corporation (a)	103.5		(16.8		)	(652.3		)	(114.2		)	(60.2		)
Basic earnings (loss) per share	0.33		(0.07		)	(3.67		)	(0.77		)	(0.44		)
Diluted earnings (loss) per share (a)	0.32		(0.07		)	(3.67		)	(0.77		)	(0.44		)
Other Data:
Total flat-rolled shipments (in thousands of tons)	5,596.2		5,936.4			6,974.0			6,132.6			5,275.8
Selling price per flat-rolled ton	$	1,022	$	955		$	929		$	1,021		$	1,014
Balance Sheet Data:
Cash and cash equivalents	$	38.0	$	173.2		$	56.6		$	70.2		$	45.3
Working capital	1,070.1		1,077.1			899.5			1,195.4			763.1
Total assets	4,474.8		4,101.7			4,157.8			5,052.8			3,824.3
Current portion of long-term debt	—		—			—			—			0.8
Long-term debt (excluding current portion)	2,110.1		1,816.6			2,354.1			2,422.0			1,479.6
Current portion of pension and other postretirement benefit obligations	40.1		41.3			77.7			55.6			85.9
Pension and other postretirement benefit obligations (excluding current portion)	894.2		1,093.7			1,146.9			1,225.3			965.4
Total equity (deficit)	300.6		149.8			(528.4		)	142.0			432.6

(a) Under our method of accounting for pensions and other postretirement benefits, we recorded pension corridor charges of $78.4 ($0.34 per diluted share), $144.3 ($0.81 per diluted share) and $2.0 ($0.01 per diluted share) in 2016, 2015 and 2014, and OPEB corridor credits of $35.3 ($0.15 per diluted share) and $13.1 ($0.07 per diluted share) in 2016 and 2015. In 2017, we recorded an asset impairment charge of $75.6 ($0.24 per diluted share) related to the temporarily idled Ashland Works Hot End, a credit of $19.3 ($0.06 per diluted share) for the reversal of a liability for transportation costs and a non-cash credit of $4.3 ($0.01 per diluted share) for the effects of the Tax Cuts and Jobs Act. In 2016, we also recorded pension settlement charges of $25.0 ($0.11 per diluted share) and costs of $69.5 ($0.30 per diluted share) to terminate a pellet offtake agreement and for related transportation costs. In 2015, we also recorded a charge for a temporary facility idling of $28.1 ($0.16 per diluted share) and impairments of our investments in Magnetation of $256.3 ($1.44 per diluted share) and AFSG Holdings, Inc. (“AFSG”) of $41.6 ($0.23 per diluted share).

EX-99.3

Exhibit 99.3

Part II

Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Executive Overview

We are a leading producer of flat-rolled carbon, stainless and electrical steel products, primarily for the automotive, infrastructure and manufacturing, electrical power generation and distribution markets. We leverage our advanced research and development and operational excellence to specialize in technically challenging steel products and to innovate across markets and within our product portfolios to add value to our steel solutions. We are the only steelmaker in North America that can produce all three major categories of flat-rolled steels—namely carbon, stainless and electrical. In addition, through our subsidiaries, we provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped components and complex assemblies.

In 2016, we began the process to improve our product mix, deemphasize commodity products, enhance our operational footprint and strengthen our balance sheet, and we continued to seek ways to enhance our margins in 2017. Product innovation has been a key tenet of our long-term strategy to differentiate us from our competitors. Our engineers and researchers continue to explore new solutions to serve our product development goals and operational challenges. We expanded our growth platform by launching our new NEXMET™ family of AHSS coated carbon steel products. We began to produce our breakthrough NEXMET steel from a new, state-of-the-art continuous galvanizing line at our Dearborn Works. In addition, our researchers are jointly working with the DOE to develop the next generation of NOES for use in industrial motors, which we believe has applications for H/EVs and their significant future growth projections.

We are known throughout the steel industry for our operational excellence. During 2017, we enhanced our core steelmaking business by completing major investments at our Middletown Works blast furnace, melt shop and electrogalvanizing line. We also upgraded the melt shop and invested in new caster technology at our Mansfield Works. Because we produce technically challenging steels for customers who demand the highest quality products on a just-in-time basis, the stability and dependability of our operations is paramount to our business model.

To give us additional flexibility to invest in strategic initiatives, we continued to improve our capital structure in 2017 by extending maturities and reducing interest rates and costs of our debt obligations and de-risking our balance sheet. This included refinancing debt at lower rates, eliminating certain financing obligations and extending and spreading out debt maturities.

One of our core strategies is to continue to diversify into downstream applications over time. To that end, on August 4, 2017, we acquired 100% of the equity of Precision Partners, which provides advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components and complex assemblies for the automotive market. As further discussed below, the acquisition of Precision Partners allows us to get closer to our customers by moving down the automotive supply chain into a business that generally has higher margins and lower capital intensity than our legacy steel operations. We also believe that collaborative efforts between our steelmaking experts and Precision Partners can dramatically accelerate our efforts to drive adoption of our innovative steel products by automotive manufacturers and their suppliers, particularly in lightweighting applications. Our financial results include the effects of the acquisition and Precision Partners’ operations for periods after August 4, 2017, which affects comparability to prior periods. See Acquisition of Precision Partners for more information.

On January 1, 2018, we changed our accounting method for valuing inventories to the average cost method for inventories previously valued using the last-in, first-out (LIFO) method. We believe that the average cost method is preferable since it improves comparability with our peers, more closely tracks the physical flow of our inventory, better matches revenue with expenses and aligns with how we internally manage our business. The effects of the change in accounting method from LIFO to average cost have been retrospectively applied to all periods presented in this Management’s Discussion and Analysis. See Note 2 to our consolidated financial statements for more information related to the change in accounting principle.

2017 Financial Overview

Our 2017 net income of $103.5, or $0.32 per diluted share of common stock, improved from our 2016 net loss of $16.8, or $0.07 per diluted share. Our 2017 adjusted net income (as defined in Non-GAAP Financial Measures) of $155.5, or $0.49 per diluted share, compared to 2016 adjusted net income of $120.8, or $0.53 per diluted share. Our adjusted EBITDA (as defined in Non-GAAP Financial Measures) was $528.5, or 8.7% of net sales, for 2017, compared to adjusted EBITDA of $472.8, or 8.0% of net sales, for 2016. Our reported results reflected net charges totaling $52.0, or $0.17 per diluted share, in 2017, and $137.6, or $0.60 per diluted share, in 2016. The 2017 net charges were for non-cash charges to reflect asset impairments at our temporary idled Ashland Works Hot

End and for a reduction in the value of deferred tax liabilities related to recent U.S. tax legislation, as well as a credit for the benefits of a transportation agreement.

Average selling price per flat-rolled steel ton increased by 7% in 2017 from 2016, primarily due to higher prices for automotive and carbon spot market sales, and higher surcharge revenue due to higher raw material costs, partially offset by lower shipments to the automotive market. In addition, we completed major planned maintenance outages totaling $84.9 and $62.1 for 2017 and 2016. We recorded unrealized gains on iron ore derivatives of $31.6 in 2017, as compared to unrealized gains of $45.6 in 2016. Also included in 2017 results were $21.5 of expenses related to debt refinancing, with similar expenses of $9.4 in 2016.

During the quarter ended December 31, 2017, we recognized a non-cash asset impairment charge of $75.6, primarily related to the long-lived assets associated with the Ashland Works Hot End. The Ashland Works Hot End remains on temporary idle and no determination has been made regarding the long-term status of the operations. However, we now believe it is less likely that the Ashland Works Hot End will restart in the near term based on forecasted supply and demand characteristics of the markets that we serve.

In the fourth quarter of 2017, we reached an agreement that reduced our transportation obligations and provides a timeframe to begin using the rail cars that were idled after the 2016 termination of a pellet supply agreement. As a result, a credit of $19.3 was recorded in the fourth quarter of 2017 to reduce the unpaid liability.

The Tax Cuts and Jobs Act of 2017, signed into law on December 22, 2017, reduced our corporate income tax rates, resulting in a corresponding decrease in the value of our deferred tax liabilities. As a result, our income tax expense for the fourth quarter of 2017 included a non-cash credit of $4.3, or $0.01 per diluted share.

In 2017, we continued to pursue our goal of increasing our financial flexibility for future strategic actions. We entered a new revolving credit facility (the “Credit Facility”) that extends to 2022 and lowered our borrowing rates. Additionally, we issued $680.0 in two senior notes offerings during the year, and redeemed almost $810.0 of old notes, lowering our principal amount of outstanding senior notes by $130.0, as well as extending maturities and lowering interest rates. Also in 2017, we acquired the lease of our Research and Innovation Center, effectively settling the obligation.

2017 Compared to 2016

Steel Shipments

Flat-rolled steel shipments in 2017 were 5,596,200 tons, a 6% decrease compared to 2016 shipments of 5,936,400 tons. The decrease in shipments was principally driven by a 10% decline in shipments to the automotive market compared to 2016, primarily as a result of reduced North American light vehicle production. Shipments of flat-rolled steel by product category for 2017 and 2016, as a percent of total flat-rolled steel shipments, were as follows:

Flat-Rolled Steel Shipments by Product Category

Net Sales

Net sales in 2017 were $6,080.5, a 3%increase from 2016 net sales of $5,882.5. Our average net selling price was $1,022 per flat-rolled steel ton in 2017, a 7%increase from the 2016 average net selling price of $955 per flat-rolled ton. The increases reflect our strategy of producing and selling higher-value carbon, stainless and electrical steels, higher prices on both automotive and spot market sales, and higher surcharges on specialty steel products. Revenues for 2017 also included net sales of Precision Partners following the August 4, 2017 acquisition. Net sales to customers outside the United States were $627.1, or 10% of total sales, for 2017, compared to $655.6, or 11% of total sales, for 2016, primarily due to lower international sales of carbon and electrical steel.

The following table shows the percentage of our net sales to each of our markets:

Market	2017		2016
Automotive	65	%	66	%
Infrastructure and Manufacturing	16	%	16	%
Distributors and Converters	19	%	18	%

Cost of Products Sold

Cost of products sold in 2017 was $5,253.1, or 86.4% of net sales, and increased from 2016 cost of products sold of $5,099.7, or 86.7% of net sales, largely due to higher costs for raw materials, primarily scrap, chrome and other alloys. Cost of products sold included planned maintenance outage costs of $84.9 in 2017, compared to $62.1 in 2016. The higher planned maintenance outage costs in 2017 were primarily a result of larger planned maintenance projects at our Middletown Works blast furnace and steelmaking shops and our Mansfield Works melt shop.

Beginning in the third quarter of 2016, our iron ore derivatives no longer qualified for hedge accounting treatment. Therefore, we recorded adjustments to mark these derivatives to fair value each period and recognized the resulting unrealized gains or losses immediately in cost of products sold, versus recognizing them in the period that iron ore purchases affect earnings. In 2017, we recognized $31.6 of unrealized gains since the market price of iron ore and the fair value of the derivative contracts increased. Cost of products sold for the fourth quarter of 2016 included $33.8 of unrealized gains on iron ore derivatives contracts that were scheduled to settle in 2017 and 2018. As a result, cost of products sold for 2017 did not reflect $36.0 of realized gains from the contracts that settled during the year, but that were recognized in prior periods.

Selling and Administrative Expense

Selling and administrative expense increased to $284.9 in 2017 from $279.1 in 2016. The increase included acquisition costs of $6.2 in 2017 related to the Precision Partners acquisition and on-going expenses after its acquisition, partially offset by lower costs for employee incentive compensation in 2017 than in 2016.

Depreciation Expense

Depreciation expense increased slightly to $226.0 in 2017 from $216.6 in 2016. We recognized $5.8 of depreciation expense for Precision Partners’ property, plant and equipment since the August 4, 2017 acquisition.

Charges (Credit) for Termination of Pellet Agreement and Related Transportation Costs

In the fourth quarter of 2016, the United States Bankruptcy Court for the District of Minnesota approved a settlement agreement with certain third parties to terminate our long-term iron ore pellet offtake agreement with Magnetation and to wind down Magnetation’s business. In connection with that approval, we recognized charges of $69.5 in the fourth quarter of 2016 that covered both a $36.6 payment we made to the bankruptcy estate in the quarter and additional charges of $32.9 for remaining obligations under contracts with other third parties to transport pellets to our facilities. In the fourth quarter of 2017, we reached an agreement for transportation services that provides a timeframe to begin using the rail cars that were idled after the termination of the pellet supply agreement. As a result, we recorded a credit of $19.3 to reduce the unpaid liability during the fourth quarter of 2017. See Magnetation and Note 4 to the consolidated financial statements for further information.

Asset Impairment Charge

In 2017, we recognized a non-cash asset impairment charge of $75.6, primarily related to the long-lived assets associated with the temporarily idled Ashland Works Hot End. See Note 2 to the consolidated financial statements for further information.

Operating Profit

Operating profit for 2017 of $260.2 was higher than 2016 operating profit of $217.6. Included in the 2017 operating profit were the credit of $19.3 to reduce the transportation liability related to our terminated iron ore pellet offtake agreement and a non-cash asset impairment charge of $75.6, primarily for the Ashland Works Hot End fixed assets. Included in the 2016 operating profit were charges for the termination of the Magnetation pellet offtake agreement and related transportation costs of $69.5. Also included in operating profit was SunCoke Middletown’s operating profit of $61.7 and $66.0 for 2017 and 2016.

Interest Expense

Interest expense for 2017 decreased to $152.3 from $163.9 in 2016. The decrease from 2016 primarily reflected our successful actions to reduce our principal amount of senior unsecured notes and to refinance debt with lower interest rates in 2017.

Pension and Other Postretirement Employee Benefit (“OPEB”) Expense (Income)

Pension and OPEB income was $71.9 in 2017, compared to expense of $16.5 in 2016. The change in income was principally a result of lower amortization of unrealized actuarial losses in 2017, as well as a net corridor charge and a pension settlement charge in 2016. In 2017, we incurred no pension or OPEB corridor adjustments. In 2016, we incurred a pension corridor charge of $78.4 and an OPEB corridor credit of $35.3. Although the corridor adjustments affect reported operating and net income, they do not affect our cash flows in the current period. However, we expect to ultimately settle the pension and OPEB obligations in cash. See Critical Accounting Estimates for information on our policy for measurement and recognition of corridor adjustments. We also recorded settlement losses of $25.0 in 2016 as a result of the purchase of non-participating annuity contracts for certain retirees and lump sum payouts to new retirees.

Other Income (Expense)

Other income (expense) was expense of $17.1 and $4.9 for 2017 and 2016, primarily as a result of expenses of $21.5 and $9.4 that we incurred in connection with the refinancing of debt in 2017 and 2016. See Note 6 to the consolidated financial statements for further information on long-term debt financing.

Income Tax Expense (Benefit)

The Tax Cuts and Jobs Act of 2017, signed into law on December 22, 2017, reduced corporate income tax rates and the corresponding value of our deferred tax liabilities. As a result, the company’s income tax expense for the fourth quarter of 2017 includes a $4.3 non-cash credit related to this change. We do not expect to incur cash tax liabilities in the near term, including any transition tax on undistributed earnings of our foreign subsidiaries, associated with the U.S. tax legislation due to the availability of existing net operating loss carryforwards.

Other than the effects of the new tax law, our income tax provision is primarily related to the allocation of income tax expense to other comprehensive income. The 2016 results included non-cash income tax benefits of $15.5 from allocating income tax expense to other comprehensive income. As a result, we recorded an income tax benefit of $2.2 in 2017, compared to an income tax benefit of $16.9 in 2016.

Net Income (Loss) and Adjusted Net Income (Loss) Attributable to AK Steel Holding Corporation

Net income attributable to AK Holding in 2017 was $103.5, or $0.32 per diluted share. The net income in 2017 included a credit of $19.3, or $0.06 per diluted share, to adjust the transportation liability associated with a terminated pellet offtake agreement, an asset impairment charge of $75.6, or $0.24 per diluted share, and a credit for tax legislation of $4.3, or $0.01 per diluted share. Excluding the above items, we reported adjusted net income of $155.5, or $0.49 per diluted share, for 2017.

Net loss attributable to AK Holding in 2016 was $16.8, or $0.07 per diluted share. The net loss in 2016 included a pension corridor charge of $78.4, an OPEB corridor credit of $35.3, and pension settlement charges of $25.0, netting to $68.1, or $0.30 per diluted share. Additionally, the net loss in 2016 included charges to terminate a pellet offtake agreement and related transportation costs of $69.5, or $0.30 per diluted share. Excluding these charges, our adjusted net income was $120.8, or $0.53 per diluted share, for 2016.

Adjusted EBITDA

Adjusted EBITDA was $528.5, or 8.7% of net sales, in 2017, as compared to $472.8, or 8.0% of net sales, in 2016.

2016 Compared to 2015

Steel Shipments

Flat-rolled steel shipments in 2016 were 5,936,400 tons, a 15% decrease from 2015 flat-rolled steel shipments of 6,974,000 tons. The decrease in flat-rolled steel shipments was principally driven by our strategic decision to reduce commodity steel sales to the distributors and converters market, which declined by 41% from 2015. Shipments of flat-rolled steel by product category for 2016 and 2015 as a percent of total flat-rolled steel shipments, were as follows:

Shipments by Product Category

Net Sales

Net sales in 2016 were $5,882.5, a 12% decrease from 2015 net sales of $6,692.9. We received lower pricing in our automotive contracts in 2016, but the impact of better market conditions, reducing our participation in the commodity steel markets and capturing higher spot market pricing offset the automotive contract pricing declines. Our average selling price was $955 per net flat-rolled ton in 2016, a 3% increase from the 2015 average selling price of $929 per net flat-rolled ton. Net sales to customers outside the United States were $655.6, or 11% of total sales, for 2016, compared to $855.7, or 13% of total sales, for 2015 with the 2016 decrease primarily due to lower electrical steel shipments.    

The following table shows the percentage of our net sales attributable to each of our markets:

Market	2016		2015
Automotive	66	%	60	%
Infrastructure and Manufacturing	16	%	16	%
Distributors and Converters	18	%	24	%

Cost of Products Sold

Cost of products sold in 2016 was $5,099.7, or 86.7% of net sales, and declined from 2015 cost of products sold of $6,253.3, or 93.4% of net sales, largely as a result of our decision to reduce shipments to the commodity spot markets. To generate these results, we optimized our operational footprint, pursued cost efficiencies and benefited from lower costs for raw materials. We also recorded unrealized gains of $45.6 from iron ore derivatives that no longer qualify for hedge accounting treatment after the termination of the pellet offtake agreement with Magnetation. Cost of products sold included outage costs of $62.1 in 2016, compared to $50.6 in 2015. Costs for equipment maintenance, utilities and supplier obligations related to the temporarily idled facility were $22.1 in 2016.

Selling and Administrative Expense

Selling and administrative expense increased to $279.1 in 2016 from $262.9 in 2015. The increase was due primarily to an increase for employee incentive compensation as a result of meeting objectives under annual and long-term performance-based compensation plans, partially offset by cost reduction efforts achieved throughout 2016.

Depreciation Expense

Depreciation expense increased to $216.6 in 2016 from $216.0 in 2015.

Charges for Termination of Pellet Agreement and Related Transportation Costs

In the fourth quarter of 2016, the United States Bankruptcy Court for the District of Minnesota approved a settlement agreement with certain third parties to terminate our long-term iron ore pellet offtake agreement with Magnetation and to wind down Magnetation’s business. In connection with that approval, we recognized charges of $69.5 in the fourth quarter of 2016 that covered both a $36.6 payment we made to the bankruptcy estate in the quarter and additional charges of $32.9 for remaining obligations under contracts with other third parties to transport pellets to our facilities for the next 12 years. See Magnetation and Note 4 to the consolidated financial statements for further information.

Charge for Facility Idling

In the fourth quarter of 2015, we temporarily idled the Ashland Works Hot End. We incurred a $28.1 charge in 2015 for supplemental unemployment and other employee benefit costs and equipment idling costs. Costs for equipment maintenance, utilities and supplier obligations related to the temporarily idled facility were $22.1 in 2016.

Operating Profit

Operating profit for 2016 of $217.6 was higher than the 2015 operating loss of $67.4. Included in the 2016 operating profit were charges for the termination of the Magnetation pellet offtake agreement and related transportation costs of $69.5. Included in the 2015 operating profit was a $28.1 charge to temporarily idle the Ashland Works Hot End. Also included was operating profit from SunCoke Middletown of $66.0 and $62.6 for 2016 and 2015.

Interest Expense

Interest expense for 2016 decreased to $163.9 from $173.0 in 2015. The decrease was primarily as a result of lower average Credit Facility borrowings outstanding during 2016 as compared to 2015 due to the two successful equity offerings completed during 2016.

Pension and OPEB Expense (Income)

Pension and OPEB expense of $16.5 in 2016 decreased from expense of $58.9 in 2015. The decrease in expense in 2016 was principally a result of a lower net corridor charge, partly offset by lower pension assets and related expected returns on assets.

We incurred a pension corridor charge of $78.4 and an OPEB corridor credit of $35.3 in 2016, and a pension corridor charge of $144.3 and an OPEB corridor credit of $13.1 in 2015. Although the corridor adjustments reduce reported net income, they do not affect our cash flows in the current period. However, we expect to ultimately settle the pension obligation in cash. See Critical Accounting Estimates for information on our policy for measurement and recognition of corridor charges (credits). We also recorded settlement losses of $25.0 in 2016 as a result of the purchase of non-participating annuity contracts for certain retirees and lump sum payouts to new retirees.

Impairment of Magnetation Investment

We recognized a non-cash impairment charge of $256.3 for 2015 related to our investment in Magnetation. For further discussion, see the Magnetation section below and Note 4 to the consolidated financial statements.

Impairment of AFSG Investment

During the fourth quarter of 2015, AK Steel received a cash distribution of $14.0 from AFSG. After this distribution, we determined that our remaining investment in AFSG was impaired and we recognized a non-cash charge of $41.6 to write off the remaining investment in AFSG.

Other Income (Expense)

Other income (expense) was $4.9 of expense for 2016 and other income of $1.4 for 2015. During 2016, we repurchased the $380.0 of senior secured notes due 2018 and an aggregate principal amount of $10.4 of senior notes due 2022. These 2016 debt transactions generated $9.4 of losses in other income (expense). During 2015, we repurchased an aggregate principal amount of $23.8 of the 2021 Notes in private, open market transactions and recognized gains on the repurchases of $9.4. See Note 6 to the consolidated financial

statements for further information on long-term debt financing. Other income (expense) included our share of Magnetation losses of $16.3 for 2015.

Income Taxes

We recorded an income tax benefit of $16.9 in 2016, compared to $6.3 in 2015. The income tax benefit in 2016 included a non-cash income tax benefit of $15.5 from allocating income tax expense to other comprehensive income, compared to $8.0 in 2015.

Net Income (Loss) and Adjusted Net Income (Loss) Attributable to AK Steel Holding Corporation

Net loss attributable to AK Holding in 2016 was $16.8, or $0.07 per share. The net loss in 2016 included a pension corridor charge of $78.4, an OPEB corridor credit of $35.3 and a pension settlement charge of $25.0, netting to $68.1, or $0.30 per diluted share. Additionally the net loss in 2016 included charges to terminate the Magnetation pellet offtake agreement and related transportation costs of $69.5, or $0.30 per diluted share. Excluding the above charges, we had adjusted net income of $120.8, or $0.53 per diluted share, for 2016.

Net loss attributable to AK Holding in 2015 was $652.3, or $3.67 per diluted share. The net loss in 2015 included a pension corridor charge of $144.3 and an OPEB corridor credit of $13.1, netting to $131.2, or $0.74 per diluted share. Additionally, the net loss in 2015 included an impairment charge for the Magnetation investment of $256.3, or $1.44 per diluted share, and an impairment charge for the AFSG investment of $41.6, or $0.23 per diluted share, and a charge to temporarily idle the Ashland Works Hot End of $28.1, or $0.16 per diluted share. Excluding these charges, we had an adjusted net loss of $195.1, or $1.10 per diluted share, for 2015.

Adjusted EBITDA

Adjusted EBITDA was $472.8, or 8.0% of net sales, for 2016, and $180.4, or 2.7% of net sales, for 2015.

Non-GAAP Financial Measures

In certain of our disclosures, we have reported adjusted EBITDA, adjusted EBITDA margin and adjusted net income (loss) that exclude the effects of noncontrolling interests, pension and OPEB net corridor and settlement charges, charges (credit) for the termination of an iron ore pellet offtake agreement and related transportation costs, impairment charges for our investments in Magnetation and AFSG, charges for temporarily idling facilities, an asset impairment charge and a credit for the change in U.S. income tax law. We believe that reporting adjusted net income (loss) attributable to AK Holding (as a total and on a per share basis) with these items excluded more clearly reflects our current operating results and provides investors with a better understanding of our overall financial performance. Adjustments to net income (loss) do not result in an income tax effect as any gross income tax effects are offset by a corresponding change in the deferred income tax valuation allowance.

EBITDA is an acronym for earnings before interest, taxes, depreciation and amortization. It is a metric that is sometimes used to compare the results of different companies by removing the effects of different factors that might otherwise make comparisons inaccurate or inappropriate. For purposes of this report, we have made adjustments to EBITDA to also exclude the effect of noncontrolling interests, pension and OPEB net corridor and settlement charges, charges (credit) for the termination of an iron ore pellet offtake agreement and related transportation costs, impairment charges for our investments in Magnetation and AFSG and charges for temporarily idling facilities, an asset impairment charge and a credit for the change in U.S. income tax law. The adjusted results, although not financial measures under generally accepted accounting principles in the United States (“GAAP”) and not identically applied by other companies, facilitate the ability to analyze our financial results in relation to those of our competitors and to our prior financial performance by excluding items that otherwise would distort the comparison. Adjusted EBITDA, adjusted EBITDA margin and adjusted net income (loss) are not, however, intended as alternative measures of operating results or cash flow from operations as determined in accordance with GAAP and are not necessarily comparable to similarly titled measures used by other companies.

We recognize in our results of operations, as a corridor adjustment, any unrecognized actuarial net gains or losses that exceed 10% of the larger of projected benefit obligations or plan assets. Amounts inside this 10% corridor are amortized over the plan participants’ life expectancy. The need for a corridor charge is considered at any remeasurement date, but has generally only been recorded in the fourth quarter at the time of the annual remeasurement. After excluding the corridor charge, the remaining pension and OPEB expenses included in the non-GAAP measure are comparable to the accounting for pension and OPEB expenses on a GAAP basis in the first three quarters of the year and we believe this is useful to investors in analyzing our results on a quarter-to-quarter basis, as well as analyzing our results on a year-to-year basis. As a result of the corridor method of accounting, our subsequent financial results on both a GAAP and a non-GAAP basis do not contain any amortization of prior period actuarial gains or losses that exceeded the corridor threshold because those amounts were immediately recognized as a corridor adjustment in the period incurred. Actuarial net gains and losses occur when actual experience differs from any of the many assumptions used to value the benefit plans, or when the

assumptions change, as they may each year when we perform a valuation. The two most significant of those assumptions are the discount rate we use to value projected plan obligations and the rate of return on plan assets. In addition, changes in other actuarial assumptions and the degree by which the unrealized gains or losses are within the corridor threshold before remeasurement will affect the corridor adjustment calculation. The effect of prevailing interest rates on the discount rate as of a measurement date and actual return on plan assets compared to the expected return will have a significant impact on our liability, corridor adjustment and following year’s expense for these benefit plans. For example, actuarial assumptions we made to remeasure the funded status of our pension and OPEB obligations in the fourth quarter of 2016 affected actuarial losses and the related pension/OPEB net corridor charge. The net corridor charge reflected (i) a decrease in the discount rate assumption used to determine pension liabilities from 4.15% at December 31, 2015 to 3.35% at the October 2016 remeasurement (an actuarial loss of approximately $221.1), partially offset by (ii) gains from changes in pension and OPEB mortality assumptions, lower claims costs and other demographic factors (netting to a gain of approximately $76.4) and (iii) the net effect of the difference between the expected annualized return on assets of 7.25% ($129.4) and the actual annualized return on assets of 12.7% as of the October 2016 remeasurement ($228.8) (netting to a gain of $99.4). We believe that the corridor method of accounting for pension and OPEB obligations is rarely used by other publicly traded companies. However, because other companies use different approaches to recognize actuarial gains and losses, our resulting pension and OPEB expense on a GAAP basis or a non-GAAP basis may not be comparable to other companies’ pension and OPEB expense on a GAAP basis. Although the net corridor charge reduces reported operating and net income, it does not affect our cash flows in the current period. However, we expect to ultimately settle the pension and OPEB obligations in cash.

Neither current shareholders nor potential investors in our securities should rely on adjusted EBITDA, adjusted EBITDA margin or adjusted net income (loss) as a substitute for any GAAP financial measure and we encourage investors and potential investors to review the following reconciliations of adjusted EBITDA and adjusted net income (loss).

Reconciliation of Adjusted EBITDA

	2017			2016			2015
Net income (loss) attributable to AK Holding	$	103.5		$	(16.8	)	$	(652.3	)
Net income attributable to noncontrolling interests	61.4			66.0			62.8
Income tax expense (benefit)	(2.2		)	(16.9		)	(6.3		)
Interest expense	152.3			163.9			173.0
Interest income	(1.4		)	(1.6		)	(1.3		)
Depreciation	226.0			216.6			216.0
Amortization	10.3			4.8			8.4
EBITDA	549.9			416.0			(199.7		)
Less: EBITDA of noncontrolling interests (a)	77.7			80.8			77.1
Pension and OPEB net corridor and settlement charges	—			68.1			131.2
Charges (credit) for termination of pellet agreement and related transportation costs	(19.3		)	69.5			—
Impairment of Magnetation investment	—			—			256.3
Impairment of AFSG investment	—			—			41.6
Charge for facility idling	—			—			28.1
Asset impairment charge	75.6			—			—
Adjusted EBITDA (b)	$	528.5		$	472.8		$	180.4
Adjusted EBITDA margin	8.7		%	8.0		%	2.7		%

(a) The reconciliation of net income attributable to noncontrolling interests to EBITDA of noncontrolling interests is as follows:

	2017		2016		2015
Net income attributable to noncontrolling interests	$	61.4	$	66.0	$	62.8
Depreciation	16.3		14.8		14.3
EBITDA of noncontrolling interests	$	77.7	$	80.8	$	77.1

(b) Included in adjusted EBITDA and adjusted net income (loss) for the years ended December 31, 2017 and 2016, were $31.6 and $45.6, or $0.10 and $0.20 per diluted share, of unrealized gains on iron ore derivatives that do not qualify for hedge accounting.

Reconciliation of Adjusted Net Income (Loss)

	2017			2016			2015
Reconciliation to Net Income (Loss) Attributable to AK Holding
Net income (loss) attributable to AK Holding, as reported	$	103.5		$	(16.8	)	$	(652.3	)
Pension and OPEB net corridor and settlement charges	—			68.1			131.2
Charges (credit) for termination of pellet agreement and related transportation costs	(19.3		)	69.5			—
Impairment of Magnetation investment	—			—			256.3
Impairment of AFSG investment	—			—			41.6
Charge for facility idling	—			—			28.1
Asset impairment charge	75.6			—			—
Non-cash credit for U.S. tax legislation	(4.3		)	—			—
Adjusted net income (loss) attributable to AK Holding (b)	$	155.5		$	120.8		$	(195.1	)
Reconciliation to Diluted Earnings (Loss) per Share
Diluted earnings (loss) per share, as reported	$	0.32		$	(0.07	)	$	(3.67	)
Pension and OPEB net corridor charge/settlement loss	—			0.30			0.74
Charges (credit) for termination of pellet agreement and related transportation costs	(0.06		)	0.30			—
Impairment of Magnetation investment	—			—			1.44
Impairment of AFSG investment	—			—			0.23
Charge for facility idling	—			—			0.16
Asset impairment charge	0.24			—			—
Non-cash credit for U.S. tax legislation	(0.01		)	—			—
Adjusted diluted earnings (loss) per share (b)	$	0.49		$	0.53		$	(1.10	)

Liquidity and Capital Resources

In 2017, we created additional financial flexibility to better position us to execute our strategic priorities. Our actions in 2017 included refinancing senior notes at lower rates, extending maturities and eliminating other financing obligations. Additionally, we entered a new Credit Facility that extended its maturity and more closely aligned its borrowing limit with the collateral that supports it.

The new $1,350.0 Credit Facility, which expires September 2022, is secured by the same classes of assets as the old $1,500.0 credit facility, which was set to expire in March 2019. At December 31, 2017, we had total liquidity of $844.5, consisting of $37.2 of cash and cash equivalents and $807.3 of availability under the Credit Facility. Our obligations under our Credit Facility are secured by our inventory and accounts receivable, and availability under the Credit Facility fluctuates monthly based on our varying levels of eligible collateral. Our eligible collateral was $1,328.8 at December 31, 2017, after application of applicable advance rates. At December 31, 2017, we had $450.0 of outstanding borrowings under the Credit Facility, and $71.5 of outstanding letters of credit that further reduced availability. During the year ended December 31, 2017, our borrowings from the credit facilities ranged from zero to $520.0, with outstanding borrowings averaging $175.0 per day. The Credit Facility provides us with enhanced liquidity and financial and strategic flexibility.

We believe that our current sources of liquidity will be adequate to meet our obligations for the foreseeable future. We expect to fund future liquidity requirements for items such as employee and retiree benefit obligations, scheduled debt maturities, debt redemptions and capital investments with internally-generated cash and other financing sources. Consolidated cash and cash equivalents of $38.0 at December 31, 2017, includes $0.8 of cash and cash equivalents of consolidated variable interest entities, which are not available for our use. We may use the Credit Facility as necessary to fund requirements for working capital, capital investments and other general corporate purposes. Otherwise, we have no scheduled debt maturities until November 2019, when $150.0 of 5.0% Exchangeable Senior Notes (the “Exchangeable Notes”) are due. Our Credit Facility is scheduled to expire in September 2022 and any amounts outstanding under it at the time of expiration would need to be repaid or refinanced.

We regularly evaluate accessing the equity and debt capital markets as a source of liquidity if we view conditions as favorable, including issuing additional equity, as part of our efforts to improve our capital structure. We may also, from time to time, repurchase outstanding notes in the open market on an unsolicited basis, by tender offer, through privately negotiated transactions or otherwise. Our forward-looking statements on liquidity are based on currently available information and expectations and, if the information or expectations are inaccurate or conditions deteriorate, there could be a material adverse effect on our liquidity.

For longer-term obligations, we have significant debt maturities and other obligations that will be due in future periods, including possible required cash contributions to our qualified pension plan. For further information, see the Contractual Obligations section.

Cash from operating activities totaled $198.8 for 2017, which includes $77.1 that was generated by and can only be used by SunCoke Middletown for its operations or for distribution to its equity owners. Cash used for increases in accounts receivable of $34.4 and inventory of $116.7 was partially offset by cash generated from a $46.2 increase in accounts payable. During the year, we made required annual pension contributions of $44.1 and payments for other pension and OPEB benefits of $40.7. The remaining cash from operations was generated from normal business activities for the year.

Investing and Financing Activities

During 2017, net cash used for investing activities totaled $508.7, primarily due to our acquisition of Precision Partners for $360.4, net of cash acquired, and for capital expenditures.

Net cash from financing activities in 2017 was $174.7, primarily from borrowings on the Credit Facility to acquire Precision Partners and to refinance debt to extend the maturities for two series of senior unsecured notes at lower interest rates. In March 2017, as part of a transaction to refinance our 7.625% Senior Notes due May 2020, we issued $400.0 aggregate principal amount of 7.00% Senior Unsecured Notes due March 2027 and generated net proceeds of $394.0 after underwriting discount. In August 2017, as part of a transaction to refinance our 8.375% Senior Notes due April 2022, we issued $280.0 aggregate principal amount of 6.375% Senior Unsecured Notes due October 2025 and generated net proceeds of $275.8 after underwriting discount.

In addition to refinancing debt, we also acquired the Research and Innovation Center capital lease for $26.6, effectively settling the liability. The total cash used for financing activities also includes $79.1 of payments from SunCoke Middletown to SunCoke.

Restrictions Under Debt Agreements

The indentures governing our senior indebtedness and tax-exempt fixed-rate industrial revenue bonds (“IRBs”) (collectively, the “Notes”) and Credit Facility contain restrictions and covenants that may limit our operating flexibility. The Credit Facility contains customary restrictions, including limitations on, among other things, distributions and dividends, acquisitions and investments, dispositions, indebtedness, liens and affiliate transactions. Availability is calculated as the lesser of the total commitments under the Credit Facility or eligible collateral after advance rates, less outstanding revolver borrowings and letters of credit. The Credit Facility requires us to maintain a minimum fixed charge coverage ratio of one to one if availability under the Credit Facility is less than $135.0. We are in compliance with restrictions and covenants under our Credit Facility and Notes and, in the absence of any significant and sustained material adverse events, expect that we will remain in compliance for the foreseeable future.

The indentures governing the Notes (other than the Exchangeable Notes) include customary restrictions on (a) the incurrence of additional debt by certain of our subsidiaries, (b) the incurrence of certain liens, (c) the amount of sale/leaseback transactions, and (d) our ability to merge or consolidate with other entities or to sell, lease or transfer all or substantially all of our assets to another entity. They also contain customary events of default. In addition, the indenture governing the 7.50% Senior Secured Notes due July 2023 includes covenants with customary restrictions on the use of proceeds from the sale of collateral. The indenture governing the Exchangeable Notes does not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by us.

We do not expect any of these restrictions to affect or limit our ability to conduct our business in the ordinary course. During 2017, we were in compliance with all the terms and conditions of our debt agreements.

Capital Investments

Cash used for capital investments in 2017 totaled $152.5. For 2018, we expect to make capital investments of $160.0. This amount could be adjusted based on changes in market conditions or operational needs. In the near-term, we expect to fund these investments from cash generated from operations or from borrowings from our Credit Facility.

Employee Benefit Obligations

In addition to actions taken in prior years to reduce the growth of employee benefit obligations, we continue to actively seek options to de-risk our pension and OPEB obligations. Actions taken in prior years include closing our major pension plan to new participants, freezing all benefits under the plan and transferring a portion of the pension obligations and related assets to an insurance company.

Long-term pension and OPEB obligations declined by approximately $200.0 in 2017, primarily due to achieving higher pension plan asset returns than our expected return assumption, contributing $44.1 to the pension trust, and making benefit payments during the year. We will be required to make contributions to our major underfunded plan’s pension trust of varying amounts until it is fully funded, and some of these contributions could be substantial. We are required to make approximately $51.0 of pension contributions in 2018. Based on current actuarial assumptions, we expect to make required annual pension contributions of approximately $35.0 for 2019 and $10.0 for 2020. The amount and timing of future required contributions to the pension trust depend on assumptions about future events. The most significant of these assumptions are the future investment performance of the pension funds, actuarial data about plan participants and the interest rate we use to discount benefits to their present value. Because of the variability of factors underlying these assumptions, including the possibility of future pension legislation or increased pension insurance premiums, the reliability of estimated future pension contributions decreases as the length of time until we must make the contribution increases. We changed our assumption for future expected returns on plan assets to 7.00% from 7.25%, effective January 1, 2018. This change will reduce our pension income in 2018 from 2017 by approximately $6.0.

We provide healthcare benefits to a significant portion of our employees and retirees. OPEB benefits have been either eliminated for new employees or are subject to caps on the share of benefits we pay. Based on the assumptions used to value other postretirement benefits, primarily retiree healthcare and life insurance benefits, annual cash payments for these benefits are expected to be in a range that trends down from $38.8 in 2018 to $10.1 over the next 30 years.

In recent years, we have made multiple advances in reducing and de-risking our pension obligations. During 2016, we transferred to a highly rated insurance company $210.3 of pension obligations for approximately 10,000 retirees or their beneficiaries, which collectively represented approximately 36% of the total pension plan participants receiving payments. As part of these transactions, we transferred a similar amount of pension trust assets to purchase two non-participating annuity contracts that require the insurance company to pay the transferred pension obligations to the pension participants.

Off-Balance Sheet Arrangements

There were no material off-balance sheet arrangements as of December 31, 2017.

Selected Factors that Affect Our Operating Results

Automotive Market

We sell a significant portion of our carbon and stainless steel flat-rolled and tubular products directly to automotive manufacturers and their Tier 1 suppliers, as well as to distributors, service centers and converters who in some cases resell the products to the automotive industry. Because the automotive market is an important element of our business and growth strategy, North American light vehicle production has a significant impact on our total sales and shipments. North American light vehicle production declined slightly to approximately 17.1 million units, representing a 3%decrease from the prior year, but the decline was more significant in the United States and Canada, where most of our steel is used. As a result, our steel shipments to the automotive industry declined 10% primarily as a result of the market decline and automotive manufacturers’ earlier plans to use more alternative materials.

Substantially all of Precision Partners’ revenue is from the automotive market. Its revenue from stamped components in 2017 was also impacted by the decline in light vehicle production.

Carbon Steel Spot Market

We intentionally and substantially reduced our sales and shipments of lower-margin carbon steel to the spot market in 2017 and 2016. Before 2016, a significant percentage of our sales and shipments of carbon steel were made into the domestic spot market. Generally, sales into the carbon steel spot market are sold at prevailing market prices, which can be highly volatile, and can be subject to intense competition from both low-cost domestic producers and cheap, unfairly traded foreign imports. Fluctuations in spot market prices have a direct effect on our results and are driven by factors mostly outside our control. In addition, the spot market price fluctuations do not always directly correlate with our raw material and energy costs and consequently we have limited ability to pass through increases in costs to customers absent increases in the market price.

In response to the challenges facing the carbon steel spot market, in late 2015 we implemented a strategy to reduce our exposure to that market. The most important action to implement this strategy was our decision to temporarily idle the Ashland Works Hot End, which allowed us to reduce our exposure to lower-margin, commodity steel products and focus our product mix on value-added steel products with better margins. During the quarter ended December 31, 2017, we recognized a non-cash asset impairment charge of $75.6, primarily related to the long-lived assets associated with the Ashland Works Hot End. The Ashland Works Hot End remains on temporary idle and no determination has been made regarding the long-term status of the operations.

Specialty Electrical and Stainless Steel Markets

We are a leading manufacturer of grain-oriented electrical steel (“GOES”) and other electrical steels, which we sell to customers primarily in North America and Europe. We have experienced a substantial decline in shipments to international markets due to global overcapacity and both direct and indirect effects of European and Chinese trade actions. In addition, declines in electrical steel shipments within North America are also occurring due to substantial increases in imports.

We are also a leading manufacturer of value-added stainless steel, primarily for the automotive market. Stainless steel is typically priced based on a system of surcharges to reflect changes in the cost of certain raw materials. Thus, while we expect revenues will generally offset changes in costs, there may be a timing lag from the change in costs in one period to the change in revenue in a different period. In the fourth quarter of 2017, we announced and began implementing a monthly stainless steel surcharge for all stainless steel product shipments in order to recover our significantly increased costs for graphite electrodes, which we believe are being driven principally by a tightening supply in China of needle coke, an important raw material for graphite electrodes.

Trade Cases

Section 232 Investigation of Imported Foreign Steel

On April 19, 2017, the Commerce Department initiated an investigation pursuant to Section 232 of the Trade Expansion Act, as amended by the Trade Act of 1974 (“Section 232”), into whether imports of foreign steel into the U.S. pose a threat to U.S. national security. On January 11, 2018, the Commerce Department delivered a report to the President making recommendations as a result of its Section 232 investigation. This report has not been publicly released. Within 90 days of receiving the report, the President is expected to determine the nature and duration of any actions to be taken to ensure that imports of foreign steel will not threaten to impair U.S. national security. Such actions may include, without limitation, quotas, tariffs, fees or other measures as a means of adjusting the threatening imports. We strongly support these actions and we have and will continue to cooperate with the investigation to the fullest extent.

Coated Steel

On June 3, 2015, we, along with five other domestic producers, filed anti-dumping (“AD”) and countervailing duty (“CVD”) petitions against imports of corrosion-resistant (“Coated”) steel from China, India, Italy, South Korea and Taiwan. The petitions alleged that unfairly traded imports of Coated steel from those five countries are causing material injury to the domestic industry. On May 25, 2016, the Commerce Department announced final affirmative determinations that (a) imports of Coated steel from China, India, Italy, South Korea and Taiwan are being sold at less-than-fair-value and should be subject to final AD duties, and that (b) imports of Coated steel from China, India, Italy and South Korea are benefiting from government subsidies and should be subject to CVD duties. After correcting certain ministerial errors, the Commerce Department calculated final dumping and subsidy margins as follows:

Country	Coated Steel CVD Margins	Coated Steel AD Margins
China	241.07% – 39.05%	209.97%
India	29.49% – 8.00%	4.43% – 3.05%
Italy	38.51% – 0.00%	92.12% – 12.63%
South Korea	1.19% – 0.00%	47.80% – 8.75%
Taiwan	0.00%	10.34%

On June 24, 2016, the ITC determined that the domestic steel industry is materially injured by reason of imports of Coated steel from China, India, Italy, South Korea and Taiwan that are sold in the United States at less than fair value and that such products are subsidized by the governments of China, India, Italy and South Korea. As a result of the Commerce Department’s and the ITC’s final determinations, importers are required to post cash deposits with the U.S. government on imports of Coated steel from China, India, Italy, South Korea and Taiwan at the above CVD margins and AD margins. AD and CVD measures remain in effect for a minimum of five years.

Several of the named countries have filed appeals of the final determinations on Coated steel with the Court of International Trade (“CIT”). On January 23, 2018, the CIT issued a decision reversing and remanding to the Commerce Department its final determination on AD margins for subject Taiwanese producers. The Commerce Department must issue a remand decision within 90 days of the CIT decision. We intend to request that the Commerce Department issue a remand decision that supports the AD duties previously applied against the Taiwanese producers. We will continue to vigorously oppose this and all other appeals of the final affirmative determinations on imports of Coated steel.

On September 23, 2016, we and other domestic producers made a filing with the Commerce Department asserting that Chinese steel producers are attempting to circumvent the AD and CVD duties discussed above by transshipping Chinese steel through Vietnam for minor processing before importing Coated steel into the U.S. market. Our filing requests that the Commerce Department find that imports of Vietnamese Coated steel that originated in China be subjected to the same AD and CVD duties of shipments of Coated steel imported directly from China. On December 5, 2017, the Commerce Department announced preliminary affirmative rulings that Coated steel imported from Vietnam produced from steel that originated in China is circumventing existing AD and CVD orders on Coated steel imported from China. The Commerce Department instructed the U.S. Customs and Border Protection (the “CBP”) to begin collecting cash deposits on all imports of Coated steel produced in Vietnam using Chinese-origin steel. The CBP began collecting AD and CVD cash deposits on imports of such Coated steel produced in Vietnam at rates of 199.43 and 39.05 percent, respectively. These cash deposit rates were previously established in the trade case investigation on Coated steel from China. Duties apply to all shipments entering the United States on or after November 4, 2016, the date the circumvention inquiries were initiated, that remain unliquidated.

Cold-Rolled Steel

On July 28, 2015, we, along with four other domestic producers, filed AD petitions against imports of cold-rolled steel from Brazil, China, India, Japan, the Netherlands, Russia, South Korea and the United Kingdom, as well as CVD petitions against imports of cold-rolled steel from Brazil, China, India, Russia and South Korea. The petitions alleged that unfairly traded imports of cold-rolled steel from those eight countries are causing material injury to the domestic industry. On May 17, 2016, the Commerce Department announced its final affirmative determinations that (a) imports of cold-rolled steel from China and Japan are being sold at less-than-fair-value and should be subject to final AD duties and that (b) imports of cold-rolled steel from China are benefiting from government subsidies and should be subject to CVD duties. On July 21, 2016, the Commerce Department announced its final affirmative determinations that (a) imports of cold-rolled steel from Brazil, India, Russia, South Korea and the United Kingdom are being sold at less-than-fair-value and should be subject to final AD duties and that (b) imports of cold-rolled steel from Brazil, India, Russia and South Korea are benefiting from government subsidies and should be subject to CVD duties. After correcting certain ministerial errors, the Commerce Department calculated final dumping and subsidy margins as follows (the below chart does not include the margins determined for Russia because the ITC determined that the imports of cold-rolled steel are negligible, as further discussed below):

Country	Cold-Rolled CVD Margins	Cold-Rolled AD Margins
Brazil	11.31% – 11.09%	35.43% – 19.58%
China	256.44%	265.79%
India	10.00%	7.60%
Japan	NA	71.35%
South Korea	59.72% – 3.89%	34.33% – 6.32%
United Kingdom	NA	25.17% – 5.40%

On June 22, 2016 and September 2, 2016, the ITC announced its final determinations that the domestic steel industry is materially injured by reason of imports of cold-rolled steel from Brazil, China, India, Japan, South Korea and the United Kingdom. The ITC determined that imports of cold-rolled steel from Russia that are sold in the United States at less-than-fair-value and subsidized by the government of Russia are negligible and terminated the investigations as to Russia. However, in October 2016, we and other domestic steel producers filed an appeal with the CIT appealing the ITC’s determination on Russian cold-rolled steel.

As a result of the Commerce Department’s and the ITC’s final determinations, importers are required to post cash deposits with the U.S. government on imports of cold-rolled steel from Brazil, China, India, Japan, South Korea and the United Kingdom at the above CVD margins and AD margins. AD and CVD measures remain in effect for a minimum of five years.

Several of the named countries have filed appeals of the final determinations on cold-rolled steel with the CIT. We will oppose all appeals vigorously.

On September 27, 2016, we and other domestic producers made a filing with the Commerce Department asserting that Chinese steel producers are attempting to circumvent the AD and CVD duties discussed above by transshipping Chinese steel through Vietnam for minor processing before importing cold-rolled steel into the U.S. market. Our filing requests that the Commerce Department find that imports of Vietnamese cold-rolled steel that originated in China be subjected to the same AD and CVD duties of shipments of cold-rolled steel imported directly from China. On December 5, 2017, the Commerce Department announced a preliminary affirmative ruling that cold-rolled steel imported from Vietnam produced from steel that originated in the China is circumventing existing AD and CVD orders on cold-rolled steel imported from China. The Commerce Department instructed U.S. Customs and Border Protection to begin collecting cash deposits on all imports of cold-rolled steel produced in Vietnam using Chinese-origin steel. CBP began

collecting AD and CVD cash deposits on imports of such cold-rolled steel produced in Vietnam at rates of 265.79 and 256.44 percent, respectively. These cash deposit rates were previously established in the prior trade case investigation on cold-rolled steel from China. Duties apply to all shipments entering the United States on or after November 4, 2016, the date the circumvention inquiries were initiated, that remain unliquidated.

Hot-Rolled Steel

On August 11, 2015, we, along with five other domestic producers, filed AD petitions against imports of hot-rolled steel from Australia, Brazil, Japan, the Netherlands, South Korea, Turkey and the United Kingdom, as well as CVD petitions against imports of hot-rolled steel from Brazil, South Korea and Turkey. The petitions alleged that unfairly traded imports of hot-rolled steel from those seven countries are causing material injury to the domestic industry. On August 5, 2016, the Commerce Department announced its final affirmative determinations that (a) imports of hot-rolled steel from Australia, Brazil, Japan, the Netherlands, South Korea, Turkey and the United Kingdom are being sold at less-than-fair-value and should be subject to final AD duties and that (b) imports of hot-rolled steel from Brazil and South Korea are benefiting from government subsidies and should be subject to CVD duties. After correcting certain ministerial errors, the Commerce Department calculated final dumping and subsidy margins as follows:

Country	Hot-Rolled CVD Margins	Hot-Rolled AD Margins
Australia	NA	29.58%
Brazil	11.30% – 11.09%	34.28% – 33.14%
Japan	NA	7.51% – 4.99%
Netherlands	NA	3.73%
South Korea	58.68% – 3.89%	9.49% – 4.61%
Turkey	NA	6.77% – 4.15%
United Kingdom	NA	33.06%

On September 12, 2016, the ITC announced its final determinations that the domestic steel industry is materially injured by reason of imports of hot-rolled steel from Australia, Brazil, Japan, the Netherlands, South Korea, Turkey and the United Kingdom. As a result of the Commerce Department’s and the ITC’s final determinations, importers are required to post cash deposits with the U.S. government on imports of hot-rolled steel from Australia, Brazil, Japan, the Netherlands, South Korea, Turkey and the United Kingdom at the above CVD margins and AD margins. AD and CVD measures remain in effect for a minimum of five years.

The final determinations on hot-rolled steel have been appealed to the CIT. We intend to oppose all appeals vigorously.

Stainless Steel

On February 12, 2016, we, along with three other domestic producers, filed AD and CVD petitions against imports of stainless steel from China. On February 2, 2017, the Commerce Department announced its final affirmative determinations that imports of stainless steel from China (a) are being sold at less-than-fair-value and should be subject to final AD duties, and (b) are benefiting from government subsidies and should be subject to CVD duties. The Commerce Department calculated final dumping and subsidy margins as follows:

Country	Stainless CVD Margins	Stainless AD Margins
China	190.71% – 75.60%	76.64% – 63.86%

On March 3, 2017, the ITC announced its final unanimous determinations that the domestic steel industry is materially injured by reason of imports of stainless steel sheet and strip from China. As a result of the Commerce Department’s and ITC’s final determinations, importers will be required to post cash deposits with the U.S. government on imports of stainless steel sheet and strip from China at the above CVD and AD margins. AD and CVD measures remain in effect for a minimum of five years.

In addition, on July 25, 2017, the ITC held the final hearing on its five-year “sunset” review of the outstanding orders on stainless steel sheet and strip from Japan, Korea and Taiwan. On August 30, 2017, the ITC announced final determinations favorable to the U.S. steel industry. As a result of the ITC’s final determinations, the existing AD orders on imports from Japan, Korea and Taiwan and the existing CVD order on imports of the subject stainless steel sheet and strip products from Korea will remain in place for an additional five years.

Research, Innovation and Operations

We are aligning, enhancing and using our production resources to invest in innovation, reduce operating costs and modify production capacity for innovative and higher-margin carbon, electrical and stainless steel grades at all locations. As part of our underlying strategy to focus on higher-value materials and minimize exposure to commodity products, our investment in research and innovation during the past three years has been $28.1, $28.3 and $27.6 in 2017, 2016 and 2015. In addition, we acquired the Research and Innovation Center capital lease for $26.6 in October 2017.

In 2016, we completed a strategic upgrade of our state-of-the-art hot-dip galvanizing line at our Dearborn Works. Enhanced furnace technology and modifications to the line’s configuration expanded the line’s capabilities to also operate as a continuous anneal line. As a result, we began producing both coated and cold-rolled Next-Generation AHSS products, including our recently introduced NEXMET products, on the same line as our existing steels.

Early in 2017, we celebrated the grand opening of our new Research and Innovation Center in the Cincinnati/Dayton growth corridor. The Research and Innovation Center is home to over 100 members of our expanded team of researchers, scientists and engineers. The new facility supports our innovation team to expand its leading-edge research, applications engineering, advanced engineering, product development and customer technical services. The facility features prototype laboratories, analytical laboratories, collaborative spaces, pilot lines and new operational simulators that replicate critical steel manufacturing operations, helping us pursue our innovation initiatives.

Raw Materials and Supplies

Iron Ore

Iron ore is one of the principal raw materials required for our steel manufacturing operations. We purchased approximately 6.3 million tons of iron ore pellets in 2017 and expect to purchase approximately 6.5 million tons in 2018. We make most of our purchases of iron ore at negotiated prices under multi-year agreements. For 2018, we expect to purchase most of our iron ore from one supplier. The price we pay for iron ore is affected by a variety of factors under the terms of our contracts, including measures of general industrial inflation and steel prices and a variable-price mechanism that adjusts the annual average price we pay for iron ore based on reference to an iron ore index referred to as the “IODEX”. A change in one of more of the factors upon which our iron ore price is determined (whether that may be the IODEX, inflation, steel prices or other indices) typically affects to varying degrees the price we pay for iron ore. Thus, the actual impact on us from a change in these factors will vary depending on the percentage of the total iron ore we purchase and how much each factor is weighted for pricing under related contracts. In addition, the total net cost we pay for iron ore is affected by our hedging activities, which are described below.

In addition to integrated risk strategies, we use derivative financial instruments to manage iron ore price risk that we cannot mitigate through our customer contracts. We use derivative instruments to reduce our exposure if iron ore costs increase, but these instruments can also reduce potential benefits if iron ore costs decline. We employ a systematic approach in our hedging strategy to mitigate iron ore exposure. We hedge a higher proportion of our near-term iron ore exposure and a lower proportion for our longer-term exposure through a combination of swaps and options. As of December 31, 2017, we have hedged the IODEX component for a portion of our iron ore purchases for 2018 and 2019 through the use of iron ore derivatives with notional amounts of 1,465,000 tons and 875,000 tons. Our hedging activities further reduce our exposure to changes in the IODEX on the total cost we pay for iron ore.

During late 2016, we terminated our iron ore pellet offtake agreement with Magnetation, which caused our iron ore derivatives to no longer meet the accounting criteria for hedge accounting treatment. As a result, we now account for those derivatives on a mark-to-market basis with immediate recognition of changes in the fair value of the derivative contracts in earnings when the change occurs, instead of when we recognize the underlying cost of iron ore, thus potentially increasing the volatility of our results of operations. This volatility does not affect the ultimate gains or losses on the derivative contracts we will recognize in the financial statements, but only the timing of recognition.

Electrodes

During 2017 we began to experience rapidly rising costs for graphite electrodes, which we believe are being driven principally by a tightening supply in China of needle coke, an important raw material for graphite electrodes. We believe increasing costs are likely to continue into 2018 until supply-side factors are resolved. Because we and other stainless steel producers use graphite electrodes to produce stainless steel products, the rising electrode costs can have a detrimental impact on financial results. Therefore, in October 2017 we began to implement an electrode surcharge for our shipments of stainless steel products. This surcharge has been implemented with both contract and spot market customers of stainless steel.

Acquisition of Precision Partners

On August 4, 2017, we acquired 100% of the equity of Precision Partners, which provides advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components and complex assemblies for the automotive market. Founded in 1955, Precision Partners is headquartered in Ontario, Canada, and has more than 1,000 employees, including approximately 300 engineers and skilled tool makers, across eight plants in Ontario, Alabama and Kentucky. Precision Partners specializes in manufacturing lightweight, complex components and assemblies, and it offers a broad portfolio of highly-engineered solutions. Among other benefits, we believe this strategic acquisition will:

• complement our core focus on product innovation, accelerating the development and introduction of existing and new AHSS and PHS to the high-growth automotive lightweighting space;

• provide a fully integrated downstream platform that further strengthens our close collaboration with our automotive customers and their Tier 1 suppliers; and

• leverage our expertise in metals forming with Precision Partners’ expertise in tool design and advanced product design-engineering capabilities in hot and cold stamping.

With our acquisition of Precision Partners, we have added a well-respected supplier to our core automotive market whose business has commanded higher margins with less capital intensity. Importantly, we believe that our addition of Precision Partners has the potential to dramatically accelerate our efforts to drive adoption of our innovative steel products by automotive manufacturers and their Tier 1 suppliers. Our steelmaking experts and Precision Partners’ engineers have already begun numerous collaboration projects aimed at achieving this goal, as Precision Partners’ expertise in tool design and stamping capabilities has allowed us to deliver to customers fully formed prototypes of automotive components utilizing our innovative steel products. As such, we are now able to provide true component solutions through prototype automotive parts, rather than attempting to showcase our advanced steels to customers through computer models and flat-rolled steel samples, as in the past. This approach has and will continue to demonstrate to customers that they can significantly lightweight automotive parts on an accelerated timeline by using our high-strength, highly formable grades of steel in place of traditional lower-strength grades. In addition, these collaborative projects are enhancing Precision Partners’ knowledge and experience in tool design and build, and stamping of new, advanced grades of steel, enabling it to provide expert solutions to automotive customers now and in the future.

Labor Agreements

At December 31, 2017, we employed approximately 9,200 people, of which approximately 5,700 are represented by labor unions under various contracts that expire between 2018 and 2021.

Several labor agreements were ratified in 2017. In the first quarter of 2017, members of the United Steel Workers, Local 169, ratified a labor agreement covering approximately 305 hourly employees at Mansfield Works. The new agreement expires March 31, 2021. In the third quarter of 2017, members of the United Auto Workers, Local 3044, ratified a labor agreement covering approximately 330 hourly employees at our Rockport Works. The new agreement expires September 30, 2021. In the fourth quarter of 2017, members of the United Steel Workers, Local 1915, ratified a labor agreement covering approximately 90 hourly employees at the Walbridge, Ohio facility with our wholly-owned subsidiary AK Tube LLC. The new agreement is effective January 22, 2018 and expires January 22, 2021. In the fourth quarter of 2017, members of the United Auto Workers, Local 600, ratified a labor agreement covering approximately 1,170 hourly employees at our Dearborn Works. The new agreement expires July 31, 2021.

The current agreement with the International Association of Machinists and Aerospace Workers, Local 1943, which represents approximately 1,725 hourly employees at our Middletown Works, expires on March 15, 2018. The agreement with the United Steel Workers, Local 1865, which represents approximately 305 hourly employees at our Ashland Works, expires on September 1, 2018.

Potential Impact of Climate Change Legislation

On an ongoing basis we assess the potential impacts and implications of climate change and associated legislation and regulation on our business, operations, customers, suppliers, markets and other relevant areas. In 2010, the EPA issued a final “tailoring rule” providing new regulations governing major stationary sources of greenhouse gas emissions under the Clean Air Act. Generally, the tailoring rule requires that new or modified sources of high volumes of greenhouse gases must follow heightened permit standards and lower emissions thresholds. The EPA continues to work on further greenhouse gas emissions rules that would apply more broadly and to lower levels of emission sources. In 2014, the U.S. Supreme Court partially upheld and partially invalidated the tailoring rule. The decision’s impact will often require us to conduct a best available control technology analysis for greenhouse gases for new major projects. The tailoring rule will not materially adversely affect us in the near term and we cannot reliably estimate the regulation’s long-term impact. However, there are a number of factors that may affect us, including the EPA’s tailoring rule and other similar regulations, such as the EPA’s Clean Power Plant Rule established on August 3, 2015, implications from the Paris Climate Agreement arising from the 2015 United Nations Climate Change Conference or similar accords relating to climate change. These and other

factors could cause us to suffer negative financial impacts over time from increased energy, environmental and other costs needed to comply with the limitations that our suppliers would impose on us directly or indirectly.

In 2017, the EPA announced its intention to repeal the Clean Power Plant Rule and the U.S. State Department gave formal notice of its intent to withdraw from the Paris Climate Agreement. The earliest date for the United States to completely withdraw from the Paris Agreement is November 4, 2020. Given these recent developments, we expect the near-term negative impacts to our business directly arising from climate change legislation to be low. However, we do not expect the potential challenges to our business arising from climate change to decline in the long term, and we do not expect our key customers in our principal markets to substantially reduce their focus on climate change-related issues. This is particularly true for our automotive manufacturer customers, who remain subject to CAFE standards and other regulations aimed at reducing vehicle emissions. In addition, automotive manufacturers typically design light vehicle platforms for multiple international markets, so other countries’ climate change legislation and regulations that govern the automotive manufacturers likely will continue to affect their approach for the U.S. market.

In addition, the possibility exists that some form of federally-enacted legislation or additional regulations in the U.S. may further impose limitations on greenhouse gas emissions. In the past, bills have been introduced in the United States Congress that aim to limit carbon emissions over long periods from facilities that emit significant amounts of greenhouse gases. Such bills, if enacted, would apply to the steel industry, in general, and to us, in particular, because producing steel from elemental iron creates carbon dioxide, one of the targeted greenhouse gases. Although we and other steel producers in the United States are actively participating in research and development to develop technology, processes and approaches for reducing greenhouse gas emissions, these developments will take time and it is impossible to predict when or to what degree these efforts will be successful. To address this need for developing new technologies, approaches and processes, not just in the steel industry but elsewhere, proposed legislative bills have been introduced in the past that included a system of carbon emission credits. Such credits would be available to certain companies for a period, similar to the European Union’s existing “cap and trade” system. However, it is virtually impossible to forecast the provisions of any such final legislation and its effects on us.

If regulation or legislation to address climate change or regulate carbon emissions is enacted, it is reasonable to assume that the net financial impact on us will be negative, despite some potential benefits discussed below. On balance, such regulation or legislation likely would cause us to incur increased energy, environmental and other costs to comply with the limitations that would be imposed on greenhouse gas emissions. For example, additional costs could take the form of new or retrofitted equipment or the development of new technologies (e.g., sequestration) to try to control or reduce greenhouse gas emissions.

The future enactment of climate control or greenhouse gas emissions legislation or regulation could produce benefits for us that would offset somewhat the adverse effects noted above. For example, if climate control legislation or regulation continues to drive automotive manufacturers to meet higher fuel efficiency targets, we could benefit from increased sales of our broad portfolio of products: NOES for H/EVs, stainless steels needed for exhaust systems and other components for more efficient engines, and AHSS products to lightweight automobiles. Moreover, if climate change legislation provides further incentives for energy efficiency, up to certain levels, we could benefit from increased sales of our GOES products, which are among the most energy-efficient electrical steels in the world. We sell our electrical steels primarily to manufacturers of power transmission and distribution transformers and electrical motors and generators, the demand for which could grow if energy efficiency standards increase. In addition, climate control legislation may enhance sales of our products in different ways. For instance, if the legislation promotes the use of renewable energy technology, such as wind or solar technology, it could increase demand for our high-efficiency electrical steel products used in power transformers, which are needed to connect these new sources to the electricity grid.

The ultimate impacts on us from any additional climate change or emissions reduction legislation or regulation would depend on the final terms of any such legislation or regulation. Presently, we are unable to predict with any reasonable degree of accuracy when or even if climate control legislation or regulation will be enacted, or if it is, what its terms and applicability to us will be. As a result, we currently have no reasonable basis to reliably predict or estimate the specific effects any eventually enacted laws may have on us or how we may be able to reduce any negative impacts on our business and operations. In the meantime, the items described above provide some indication of the potential mixed impact on us from climate control legislation or regulation generally.

Magnetation

In 2011, we invested in a 49.9% equity interest in the Magnetation joint venture, which operated iron ore concentrate plants located in Minnesota and an iron ore pelletizing plant in Reynolds, Indiana. Through an offtake agreement, we had the right to purchase all the pellets produced by the pellet plant and an obligation to purchase a portion of those pellets. On May 5, 2015, Magnetation and its subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the District of Minnesota.

On October 6, 2016, the Bankruptcy Court approved a Global Settlement Agreement (“Settlement Agreement”) among us, Magnetation, Magnetation Inc., and Magnetation’s revolving credit facility lenders, senior secured noteholders and debtor-in-

possession facility lenders to terminate the iron ore pellet offtake agreement with Magnetation and to wind down Magnetation’s business. Among other terms of the Settlement Agreement, we agreed to make a cash payment (“Termination Payment”) to Magnetation’s Chapter 11 estate in order to terminate our offtake agreement with Magnetation and cease purchasing iron ore pellets from Magnetation. The next day, the transactions contemplated by the Settlement Agreement were completed and we made a Termination Payment of $36.6, thereby terminating the pellet offtake agreement. In connection with the approval of the Settlement Agreement, we recognized charges of $69.5 in the fourth quarter of 2016, consisting of the $36.6 Termination Payment and additional charges of $32.9 for remaining obligations under contracts with other third parties to transport pellets to our facilities over the next 12 years. In the fourth quarter of 2017, we reached an agreement for transportation services that provides a timeframe to begin using the rail cars that were idled after the termination of the pellet supply agreement. As a result, we recorded a credit of $19.3 during the fourth quarter of 2017 to reduce the unpaid liability.

Critical Accounting Estimates

We prepare our financial statements in conformity with accounting principles generally accepted in the United States of America. These principles permit choices among alternatives and require numerous estimates of financial matters. Accounting estimates are based on historical experience and information that is available to us about current events and actions we may take in the future. We believe the accounting principles chosen are appropriate under the circumstances, and that the estimates, judgments and assumptions involved in financial reporting are reasonable. There can be no assurance that actual results will not differ from these estimates. We believe the accounting estimates discussed below represent those accounting estimates requiring the exercise of judgment where a different set of judgments could result in the greatest changes to reported results.

Inventory Costing

We value inventories at the lower of cost or net realizable value, and we measure the cost of inventories using the average cost method. We record any amount required to reduce the carrying value of inventory to net realizable value as a charge to cost of products sold. If selling prices were to decline in future quarters, write-downs of inventory could result, specifically raw material inventory such as iron ore, coke and certain alloys purchased during periods of peak market pricing.

On January 1, 2018, we changed our accounting method for valuing inventories to the average cost method for inventories previously valued using the LIFO method. The effects of the change in accounting principle have been retrospectively applied to all periods presented, including Management’s Discussion and Analysis. See Notes 1 and 2 to our Consolidated Financial Statements for more information related to the change in accounting principle.

Environmental and Legal Contingencies

We are involved in a number of environmental and other legal proceedings. We record a liability when we determine that litigation has commenced or a claim or assessment has been asserted and, based on available information, it is probable that the outcome of the litigation, claim or assessment, whether by decision or settlement, will be unfavorable and the amount of the liability is reasonably estimable. We measure the liability using available information, including the extent of damage, similar historical situations, our allocable share of the liability and, in the case of environmental liabilities, the need to provide site investigation, remediation and future monitoring and maintenance. We record accruals for probable costs based on a combination of litigation and settlement strategies on a case-by-case basis and, where appropriate, supplement those with incurred-but-not-reported development reserves. However, amounts we record in the financial statements in accordance with accounting principles generally accepted in the United States exclude costs that are not probable or that may not be currently estimable. The ultimate costs of these environmental and legal proceedings may, therefore, be higher than those we have recorded on our financial statements. In addition, changes in assumptions or the effectiveness of our strategies can materially affect results of operations in future periods.

Pension and OPEB Plans

Accounting for retiree pension and healthcare benefits requires the use of actuarial methods and assumptions, including assumptions about current employees’ future retirement dates, anticipated mortality rates, the benchmark interest rate used to discount benefits to their present value, anticipated future increases in healthcare costs and our obligations under collective bargaining agreements with respect to pension and healthcare benefits for retirees. Changing any of these assumptions could have a material effect on the calculation of our total obligation for future pension and healthcare benefits.

Actuarial net gains and losses occur when actual experience differs from any of the many assumptions used to value the benefit plans or when the assumptions change, as they may each year when a valuation or remeasurement is performed. The major factors contributing to our actuarial gains and losses are changes in the discount rate used to value plan liabilities as of the measurement date and changes in the expected lives of plan participants. We believe the mortality assumptions selected for determining the expected lives of plan participants are most closely associated with the expected lives of our plan participants. However, selecting other

available assumptions would likely increase the plan obligations. In addition, a major factor contributing to actuarial gains and losses for our pension plan is the difference between expected and actual returns on plan assets. For OPEB plans, differences in estimated versus actual healthcare costs and changes in assumed healthcare cost trend rates are additional factors generally contributing to actuarial gains and losses. However, we do not expect changes in these OPEB assumptions to have a material effect on us since most of the plans have caps on the share of benefits we pay. In addition to their effect on the funded status of the plans and their potential for corridor adjustments, these factors affect future net periodic benefit expenses. Changes in key assumptions can have a material effect on the amount of benefit obligation and annual expense we record. For example, a 25 basis point decrease in the discount rate would decrease the interest cost component of pension income in 2018 by $4.5. A 25 basis point decrease in the discount rate would have increased the pension obligation at December 31, 2017, by approximately $64.0 and the OPEB obligation by approximately $11.0. A 100 basis point decrease in the expected rate of return on pension plan assets would decrease the projected 2018 pension income by approximately $23.2.

Under our method of accounting for pension and OPEB plans, we recognize into income any unrecognized actuarial net gains or losses that exceed 10% of the larger of projected benefit obligations or plan assets as of the measurement date, defined as the corridor. Amounts inside the corridor are amortized over the plan participants’ life expectancy. Our method results in faster recognition of actuarial net gains and losses than the minimum amortization method permitted by prevailing accounting standards and used by the vast majority of companies in the United States. Faster recognition under this method also results in the potential for highly volatile and difficult to forecast corridor adjustments.

Asset Impairment

We have various assets that are subject to impairment testing, including equity method investments, property, plant and equipment and goodwill. If circumstances indicate that an asset has lost value below its carrying amount, we review the asset for impairment. We evaluate the effect of changes in operations and estimate future cash flows to measure fair value. We use assumptions, such as forecasted growth rates and cost of capital, as part of these analyses and our selections of the assumptions to use can result in different conclusions. We believe the data and assumptions used are appropriate in the circumstances and consistent with internal projections. The most recent annual goodwill impairment tests indicated that the fair values of the relevant reporting units were in excess of their carrying value. However, our businesses operate in highly cyclical industries and the valuation of these businesses can fluctuate, which may lead to impairment charges in future periods. Fair value is determined using quoted market prices, estimates based on prices of similar assets, or anticipated cash flows discounted at a rate commensurate with risk.

We consider the need to evaluate long-lived assets for indicators of impairment at least quarterly to determine if events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. We evaluate long-lived assets for impairment based on a collective asset grouping that includes the operations of all facilities. We manage our operations as part of an “integrated process” that allows us to route production to various facilities so that we can maximize financial results and cash flows. As a result of the integrated process and our organization, cash flows are not identifiable to asset groups at a level lower than the consolidated results. If the carrying value of a long-lived asset exceeds its fair value, we determine that an impairment has occurred and we recognize a loss based on the amount that the carrying value exceeds the fair value, less cost to dispose, for assets we plan to sell or abandon.

As a result of the temporary idling of the Ashland Works blast furnace and steelmaking operation in 2015, we considered the need for an impairment of the long-lived assets and determined that no impairment was indicated based on the expected temporary nature of the idling. At the end of 2016, we updated our assessment of the need for impairment of the temporarily idled Ashland Works’ long-lived assets and determined that no impairment existed since we believed the idling was still temporary. During the quarter ended December 31, 2017, we recognized a non-cash asset impairment charge of $75.6, primarily related to the long-lived assets associated with the Ashland Works Hot End. The Ashland Works Hot End remains on temporary idle and no final determination has been made regarding the long-term status of the operations. However, we continue to engage in regular reviews of the potential viability of the Ashland Works Hot End, including an assessment of the most significant risks and benefits of a permanent idling of those operations. As part of these reviews, we take into consideration, among other items, our strategic focus on reducing participation in commodity markets to position us for sustainable profitability and whether we anticipate that future market conditions will enable production from the Ashland Works Hot End to generate sustainable economic returns through steel market cycles. We now believe it is unlikely that the Ashland Works Hot End will restart in the near term based on forecasted supply and demand characteristics of the markets that we serve. Our assessment and timing of the impairment charge was influenced by our current production capacity and an updated evaluation of the risk of not reaching new labor agreements on a timely basis for key facilities. Factors that influenced our impairment determination included an uncertain global trade landscape influenced by shifting domestic and international political priorities, continued intense competition from domestic steel competitors and foreign steel competition, which we believe has been through unfair trade practices. These conditions directly impact our pricing, which in turn directly impacts our assessment of the demand forecasts for the markets we serve.

Contractual Obligations

In the ordinary course of business, we enter into agreements that obligate us to make legally enforceable future payments. These agreements include those for borrowing money, leasing equipment and purchasing goods and services. The following table summarizes by category expected future cash outflows associated with contractual obligations we have as of December 31, 2017.

	Payment due by period
Contractual Obligations	Less than 1 year		1-3 years		3-5 years		More than 5 years		Total
Long-term debt	$	—	$	157.3	$	856.2	$	1,152.0	$	2,165.5
Interest on debt (a)	132.9		257.2		207.6		198.6		796.3
Lease obligations	18.2		36.9		35.5		90.2		180.8
Purchase obligations and commitments	2,723.7		2,863.4		1,992.2		1,190.4		8,769.7
Pension and OPEB obligations (b)	40.1		74.5		74.3		745.4		934.3
Other non-current liabilities	—		43.4		20.3		105.2		168.9
Total	$	2,914.9	$	3,432.7	$	3,186.1	$	3,481.8	$	13,015.5

(a) Amounts include contractual interest payments using the interest rates as of December 31, 2017 applicable to our variable-rate debt and stated fixed interest rates for fixed-rate debt.

(b) Future cash contributions to our qualified pension trust are not included in the table above. We have approximately $51.0 of required contributions for 2018. Based on current actuarial assumptions, the estimates for our contributions are approximately $35.0 for 2019 and $10.0 for 2020. Estimates of cash contributions to the pension trust to be made after 2018 are uncertain since several variable factors impact defined benefit pension plan contributions and required contributions are significantly affected by asset returns. Because we expect the pension trust to make pension benefit payments beyond the next five years, the net pension liability is included in the More than 5 years column. We estimate benefit payments, after receipt of Medicare subsidy reimbursements, will be $38.8 for 2018 and we expect them to trend down to $10.1 over the next 30 years. For a more detailed description of these obligations, see Note 7 to the consolidated financial statements.

In calculating the amounts for purchase obligations, we identified contracts where we have a legally enforceable obligation to purchase products or services from the vendor or make payments to the vendor for an identifiable period. For each identified contract, we determined our best estimate of payments to be made under the contract assuming (1) the continued operation of existing production facilities, (2) normal business levels, (3) both parties would adhere to the contract in good faith throughout its term, (4) prices in the contract and (5) the effect of the Ashland Works Hot End temporary idling. Because of changes in the markets we serve, changes in business decisions regarding production levels or unforeseen events, the actual amounts paid under these contracts could differ significantly from the amounts presented above. For example, circumstances could arise which create exceptions to minimum purchase obligations in the contracts. We calculated the purchase obligations in the table above without considering such exceptions.

A number of our purchase contracts specify a minimum volume or price for the products or services covered by the contract. If we were to purchase only the minimums specified, the payments in the table would be reduced. Under “requirements contracts” the quantities of goods or services we are required to purchase may vary depending on our needs, which are dependent on production levels and market conditions at the time. If our business deteriorates or increases, the amount we are required to purchase under such a contract would likely change. Many of our agreements for the purchase of goods and services allow us to terminate the contract without penalty if we give 30 to 90 days’ notice. Any such termination could reduce the projected payments.

Our consolidated balance sheets contain liabilities for pension and OPEB and other long-term obligations. We calculate the benefit plan liabilities using actuarial assumptions that we believe are reasonable under the circumstances. However, because changes in circumstances can have a significant effect on the liabilities and expenses associated with these plans including, in the case of pensions, pending or future legislation, we cannot reasonably and accurately project payments into the future. While we do include information about these plans in the above table, we also discuss these benefits elsewhere in this Management’s Discussion and Analysis of Financial Condition and Results of Operations and in the notes to the consolidated financial statements.

The other long-term liabilities on our consolidated balance sheets include accruals for environmental and legal issues, employment-related benefits and insurance, liabilities established for uncertain tax positions, and other obligations. These amounts generally do not arise from contractual negotiations with the parties receiving payment in exchange for goods and services. The ultimate amount and timing of payments are uncertain and, in many cases, depend on future events occurring, such as the filing of a claim or completion of due diligence investigations, settlement negotiations, audit and examinations by taxing authorities, documentation or legal proceedings.

New Accounting Pronouncements

The information called for by this section is incorporated herein by reference to Note 1 of the consolidated financial statements.

Forward-Looking Statements

Certain statements we make or incorporate by reference in this Form 10-K, or make in other documents we furnish to or file with the Securities Exchange Commission, as well as in press releases or in presentations made by our employees, reflect our estimates and beliefs and are intended to be, and are hereby identified as “forward-looking statements” for purposes of 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 such forward-looking statements. These forward-looking statements reflect our 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 subject to economic, competitive, regulatory, and operational risks, uncertainties and contingencies that are beyond our control, and upon assumptions about future business decisions and conditions that may change. In particular, these include, but are not limited to, statements in the Outlook andLiquidity and Capital Resources sections and Item 7A, Quantitative and Qualitative Disclosures about Market Risk.

We caution readers that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those currently expected. See Item 1A, Risk Factors for more information on certain of these risks and uncertainties.

Any forward-looking statement made in this document speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

EX-99.4

Exhibit 99.4

Part II

Item 7A.    Quantitative and Qualitative Disclosures about Market Risk.

Our primary areas of market risk include changes in (a) interest rates, (b) commodity prices and (c) foreign currency exchange rates.

Interest Rate Risk

We manage interest rate risk in our capital structure by issuing variable- and fixed-rate debt and by utilizing our Credit Facility, which is affected by variable interest rates. Our outstanding long-term indebtedness (excluding unamortized debt discount and issuance costs and our capital lease) was $2,165.5 and $1,845.1 at December 31, 2017 and 2016. The amount outstanding at December 31, 2017, consisted of $1,689.5 of fixed-rate debt and $26.0 of variable-rate IRBs. There were $450.0 of borrowings from our Credit Facility outstanding at December 31, 2017. An increase in prevailing interest rates would increase interest expense and interest paid for the variable-rate debt, including any outstanding borrowings from the Credit Facility. For example, a 100 basis point increase in interest rates would increase annual interest expense by approximately $4.8 on our outstanding debt at December 31, 2017.

Commodity Price Risk

Commodity prices for certain carbon, stainless and electrical steels and raw material and energy inputs represent a source of market risk. Prices for certain raw materials and energy have been volatile over the last several years, with chrome, iron ore, natural gas, zinc, and scrap being especially volatile. We attempt to mitigate commodity price risk by aligning fixed and variable components in the following commitments:

• customer pricing contracts

• supplier purchasing agreements

• derivative financial instruments

Some customer contracts have fixed-pricing terms, which increase our exposure to fluctuations in raw material and energy costs. To reduce our exposure, we enter annual, fixed-price agreements for certain raw materials. Some of our existing multi-year supply agreements have required minimum purchase quantities. Under adverse economic conditions, those minimums may exceed our needs. Absent exceptions for force majeure and other circumstances affecting the legal enforceability of the agreements, these minimum purchase requirements may compel us to purchase quantities of raw materials that could significantly exceed our anticipated needs or pay damages to the supplier for shortfalls. In these circumstances, we would attempt to negotiate agreements for new purchase quantities. There is a risk, however, that we would not be successful in reducing purchase quantities, either through negotiation or litigation. If that occurred, we would likely be required to purchase more of a particular raw material in a particular year than we need, negatively affecting our results of operations and cash flows.

In many cases, our customer contracts do not include variable-pricing mechanisms that adjust selling prices in response to changes in the costs of certain raw materials and energy, though some of our customer contracts include such mechanisms. We may enter multi-year purchase agreements for certain raw materials with similar variable-price mechanisms, allowing us to achieve natural hedges between the customer pricing contracts and supplier purchasing agreements. Therefore, in some cases price fluctuations for energy (particularly natural gas and electricity), raw materials (such as scrap, chrome, zinc and nickel) or other commodities may be, in part, passed on to customers rather than absorbed solely by us. There is a risk, however, that the variable-price mechanisms in the sales contracts may not necessarily change in tandem with the variable-price mechanisms in our purchase agreements, negatively affecting our results of operations and cash flows.

If we are unable to align fixed and variable components between customer pricing contracts and supplier purchasing agreements, we use cash-settled commodity price swaps and options to hedge the market risk associated with the purchase of certain of our raw materials and energy requirements. We routinely use these derivative instruments to hedge a portion of our natural gas, iron ore, zinc and electricity requirements. Our hedging strategy is designed to protect us from excessive pricing volatility. However, since we do not typically hedge 100% of our exposure, abnormal price increases in any of these commodity markets might still negatively affect operating costs.

For derivatives designated in cash flow hedging relationships, we record the effective portion of the gains and losses from the use of these instruments in accumulated other comprehensive income (loss) on the consolidated balance sheets and

subsequently recognize the accumulated gains and losses into cost of goods sold in the same period when the associated underlying transactions occur. At December 31, 2017, accumulated other comprehensive income (loss) included $12.7 in unrealized pre-tax gains for these derivative instruments. All other commodity price swaps and options are marked-to-market and recognized into cost of products sold with the offset recognized as an asset or accrued liability. See Note 17 of the consolidated financial statements for further information on our outstanding derivatives.

The following table presents the negative effect on pre-tax income of a hypothetical change in the fair value of derivative instruments outstanding at December 31, 2017, due to an assumed 10% and 25% decrease in the market price of each of the indicated commodities:

	Negative Effect on Pre-tax Income
Commodity Derivative	10% Decrease		25% Decrease
Natural gas	$	10.7	$	26.9
Nickel	0.3		0.7
Zinc	6.9		15.9
Electricity	5.3		13.2
Iron ore	14.7		32.3

Because we structure and use these instruments as hedges, the benefit of lower prices paid for the physical commodity used in the normal production cycle or higher prices received on the sale of product would offset these hypothetical losses. We do not enter into swap or option contracts for trading purposes.

Foreign Currency Exchange Rate Risk

Exchange rate fluctuations affect our revenues that are denominated in euros and our operating costs that are denominated in Canadian dollars, and we use forward currency contracts to reduce our exposure to certain of these currency price fluctuations. At December 31, 2017 and 2016, we had outstanding forward currency contracts with a total contract value of $31.2 and $5.3 for the sale of euros. Based on the contracts outstanding at December 31, 2017, a 10% change in the dollar-to-euro exchange rate would result in a pre-tax impact of $3.1 on the value of these contracts on a mark-to-market basis, which would offset the effect of a change in the exchange rate on the underlying receivable. At December 31, 2017, we had outstanding forward currency contracts with a total contract value of $117.8 for the purchase of Canadian dollars. Based on the contracts outstanding at December 31, 2017, a 10% change in the U.S. dollar-to-Canadian dollar exchange rate would result in a pre-tax impact of $11.8 on the value of these contracts on a mark-to-market basis, which would offset the effect of a change in the exchange rate on the underlying operating costs. See Note 17 of the consolidated financial statements for further information on our outstanding forward contracts.

EX-99.5

Exhibit 99.5

Part II

Item 8.        Financial Statements and Supplementary Data.

AK Steel Holding Corporation and Subsidiaries

Index to Consolidated Financial Statements

	Page
Management’s Responsibility for Consolidated Financial Statements	2
Report of Independent Registered Public Accounting Firm	3
Consolidated Statements of Operations for the Years Ended December 31, 2017, 2016 and 2015	4
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2017, 2016 and 2015	5
Consolidated Balance Sheets as of December 31, 2017 and 2016	6
Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015	8
Consolidated Statements of Stockholders’ Equity (Deficit) for the Years Ended December 31, 2017, 2016 and 2015	9
Notes to Consolidated Financial Statements	10

-1-

MANAGEMENT’S RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS

We prepare our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. These principles permit choices among alternatives and require numerous estimates of financial matters. We believe the accounting principles chosen are appropriate under the circumstances, and that the estimates, judgments and assumptions involved in our financial reporting are reasonable.

We are responsible for the integrity and objectivity of the financial information presented in our consolidated financial statements. We maintain a system of internal accounting controls designed to provide reasonable assurance that employees comply with stated policies and procedures, that assets are safeguarded and that financial reports are fairly presented. On a regular basis, financial management discusses internal accounting controls and financial reporting matters with our independent registered public accounting firm and our Audit Committee, composed solely of independent outside directors. The independent registered public accounting firm and the Audit Committee also meet privately to discuss and assess our accounting controls and financial reporting.

Dated:	February 15, 2018	/s/ Roger K. Newport
		Roger K. Newport
		Chief Executive Officer and Director
Dated:	February 15, 2018	/s/ Jaime Vasquez
		Jaime Vasquez
		Vice President, Finance and Chief Financial Officer

-2-

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of AK Steel Holding Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of AK Steel Holding Corporation (the Company) as of December 31, 2017 and 2016, and the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity (deficit), and cash flows for each of the three years in the period ended December 31, 2017, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2017, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 15, 2018 expressed an unqualified opinion thereon.

Changes in Accounting Principles

As discussed in the paragraphs under the caption “Adoption of New Accounting Principles” described in Notes 1 and 2 to the consolidated financial statements, effective January 1, 2018, the Company (a) changed its method of accounting for the presentation and disclosure of periodic pension and other post retirement (income) expense due to the adoption of Accounting Standards Update No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Benefit Pension Costs and Net Periodic Postretirement Benefit Cost, and (b) elected to change its method of accounting for inventories to the average cost method, while in prior years, these inventories were accounted for using the last-in, first-out (“LIFO”) method.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ ERNST & YOUNG LLP

We have served as the Company’s auditor since 2013.

Cincinnati, Ohio

February 15, 2018, except for the paragraphs included under the caption “Adoption of New Accounting Principles” described in Notes 1 and 2, as to which the date is April 30, 2018

-3-

AK STEEL HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31, 2017, 2016 and 2015
(dollars in millions, except per share data)
	2017			2016			2015
Net sales	$	6,080.5		$	5,882.5		$	6,692.9
Cost of products sold (exclusive of items shown separately below)	5,253.1			5,099.7			6,253.3
Selling and administrative expenses (exclusive of items shown separately below)	284.9			279.1			262.9
Depreciation	226.0			216.6			216.0
Charge (credit) for termination of pellet agreement and related transportation costs	(19.3		)	69.5			—
Asset impairment charge	75.6			—			—
Charge for facility idling	—			—			28.1
Total operating costs	5,820.3			5,664.9			6,760.3
Operating profit	260.2			217.6			(67.4		)
Interest expense	152.3			163.9			173.0
Pension and OPEB expense (income)	(71.9		)	16.5			58.9
Impairment of Magnetation investment	—			—			(256.3		)
Impairment of AFSG investment	—			—			(41.6		)
Other income (expense)	(17.1		)	(4.9		)	1.4
Income (loss) before income taxes	162.7			32.3			(595.8		)
Income tax expense (benefit)	(2.2		)	(16.9		)	(6.3		)
Net income (loss)	164.9			49.2			(589.5		)
Less: Net income attributable to noncontrolling interests	61.4			66.0			62.8
Net income (loss) attributable to AK Steel Holding Corporation	$	103.5		$	(16.8	)	$	(652.3	)
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	0.33		$	(0.07	)	$	(3.67	)
Diluted	$	0.32		$	(0.07	)	$	(3.67	)

See notes to consolidated financial statements.

-4-

AK STEEL HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Years Ended December 31, 2017, 2016 and 2015
(dollars in millions)
	2017			2016			2015
Net income (loss)	$	164.9		$	49.2		$	(589.5	)
Other comprehensive income, before tax:
Foreign currency translation gain (loss)	4.7			(1.5		)	(3.1		)
Cash flow hedges:
Gains (losses) arising in period	(11.5		)	56.1			(64.2		)
Reclassification of losses (gains) to net income (loss)	(6.1		)	39.1			47.7
Pension and OPEB plans:
Prior service credit (cost) arising in period	4.7			(8.3		)	(7.7		)
Gains (losses) arising in period	94.2			11.6			(60.8		)
Reclassification of prior service cost (credits) included in net income (loss)	(53.8		)	(54.8		)	(60.2		)
Reclassification of losses (gains) included in net income (loss)	6.3			97.9			165.0
Other comprehensive income, before tax	38.5			140.1			16.7
Income tax expense in other comprehensive income	—			15.5			8.0
Other comprehensive income	38.5			124.6			8.7
Comprehensive income (loss)	203.4			173.8			(580.8		)
Less: Comprehensive income attributable to noncontrolling interests	61.4			66.0			62.8
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$	142.0		$	107.8		$	(643.6	)

See notes to consolidated financial statements.

-5-

AK STEEL HOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
December 31, 2017 and 2016
(dollars in millions, except per share data)
	2017			2016
ASSETS
Current assets:
Cash and cash equivalents	$	38.0		$	173.2
Accounts receivable, net	517.8			442.0
Inventory	1,385.0			1,232.6
Other current assets	130.3			94.6
Total current assets	2,071.1			1,942.4
Property, plant and equipment	6,831.8			6,569.0
Accumulated depreciation	(4,845.6		)	(4,554.6		)
Property, plant and equipment, net	1,986.2			2,014.4
Other non-current assets:
Goodwill and intangible assets	306.7			32.8
Other non-current assets	110.8			112.1
TOTAL ASSETS	$	4,474.8		$	4,101.7
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	690.4		$	589.9
Accrued liabilities	270.5			234.1
Current portion of pension and other postretirement benefit obligations	40.1			41.3
Total current liabilities	1,001.0			865.3
Non-current liabilities:
Long-term debt	2,110.1			1,816.6
Pension and other postretirement benefit obligations	894.2			1,093.7
Other non-current liabilities	168.9			155.0
TOTAL LIABILITIES	4,174.2			3,930.6
EXCHANGEABLE NOTES EXCHANGE FEATURE	—			21.3
Equity (deficit):
Common stock, authorized 450,000,000 shares of $.01 par value each; issued 315,782,764 and 314,739,500 shares in 2017 and 2016; outstanding 314,884,569 and 314,160,557 shares in 2017 and 2016	3.2			3.1
Additional paid-in capital	2,884.8			2,855.4
Treasury stock, common shares at cost, 898,195 and 578,943 shares in 2017 and 2016	(5.4		)	(2.4		)
Accumulated deficit	(2,877.0		)	(2,980.5		)
Accumulated other comprehensive loss	(50.2		)	(88.7		)
Total stockholders’ equity (deficit)	(44.6		)	(213.1		)
Noncontrolling interests	345.2			362.9
TOTAL EQUITY	300.6			149.8
TOTAL LIABILITIES AND EQUITY	$	4,474.8		$	4,101.7

-6-

The consolidated balance sheets as of December 31, 2017 and 2016, include the following amounts for consolidated variable interest entities, before intercompany eliminations. See Note 15 for more information concerning variable interest entities.

	2017			2016
Middletown Coke Company, LLC (“SunCoke Middletown”)
Cash and cash equivalents	$	0.1		$	5.0
Inventory, net	18.4			16.2
Property, plant and equipment	425.9			422.3
Accumulated depreciation	(88.6		)	(72.5		)
Accounts payable	11.3			7.8
Other assets (liabilities), net	(1.0		)	(2.3		)
Noncontrolling interests	343.5			360.9
Other variable interest entities
Cash and cash equivalents	$	0.7		$	0.8
Property, plant and equipment	11.7			11.8
Accumulated depreciation	(9.6		)	(9.5		)
Other assets (liabilities), net	0.8			1.0
Noncontrolling interests	1.7			2.0

See notes to consolidated financial statements.

-7-

AK STEEL HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2017, 2016 and 2015
(dollars in millions)
	2017			2016			2015
Cash flows from operating activities:
Net income (loss)	$	164.9		$	49.2		$	(589.5	)
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation	209.8			201.7			201.7
Depreciation—SunCoke Middletown	16.2			14.9			14.3
Amortization	24.1			18.4			21.2
Asset impairment charge—Ashland Works Hot End	75.6			—			—
Impairment of Magnetation and AFSG investments	—			—			297.9
Charge (credit) for transportation costs affected by termination of pellet agreement	(19.3		)	32.9			—
Deferred income taxes	(9.0		)	(4.1		)	(12.8		)
Contributions to pension trust	(44.1		)	—			(24.1		)
Pension and OPEB expense (income)	(64.4		)	(43.8		)	(63.0		)
Pension and OPEB net corridor charge	—			43.1			131.2
Pension settlement charges	—			25.0			—
Affiliate (earnings) losses and distributions, net	(3.5		)	(6.0		)	19.7
(Gains) losses on retirement of debt	21.3			9.2			(9.8		)
Mark-to-market (gains) losses on derivative contracts	(45.7		)	1.2			13.3
Other operating items, net	23.6			9.0			(19.5		)
Changes in assets and liabilities, net of effect of acquired business:
Accounts receivable	(34.4		)	0.1			228.1
Inventories	(116.7		)	129.6			172.9
Accounts payable and other current liabilities	46.2			(143.2		)	(139.7		)
Charge for facility idling	—			—			28.1
Other assets	(6.5		)	40.9			(7.6		)
Other pension payments	(1.1		)	(33.0		)	(12.7		)
OPEB payments	(39.6		)	(34.4		)	(48.3		)
Other liabilities	1.4			(6.1		)	(1.1		)
Net cash flows from operating activities	198.8			304.6			200.3
Cash flows from investing activities:
Capital investments	(152.5		)	(127.6		)	(99.0		)
Investment in acquired business, net of cash acquired	(360.4		)	—			—
Proceeds from sale of equity investee	—			—			25.0
Proceeds from AFSG Holdings, Inc. distribution	—			—			14.0
Other investing items, net	4.2			2.3			12.5
Net cash flows from investing activities	(508.7		)	(125.3		)	(47.5		)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	450.0			(550.0		)	(55.0		)
Proceeds from issuance of long-term debt	680.0			380.0			—
Redemption of long-term debt	(848.4		)	(392.8		)	(14.1		)
Proceeds from issuance of common stock	—			600.4			—
Debt issuance costs	(25.3		)	(20.4		)	—
SunCoke Middletown distributions to noncontrolling interest owners	(79.1		)	(85.1		)	(96.3		)
Other financing items, net	(2.5		)	5.2			(1.0		)
Net cash flows from financing activities	174.7			(62.7		)	(166.4		)
Net increase (decrease) in cash and cash equivalents	(135.2		)	116.6			(13.6		)
Cash and cash equivalents, beginning of year	173.2			56.6			70.2
Cash and cash equivalents, end of year	$	38.0		$	173.2		$	56.6

See notes to consolidated financial statements.

-8-

AK STEEL HOLDING CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
Years Ended December 31, 2017, 2016 and 2015
(dollars in millions)
	Common Stock		Addi- tional Paid-In- Capital			Treasury Stock			Accum- ulated Deficit			Accum- ulated Other Compre- hensive Loss			Noncon- trolling Interests			Total
December 31, 2014	$	1.8	$	2,259.1		$	(1.0	)	$	(2,311.4	)	$	(222.0	)	$	415.5		$	142.0
Net income (loss)									(652.3		)				62.8			(589.5		)
Share-based compensation			7.7															7.7
Purchase of treasury stock						(1.0		)										(1.0		)
Change in accumulated other comprehensive loss												8.7						8.7
Net distributions to noncontrolling interests															(96.3		)	(96.3		)
December 31, 2015	$	1.8	$	2,266.8		$	(2.0	)	$	(2,963.7	)	$	(213.3	)	$	382.0		$	(528.4	)
Net income (loss)									(16.8		)				66.0			49.2
Issuance of common stock	1.3		599.1															600.4
Share-based compensation			5.4															5.4
Stock options exercised			5.4															5.4
Exchangeable notes exchange feature			(21.3		)													(21.3		)
Purchase of treasury stock						(0.4		)										(0.4		)
Change in accumulated other comprehensive loss												124.6						124.6
Net distributions to noncontrolling interests															(85.1		)	(85.1		)
December 31, 2016	$	3.1	$	2,855.4		$	(2.4	)	$	(2,980.5	)	$	(88.7	)	$	362.9		$	149.8
Net income (loss)									103.5						61.4			164.9
Share-based compensation	0.1		7.6															7.7
Stock options exercised			0.5															0.5
Exchangeable notes exchange feature			21.3															21.3
Purchase of treasury stock						(3.0		)										(3.0		)
Change in accumulated other comprehensive loss												38.5						38.5
Net distributions to noncontrolling interests															(79.1		)	(79.1		)
December 31, 2017	$	3.2	$	2,884.8		$	(5.4	)	$	(2,877.0	)	$	(50.2	)	$	345.2		$	300.6

See notes to consolidated financial statements.

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AK STEEL HOLDING CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in millions, except per share amounts or as otherwise specifically noted)

NOTE 1 - Summary of Significant Accounting Policies

Basis of Presentation: These financial statements consolidate the operations and accounts of AK Steel Holding Corporation (“AK Holding”), its wholly-owned subsidiary AK Steel Corporation (“AK Steel”), all subsidiaries in which AK Holding has a controlling interest, and two variable interest entities for which AK Steel is the primary beneficiary. Unless the context indicates otherwise, references to “we,” “us” and “our” refer to AK Holding and its subsidiaries. We also operate Mexican and European trading companies that buy and sell steel and steel products and other materials. We manage operations on a consolidated, integrated basis so that we can use the most appropriate equipment and facilities for the production of a product, regardless of product line. Therefore, we conclude that we operate in a single business segment. All intercompany transactions and balances have been eliminated.

Adoption of New Accounting Principles: On January 1, 2018, we adopted the following new accounting principles, both of which have been applied retrospectively to all periods presented.

Pension and Other Postretirement Benefits: On January 1, 2018, we adopted Accounting Standards Update No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Under this standard, the service cost component of periodic pension and other postretirement benefit (income) expense is included in cost of products sold and selling and administrative expenses, consistent with our treatment of other employee compensation costs. The remainder of periodic pension and other postretirement benefit expense (income) of $(71.9), $16.5 and $58.9 for the years ended December 31, 2017, 2016 and 2015, is recorded in a separate line in the consolidated statements of operations below operating profit. We have retrospectively applied the change in accounting principle to all periods presented. The adoption of this standard update had no other effect on our consolidated financial statements.

Inventory: On January 1, 2018, we changed our accounting method for valuing inventories to the average cost method for inventories previously valued using the last-in, first-out (LIFO) method. The effects of this change in accounting principle from LIFO to average cost have been retrospectively applied to all periods presented. See Note 2 for additional information.

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the amounts reported. We base these estimates on historical experience and information available to us about current events and actions we may take in the future. Estimates and assumptions affect significant items that include the carrying value of long-lived assets, including investments and goodwill; valuation allowances for receivables, inventories and deferred income tax assets; legal and environmental liabilities; workers compensation and asbestos liabilities; share-based compensation; and assets and obligations of employee benefit plans. There can be no assurance that actual results will not differ from these estimates.

Revenue Recognition: Revenue from sales of products is recognized at the time that title and the risks and rewards of ownership pass, which can be on the date of shipment or the date of receipt by the customer depending on when the terms of customers’ arrangements are met, the sales price is fixed or determinable, and collection is reasonably assured. Sales taxes collected from customers are recorded on a net basis with no revenue recognized.

Cost of Products Sold: Cost of products sold consists primarily of raw materials, energy costs, supplies consumed in the manufacturing process, manufacturing labor, contract labor and direct overhead expense necessary to manufacture the finished steel product, as well as distribution and warehousing costs. Our share of the income (loss) of investments in associated companies accounted for under the equity method is included in costs of products sold since these operations are integrated with our overall steelmaking operations, except for our share of the loss of Magnetation LLC (“Magnetation”), which was included in other income (expense) in 2015.

Share-Based Compensation: Compensation costs for stock awards granted under our Stock Incentive Plan are recognized over their vesting period using the straight-line method. We estimate stock award forfeitures expected to occur to determine the compensation cost we recognize each period.

Legal Fees: Legal fees associated with litigation and similar proceedings that are not expected to provide a benefit in future periods are expensed as incurred. Legal fees associated with activities that are expected to provide a benefit in future periods, such as costs associated with the issuance of debt, are capitalized as incurred.

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Income Taxes: Interest and penalties from uncertain tax positions are included in income tax expense.

Earnings per Share: Earnings per share is calculated using the “two-class” method. Under the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. We divide the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted-average number of common shares outstanding during the period. The restricted stock granted by AK Holding is entitled to non-forfeitable dividends before vesting and meets the criteria of a participating security.

Cash Equivalents: Cash equivalents include short-term, highly liquid investments that are readily convertible to known amounts of cash and have an original maturity of three months or less.

Inventory:Inventories are valued at the lower of cost or net realizable value. We measure the cost of inventories using the average cost method.

Property, Plant and Equipment: Plant and equipment are depreciated under the straight-line method over their estimated lives. Estimated lives are as follows: land improvements over 20 years, leaseholds over the life of the related operating lease term, buildings over 40 years and machinery and equipment over two to 20 years. The estimated weighted-average life of our machinery and equipment is 14 years at the end of the current year. Amortization expense for assets recorded under capital leases is included in depreciation expense. Costs incurred to develop coal mines are capitalized when incurred. We use the units-of-production method utilizing only proven and probable reserves in the depletion base to compute the depletion of coal reserves and mine development costs. We expense costs for major maintenance activities at our operating facilities when the activities occur.

We review the carrying value of long-lived assets to be held and used and long-lived assets to be disposed of when events and circumstances warrant such a review. If the carrying value of a long-lived asset exceeds its fair value, an impairment has occurred and a loss is recognized based on the amount by which the carrying value exceeds the fair value, less cost to dispose, for assets to be sold or abandoned. We determine fair value by using quoted market prices, estimates based on prices of similar assets or anticipated cash flows discounted at a rate commensurate with risk.

Investments: Investments in associated companies are accounted for under the equity method. We review investments for impairment when circumstances indicate that a loss in value below its carrying amount is other than temporary.

Goodwill and Intangible Assets: Goodwill relates to our tubular and Precision Partners’ businesses. Intangible assets are recorded at cost, and those with finite lives are amortized over their estimated useful lives. We review goodwill for potential impairment at least annually on October 1 each year and whenever events or circumstances make it more likely than not that impairment may have occurred. Considering operating results and the estimated fair value of the businesses, the most recent annual goodwill impairment tests indicated that the fair value of each of our business reporting units was in excess of its carrying value. No goodwill impairment was recorded as a result of the annual impairment tests in the past three years.

Debt Issuance Costs: Debt issuance costs for the revolving credit facility are included in other non-current assets and all other debt issuance costs reduce the carrying amount of long-term debt.

Pension and Other Postretirement Benefits: We recognize, as of a measurement date, any unrecognized actuarial net gains or losses that exceed 10% of the larger of the projected benefit obligations or the plan assets, defined as the “corridor”. Amounts inside the corridor are amortized over the plan participants’ life expectancy. We determine the expected return on assets using the fair value of plan assets.

Concentrations of Credit Risk: We are primarily a producer of carbon, stainless and electrical steels and steel products, which are sold to a number of markets, including automotive, infrastructure and manufacturing, and distributors and converters. Net sales by product line are presented below:

	2017		2016		2015
Carbon steel	$	4,034.5	$	4,014.5	$	4,746.8
Stainless and electrical steel	1,687.6		1,654.1		1,733.0
Tubular, components and other	358.4		213.9		213.1
Total	$	6,080.5	$	5,882.5	$	6,692.9

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Percentages of our net sales to various markets are presented below:

	2017		2016		2015
Automotive	65	%	66	%	60	%
Infrastructure and Manufacturing	16	%	16	%	16	%
Distributors and Converters	19	%	18	%	24	%

We sell domestically to customers located primarily in the Midwestern and Eastern United States and to foreign customers, primarily in Canada, Mexico and Western Europe. Net sales to customers located outside the United States totaled $627.1, $655.6 and $855.7 for 2017, 2016 and 2015. We had one customer that accounted for 12% of net sales in 2017 and we had two customers that accounted for 12% and 11% of net sales in 2016 and 2015.

Approximately 55% and 57% of accounts receivable outstanding at December 31, 2017 and 2016, are due from businesses associated with the U.S. automotive industry, including 18% of receivables due from one automotive customer as of December 31, 2017 and 16% due from one automotive customer as of December 31, 2016. Except in a few situations where the risk warrants it, we do not require collateral on accounts receivable. While we believe our recorded accounts receivable will be collected, we follow normal collection procedures if customers default. We maintain an allowance for doubtful accounts for the loss that would be incurred if a customer is unable to pay amounts due. We determine this allowance based on various factors, including the customer’s financial condition and changes in customer payment patterns. We write off accounts receivable against the allowance for doubtful accounts when it is remote that collection will occur.

Union Contracts: At December 31, 2017, we employed approximately 9,200 people, of which approximately 5,700 are represented by labor unions under various contracts that expire between 2018 and 2021. In the first quarter of 2017, members of the United Steel Workers, Local 169, ratified a labor agreement covering approximately 305 hourly employees at Mansfield Works. The new agreement expires March 31, 2021. In the third quarter of 2017, members of the United Auto Workers, Local 3044, ratified a labor agreement covering approximately 330 hourly employees at our Rockport Works. The new agreement expires September 30, 2021. In the fourth quarter of 2017, members of the United Steel Workers, Local 1915, ratified a labor agreement covering approximately 90 hourly employees at the Walbridge, Ohio facility with our wholly-owned subsidiary AK Tube LLC. The new agreement is effective January 22, 2018 and expires January 22, 2021. In the fourth quarter of 2017, members of the United Auto Workers, Local 600, ratified a labor agreement covering approximately 1,170 hourly employees at our Dearborn Works. The new agreement expires July 31, 2021. An agreement with the International Association of Machinists and Aerospace Workers, Local 1943, which represents approximately 1,725 hourly employees at our Middletown Works, expires on March 15, 2018. An agreement with the United Steel Workers, Local 1865, which represents approximately 305 hourly employees at our Ashland Works, expires on September 1, 2018.

Financial Instruments: We are a party to derivative instruments that are designated and qualify as hedges for accounting purposes. We may also use derivative instruments to which we do not apply hedge accounting treatment. Our objective in using these instruments is to limit operating cash flow exposure to fluctuations in the fair value of selected commodities and currencies.

Fluctuations in the price of certain commodities we use in production processes may affect our income and cash flows. We have implemented raw material and energy surcharges for some contract customers. For certain commodities where such exposure exists, we may use cash-settled commodity price swaps, collars and purchase options, with a duration of up to three years, to hedge the price of a portion of our natural gas, iron ore, electricity, zinc and nickel requirements. We may designate some of these instruments as cash flow hedges and the effective portion of the changes in their fair value and settlements are recorded in accumulated other comprehensive income. We subsequently reclassify gains and losses from accumulated other comprehensive income to cost of products sold in the same period we recognize the earnings associated with the underlying transaction. Other instruments are marked to market and recorded in cost of products sold with the offset recorded as assets or liabilities.

Exchange rate fluctuations affect a portion of revenues and operating costs that are denominated in foreign currencies, and we use forward currency and currency option contracts to reduce our exposure to certain of these currency price fluctuations. These derivative contracts are entered with durations up to thirty-six months. Contracts that sell euros have not been designated as hedges for accounting purposes and gains or losses are reported in earnings immediately in other income (expense). Contracts that purchase Canadian dollars are designated as hedges for accounting purposes, which requires us to record the effective gains and losses for the derivatives in accumulated other comprehensive income (loss) and reclassify them into cost of products sold in the same period we recognize costs for the associated underlying operations. We recognize gains and losses on these designated derivatives immediately in cost of products sold if we calculate hedge ineffectiveness.

We formally document all relationships between hedging instruments and hedged items, as well as risk management objectives and strategies for undertaking various hedge transactions. In this documentation, we specifically identify the asset, liability, firm commitment or forecasted transaction that has been designated as a hedged item, and state how the hedging instrument is expected to

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hedge the risks from that item. We formally measure effectiveness of hedging relationships both at the hedge inception and on an ongoing basis. We discontinue hedge accounting prospectively when we determine that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; when the derivative expires or is sold, terminated or exercised; when it is probable that the forecasted transaction will not occur; when a hedged firm commitment no longer meets the definition of a firm commitment; or when we determine that designation of the derivative as a hedge instrument is no longer appropriate. Our derivative contracts may contain collateral funding requirements. We have master netting arrangements with counterparties, giving us the right to offset amounts owed under the derivative instruments and the collateral. We do not offset derivative assets and liabilities or collateral on our consolidated balance sheets.

Asbestos and Environmental Accruals: For a number of years, we have been remediating sites where hazardous materials may have been released, including sites no longer owned by us. In addition, a number of lawsuits alleging asbestos exposure have been filed and continue to be filed against us. We have established accruals for estimated probable costs from asbestos claim settlements and environmental investigation, monitoring and remediation. If the accruals are not adequate to meet future claims, operating results and cash flows may be negatively affected. Our accruals do not consider the potential for insurance recoveries, for which we have partial insurance coverage for some future asbestos claims. In addition, some existing insurance policies covering asbestos and environmental contingencies may serve to partially reduce future covered expenditures.

New Accounting Pronouncements: The Financial Accounting Standards Board (“FASB”) issued a standard update during the first quarter of 2016 to simplify several aspects of the accounting for employee share-based payments. The new guidance requires companies to record excess tax benefits and tax deficiencies in the income statement when stock awards vest or are settled. In addition, companies will no longer separately classify cash flows related to excess tax benefits as a financing activity apart from other income tax cash flows. The standard also allows companies to repurchase more of each employee’s vesting shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made to tax authorities on each employee’s behalf for withheld shares should be presented as a financing activity on companies’ cash flows statements, and provides an accounting policy election to account for forfeitures as they occur. We adopted this update effective January 1, 2017. The adoption had a minimal effect on us. We recognized previously unrecorded excess tax benefits offset with an equal change in valuation allowance. We have elected to continue to estimate forfeitures expected to occur to determine the compensation cost we recognize each period. The presentation requirements for cash flows related to employee taxes paid for withheld shares has no effect on us since we have historically presented these as a financing activity.

FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), during the second quarter of 2014. Topic 606, as further amended by subsequent Accounting Standard Updates, affects virtually all aspects of an entity’s revenue recognition, including determining the measurement of revenue and the timing of when it is recognized for the transfer of goods or services to customers. Topic 606 is effective for us beginning January 1, 2018. The guidance permits two methods of adoption—retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). Topic 606 does not have a material effect on us as most revenue transactions recorded under Topic 606 will be substantially consistent with treatment under existing guidance. Our revenue transactions generally consist of a single performance obligation to transfer promised goods and are not accounted for under industry-specific guidance. Topic 606 also provides for enhanced disclosure requirements surrounding revenue recognition and we are currently completing our responsive disclosures. We will adopt the standard using the modified retrospective method as of January 1, 2018.

FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), during the first quarter of 2016. Topic 842 requires entities to recognize lease assets and lease liabilities and disclose key information about leasing arrangements for certain leases. We will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Topic 842 is effective for us beginning January 1, 2019. We are currently evaluating the effect of the adoption of Topic 842 on our consolidated financial position and results of operations. We expect that the adoption of the standard will result in a material increase to the assets and liabilities on our consolidated balance sheets.

In June 2016, the FASB issued a new standard to replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In connection with recognizing credit losses on receivables and other financial instruments, we will be required to use a forward-looking expected loss model rather than the incurred loss model. The new standard will be effective for us beginning January 1, 2020, with early adoption permitted beginning January 1, 2019. Adoption of this standard is through a cumulative-effect adjustment to retained earnings as of the effective date. We are currently evaluating the effect of this standard on our consolidated financial position and results of operations.

In August 2017, the FASB issued a standard update to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. Among other amendments, the update provided that for a cash flow hedge of a forecasted purchase or

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sale of a nonfinancial asset, an entity may designate as the hedged risk the variability in cash flows attributable to changes in a contractually specified component stated in the contract. The amendments in the update are effective for fiscal years beginning after December 15, 2018. Early application is permitted and we are planning to adopt the standard on January 1, 2018. We are evaluating the possibility to elect hedge accounting treatment for iron ore derivatives that are currently not eligible for hedge accounting, but this is not expected to be fully evaluated at adoption of the new standard.

Reclassifications: We reclassified certain prior-year amounts to conform to the current-year presentation.

NOTE 2 - Supplementary Financial Statement Information

Research and Development Costs

We conduct a broad range of research and development activities aimed at improving existing products and manufacturing processes and developing new products and processes. Research and development costs, which are recorded as cost of products sold when incurred, totaled $28.1, $28.3 and $27.6 in 2017, 2016 and 2015.

Allowance for Doubtful Accounts

Changes in the allowance for doubtful accounts for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017			2016			2015
Balance at beginning of year	$	7.8		$	6.0		$	9.0
Increase (decrease) in allowance	(1.0		)	2.4			(3.0		)
Receivables written off	—			(0.6		)	—
Balance at end of year	$	6.8		$	7.8		$	6.0

Inventory

Inventories as of December 31, 2017 and 2016, consist of:

	2017		2016
Finished and semi-finished	$	996.7	$	842.3
Raw materials	388.3		390.3
Inventory	$	1,385.0	$	1,232.6

Adoption of New Accounting Principle

In the first quarter of 2018, we changed our accounting method for valuing certain inventories from the last-in, first-out (LIFO) method to the average cost method. This method values inventory using average costs for materials and most recent production costs for labor and overhead. We believe that using the average cost method is preferable since it improves comparability with our peers, more closely tracks the physical flow of our inventory, better matches revenue with expenses and aligns with how we internally manage our business.

The effects of the change in accounting principle from LIFO to average cost have been retrospectively applied to all periods presented. As a result of the retrospective application of the change in accounting principle, certain financial statement line items in our consolidated balance sheet and our consolidated statements of operations and comprehensive income (loss) and cash flows were adjusted as follows:

	As Originally Reported			Effect of Change			As Adjusted
Consolidated statement of operations for the year ended December 31, 2017:
Cost of products sold (a)	$	5,365.2		$	(112.1	)	$	5,253.1
Income tax expense (benefit)	(17.0		)	14.8			(2.2		)
Net income (loss)	67.6			97.3			164.9
Net income (loss) attributable to AK Steel Holding Corporation	6.2			97.3			103.5

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	As Originally Reported			Effect of Change			As Adjusted
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	0.02		$	0.31		$	0.33
Diluted	0.02			0.30			0.32
Consolidated statement of comprehensive income (loss) for the year ended December 31, 2017:
Cash flow hedges—Reclassification of losses (gains) to net income (loss)	$	(12.5	)	$	6.4		$	(6.1	)
Comprehensive income (loss)	91.1			112.3			203.4
Comprehensive income (loss) attributable to AK Steel Holding Corporation	29.7			112.3			142.0
Consolidated balance sheet as of December 31, 2017:
Inventory	$	1,147.8		$	237.2		$	1,385.0
Other non-current assets	169.3			(58.5		)	110.8
Other non-current liabilities	161.6			7.3			168.9
Accumulated deficit	(3,058.6		)	181.6			(2,877.0		)
Accumulated other comprehensive loss	(40.0		)	(10.2		)	(50.2		)
Consolidated statement of cash flows for the year ended December 31, 2017:
Net income	$	67.6		$	97.3		$	164.9
Deferred income taxes	(15.2		)	6.2			(9.0		)
Inventories	1.8			(118.5		)	(116.7		)
Other operating items, net	8.6			15.0			23.6
Consolidated statement of operations for the year ended December 31, 2016:
Cost of products sold (a)	$	5,070.6		$	29.1		$	5,099.7
Income tax expense (benefit)	3.2			(20.1		)	(16.9		)
Net income (loss)	58.2			(9.0		)	49.2
Net income (loss) attributable to AK Steel Holding Corporation	(7.8		)	(9.0		)	(16.8		)
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	(0.03	)	$	(0.04	)	$	(0.07	)
Diluted	(0.03		)	(0.04		)	(0.07		)
Consolidated statement of comprehensive income (loss) for the year ended December 31, 2016:
Cash flow hedges—Reclassification of losses (gains) to net income (loss)	$	27.2		$	11.9		$	39.1
Comprehensive income (loss)	181.9			(8.1		)	173.8
Comprehensive income (loss) attributable to AK Steel Holding Corporation	115.9			(8.1		)	107.8
Consolidated balance sheet as of December 31, 2016:
Inventory	$	1,113.9		$	118.7		$	1,232.6
Other non-current assets	165.1			(53.0		)	112.1
Other non-current liabilities	148.4			6.6			155.0
Accumulated deficit	(3,064.8		)	84.3			(2,980.5		)
Accumulated other comprehensive loss	(63.5		)	(25.2		)	(88.7		)

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	As Originally Reported			Effect of Change			As Adjusted
Consolidated statement of cash flows for the year ended December 31, 2016:
Net income	$	58.2		$	(9.0	)	$	49.2
Deferred income taxes	5.0			(9.1		)	(4.1		)
Inventories	112.4			17.2			129.6
Other operating items, net	8.1			0.9			9.0
Consolidated statement of operations for the year ended December 31, 2015:
Cost of products sold (a)	$	6,040.3		$	213.0		$	6,253.3
Income tax expense (benefit)	63.4			(69.7		)	(6.3		)
Net income (loss)	(446.2		)	(143.3		)	(589.5		)
Net income (loss) attributable to AK Steel Holding Corporation	(509.0		)	(143.3		)	(652.3		)
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	(2.86	)	$	(0.81	)	$	(3.67	)
Diluted	(2.86		)	(0.81		)	(3.67		)
Consolidated statement of comprehensive income (loss) for the year ended December 31, 2015:
Cash flow hedges—Reclassification of losses (gains) to net income (loss)	$	61.4		$	(13.7	)	$	47.7
Comprehensive income (loss)	(429.0		)	(151.8		)	(580.8		)
Comprehensive income (loss) attributable to AK Steel Holding Corporation	(491.8		)	(151.8		)	(643.6		)
Consolidated statement of cash flows for the year ended December 31, 2015:
Net income	$	(446.2	)	$	(143.3	)	$	(589.5	)
Deferred income taxes	62.1			(74.9		)	(12.8		)
Inventories	(53.8		)	226.7			172.9
Other operating items, net	(11.0		)	(8.5		)	(19.5		)

(a) Cost of products sold as originally reported reflects the change in presentation of pension and OPEB (income) expense further described in Note 1.

Property, Plant and Equipment

Property, plant and equipment as of December 31, 2017 and 2016, consist of:

	2017			2016
Land, land improvements and leaseholds	$	275.3		$	272.6
Buildings	509.0			489.6
Machinery and equipment	5,958.2			5,714.0
Construction in progress	89.3			92.8
Total	6,831.8			6,569.0
Less accumulated depreciation	(4,845.6		)	(4,554.6		)
Property, plant and equipment, net	$	1,986.2		$	2,014.4

Interest on capital projects capitalized in 2017, 2016 and 2015 was $1.9, $3.1 and $2.1. Asset retirement obligations were $7.8 and $7.2 at December 31, 2017 and 2016.

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Goodwill and Intangible Assets

Changes in goodwill for the years ended December 31, 2017, 2016 and 2015 are presented below:

	2017		2016		2015
Balance at beginning of year	$	32.8	$	32.8	$	32.8
Acquisition	221.0		—		—
Balance at end of year	$	253.8	$	32.8	$	32.8

Intangible assets at December 31, 2017, consist of:

	Gross Amount		Accumulated Amortization			Net Amount
Customer relationships	$	36.6	$	(2.2	)	$	34.4
Technology	19.3		(1.4		)	17.9
Other	1.0		(0.4		)	0.6
Intangible assets	$	56.9	$	(4.0	)	$	52.9

Amortization expense related to intangible assets was $4.0 in 2017. Amortization expense is included in costs of products sold. The remaining average life of our intangible assets is 6.6 years for customer relationships and 5.6 years for technology. Estimated annual amortization expense for intangible assets over the next five years is $9.0 in 2018 and $8.4 each year from 2019 through 2022.

Other Non-current Assets

Other non-current assets as of December 31, 2017 and 2016, consist of:

	2017		2016
Investments in affiliates	$	77.5	$	76.7
Other	33.3		35.4
Other non-current assets	$	110.8	$	112.1

As part of our ongoing strategic review of our business and operations, in 2015 we re-evaluated our investment in AFSG Holdings, Inc. (“AFSG”), our former insurance and finance leasing businesses, which had been largely liquidated. During 2015, we received a distribution of $14.0 from AFSG. Since the distribution reduced our ability to recover our remaining investment in AFSG after the distribution, we determined our remaining investment in AFSG was impaired and recognized a non-cash charge of $41.6, or $0.23 per diluted share. In 2016, we sold the remaining non-captive insurance operations.

Accrued Liabilities

Accrued liabilities as of December 31, 2017 and 2016, consist of:

	2017		2016
Salaries, wages and benefits	$	101.3	$	105.6
Interest	35.0		35.2
Other	134.2		93.3
Accrued liabilities	$	270.5	$	234.1

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In the fourth quarter of 2015, we temporarily idled the Ashland Works blast furnace and steelmaking operations (“Ashland Works Hot End”). We incurred charges of $28.1 in the fourth quarter of 2015, which included $22.2 for supplemental unemployment and other employee benefit costs and $5.9 for equipment idling, asset preservation and other costs. The supplemental unemployment and other employee benefit costs were recorded as accrued liabilities, and the activity for the years ended December 31, 2017 and 2016 was as follows:

	2017			2016
Balance at beginning of year	$	6.1		$	22.1
Payments	(5.3		)	(20.1		)
Additions to the reserve	0.6			4.1
Balance at end of year	$	1.4		$	6.1

We estimate we will incur on-going costs of less than $2.0 per month for maintenance of the equipment, utilities and supplier obligations related to the temporarily idled Ashland Works Hot End. These costs were $21.2 and $22.1 for the years ended December 31, 2017 and 2016.

We continue to engage in regular reviews of the potential viability of the Ashland Works Hot End, including an assessment of the most significant risks and benefits of a permanent idling of those idled operations. As part of these reviews, we take into consideration, among other items, our strategic focus on reducing participation in commodity markets to position the company for sustainable profitability and whether we anticipate that future market conditions will enable production from the Ashland Works Hot End to generate sustainable economic returns through steel market cycles.

The Ashland Works Hot End remains on temporary idle and no final determination has been made at this time regarding the long-term status of the operations. However, we now believe it is unlikely that the Ashland Works Hot End will restart in the near term based on forecasted supply and demand characteristics of the markets that we serve. Our assessment and timing of the impairment charge was influenced by our current production capacity and an updated evaluation of the risk of not reaching new labor agreements on a timely basis for key facilities. Factors that influenced our impairment determination included an uncertain global trade landscape influenced by shifting domestic and international political priorities, continued intense competition from domestic steel competitors and foreign steel competition. These conditions directly impact our pricing, which in turn directly impacts our assessment of the demand forecasts for the markets we serve. Despite several successful trade cases, we continue to see a high level of carbon steel imports driven by global overcapacity, particularly in China. As a result, during the quarter ended December 31, 2017, we recognized a non-cash asset impairment charge of $75.6, primarily related to the long-lived assets associated with the Ashland Works Hot End. If we decide to permanently idle the Ashland Works Hot End, we would incur certain cash expenses, including those relating to labor benefit obligations, certain take-or-pay supply agreements and potentially accelerated environmental remediation costs.

NOTE 3 - Acquisition of Precision Partners

On August 4, 2017, we acquired PPHC Holdings, LLC (“Precision Partners”), which provides advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components and complex assemblies for the automotive market. Precision Partners is headquartered in Ontario, Canada and has over 1,000 employees, including approximately 300 engineers and skilled tool makers, across eight plants in Ontario, Alabama and Kentucky. We acquired Precision Partners to advance our core focus on the high-growth automotive lightweighting market and our prominent position in advanced high strength steels, further strengthen our close collaboration with automotive market customers, and leverage both companies’ research and innovation in metals forming. The consolidated financial statements reflect the effects of the acquisition and Precision Partner’s financial results beginning August 4, 2017.

We paid the initial purchase price of $360.4, net of cash acquired, with cash on hand and borrowings under the Credit Facility. The purchase price is subject to a customary working capital adjustment based on the final net working capital position at the closing date of the acquisition. For the year ended December 31, 2017, we incurred acquisition costs of $6.2, primarily for transaction fees and direct costs, including legal, finance, consulting and other professional fees. These costs are included in selling and administrative expenses in the consolidated statements of operations.

A summary of the preliminary purchase price allocation for the fair value of the assets acquired and the obligations assumed at the date of the acquisition is presented below. The purchase price allocation is preliminary and is subject to the completion of several items, including the final net working capital adjustment under the purchase agreement governing the terms of the acquisition.

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Accounts receivable	$	34.9
Inventory	54.2
Other current assets	2.2
Property, plant and equipment	94.0
Amortizable intangible assets	56.9
Goodwill	221.0
Other non-current assets	0.7
Total assets acquired	463.9
Accounts payable	(37.8		)
Accrued liabilities	(35.4		)
Other non-current liabilities	(31.9		)
Total liabilities assumed	(105.1		)
Preliminary purchase price, net of cash acquired (including estimated net working capital adjustment)	$	358.8

Goodwill is calculated as the excess of the purchase price over the net assets recognized and primarily represents the growth opportunities in lightweighting solutions to automotive customers, as well as any synergistic benefits to be realized from the acquisition. The goodwill is not deductible for income tax purposes and Precision Partners represents its own reporting unit for goodwill impairment assessments.

NOTE 4 - Investments in Affiliates

We have investments in several businesses accounted for using the equity method of accounting. Investees and equity ownership percentages are presented below:

	Equity Ownership %
Combined Metals of Chicago, LLC	40.0%
Delaco Processing, LLC	49.0%
Rockport Roll Shop LLC	50.0%
Spartan Steel Coating, LLC	48.0%

Cost of products sold includes $7.0, $12.3 and $6.7 in 2017, 2016 and 2015 for our share of income of equity investees other than Magnetation. Our share of loss from Magnetation through the first quarter of 2015 is included in other income (expense) and totaled $16.3. No amounts for Magnetation are included in our results after March 31, 2015, when the investment was written off. As of December 31, 2017, our carrying cost of our investment in Spartan Steel exceeded our share of the underlying equity in net assets by $10.8. This difference is being amortized and the amortization expense is included in cost of products sold.

Summarized financial statement data for all investees is presented below. The financial results for Magnetation are only included through March 31, 2015, since it was unlikely after that date that we would retain our equity interest as a result of Magnetation’s bankruptcy.

	2017		2016		2015
Revenue	$	292.7	$	286.4	$	356.4
Gross profit	88.9		96.3		68.3
Net income (loss)	20.7		31.8		(9.8		)

	2017		2016
Current assets	$	115.2	$	94.1
Noncurrent assets	73.5		66.0
Current liabilities	16.2		14.4
Noncurrent liabilities	58.9		44.8

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We regularly transact business with these equity investees. Transactions with all equity investees, including Magnetation, for the years indicated are presented below:

	2017		2016		2015
Sales to equity investees	$	80.6	$	69.2	$	61.4
Purchases from equity investees	33.0		213.5		251.0

Outstanding receivables and payables with all equity investees as of the end of the year indicated are presented below:

	2017		2016
Accounts receivable from equity investees	$	0.7	$	2.6
Accounts payable to equity investees	4.1		4.1

Magnetation

As of March 31, 2015, we concluded that our 49.9% equity interest in Magnetation was fully impaired and recorded a non-cash impairment charge of $256.3 for the quarter ended March 31, 2015. Before March 31, 2015, we believed that the fair value of our interest in Magnetation exceeded its carrying amount and that despite near-term temporary pressures on liquidity, long-term cash flow projections of Magnetation were sufficient to allow us to recover our investment in Magnetation. However, a combination of events and circumstances caused Magnetation to face near-term liquidity issues during the first quarter of 2015. On May 5, 2015, Magnetation and its subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the District of Minnesota.

On October 6, 2016, the Bankruptcy Court approved a Global Settlement Agreement (“Settlement Agreement”) among us, Magnetation, Magnetation Inc., and Magnetation’s revolving credit facility lenders, senior secured noteholders and debtor-in-possession facility lenders to terminate the iron ore pellet offtake agreement with Magnetation and to wind down Magnetation’s business. Among other terms of the Settlement Agreement, we agreed to make a cash payment (“Termination Payment”) to Magnetation’s Chapter 11 estate in order to terminate our offtake agreement with Magnetation and cease purchasing iron ore pellets from Magnetation. The next day, the transactions contemplated by the Settlement Agreement were completed and we made a Termination Payment of $36.6, thereby terminating the pellet offtake agreement.

Also in connection with the approval of the Settlement Agreement and the payment of the Termination Payment to the bankruptcy estate, we recognized a charge in the fourth quarter of 2016 for the Termination Payment and a charge of $32.9 for the present value of remaining obligations under contracts with other third parties to transport pellets to our facilities. In the fourth quarter of 2017, we reached an agreement for transportation services that provides a timeframe to begin using the rail cars that were idled after the termination of the pellet supply agreement. As a result, we recorded a credit of $19.3 during the fourth quarter of 2017 to reduce the unpaid liability.

NOTE 5 - Income Taxes

We and our subsidiaries file a consolidated federal income tax return that includes all domestic companies owned 80% or more by us and the proportionate share of our interest in equity method investments. State tax returns are filed on a consolidated, combined or separate basis depending on the applicable laws relating to us and our domestic subsidiaries.

Components of income (loss) before income taxes for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017		2016			2015
United States	$	91.6	$	(40.4	)	$	(665.1	)
Foreign	9.7		6.7			6.5
Noncontrolling interests	61.4		66.0			62.8
Income (loss) before income taxes	$	162.7	$	32.3		$	(595.8	)

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Significant components of deferred tax assets and liabilities at December 31, 2017 and 2016 are presented below:

	2017			2016
Deferred tax assets:
Net operating and capital loss and tax credit carryforwards	$	619.5		$	835.2
Postretirement benefits	92.5			142.6
Pension benefits	117.5			260.3
Inventories	47.9			60.5
Other assets	71.6			146.9
Valuation allowance	(735.7		)	(1,189.7		)
Total deferred tax assets	213.3			255.8
Deferred tax liabilities:
Depreciable assets	(121.9		)	(213.3		)
Other liabilities	(118.3		)	(48.7		)
Total deferred tax liabilities	(240.2		)	(262.0		)
Net deferred tax liabilities	$	(26.9	)	$	(6.2	)

We regularly evaluate the need for a valuation allowance for deferred tax assets by assessing whether it is more likely than not that we will realize future deferred tax assets. We assess the valuation allowance each reporting period and reflect any additions or adjustments in earnings in the same period. When we assess the need for a valuation allowance, we consider both positive and negative evidence of the likelihood that we will realize deferred tax assets in each jurisdiction. In general, cumulative losses in recent periods provide significant objective negative evidence on our ability to generate future taxable income. As of December 31, 2017 and 2016, we concluded that the negative evidence outweighed the positive evidence and we recorded a valuation allowance for a significant portion of our deferred tax assets. To determine the appropriate valuation allowance, we considered the timing of future reversal of our taxable temporary differences that supports realizing a portion of our federal and state deferred tax assets. This accounting treatment has no effect on our ability to use the loss carryforwards and tax credits to reduce future cash tax payments.

Changes in the valuation allowance for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017			2016			2015
Balance at beginning of year	$	1,189.7		$	1,232.3		$	1,005.3
Change in valuation allowance:
Included in income tax expense (benefit)	(62.3		)	11.0			235.3
Change in deferred assets in other comprehensive income	8.5			(53.6		)	(8.3		)
Effect of tax rate changes	(400.2		)	—			—
Balance at end of year	$	735.7		$	1,189.7		$	1,232.3

At December 31, 2017, we had $2,634.0 in federal regular net operating loss carryforwards, which will expire between 2023 and 2037. At December 31, 2017, we had research and development (“R&D”) credit carryforwards of $1.2 that we may use to offset future income tax liabilities. The R&D credits expire between 2027 and 2028. At December 31, 2017, we had $96.6 in deferred tax assets for state net operating loss carryforwards and tax credit carryforwards, before considering valuation allowances, which will expire between 2018 and 2037.

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Significant components of income tax expense are presented below:

	2017			2016			2015
Current:
Federal	$	(4.5	)	$	(3.7	)	$	—
State	0.3			0.2			0.2
Foreign	2.4			1.7			1.8
Deferred:
Federal	0.7			15.1			0.4
State	0.1			1.4			—
Foreign	(0.4		)	—			—
Benefits of operating loss carryforwards	—			(16.1		)	—
Amount allocated to other comprehensive income	—			(15.5		)	(8.0		)
Change in valuation allowance on beginning-of-the-year deferred tax assets	(0.8		)	—			(0.7		)
Income tax expense (benefit)	$	(2.2	)	$	(16.9	)	$	(6.3	)

The Tax Cuts and Jobs Act of 2017 (the “Tax Act”), signed into law on December 22, 2017, reduces the corporate income tax rate to 21% beginning in 2018, among other provisions. While the effective date of the new corporate tax rates for us is January 1, 2018, we are required to calculate the effects of changes in tax rates and laws on deferred tax balances in 2017, the period in which the legislation was enacted. We have not completed our determination of the accounting implications of the Tax Act on our tax balances. However, we have reasonably estimated the provisional effects of the Tax Act in the consolidated financial statements as of December 31, 2017.

At December 31, 2017, we remeasured our deferred tax assets and liabilities based on the rate at which they are expected to reverse in the future, which is generally 21% at the U.S. federal level. As a result, our income tax expense for the fourth quarter of 2017 includes a non-cash credit of $4.3 for the decrease in the value of our net deferred tax liabilities.

The Tax Act requires us to calculate the undistributed earnings of our foreign subsidiaries, as determined under U.S. tax principles, and include a portion of these earnings in our 2017 taxable income. The transition tax provisions of the Tax Act are complex, and the Department of Treasury has issued preliminary guidance for taxpayers, with further guidance expected over the next several months. We calculated an estimated transition tax as of December 31, 2017 and will complete our analysis of the transition tax as we complete our tax return filings for 2017, including (1) confirming the accumulated earnings of the foreign subsidiaries as determined using U.S. tax principles and (2) determining the appropriate allocation of the earnings between amounts invested in cash and the amounts invested in non-cash assets. We do not expect to incur a cash tax liability for the transition tax due to the availability of existing net operating loss carryforwards.

As a result of the transition tax inclusion, we had no undistributed earnings of foreign subsidiaries at December 31, 2017 that had not been subject to U.S. income tax. Consequently, there will generally be no incremental U.S. taxable income generated if we repatriate these earnings in the future. However, foreign withholding taxes on dividend distributions could apply, unless they are eliminated by a treaty between the United States and the country where our foreign affiliate is located. Since we consider these earnings to be permanently invested in our foreign subsidiaries, we did not record any withholding taxes that would be assessed if the earnings were repatriated by payment of a dividend. If we repatriated the earnings, we estimate that the withholding tax liability would not be material at December 31, 2017.

We do not expect to incur cash tax liabilities associated with the provisions of the Tax Act in the foreseeable future due to the availability to us of existing net operating loss carryforwards. Our net operating loss carryovers generated through 2017 retain the original 20-year carryover periods and can be used to offset future taxable income without limitation.

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The reconciliation of income tax on income (loss) before income taxes computed at the U.S. federal statutory tax rates to actual income tax expense is presented below:

	2017			2016			2015
Income tax expense (benefit) at U.S. federal statutory rate	$	57.2		$	11.3		$	(208.6	)
Income tax expense calculated on noncontrolling interests	(21.5		)	(23.1		)	(22.0		)
State and foreign tax expense, net of federal tax	6.3			0.2			(7.9		)
Increase (decrease) in deferred tax asset valuation allowance	(51.8		)	11.0			235.3
Amount allocated to other comprehensive income	—			(15.5		)	(8.0		)
Credit for U.S. tax legislation	(4.3		)	—			—
Transition tax on foreign earnings	7.9			—			—
Other differences	4.0			(0.8		)	4.9
Income tax expense (benefit)	$	(2.2	)	$	(16.9	)	$	(6.3	)

Our federal, state and local tax returns are subject to examination by various taxing authorities. Federal returns for periods beginning in 2013 are open for examination, while certain state and local returns are open for examination for periods beginning in 2007. However, taxing authorities have the ability to adjust net operating loss carryforwards generated in years before these periods. We have not recognized certain tax benefits because of the uncertainty of realizing the entire value of the tax position taken on income tax returns until taxing authorities review them. We have established appropriate income tax accruals, and believe that the outcomes of future federal examinations, as well as ongoing and future state and local examinations, will not have a material adverse impact on our financial position, results of operations or cash flows. When statutes of limitations expire or taxing authorities resolve uncertain tax positions, we will adjust income tax expense for the unrecognized tax benefits. We have no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change within twelve months of December 31, 2017.

A reconciliation of the change in unrecognized tax benefits for 2017, 2016 and 2015 is presented below:

	2017			2016			2015
Balance at beginning of year	$	124.2		$	130.3		$	59.9
Decreases for prior year tax positions	(0.5		)	(4.5		)	(0.3		)
Increases (decreases) for current year tax positions	0.3			(1.6		)	70.7
Increases (decreases) related to tax rate changes (a)	(34.6		)	—			—
Balance at end of year	$	89.4		$	124.2		$	130.3

(a) As a result of the Tax Act, the value of unrecognized tax benefits associated with NOL carryforwards and other temporary differences was reduced to reflect the lower tax rates that will apply if the uncertainties related to these deferred tax assets materialize in the future.

Included in the balance of unrecognized tax benefits at December 31, 2017 and 2016, are $75.0 and $107.4 of tax benefits that, if recognized, would affect the effective tax rate. Also included in the balance of unrecognized tax benefits at December 31, 2017 and 2016, are $14.4 and $16.8 of tax benefits that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes.

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NOTE 6 - Long-term Debt and Other Financing

Debt balances at December 31, 2017 and 2016, are presented below:

	2017			2016
Credit Facility	$	450.0		$	—
7.50% Senior Secured Notes due July 2023 (effective rate of 8.3%)	380.0			380.0
5.00% Exchangeable Senior Notes due November 2019 (effective rate of 10.8%)	150.0			150.0
7.625% Senior Notes due May 2020	—			529.8
7.625% Senior Notes due October 2021	406.2			406.2
8.375% Senior Notes due April 2022	—			279.8
6.375% Senior Notes due October 2025 (effective rate of 7.1%)	280.0			—
7.00% Senior Notes due March 2027	400.0			—
Industrial Revenue Bonds due 2020 through 2028	99.3			99.3
Capital lease for Research and Innovation Center	—			25.2
Unamortized debt discount and issuance costs	(55.4		)	(53.7		)
Total long-term debt	$	2,110.1		$	1,816.6

During 2017, we were in compliance with all the terms and conditions of our debt agreements.

Maturities of long-term debt for the next five years, at December 31, 2017, are presented below:

Year	Debt Maturities
2018	$	—
2019	150.0
2020	7.3
2021	406.2
2022	450.0

Credit Facility

In September 2017, we entered a new $1,350.0 revolving credit facility (the “Credit Facility”), which expires in September 2022 and is guaranteed by AK Steel’s parent company, AK Holding, and by AK Tube LLC (“AK Tube”), AK Steel Properties, Inc. (“AK Properties”) and Mountain State Carbon LLC (“Mountain State Carbon”), three 100%-owned subsidiaries of AK Steel (referred to together as the “Subsidiary Guarantors”). The Credit Facility replaced our previous $1,500.0 revolving credit facility (“Replaced Credit Facility”), which was set to expire in March 2019, and is secured by the same classes of assets as the Replaced Facility. The Credit Facility contains customary restrictions, including limitations on, among other things, distributions and dividends, acquisitions and investments, dispositions, indebtedness, liens and affiliate transactions. The Credit Facility requires that we maintain a minimum fixed charge coverage ratio of one to one if availability under the Credit Facility is less than $135.0. The Credit Facility’s current availability significantly exceeds $135.0. Availability is calculated as the lesser of the Credit Facility commitments or eligible collateral after advance rates, less outstanding revolver borrowings and letters of credit. We secure our Credit Facility obligations with our inventory and accounts receivable, and the Credit Facility’s availability fluctuates monthly based on the varying levels of eligible collateral. We do not expect any of these restrictions to affect or limit our ability to conduct business in the ordinary course. The Credit Facility includes a “first-in, last-out” or “FILO” tranche, which allows us to use a portion of our eligible collateral at higher advance rates.

At December 31, 2017, our aggregate borrowing base, after application of applicable advance rates, was $1,328.8. As of December 31, 2017, we had $450.0 in outstanding borrowings. Availability as of December 31, 2017 was further reduced by $71.5 for outstanding letters of credit, resulting in remaining availability of $807.3. The weighted-average interest rate on the outstanding borrowings at December 31, 2017 was 3.27%.

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Senior Secured Notes

AK Steel has outstanding $380.0 aggregate principal amount of 7.50% Senior Secured Notes due July 2023 (the “Secured Notes”). The Secured Notes are fully and unconditionally guaranteed by AK Holding and the Subsidiary Guarantors. The Secured Notes are secured by first priority liens on the plant, property and equipment (other than certain excluded property, and subject to permitted liens) of AK Steel and the Subsidiary Guarantors and any proceeds from them. The book value of the collateral as of December 31, 2017 was approximately $1.5 billion. The indenture governing the Secured Notes includes covenants with customary restrictions on (a) the incurrence of additional debt by certain subsidiaries, (b) the incurrence of certain liens, (c) the incurrence of sale/leaseback transactions, (d) the use of proceeds from the sale of collateral, and (e) our ability to merge or consolidate with other entities or to sell, lease or transfer all or substantially all of our assets to another entity. The Secured Notes also contain customary events of default. Before July 15, 2019, we may redeem the Secured Notes at a price equal to 100.000% of par plus a make-whole premium and all accrued and unpaid interest to the date of redemption. After July 15, 2019, we may redeem them at 103.750% until July 15, 2020, 101.875% until July 15, 2021, and 100.000% thereafter, together with all accrued and unpaid interest to the date of redemption. After we issued the Secured Notes in 2016, we repurchased prior senior secured notes and recognized other expense of $12.4 for expenses related to the debt retirement in 2016.

Exchangeable Notes

AK Steel has outstanding 5.0% Exchangeable Senior Notes due November 2019 (the “Exchangeable Notes”). We may not redeem the Exchangeable Notes before their maturity date. The indenture governing the Exchangeable Notes (the “Exchangeable Notes Indenture”) provides holders with an exchange right at their option before August 15, 2019, if the closing price of our common stock is greater than or equal to $7.02 per share (130% of the exchange price of the Exchangeable Notes) for at least 20 trading days during the last 30 consecutive trading days of a calendar quarter. As a result of meeting this trigger at January 1, 2017, a portion of the equity component of the Exchangeable Notes, calculated as the difference between the principal amount of the Exchangeable Notes and the carrying amount of the liability component of the Exchangeable Notes, was considered redeemable and classified as temporary equity of $21.3 on the consolidated balance sheets at December 31, 2016. The triggering condition was not met as of January 1, 2018. The triggering condition is reassessed at the beginning of each quarter while any Exchangeable Notes remain outstanding. We would be required to pay cash to holders for the principal amount of the Exchangeable Notes and to pay cash or issue common stock (at our option) for the premium if the holders elect to exchange their Exchangeable Notes. If holders of Exchangeable Notes elect to exchange, we expect to fund any cash settlement from cash or borrowings under our Credit Facility or both.

On or after August 15, 2019, holders may exchange their Exchangeable Notes at any time, and we would be obligated to (i) pay an amount in cash equal to the aggregate principal amount of the Exchangeable Notes to be exchanged and (ii) at our election, pay cash, deliver shares of AK Holding common stock or a combination for any remaining exchange obligation in excess of the aggregate principal amount of the Exchangeable Notes being exchanged. Holders may exchange their Exchangeable Notes into shares of AK Holding common stock at their option at an initial exchange rate of 185.1852 shares of AK Holding common stock per $1,000 principal amount of Exchangeable Notes. The initial exchange rate is equivalent to a conversion price of approximately $5.40 per share of common stock, which equates to 27.8 million shares to be used to determine the aggregate equity consideration to be delivered upon exchange, which could be adjusted for certain dilutive effects from potential future events. Holders may exchange their Exchangeable Notes before August 15, 2019 only under certain circumstances. The Exchangeable Notes Indenture does not contain any financial or operating covenants or restrict us or our subsidiaries from paying dividends, incurring debt or issuing or repurchasing securities. If we undergo a fundamental change, as defined in Exchangeable Notes Indenture (which, for example, would include various transactions in which we would undergo a change of control), holders may require us to repurchase the Exchangeable Notes in whole or in part for cash at a price equal to par plus any accrued and unpaid interest. In addition, if we undergo a “make-whole fundamental change,” as defined in the Exchangeable Notes Indenture, before the maturity date, in addition to requiring us to repurchase the Exchangeable Notes in whole or in part for cash at a price equal to par plus any accrued and unpaid interest, the exchange rate will be increased in certain circumstances for holders who elect to exchange their notes in connection with the event.

Based on the initial exchange rate, the Exchangeable Notes are exchangeable into a maximum of 37.5 million shares of AK Holding common stock. However, we would only deliver the maximum amount of shares if, following a “make-whole fundamental change” described above, we elect to deliver the shares to satisfy the higher exchange rate. Although the Exchangeable Notes were issued at par, for accounting purposes the proceeds received from the issuance of the notes are allocated between debt and equity to reflect the fair value of the exchange option embedded in the notes and the fair value of similar debt without the exchange option. Therefore, we recorded $38.7 of the gross proceeds of the Exchangeable Notes as an increase in additional paid-in capital with the offsetting amount recorded as a debt discount. We are amortizing the debt discount and issuance costs over the term of the Exchangeable Notes using the effective interest method. As of December 31, 2017 and 2016, the net carrying amount of the Exchangeable Notes was $135.3 and $128.7.

-25-

Senior Unsecured Notes

AK Steel has outstanding $406.2 aggregate principal amount of 7.625% Senior Notes due October 2021 (the “2021 Notes”). We may redeem the 2021 Notes at 103.813% until October 1, 2018, 101.906% thereafter until October 1, 2019, and 100.0% thereafter, together with all accrued and unpaid interest to the date of redemption.

AK Steel has outstanding $280.0 aggregate principal amount of 6.375% Senior Unsecured Notes due October 2025 (the “2025 Notes”). The 2025 Notes were issued in August 2017 as part of a transaction to refinance our 8.375% Senior Notes due April 2022, and generated net proceeds of $275.8 after underwriting discount. Before October 15, 2020, we may redeem the 2025 Notes at a price equal to par plus a make-whole premium and all accrued and unpaid interest to the date of redemption. After that date, we may redeem them at 103.188% until October 15, 2021, 101.594% thereafter until October 15, 2022, and 100.000% thereafter, together with all accrued and unpaid interest to the date of redemption. In 2017, we recognized other expense of $8.4 related to the issuance of the 2025 Notes and retirement of the 2022 Notes. Fees paid to holders of the 2022 Notes to tender their notes and expenses paid to third parties related to the issuance of the 2025 Notes totaling $10.6 were recognized as an adjustment of the carrying amount of the 2025 Notes and are being amortized over their term as an adjustment to interest expense.

AK Steel has outstanding $400.0 aggregate principal amount of 7.00% Senior Unsecured Notes due March 2027 (the “2027 Notes”). The 2027 Notes were issued in March 2017 as part of a transaction to refinance our 7.625% Senior Notes due May 2020, and generated net proceeds of $394.0 after underwriting discount. Before March 15, 2022, we may redeem the 2027 Notes at a price equal to par plus a make-whole premium and all accrued and unpaid interest to the date of redemption. After that date, we may redeem them at 103.500% until March 15, 2023, 102.333% thereafter until March 15, 2024, 101.167% thereafter until March 15, 2025, and 100.000% thereafter, together with all accrued and unpaid interest to the date of redemption. In 2017, we recognized other expense of $13.1 related to the issuance of the 2027 Notes and retirement of the 2020 Notes. Fees paid to holders of the 2020 Notes to tender their notes and expenses paid to third parties related to the issuance of the 2027 Notes totaling $7.5 were recognized as an adjustment of the carrying amount of the 2027 Notes and are being amortized over their term as an adjustment to interest expense.

The Exchangeable Notes, the 2021 Notes, the 2025 Notes, the 2027 Notes and the unsecured industrial revenue bonds (“IRBs”) discussed below (collectively, the “Senior Unsecured Notes”) are equal in right of payment. AK Holding and the Subsidiary Guarantors each fully and unconditionally, jointly and severally, guarantees the payment of interest, principal and premium, if any, on the Senior Unsecured Notes other than the Exchangeable Notes, which are guaranteed only by AK Holding. The indentures governing the 2021 Notes, the 2025 Notes, the 2027 Notes and the unsecured IRBs include covenants with customary restrictions on (a) the incurrence of additional debt by certain subsidiaries, (b) the incurrence of certain liens, (c) the amount of sale/leaseback transactions, and (d) our ability to merge or consolidate with other entities or to sell, lease or transfer all or substantially all of our assets to another entity. The indentures governing the Senior Unsecured Notes also contain customary events of default. The Senior Unsecured Notes rank junior in priority to the Secured Notes to the extent of the value of the assets securing the Secured Notes.

Industrial Revenue Bonds

AK Steel has outstanding $73.3 aggregate principal amount of fixed-rate tax-exempt IRBs (the “unsecured IRBs”) at December 31, 2017. The weighted-average fixed interest rate of the unsecured IRBs is 6.8%. The unsecured IRBs are unsecured senior debt obligations of AK Steel that are equal in ranking with the other Senior Unsecured Notes. In addition, AK Steel has outstanding $26.0 aggregate principal amount of variable-rate taxable IRBs at December 31, 2017, that are backed by letters of credit.

Research and Innovation Center Lease

In October 2017, we acquired the Research and Innovation Center capital lease. As a result, the liability was effectively settled.

NOTE 7 - Pension and Other Postretirement Benefits

Summary

We provide noncontributory pension and various healthcare and life insurance benefits to a significant portion of our employees and retirees. Benefits are provided through defined benefit and defined contribution plans that we sponsor, as well as multiemployer plans for certain union members. Our defined benefit pension plans are not fully funded. We will be required to make pension contributions of approximately $51.0 for 2018. Based on current actuarial assumptions, we expect to make required pension contributions of approximately $35.0 for 2019 and $10.0 for 2020. Factors that affect future funding projections include differences between expected and actual returns on plan assets, actuarial data and assumptions relating to plan participants, the discount rate used to measure the pension obligations and changes to regulatory funding requirements. We expect to make other postretirement benefit (“OPEB”) payments, after receipt of Medicare subsidy reimbursements, of approximately $38.8 in 2018.

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Defined Benefit Plans

Plan Obligations

Amounts presented below are calculated based on benefit obligation and asset valuation measurement dates of December 31, 2017 and 2016:

	Pension Benefits						Other Benefits
	2017			2016			2017			2016
Change in benefit obligations:
Benefit obligations at beginning of year	$	2,874.8		$	3,247.4		$	443.7		$	488.6
Service cost	2.8			3.0			4.7			4.9
Interest cost	108.2			120.4			17.3			19.9
Plan participants’ contributions	—			—			23.3			25.6
Actuarial loss (gain)	91.0			45.1			27.1			(35.1		)
Amendments	—			8.4			(4.7		)	—
Benefits paid	(269.0		)	(339.1		)	(65.5		)	(65.6		)
Annuity settlement	—			(210.3		)	—			—
Medicare subsidy reimbursement received	—			—			2.6			5.4
Foreign currency exchange rate changes	0.2			(0.1		)	—			—
Benefit obligations at end of year	$	2,808.0		$	2,874.8		$	448.5		$	443.7
Change in plan assets:
Fair value of plan assets at beginning of year	$	2,183.5		$	2,511.4		$	—		$	—
Actual gain on plan assets	362.4			193.3			—			—
Employer contributions	45.3			33.1			39.6			34.6
Plan participants’ contributions	—			—			23.3			25.6
Benefits paid	(269.0		)	(339.1		)	(65.5		)	(65.6		)
Annuity settlement	—			(215.2		)	—			—
Medicare subsidy reimbursement received	—			—			2.6			5.4
Fair value of plan assets at end of year	$	2,322.2		$	2,183.5		$	—		$	—
Funded status	$	(485.8	)	$	(691.3	)	$	(448.5	)	$	(443.7	)
Amounts recognized in the consolidated balance sheets:
Current liabilities	$	(1.3	)	$	(1.3	)	$	(38.8	)	$	(40.0	)
Noncurrent liabilities	(484.5		)	(690.0		)	(409.7		)	(403.7		)
Total	$	(485.8	)	$	(691.3	)	$	(448.5	)	$	(443.7	)
Amounts recognized in accumulated other comprehensive loss, before taxes:
Actuarial loss (gain)	$	77.6		$	209.7		$	(13.0	)	$	(44.4	)
Prior service cost (credit)	23.2			27.9			(84.9		)	(138.7		)
Total	$	100.8		$	237.6		$	(97.9	)	$	(183.1	)

The accumulated benefit obligation for all defined benefit pension plans was $2,767.1 and $2,826.6 at December 31, 2017 and 2016. All our defined benefit pension plans have an accumulated benefit obligation in excess of plan assets. The amounts included in current liabilities represent only the amounts of our unfunded pension and OPEB benefit plans that we expect to pay in the next year.

During 2016, we transferred to a highly rated insurance company $210.3 of pension obligations for approximately 10,000 retirees or their beneficiaries in two separate transactions. As part of these transactions, we transferred a similar amount of pension trust assets to

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purchase non-participating annuity contracts during the third quarter of 2016 that require the insurance company to pay the transferred pension obligations to the pension participants. As a result of the transfer of pension assets in October 2016, we recorded settlement losses of $25.0 in the fourth quarter of 2016 to recognize a portion of the unrealized actuarial loss associated with the transferred obligations. We also recorded a pension corridor charge of $78.4 in the fourth quarter of 2016 in connection with the October plan remeasurement. The corridor charge was primarily a result of a decline in discount rates since the beginning of the year, partially offset by better than expected returns on plan assets.

We revise our mortality assumptions when the Society of Actuaries issues new mortality tables, typically in October. Over the past two years the new mortality assumptions decreased the assumed life expectancy of participants in our defined benefit plans, thereby decreasing the total expected benefit payments and our pension and OPEB obligations. Included in the 2017 actuarial loss (gain) in the table above were actuarial gains of $14.3 and $2.9 related to the change in the mortality tables on pension benefits and OPEB, respectively. Included in the 2016 actuarial loss (gain) in the table above were actuarial gains of $33.8 and $4.5 related to the change in the mortality tables on pension benefits and OPEB, respectively.

Assumptions used to value benefit obligations and determine pension and OPEB expense (income) are presented below:

	Pension Benefits						Other Benefits
	2017		2016		2015		2017		2016		2015
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.54	%	3.93	%	4.15	%	3.59	%	4.04	%	4.22	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%
Subsequent year healthcare cost trend rate							6.65	%	7.00	%	7.00	%
Ultimate healthcare cost trend rate							4.50	%	4.50	%	4.50	%
Year ultimate healthcare cost trend rate begins							2025		2025		2024
Assumptions used to determine pension and OPEB expense (income) for the year ended December 31:
Discount rate	3.93	%	3.95	%	3.82	%	4.04	%	4.22	%	3.90	%
Expected return on plan assets	7.25	%	7.25	%	7.25	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%

We determine the discount rate at each remeasurement by finding a hypothetical portfolio of individual high-quality corporate bonds available at the measurement date with coupon and principal payments that could satisfy the plans’ expected future benefit payments that we use to calculate the projected benefit obligation. The discount rate is the single rate that is equivalent to the average yield on that hypothetical portfolio of bonds. We changed our assumption for future expected returns on pension plan assets to 7.00% from 7.25%, effective January 1, 2018.

Assumed healthcare cost trend rates generally have a significant effect on the amounts reported for healthcare plans. However, caps on the share of OPEB obligations that we pay limit the effect of changes in OPEB assumptions. As of December 31, 2017, a one-percentage-point change in the assumed healthcare cost trend rates would have the following effects:

	One Percentage Point
	Increase		Decrease
Effect on total service cost and interest cost components	$	—	$	—
Effect on postretirement benefit obligation	1.1		(1.1		)

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Estimated future benefit payments to beneficiaries are presented below:

	Pension Plans		Other Benefits		Medicare Subsidy
2018	$	262.8	$	39.8	$	(1.0	)
2019	254.6		38.1		(1.1		)
2020	243.3		36.3		(1.1		)
2021	231.3		34.7		(1.1		)
2022	227.0		33.2		(1.1		)
2023 through 2027	988.4		145.8		(6.3		)

Plan Assets

Our investments in the master pension trust primarily include indexed and actively-managed funds. A fiduciary committee sets the target asset mix and monitors asset performance. We determine the master pension trust’s projected long-term rate of return based on the asset allocation, the trust’s investment policy statement and our long-term capital market return assumptions for the master trust.

We have developed an investment policy that considers liquidity requirements, expected investment return and expected asset risk, as well as standard industry practices. The target asset allocation for the master pension trust at December 31, 2017 was 55% equity, 44% fixed income, and 1% cash. Equity investments consist of individual securities, equity mutual funds and common/collective trusts with equity investment strategies, which are diversified across multiple industry sectors, company market capitalizations and geographical investment strategies. The equity mutual funds and common/collective trusts have no unfunded commitments or significant redemption restrictions. Fixed-income investments consist of individual securities and common/collective trusts, which invest primarily in investment-grade and high-yield corporate bonds and U.S. Treasury securities. The fixed-income investments are diversified by ratings, maturities, industries and other factors. Plan assets contain no significant concentrations of risk from individual securities or industry sectors. The master pension trust has no direct investments in our common stock or fixed-income securities.

Master pension trust investments measured at fair value on a recurring basis at December 31, 2017 and 2016 are presented below, with certain assets presented by level within the fair value hierarchy. As a practical expedient, we estimate the value of common/collective trusts, equity mutual funds and certain other assets by using the net asset value (“NAV”) per share multiplied by the number of shares of the trust investment held as of the measurement date. If we have the ability to redeem our investment in the respective alternative investment at the NAV with no significant restrictions on the redemption at the consolidated balance sheet date, excluding equity mutual funds, we categorized the alternative investment as a reconciliation of pension investments reported in the fair value hierarchy to the master pension trust’s balance. See Note 16 for more information on the determination of fair value.

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	Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs
	(Level 1)				(Level 2)				Total
	2017		2016		2017		2016		2017		2016
Investments in fair value hierarchy
Equity investments:
U.S. securities	$	46.6	$	169.4	$	—	$	—	$	46.6	$	169.4
Global securities	—		—		327.9		191.0		327.9		191.0
Fixed-income investments:
High-yield U.S. securities	—		—		111.8		0.4		111.8		0.4
Other U.S. securities	—		—		524.6		—		524.6		—
Global securities	—		—		—		395.4		—		395.4
Other investments	—		—		30.6		28.9		30.6		28.9
Total pension investments in fair value hierarchy	$	46.6	$	169.4	$	994.9	$	615.7	$	1,041.5	$	785.1
Investments with fair values measured at net asset value
Common/collective trusts:
U.S. equity securities (a)									194.6		728.8
Global equity securities (b)									707.0		381.4
U.S. corporate fixed-income securities (c)									379.1		207.4
U.S. Treasury securities and bonds									—		80.4
Other									—		0.4
Total pension assets at fair value									$	2,322.2	$	2,183.5

(a) Investments primarily in domestic equity securities, which may include common stocks, options and futures.

(b) Investments primarily in global equity securities, which may include common stocks, options and futures.

(c) Investments primarily in domestic fixed income investments, which may include investment-grade and high-yield corporate bonds, interest rate swaps, options and futures.

Periodic Benefit Costs

Components of pension and OPEB expense (income) for the years 2017, 2016 and 2015 are presented below:

	Pension Benefits									Other Benefits
	2017			2016			2015			2017			2016			2015
Components of pension and OPEB expense (income):
Service cost	$	2.8		$	3.0		$	2.2		$	4.7		$	4.9		$	7.1
Interest cost	108.2			120.4			130.0			17.3			19.9			22.5
Expected return on plan assets	(149.9		)	(167.1		)	(198.4		)	—			—			—
Amortization of prior service cost (credit)	4.7			5.6			4.4			(58.5		)	(60.4		)	(64.6		)
Recognized net actuarial loss (gain):
Annual amortization	10.5			29.2			31.2			(4.2		)	(4.3		)	1.6
Corridor charge (credit)	—			78.4			144.3			—			(35.3		)	(13.1		)
Settlement loss	—			29.9			1.0			—			—			—
Pension and OPEB expense (income)	$	(23.7	)	$	99.4		$	114.7		$	(40.7	)	$	(75.2	)	$	(46.5	)

During 2016 and 2015, we performed remeasurements of an unfunded supplemental retirement plan and recognized settlement losses as a result of lump sum benefit payments made to retired participants.

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Pension and OPEB expense (income) for the defined benefit pension plans over the next year is expected to include amortization of $15.9 of the unrealized net loss and $3.8 from the prior service cost in accumulated other comprehensive loss. Pension and OPEB expense (income) for the other postretirement benefit plans over the next fiscal year is expected to include amortization of $1.3 of the unrealized net gain and $13.7 from the prior service credit in accumulated other comprehensive loss.

Defined Contribution Plans

All employees are eligible to participate in various defined contribution plans. Certain of these plans have features with matching contributions or other company contributions based on our financial results. Total expense from these plans was $24.9, $23.1 and $18.8 in 2017, 2016 and 2015.

Multiemployer Pension Plans

We contribute to multiemployer pension plans according to collective bargaining agreements that cover certain union-represented employees. The following risks of participating in these multiemployer plans differ from single employer pension plans:

• Employer contributions to a multiemployer plan may be used to provide benefits to employees of other participating employers.

• If a participating employer stops contributing to a multiemployer plan, the remaining participating employers may need to assume the unfunded obligations of the plan.

• If the multiemployer plan becomes significantly underfunded or is unable to pay its benefits, we may be required to contribute additional amounts in excess of the rate required by the collective bargaining agreements.

• If we choose to stop participating in a multiemployer plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

Our participation in these multiemployer plans for the years ended December 31, 2017, 2016 and 2015, is presented below. We do not provide more than five percent of the total contributions to any multiemployer plan. Forms 5500 are not yet available for plan years ending in 2017.

Pension Fund	EIN/Pension Plan Number	Pension Protection Act Zone Status (a)		FIP/RP Status Pending/Implemented (b)	Contributions						Surcharge Imposed (c)	Expiration Date of Collective Bargaining Agreement
		2017	2016		2017		2016		2015
Steelworkers Pension Trust	23-6648508/499	Green	Green	No	$	6.3	$	6.8	$	7.3	No	9/1/2018 to 3/31/2021 (d)
IAM National Pension Fund’s National Pension Plan	51-6031295/002	Green	Green	No	18.4		18.0		16.0		No	3/15/2018 to 5/31/2019 (e)
					$	24.7	$	24.8	$	23.3

(a) The most recent Pension Protection Act zone status available in 2017 and 2016 is for each plan’s year-end at December 31, 2016 and 2015. The plan’s actuary certifies the zone status. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. The Steelworkers Pension Trust and IAM National Pension Fund’s National Pension Plan elected funding relief under section 431(b)(8) of the Internal Revenue Code and section 304(b)(8) of the Employment Retirement Income Security Act of 1974 (ERISA). This election allows those plans’ investment losses for the plan year ended December 31, 2008, to be amortized over 29 years for funding purposes.

(b) The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented, as defined by ERISA.

(c) The surcharge represents an additional required contribution due as a result of the critical funding status of the plan.

(d) We are a party to three collective bargaining agreements at our Ashland Works, Mansfield Works and at the AK Tube Walbridge plant that require contributions to the Steelworkers Pension Trust. The labor contract for approximately 305 hourly employees at the Ashland Works expires on September 1, 2018. The labor contract for approximately 90 hourly employees at the AK Tube Walbridge plant expires January 22, 2021. The labor contract for approximately 305 hourly employees at Mansfield Works expires on March 31, 2021.

(e) We are a party to three collective bargaining agreements at our Butler Works, Middletown Works and Zanesville Works that require contributions to the IAM National Pension Fund’s National Pension Plan. The labor contract for approximately 1,725 hourly employees at Middletown Works expires on March 15, 2018. The labor contract for approximately 1,155 hourly employees at Butler Works expires on April 1, 2019. The labor contract for approximately 115 hourly employees at Zanesville Works expires on May 31, 2019.

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NOTE 8 - Operating Leases

Rental expense was $43.1, $46.7 and $44.0 for 2017, 2016 and 2015. Obligations to make future minimum lease payments at December 31, 2017, are presented below:

2018	$	18.2
2019	18.8
2020	18.1
2021	18.9
2022	16.6
2023 and thereafter	90.2
Total minimum lease payments	$	180.8

NOTE 9 - Commitments

We purchase substantial portions of the principal raw materials required for our steel manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. We also use large volumes of natural gas, electricity and industrial gases in our steel manufacturing operations. We negotiate most of our purchases of chrome, coke, industrial gases, iron ore and a portion of our electricity under multi-year agreements. The iron ore agreements typically have a variable-price mechanism that adjusts the price of iron ore periodically, based on reference to an iron ore index and other market-based factors. We typically purchase coal under annual fixed-price agreements. We also purchase certain transportation services under multi-year contracts with minimum quantity requirements.

Commitments for future capital investments at December 31, 2017, totaled approximately $59.0, all of which we expect to incur in 2018.

NOTE 10 - Environmental and Legal Contingencies

Environmental Contingencies

Domestic steel producers, including us, must follow stringent federal, state and local laws and regulations designed to protect human health and the environment. We have spent the following amounts over the past three years for environmental-related capital investments and environmental compliance:

	2017		2016		2015
Environmental-related capital investments	$	6.8	$	4.9	$	7.1
Environmental compliance costs	129.5		123.9		133.2

We and our predecessors have been involved in steel manufacturing and related operations since 1900. Although we believe our operating practices have been consistent with prevailing industry standards, hazardous materials may have been released at operating sites or third-party sites in the past, including operating sites that we no longer own. If we reasonably can, we have estimated potential remediation expenditures for those sites where future remediation efforts are probable based on identified conditions, regulatory requirements or contractual obligations arising from the sale of a business or facility. For sites involving government-required investigations, we typically make an estimate of potential remediation expenditures only after the investigation is complete and when we better understand the nature and scope of the remediation. In general, the material factors in these estimates include the costs associated with investigations, delineations, risk assessments, remedial work, governmental response and oversight, site monitoring, and preparation of reports to the appropriate environmental agencies. We have recorded the following liabilities for environmental matters on our consolidated balance sheets:

	2017		2016
Accrued liabilities	$	8.5	$	7.3
Other non-current liabilities	35.4		39.9

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We cannot predict the ultimate costs for each site with certainty because of the evolving nature of the investigation and remediation process. Rather, to estimate the probable costs, we must make certain assumptions. The most significant of these assumptions is for the nature and scope of the work that will be necessary to investigate and remediate a particular site and the cost of that work. Other significant assumptions include the cleanup technology that will be used, whether and to what extent any other parties will participate in paying the investigation and remediation costs, reimbursement of past response and future oversight costs by governmental agencies, and the reaction of the governing environmental agencies to the proposed work plans. Costs for future investigation and remediation are not discounted to their present value. To the extent that we have been able to reasonably estimate future liabilities, we do not believe that there is a reasonable possibility that we will incur a loss or losses that exceed the amounts we accrued for the environmental matters discussed below that would, either individually or in the aggregate, have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, since we recognize amounts in the consolidated financial statements in accordance with accounting principles generally accepted in the United States that exclude potential losses that are not probable or that may not be currently estimable, the ultimate costs of these environmental proceedings may be higher than the liabilities we currently have recorded in our consolidated financial statements.

Except as we expressly note below, we do not currently anticipate any material effect on our consolidated financial position, results of operations or cash flows as a result of compliance with current environmental regulations. Moreover, because all domestic steel producers operate under the same federal environmental regulations, we do not believe that we are more disadvantaged than our domestic competitors by our need to comply with these regulations. Some foreign competitors may benefit from less stringent environmental requirements in the countries where they produce, resulting in lower compliance costs for them and providing those foreign competitors with a cost advantage on their products.

According to the Resource Conservation and Recovery Act (“RCRA”), which governs the treatment, handling and disposal of hazardous waste, the United States Environmental Protection Agency (“EPA”) and authorized state environmental agencies may conduct inspections of RCRA-regulated facilities to identify areas where there have been releases of hazardous waste or hazardous constituents into the environment and may order the facilities to take corrective action to remediate such releases. Environmental regulators may inspect our major steelmaking facilities. While we cannot predict the future actions of these regulators, it is possible that they may identify conditions in future inspections of these facilities which they believe require corrective action.

Under authority from the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), the EPA and state environmental authorities have conducted site investigations at certain of our facilities and other third-party facilities, portions of which previously may have been used for disposal of materials that are currently regulated. The results of these investigations are still pending, and we could be directed to spend funds for remedial activities at the former disposal areas. Because of the uncertain status of these investigations, however, we cannot reliably predict whether or when such spending might be required or their magnitude.

As previously noted, on April 29, 2002, we entered a mutually agreed-upon administrative order on consent with the EPA pursuant to Section 122 of CERCLA to perform a Remedial Investigation/Feasibility Study (“RI/FS”) of the Hamilton Plant site located in New Miami, Ohio. The plant ceased operations in 1990 and all of its former structures have been demolished. We submitted the investigation portion of the RI/FS, and we completed a supplemental study in 2014. We currently have accrued $0.7 for the remaining cost of the RI/FS. Until the RI/FS is complete, we cannot reliably estimate the additional costs, if any, we may incur for potentially required remediation of the site or when we may incur them.

As previously reported, on September 30, 1998, our predecessor, Armco Inc., received an order from the EPA under Section 3013 of RCRA requiring it to develop a plan for investigation of eight areas of our Mansfield Works that allegedly could be sources of contamination. A site investigation began in November 2000 and is continuing. We cannot reliably estimate how long it will take to complete this site investigation. We currently have accrued $1.1 for the projected cost of the study. Until the site investigation is complete, we cannot reliably estimate the additional costs, if any, we may incur for potentially required remediation of the site or when we may incur them.

As previously noted, on September 26, 2012, the EPA issued an order under Section 3013 of RCRA requiring us to develop a plan for investigation of four areas at our Ashland Works coke plant. The Ashland Works coke plant ceased operations in 2011 and all of its former structures have been demolished and removed. In 1981, we acquired the plant from Honeywell International Corporation (as successor to Allied Corporation), who had managed the coking operations there for approximately 60 years. We cannot reliably estimate how long it will take to complete the site investigation. On March 10, 2016, the EPA invited us to participate in settlement discussions regarding an enforcement action. Settlement discussions between the parties are ongoing, though whether the parties will reach agreement and any such agreement’s terms are uncertain. We currently have accrued $1.4 for the projected cost of the investigation and known remediation. Until the site investigation is complete, we cannot reliably estimate the costs, if any, we may incur for potential additional required remediation of the site or when we may incur them.

As previously reported, on July 15, 2009, we and the Pennsylvania Department of Environmental Protection (“PADEP”) entered a Consent Order and Agreement (the “Consent Order”) to resolve an alleged unpermitted discharge of wastewater from the closed

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Hillside Landfill at our former Ambridge Works. Under the terms of the Consent Order, we paid a penalty and also agreed to implement various corrective actions, including an investigation of the area where landfill activities occurred, submission of a plan to collect and treat surface waters and seep discharges, and upon approval from PADEP, implementation of that plan. We have accrued $5.6 for the remedial work required under the approved plan and Consent Order. We submitted a National Pollution Discharge Elimination System (“NPDES”) permit application to move to the next work phase. We currently estimate that the remaining work will be completed in 2019, though it may be delayed.

As previously reported, on June 29, 2000, the United States filed a complaint on behalf of the EPA against us in the U.S. District Court for the Southern District of Ohio, Case No. C-1-00530, alleging violations of the Clean Air Act, the Clean Water Act and RCRA at our Middletown Works. Subsequently, the State of Ohio, the Sierra Club and the National Resources Defense Council intervened. On May 15, 2006, the court entered a Consent Decree in Partial Resolution of Pending Claims (the “Consent Decree”). Under the Consent Decree, we agreed to undertake a comprehensive RCRA facility investigation at Middletown Works and, as appropriate, complete a corrective measures study. The Consent Decree required us to implement certain RCRA corrective action interim measures to address polychlorinated biphenyls (“PCBs”) in sediments and soils at Dicks Creek and certain other specified surface waters, adjacent floodplain areas and other previously identified geographic areas. We have completed the remedial activity at Dicks Creek, but continue to work on the RCRA facility investigation and certain interim measures. We have accrued $13.6 for the cost of known work required under the Consent Decree for the RCRA facility investigation and remaining interim measures.

As previously reported, on May 12, 2014, the Michigan Department of Environmental Quality (“MDEQ”) issued to our Dearborn Works an Air Permit to Install No. 182-05C (the “PTI”) to increase the emission limits for the blast furnace and other emission sources. The PTI was issued as a correction to a prior permit to install that did not include certain information during the prior permitting process. On July 10, 2014, the South Dearborn Environmental Improvement Association (“SDEIA”), Detroiters Working for Environmental Justice, Original United Citizens of Southwest Detroit and the Sierra Club filed a Claim of Appeal of the PTI in the State of Michigan, Wayne County Circuit, Case No. 14-008887-AA. Appellants and the MDEQ required the intervention of Severstal Dearborn, LLC (“Dearborn”) (now owned by us) in this action as an additional appellee. The appellants allege multiple deficiencies with the PTI and the permitting process. On October 9, 2014, the appellants filed a Motion for Peremptory Reversal of the MDEQ’s decision to issue the PTI. We believe that the MDEQ issued the PTI properly in compliance with applicable law and will vigorously contest this appeal. On October 17, 2014, we filed a motion to dismiss the appeal. Additionally, on December 15, 2014, we filed a motion to dismiss the appeal for lack of jurisdiction. At the conclusion of a hearing on all three motions on February 12, 2015, all three motions were denied. On July 12, 2016, the Michigan Court of Appeals denied our motion seeking to overturn the decision of the Circuit Court denying our motion to dismiss for lack of jurisdiction. On October 5, 2016, we filed an application with the Michigan Supreme Court for leave to appeal, seeking to overturn the decision of the Michigan Court of Appeals.Until the appeal is resolved, we cannot determine what the ultimate permit limits will be. Until the permit limits are determined and final, we cannot reliably estimate the costs we incur, if any, or when we may incur them.

As previously reported, on August 21, 2014, the SDEIA filed a Complaint under the Michigan Environmental Protection Act (“MEPA”) in the State of Michigan, Wayne County Circuit Case No. 14-010875-CE. The plaintiffs allege that the air emissions from our Dearborn Works are impacting the air, water and other natural resources, as well as the public trust in such resources. The plaintiffs are requesting, among other requested relief, that the court assess and determine the sufficiency of the PTI’s limitations. On October 15, 2014, the court ordered a stay of the proceedings until a final order is issued in Wayne County Circuit Court Case No. 14-008887-AA (discussed above). When the proceedings resume, we will vigorously contest these claims. Until the claims in this Complaint are resolved, we cannot reliably estimate the costs we may incur, if any, or when we may incur them.

As previously reported, on April 27, 2000, MDEQ issued a RCRA Corrective Action Order No. 111-04-00-07E to Rouge Steel Company and Ford Motor Company for the property that includes our Dearborn Works. The Corrective Action Order has been amended five times. We are a party to the Corrective Action Order as the successor-in-interest to Dearborn, which was the successor-in-interest to Rouge Steel Company. The Corrective Action Order requires the site-wide investigation, and where appropriate, remediation of the facility. The site investigation and remediation is ongoing. We cannot reliably estimate how long it will take to complete this site investigation and remediation. To date, Ford Motor Company has incurred most of the costs of the investigation and remediation due to its prior ownership of the steelmaking operations at Dearborn Works. Until the site investigation is complete, we cannot reliably estimate the additional costs we may incur, if any, for any potentially required remediation of the site or when we may incur them.

As previously reported, AK Steel received an order in October 2002 from the EPA under Section 3013 of RCRA requiring it to investigate several areas of Zanesville Works that allegedly could be sources of contamination. A site investigation began in 2003 and was approved by EPA in November 2012. On October 28, 2016, the EPA requested that we conduct a corrective measures study and implement these measures as necessary. Settlement discussions between the parties are ongoing, though whether the parties will reach agreement and any such agreement’s terms are uncertain. We currently have accrued $0.7 for the projected cost of the corrective measures study as well as a supplemental investigation. Until the study is complete, we cannot reliably estimate the costs, if any, we may incur for potential required remediation of the site or when we may incur them.

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On October 10, 2017, we received a 60-day notice of intent to file a citizen suit under the Clean Air Act related to purported actions at our Middletown Works facility. The notice alleges a variety of violations at the facility and contends that potential plaintiffs, a private citizen and the Sierra Club, will seek civil penalties and injunctive relief if, within the succeeding 60 days, the parties are unable to agree upon suitable actions to resolve the claims. In the event the citizen’s suit is filed, we will vigorously contest these claims. On December 4, 2017, we entered into a Consent Order with the State of Ohio addressing claims made in the notice of intent to file a citizen suit. The Consent Order included injunctive relief measures at the facility and a civil penalty of less than $0.2.

In addition to the foregoing matters, we are or may be involved in proceedings with various regulatory authorities that may require us to pay fines, comply with more rigorous standards or other requirements or incur capital and operating expenses for environmental compliance. We believe that the ultimate disposition of the proceedings will not have, individually or in the aggregate, a material adverse effect on our consolidated financial condition, results of operations or cash flows.

Legal Contingencies

As previously reported, since 1990 we have been named as a defendant in numerous lawsuits alleging personal injury as a result of exposure to asbestos. The great majority of these lawsuits have been filed on behalf of people who claim to have been exposed to asbestos while visiting the premises of one of our current or former facilities. The majority of asbestos cases pending in which we are a defendant do not include a specific dollar claim for damages. In the cases that do include specific dollar claims for damages, the complaint typically includes a monetary claim for compensatory damages and a separate monetary claim in an equal amount for punitive damages, and does not attempt to allocate the total monetary claim among the various defendants.

The number of asbestos cases pending at December 31, 2017, is presented below:

	Asbestos Cases Pending at
	December 31, 2017
Cases with specific dollar claims for damages:
Claims up to $0.2	135
Claims above $0.2 to $5.0	4
Claims above $5.0 to $20.0	3
Total claims with specific dollar claims for damages (a)	142
Cases without a specific dollar claim for damages	194
Total asbestos cases pending	336

(a) Involve a total of 2,244 plaintiffs and 17,747 defendants

In each case, the amount described is per plaintiff against all of the defendants, collectively. Thus, it usually is not possible at the outset of a case to determine the specific dollar amount of a claim against us. In fact, it usually is not even possible at the outset to determine which of the plaintiffs actually will pursue a claim against us. Typically, that can only be determined through written interrogatories or other discovery after a case has been filed. Therefore, in a case involving multiple plaintiffs and multiple defendants, we initially only account for the lawsuit as one claim. After we have determined through discovery whether a particular plaintiff will pursue a claim, we make an appropriate adjustment to statistically account for that specific claim. It has been our experience that only a small percentage of asbestos plaintiffs ultimately identify us as a target defendant from whom they actually seek damages and most of these claims ultimately are either dismissed or settled for a small fraction of the damages initially claimed. Asbestos-related claims information in 2017, 2016 and 2015, is presented below:

	2017		2016		2015
New Claims Filed	58		40		52
Pending Claims Disposed Of	61		84		68
Total Amount Paid in Settlements	$	1.2	$	0.9	$	1.9

Since the onset of asbestos claims against us in 1990, five asbestos claims against us have proceeded to trial in four separate cases. All five concluded with a verdict in our favor. We continue to vigorously defend the asbestos claims. Based upon present knowledge, and the factors above, we believe it is unlikely that the resolution in the aggregate of the asbestos claims against us will have a materially adverse effect on our consolidated results of operations, cash flows or financial condition. However, predictions about the outcome of pending litigation, particularly claims alleging asbestos exposure, are subject to substantial uncertainties. These uncertainties include (1) the significantly variable rate at which new claims may be filed, (2) the effect of bankruptcies of other companies currently or

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historically defending asbestos claims, (3) the litigation process from jurisdiction to jurisdiction and from case to case, (4) the type and severity of the disease each claimant alleged to suffer, and (5) the potential for enactment of legislation affecting asbestos litigation.

As previously reported, in September and October 2008 and again in July 2010, several companies filed purported class actions in the United States District Court for the Northern District of Illinois against nine steel manufacturers, including us. The case numbers for these actions are 08CV5214, 08CV5371, 08CV5468, 08CV5633, 08CV5700, 08CV5942, 08CV6197 and 10CV04236. On December 28, 2010, another action, case number 32,321, was filed in state court in the Circuit Court for Cocke County, Tennessee. The defendants removed the Tennessee case to federal court and in March 2012 it was transferred to the Northern District of Illinois. The plaintiffs in the various pending actions are companies that purport to have purchased steel products, directly or indirectly, from one or more of the defendants and they claim to file the actions on behalf of all persons and entities who purchased steel products for delivery or pickup in the United States from any of the named defendants at any time from at least as early as January 2005. The complaints allege that the defendant steel producers have conspired in violation of antitrust laws to restrict output and to fix, raise, stabilize and maintain artificially high prices for steel products in the United States. In March 2014, we reached an agreement with the direct purchaser plaintiffs to tentatively settle the claims asserted against us, subject to certain court approvals below. According to that settlement, we agreed to pay $5.8 to the plaintiff class of direct purchasers in exchange for the members of that class to completely release all claims. We continue to believe that the claims made against us lack any merit, but we elected to enter the settlement to avoid the ongoing expense of defending ourselves in this protracted and expensive antitrust litigation. We provided notice of the proposed settlement to members of the settlement class. After several class members received the notice, they elected to opt out of the class settlement. Following a fairness hearing, on October 21, 2014 the Court entered an order and judgment approving the settlement and dismissing all of the direct plaintiffs’ claims against us with prejudice as to the settlement class. In 2014, we recorded a charge for the amount of the tentative settlement with the direct purchaser plaintiff class and paid that amount into an escrow account, which has now been disbursed in accordance with the order that approved the settlement. On March 3, 2017, the Court granted the defendants’ motion to dismiss the indirect plaintiffs’ amended complaint on the grounds that the plaintiffs lacked antitrust standing. On April 4, 2017, the indirect plaintiffs filed a motion for reconsideration and the defendants filed an opposition to that motion. On July 13, 2017, the Court denied the indirect plaintiffs’ motion for reconsideration. On September 15, 2017 the indirect plaintiffs filed a notice of appeal with the Seventh Circuit Court of Appeals. Because we have been unable to determine that a potential loss in this case for the indirect plaintiffs is probable or estimable, we have not recorded an accrual for this matter. If our assumptions used to evaluate a probable or estimable loss for the indirect plaintiffs prove to be incorrect or change, we may be required to record a charge for their claims.

As previously reported, on January 20, 2010, ArcelorMittal France and ArcelorMittal Atlantique et Lorraine (collectively “ArcelorMittal”) filed an action in the United States District Court for the District of Delaware, Case No. 10-050-SLR against us, Dearborn, and Wheeling-Nisshin Inc., whom Dearborn indemnified in this action. By virtue of our responsibility as a successor-in-interest to Dearborn and an indemnitor of Wheeling-Nisshin Inc., we now have complete responsibility for the defense of this action. The three named defendants are collectively referred to hereafter as “we” or “us”, though the precise claims against each separate defendant may vary. The complaint alleges that we are infringing the claims of U.S. Patent No. 6,296,805 (the “Patent”) in making pre-coated cold-rolled boron steel sheet and seeks injunctive relief and unspecified compensatory damages. We filed an answer denying ArcelorMittal’s claims and raised various affirmative defenses. We also filed counterclaims against ArcelorMittal for a declaratory judgment that we are not infringing the Patent and that the Patent is invalid. Subsequently, the trial court separated the issues of liability and damages. The case proceeded with a trial to a jury on the issue of liability during the week of January 15, 2011. The jury returned a verdict that we did not infringe the Patent and that the Patent was invalid. Judgment then was entered in our favor. ArcelorMittal filed an appeal with the United States Court of Appeals for the Federal Circuit. On November 30, 2012, the court of appeals issued a decision reversing certain findings related to claim construction and the validity of the Patent and remanded the case to the trial court for further proceedings. On January 30, 2013, ArcelorMittal filed a motion for rehearing with the court of appeals. On March 20, 2013, the court of appeals denied ArcelorMittal’s motion for rehearing. The case then was remanded to the trial court for further proceedings. On April 16, 2013, according to a petition previously filed by ArcelorMittal and ArcelorMittal USA LLC, the U.S. Patent and Trademark Office (“PTO”) reissued the Patent as U.S. Reissue Patent RE44,153 (the “Reissued Patent”). Also on April 16, 2013, ArcelorMittal filed a second action against us in the United States District Court for the District of Delaware, Case Nos. 1:13-cv-00685 and 1:13-cv-00686 (collectively the “Second Action”). The complaint filed in the Second Action alleges that we are infringing the claims of the Reissued Patent and seeks injunctive relief and unspecified compensatory damages. On April 23, 2013, we filed a motion to dismiss key elements of the complaint filed in the Second Action. In addition, the parties briefed related non-infringement and claims construction issues in the original action. On October 25, 2013, the district court granted summary judgment in our favor, confirming that our product does not infringe the original Patent or the Reissued Patent. The court further ruled that ArcelorMittal’s Reissued Patent was invalid due to ArcelorMittal’s deliberate violation of a statutory prohibition on broadening a patent through reissue more than two years after the original Patent was granted and that the original Patent had been surrendered when the Reissued Patent was issued and thus is no longer in effect. Final Judgment was entered on October 31, 2013. On November 6, 2013, ArcelorMittal filed a motion to clarify or, in the alternative, to alter or amend the October 31, 2013 judgment. We opposed the motion. On December 5, 2013, the court issued a memorandum and order denying the motion and entered final judgment in our favor, and against ArcelorMittal, specifically ruling that all claims of ArcelorMittal’s Reissued Patent are invalid as violative of 35 U.S.C. §251(d). On December 30, 2013, ArcelorMittal filed notices of appeal to the Federal Circuit Court of Appeals. The appeal has been

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fully briefed and the court of appeals held a hearing on November 4, 2014. On May 12, 2015, the Federal Circuit issued its decision affirming in part and reversing in part the trial court’s decision and remanding the case for further proceedings. The Federal Circuit ruled that 23 of the 25 claims of the Reissued Patent were improperly broadened and therefore invalid. However, the Federal Court found that the district court erred in invalidating the remaining two claims and remanded the case for further proceedings before the district court. Following the remand, ArcelorMittal filed a motion in the trial court for leave to amend the Second Action to assert additional patent infringement claims based on another, related patent that the PTO issued on June 10, 2014, No. RE44,940 (Second Reissue Patent). It also filed a motion to dismiss the original action on the grounds that it is now moot in light of the Court of Appeals’ last ruling. We opposed both of those motions. In addition, we filed separate motions for summary judgment in the original action on the grounds of non-infringement and invalidity. A hearing on all motions was held on October 27, 2015. On December 4, 2015, the district court issued an order granting our motion for summary judgment that neither of the remaining claims of the Reissued Patent are infringed and both are invalid as obvious. The court therefore entered final judgment in favor of the defendants in the original case. In the court’s order, the judge also granted ArcelorMittal’s motion to file a first amended complaint and ArcelorMittal did file an amended complaint in Case No. 1:13-cv-00685 (“685 Action”) alleging we are infringing the claims of the Second Reissue Patent, which we deny. On December 21, 2015, ArcelorMittal filed a notice of appeal from the district court’s December 4, 2015 final judgment. On May 16, 2017, the Federal Circuit Court of Appeals affirmed the district court’s judgment of invalidity and non-infringement of the reissued Patent. On June 14, 2017, ArcelorMittal filed a petition to the Federal Circuit for rehearing en banc of the May 16, 2017 decision. On August 14, 2017, the Federal Court of Appeals denied ArcelorMittal’s petition for rehearing en banc. On January 20, 2016, we filed a motion to dismiss the amended complaint in the 685 Action, or in the alternative, a motion to stay pending a resolution of the appeal in the original case. On April 19, 2016, the district court issued an order denying our motion and ordering limited discovery. Following discovery, on August 17, 2016, we filed a motion for summary judgment on the basis that the claims in the 685 Action are precluded by the judgment in the original case. On January 19, 2017, the district court issued an opinion granting summary judgment in our favor in the 685 Action on the grounds of non-infringement and also entered a final judgment on that basis. On February 14, 2017, ArcelorMittal filed a notice of appeal of the district court's order in the Federal Circuit Court of Appeals. The briefing of that appeal is completed and the parties are awaiting oral argument. We intend to continue to contest this matter vigorously. We have not made a determination that a loss is probable and we do not have adequate information to reliably or accurately estimate potential loss if ArcelorMittal prevails in its appeal in this dispute. Because we have been unable to determine that the potential loss in this case is probable or estimable, we have not recorded an accrual for this matter. If our assumptions used to evaluate whether a loss in this matter is either probable or estimable prove to be incorrect or change, we may be required to record a liability for an adverse outcome.

As previously reported, on June 13, 2013, Cliffs Sales Company (“Cliffs”) filed an action in the United States District Court for the Northern District of Ohio, Civil Action No. 1:13 cv 1308, against us pertaining to Dearborn Works. Cliffs claims that we breached a May 21, 2008, Agreement for Sale of Reclaimed Iron Units, as amended (the “Iron Unit Agreement”). Cliffs claims that we breached the Iron Unit Agreement by failing to purchase the required amount of pellets, chips and fines as allegedly required. We filed an answer denying the material allegations of the complaint and asserting several affirmative defenses. In January of 2014, the presiding judge ordered a stay of the proceedings. In January 2018, we and Cliffs signed an agreement under which Cliffs has agreed to voluntarily dismiss this matter with prejudice.

Other Contingencies

In addition to the matters discussed above, there are various pending and potential claims against us and our subsidiaries involving product liability, commercial, employee benefits and other matters arising in the ordinary course of business. Because of the considerable uncertainties which exist for any claim, it is difficult to reliably or accurately estimate what would be the amount of a loss if a claimant prevails. If material assumptions or factual understandings we rely on to evaluate exposure for these contingencies prove to be inaccurate or otherwise change, we may be required to record a liability for an adverse outcome. If, however, we have reasonably evaluated potential future liabilities for all of these contingencies, including those described more specifically above, it is our opinion, unless we otherwise noted, that the ultimate liability from these contingencies, individually and in the aggregate, should not have a material effect on our consolidated financial position, results of operations or cash flows.

NOTE 11 - Stockholders’ Equity

Preferred Stock: There are 25,000,000 shares of preferred stock authorized; no shares are issued or outstanding.

Common Stock: Our common stockholders may receive dividends when and as declared by the Board of Directors out of funds legally available for distribution. The holders have one vote per share in respect of all matters and are not entitled to preemptive rights.

In May 2016, AK Holding issued 59.8 million shares of common stock at $4.40 per share for net proceeds of $249.5 after underwriting discounts and other fees. In November 2016, AK Holding issued an additional 74.8 million shares of common stock at

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$4.90 per share for net proceeds of $351.0 after underwriting discounts and other fees. We used the net proceeds from the sales of common stock to reduce our debt by repaying outstanding borrowings under our Credit Facility and for general corporate purposes.

Dividends: The instruments governing our outstanding senior debt allow dividend payments. However, our Credit Facility restricts dividend payments. Dividends are permitted if no default or event of default exists and (i) availability under the Credit Facility exceeds 20% of the lesser of the Credit Facility commitment or eligible collateral after advance rates or (ii) availability exceeds 15% of the lesser of the Credit Facility commitment or eligible collateral after advance rates and we meet a fixed charge coverage ratio of one to one as of the most recently ended fiscal quarter. At December 31, 2017, availability under the Credit Facility significantly exceeds these amounts. If we cannot meet either of these thresholds, annual dividends would be limited to the greater of $18.0 or 0.5% of consolidated total assets, with additional dividends permitted equal to the greater of $25.0 or 0.7% of consolidated total assets in aggregate over the life of the Credit Facility.

Share Repurchase Program: In October 2008, the Board of Directors authorized us to repurchase, from time to time, up to $150.0 of our outstanding common stock. We have not made any common stock repurchases under this program in the last three years. As of December 31, 2017, we had remaining $125.6 for repurchase under the Board of Directors’ authorization.

NOTE 12 - Share-based Compensation

AK Holding’s Stock Incentive Plan (the “SIP”) permits us to grant nonqualified stock option, restricted stock, performance share and/or restricted stock unit (“RSUs”) awards to our Directors, officers and other employees. Stockholders have approved an aggregate maximum of 28 million shares issuable under the SIP through December 31, 2019, of which approximately 7 million shares are available for future grant as of December 31, 2017.

Share-based compensation expense for the years ended December 31, 2017, 2016 and 2015, is presented below:

Share-based Compensation Expense	2017		2016		2015
Stock options	$	2.1	$	1.0	$	1.7
Restricted stock	2.9		1.6		3.2
Restricted stock units issued to Directors	1.2		1.3		0.9
Performance shares	1.5		1.5		1.9
Pre-tax share-based compensation expense	$	7.7	$	5.4	$	7.7

Stock Options

Stock options have a maximum term of ten years and holders may not exercise them earlier than six months after the grant date or another term the award agreement may specify. Stock options granted to officers and other employees vest and become exercisable in three equal installments on the first, second and third anniversaries of the grant date. The exercise price of each option must equal or exceed the market price of our common stock on the grant date. We have not and do not reprice stock options to lower the exercise price.

We use the Black-Scholes option valuation model to value the nonqualified stock options. We use historical data of stock option exercise behaviors to estimate the expected life that granted options will be outstanding. The risk-free interest rate is based on the Daily Treasury Yield Curve published by the U.S. Treasury on the grant date. The expected volatility is determined by using a blend of historical and implied volatility. We do not expect to pay dividends over the term of the options based on our current dividend policy. We also estimate that option holders will forfeit 5% of the options.

The following weighted-average assumptions are used in the Black-Scholes option pricing model to estimate the fair value of granted options as of the grant date:

	2017	2016	2015
Expected volatility	61.5% – 64.0%	90.3% – 91.5%	67.6% – 75.9%
Weighted-average volatility	62.5%	90.7%	69.4%
Expected term (in years)	3.3 – 6.5	3.3 – 6.7	3.1 – 6.6
Risk-free interest rate	1.6% – 2.2%	1.2% – 1.8%	1.0% – 1.7%
Weighted-average grant-date fair value per share of granted options	$5.33	$1.29	$2.36

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Option activity for the year ended December 31, 2017, is presented below:

Stock Options	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2016	2,775,565		$	8.12
Granted	513,600		9.78
Exercised	(58,999	)	6.38
Forfeited and expired	(235,960	)	17.66
Outstanding at December 31, 2017	2,994,206		7.69		5.6	$	4.8
Exercisable at December 31, 2017	1,796,958		9.00		4.0	2.4
Unvested at December 31, 2017	1,197,248		5.81		7.7	2.4
Unvested at December 31, 2017 expected to vest	1,137,386		5.81		7.7	2.3

The total intrinsic value of stock option awards that holders exercised during the year ended December 31, 2017 and 2016 was $0.2 and $1.4 and the intrinsic value was not material in 2015. Each exercised option’s intrinsic value is the quoted average of the reported high and low sales price on the exercise date. As of December 31, 2017, total unrecognized compensation costs for non-vested stock options were $1.1, which we expect to recognize over a weighted-average period of 1.8 years.

Restricted Stock

Restricted stock awards granted to officers and other employees ordinarily vest ratably on the first, second and third anniversaries of the grant. Non-vested restricted stock awards activity for the year ended December 31, 2017, is presented below:

Restricted Stock Awards	Restricted Shares		Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2016	625,025		$	3.11
Granted	355,600		9.78
Vested/restrictions lapsed	(454,741	)	5.70
Canceled	(7,700	)	5.10
Outstanding at December 31, 2017	518,184		5.38

The weighted-average grant date fair value of restricted stock awards granted during the years ended December 31, 2017, 2016 and 2015, was $9.78, $1.80 and $4.06 per share. The total intrinsic value of restricted stock awards that vested (i.e., restrictions lapsed) during the years ended December 31, 2017, 2016 and 2015, was $4.1, $1.4 and $2.9. As of December 31, 2017, total unrecognized compensation costs for non-vested restricted stock awards granted under the SIP were $1.5, which we expect to recognize over a weighted-average period of 1.2 years.

Restricted Stock Units

Restricted stock units (“RSUs”) represent equity-based compensation granted to Directors. RSU grants vest immediately, but we do not settle them (i.e., issue the underlying shares of stock) until one year after the grant date, unless a Director elects to defer the settlement to six months after their Board service is terminated. They may elect to take settlement in a single distribution or in annual installments up to fifteen years.

Performance Shares

Performance shares are granted to officers and other employees. They earn the awards by meeting performance measures over a three-year period. Though a target number of performance shares are awarded on the grant date, the total number of performance shares issued to the participant when they vest is based on two equally-rated metrics: (i) our share performance compared to a prescribed compounded annual growth rate and (ii) our total share return compared to the VanEck Vectors Steel ETF (Standard & Poor’s MidCap 400 index for grants prior to 2017).

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The following weighted-average assumptions are used in a Monte Carlo simulation model to estimate the fair value of performance shares granted:

	2017			2016			2015
Company expected volatility	68.0		%	60.8		%	56.4		%
VanEck Vectors Steel ETF expected volatility	48.9		%	NA			NA
S&P’s MidCap 400 index expected volatility	NA			27.6		%	27.0		%
Risk-free interest rate	1.5		%	1.1		%	0.9		%
Weighted-average grant-date fair value per performance share granted	$	10.78		$	1.74		$	3.09

Non-vested performance share awards activity for the year ended December 31, 2017, is presented below:

Performance Share Awards	Performance Shares		Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2016	1,017,856		$	2.48
Granted	263,600		10.78
Earned	—		—
Expired or forfeited	(562,788	)	3.10
Outstanding at December 31, 2017	718,668		5.04

The total intrinsic value of performance share awards that were earned during the year ended December 31, 2016, was $4.5. As of December 31, 2017, total unrecognized compensation costs for non-vested performance share awards granted under the SIP were $2.0, which we expect to recognize over a weighted-average period of 1.9 years.

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NOTE 13 - Comprehensive Income (Loss)

Other comprehensive income (loss), net of tax, information is presented below:

	2017			2016			2015
Foreign currency translation
Balance at beginning of period	$	(3.6	)	$	(2.1	)	$	1.0
Other comprehensive income (loss)—foreign currency translation gain (loss)	4.7			(1.5		)	(3.1		)
Balance at end of period	$	1.1		$	(3.6	)	$	(2.1	)
Cash flow hedges
Balance at beginning of period	$	39.9		$	(44.8	)	$	(34.5	)
Other comprehensive income (loss):
Gains (losses) arising in period	(11.5		)	56.1			(64.2		)
Income tax expense (benefit)	—			6.2			(25.2		)
Gains (losses) arising in period, net of tax	(11.5		)	49.9			(39.0		)
Reclassification of losses (gains) to net income (loss) (a)	(6.1		)	39.1			47.7
Income tax (expense) benefit (c)	—			4.3			19.0
Net amount of reclassification of losses (gains) to net income (loss)	(6.1		)	34.8			28.7
Total other comprehensive income (loss), net of tax	(17.6		)	84.7			(10.3		)
Balance at end of period	$	22.3		$	39.9		$	(44.8	)
Unrealized holding gains on securities
Balance at beginning of period	$	—		$	—		$	0.4
Reclassification of gains (losses) to net income (loss)—income tax benefit (c)	—			—			0.4
Total other comprehensive income (loss), net of tax	—			—			(0.4		)
Balance at end of period	$	—		$	—		$	—
Pension and OPEB plans
Balance at beginning of period	$	(125.0	)	$	(166.4	)	$	(188.9	)
Other comprehensive income (loss):
Prior service credit (cost) arising in period	4.7			(8.3		)	(7.7		)
Gains (losses) arising in period	94.2			11.6			(60.8		)
Subtotal	98.9			3.3			(68.5		)
Income tax expense (benefit) (c)	—			0.4			(26.0		)
Gains (losses) arising in period, net of tax	98.9			2.9			(42.5		)
Reclassification to net income (loss):
Prior service costs (credits) (b)	(53.8		)	(54.8		)	(60.2		)
Actuarial (gains) losses (b)	6.3			97.9			165.0
Subtotal	(47.5		)	43.1			104.8
Income tax (expense) benefit (c)	—			4.6			39.8
Amount of reclassification to net income (loss), net of tax	(47.5		)	38.5			65.0
Total other comprehensive income (loss), net of tax	51.4			41.4			22.5
Balance at end of period	$	(73.6	)	$	(125.0	)	$	(166.4	)

(a) Included in cost of products sold

(b) Included in pension and OPEB expense (income)

(c) Included in income tax expense (benefit)

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NOTE 14 - Earnings per Share

Reconciliation of the numerators and denominators for basic and diluted EPS computations is presented below:

	2017		2016			2015
Net income (loss) attributable to AK Steel Holding Corporation	$	103.5	$	(16.8	)	$	(652.3	)
Less: distributed earnings to common stockholders and holders of certain stock compensation awards	—		—			—
Undistributed earnings (loss)	$	103.5	$	(16.8	)	$	(652.3	)
Common stockholders earnings—basic and diluted:
Distributed earnings to common stockholders	$	—	$	—		$	—
Undistributed earnings (loss) to common stockholders	103.5		(16.7		)	(650.1		)
Common stockholders earnings (loss)—basic and diluted	$	103.5	$	(16.7	)	$	(650.1	)
Common shares outstanding (weighted-average shares in millions):
Common shares outstanding for basic earnings per share	314.3		230.0			177.2
Effect of Exchangeable Notes	4.5		—			—
Effect of dilutive stock-based compensation	0.9		—			—
Common shares outstanding for diluted earnings per share	319.7		230.0			177.2
Basic earnings per share:
Distributed earnings	$	—	$	—		$	—
Undistributed earnings (loss)	0.33		(0.07		)	(3.67		)
Basic earnings (loss) per share	$	0.33	$	(0.07	)	$	(3.67	)
Diluted earnings per share:
Distributed earnings	$	—	$	—		$	—
Undistributed earnings (loss)	0.32		(0.07		)	(3.67		)
Diluted earnings (loss) per share	$	0.32	$	(0.07	)	$	(3.67	)
Potentially issuable common shares (in millions) excluded from earnings per share calculation due to anti-dilutive effect	1.4		3.0			3.6

NOTE 15 - Variable Interest Entities

SunCoke Middletown

We purchase all the coke and electrical power generated from SunCoke Middletown’s plant under long-term supply agreements. SunCoke Middletown is a variable interest entity because we have committed to purchase all the expected production from the facility through at least 2031 and we are the primary beneficiary. Therefore, we consolidate SunCoke Middletown’s financial results with our financial results, even though we have no ownership interest in SunCoke Middletown. SunCoke Middletown had income before income taxes of $61.7, $66.0 and $62.6 for the years ended December 31, 2017, 2016 and 2015 that was included in our consolidated income (loss) before income taxes.

Vicksmetal/Armco Associates

We own a 50% interest in Vicksmetal/Armco Associates (“VAA”), a joint venture with Vicksmetal Company, which is owned by Sumitomo Corporation. VAA slits electrical steel primarily for AK Steel, though also for third parties. VAA is a variable interest entity and we are the primary beneficiary. Therefore, we consolidate VAA’s financial results with our financial results.

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NOTE 16 - Fair Value Measurements

We measure certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we use various valuation approaches. The hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Below is a summary of the hierarchy levels:

• Level 1 inputs are quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.

• Level 2 inputs are inputs, other than quoted prices, that are directly or indirectly observable for the asset or liability. Level 2 inputs include model-generated values that rely on inputs either directly observed or readily-derived from available market data sources, such as Bloomberg or other news and data vendors. They include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic factors. As a practical expedient, we estimate the value of money market mutual funds by using a $1.00 per share multiplied by the number of shares in the fund as of the measurement date. We generate fair values for our commodity derivative contracts and foreign currency forward contracts from observable futures prices for the respective commodity or currency, from sources such as the New York Mercantile Exchange (NYMEX) or the London Metal Exchange (LME). In cases where the derivative is an option contract (including caps, floors and collars), we adjust our valuations to reflect the counterparty’s valuation assumptions. After validating that the counterparty’s assumptions for implied volatilities reflect independent source’s assumptions, we discount these model-generated future values with discount factors that reflect the counterparty’s credit quality. We apply different discount rates to different contracts since the maturities and counterparties differ. As of December 31, 2017, a spread over benchmark rates of less than 1.8% was used for derivatives valued as assets and less than 2.6% for derivatives valued as liabilities. We have estimated the fair value of long-term debt based upon quoted market prices for the same or similar issues or on the current interest rates available to us for debt on similar terms and with similar maturities.

• Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. This level of categorization is not applicable to our valuations on a normal recurring basis.

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Assets and liabilities measured at fair value on a recurring basis are presented below:

	2017								2016
	Level 1		Level 2			Total			Level 1		Level 2			Total
Assets measured at fair value
Cash and cash equivalents (a)	$	38.0	$	—		$	38.0		$	48.2	$	125.0		$	173.2
Other current assets:
Foreign exchange contracts	—		0.2			0.2			—		0.1			0.1
Commodity hedge contracts	—		35.2			35.2			—		47.0			47.0
Other non-current assets:
Foreign exchange contracts	—		1.7			1.7			—		—			—
Commodity hedge contracts	—		10.6			10.6			—		15.3			15.3
Assets measured at fair value	$	38.0	$	47.7		$	85.7		$	48.2	$	187.4		$	235.6
Liabilities measured at fair value
Accrued liabilities:
Foreign exchange contracts	$	—	$	(0.3	)	$	(0.3	)	$	—	$	—		$	—
Commodity hedge contracts	—		(4.9		)	(4.9		)	—		(1.8		)	(1.8		)
Other non-current liabilities—commodity hedge contracts	—		(0.5		)	(0.5		)	—		(0.6		)	(0.6		)
Liabilities measured at fair value	$	—	$	(5.7	)	$	(5.7	)	$	—	$	(2.4	)	$	(2.4	)
Liabilities measured at other than fair value
Long-term debt, including current portions:
Fair value	$	—	$	(2,273.4	)	$	(2,273.4	)	$	—	$	(2,123.2	)	$	(2,123.2	)
Carrying amount	—		(2,110.1		)	(2,110.1		)	—		(1,816.6		)	(1,816.6		)

(a) Level 2 assets include money market mutual funds invested in U.S. Treasury obligations.

See Note 7 for information on the fair value of pension plan assets. The carrying amounts of our other financial instruments do not differ materially from their estimated fair values at December 31, 2017 and 2016.

NOTE 17 - Derivative Instruments and Hedging Activities

Exchange rate fluctuations affect a portion of revenues and operating costs that are denominated in foreign currencies, and we use forward currency and currency option contracts to reduce our exposure to certain of these currency price fluctuations. Contracts that sell euros have not been designated as hedges for accounting purposes and gains or losses are reported in earnings immediately in other income (expense). Contracts that purchase Canadian dollars are designated as hedges for accounting purposes, which requires us to record the effective gains and losses for the derivatives in accumulated other comprehensive income (loss) and reclassify them into cost of products sold in the same period we recognize the associated underlying operating costs. We recognize gains and losses on these designated derivatives immediately in cost of products sold if we calculate hedge ineffectiveness.

We are exposed to fluctuations in market prices of raw materials and energy sources. We may use cash-settled commodity price swaps and options (including collars) to hedge the market risk associated with the purchase of certain of our raw materials and energy requirements. For input commodities, these derivatives are typically used for a portion of our electricity, iron ore, natural gas, nickel and zinc requirements. Our hedging strategy is to reduce the effect on earnings from the price volatility of these various commodity exposures. Independent of any hedging activities, price changes in any of these commodity markets could negatively affect operating costs.

All commodity derivatives are recognized as an asset or liability at fair value. We record the effective gains and losses for commodity derivatives designated as cash flow hedges of forecasted purchases of raw materials and energy sources in accumulated other comprehensive income (loss) and reclassify them into cost of products sold in the same period we recognize earnings for the associated underlying transaction. We recognize gains and losses on these designated derivatives immediately in cost of products sold for calculated hedge ineffectiveness and for components excluded from the assessment of effectiveness. We record all gains or losses from commodity derivatives for which hedge accounting treatment has not been elected to earnings immediately in cost of products sold.

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We have no collateral deposited with counterparties under collateral funding arrangements as of December 31, 2017.

Outstanding commodity price swaps and options and forward foreign exchange and currency option contracts as of December 31, 2017 and 2016, are presented below:

Hedge Contracts	2017		2016
Commodity contracts:
Nickel (in lbs)	500,000		—
Natural gas (in MMBTUs)	41,338,000		43,865,000
Zinc (in lbs)	50,350,000		58,750,000
Iron ore (in metric tons)	2,340,000		2,555,000
Electricity (in MWHs)	1,553,000		1,578,821
Foreign exchange contracts:
Euros	€	26,000,000	€	5,000,000
Canadian dollars	C$	148,080,000	C$	—

The fair value of derivative instruments as of December 31, 2017 and 2016, is presented below:

Asset (liability)	2017			2016
Derivatives designated as hedging instruments:
Other current assets:
Foreign exchange contracts	$	0.2		$	—
Commodity contracts	9.0			18.5
Other non-current assets:
Foreign exchange contracts	1.7			—
Commodity contracts	2.3			5.2
Other current liabilities:
Foreign exchange contracts	(0.2		)	—
Commodity contracts	(4.6		)	(1.8		)
Other non-current liabilities—commodity contracts	(0.5		)	(0.1		)
Derivatives not designated as hedging instruments:
Other current assets:
Foreign exchange contracts	—			0.1
Commodity contracts	26.2			28.5
Other non-current assets—commodity contracts	8.3			10.1
Accrued liabilities:
Foreign exchange contracts	(0.1		)	—
Commodity contracts	(0.3		)	—
Other non-current liabilities—commodity contracts	—			(0.5		)

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Gains (losses) on derivative instruments for the years ended December 31, 2017, 2016 and 2015, are presented below:

Gain (loss)	2017			2016			2015
Derivatives designated as cash flow hedges—
Commodity contracts:
Reclassified from accumulated other comprehensive income into cost of products sold (effective portion)	$	6.1		$	(39.1	)	$	(47.7	)
Recorded in cost of products sold (ineffective portion and amount excluded from effectiveness testing)	0.7			(13.3		)	(23.6		)
Derivatives not designated as hedging instruments:
Foreign exchange contracts—recognized in other income (expense)	(1.6		)	(0.9		)	(0.1		)
Commodity contracts:
Recognized in net sales	—			—			2.2
Recognized in cost of products sold	31.6			38.6			(2.0		)

The termination of the pellet offtake agreement with Magnetation and entry into the Settlement Agreement affects the accounting treatment of our iron ore derivative contracts. We previously designated certain derivative contracts as cash flow hedges on a portion of the Magnetation iron ore purchases. As a result of the entry into the Settlement Agreement, we discontinued designating those derivatives contracts as hedging instruments, which increases the volatility of our results of operations. This volatility does not affect the ultimate gains or losses on the derivative contracts we will recognize in the financial statements, but only the timing of recognition. Derivative contracts not designated as hedging instruments require us to immediately recognize changes in the fair value of the derivative contracts in cost of products sold in the table above when the change in fair value occurs, instead of when we recognize costs for the underlying purchases of iron ore.

Gains (losses) before tax expected to be reclassified into cost of products sold within the next twelve months for our existing commodity contracts that qualify for hedge accounting, as well as the period over which we are hedging our exposure to the volatility in future cash flows, are presented below:

Hedge	Settlement Dates	Gains (losses)
Natural gas	January 2018 to December 2019	$	(0.2	)
Electricity	January 2018 to December 2019	1.1
Zinc	January 2018 to December 2019	11.3
Canadian dollars	January 2018 to December 2020	(0.8		)

NOTE 18 - Supplementary Cash Flow Information

Net cash paid (received) during the period for interest, net of capitalized interest, and income taxes are presented below:

	2017		2016			2015
Net cash paid (received) during the period for:
Interest, net of capitalized interest	$	130.5	$	137.1		$	161.3
Income taxes	0.1		(2.6		)	0.7

Included in net cash flows from operations was cash provided by SunCoke Middletown of $77.1, $83.3 and $87.4 for the years ended December 31, 2017, 2016 and 2015. Consolidated cash and cash equivalents at December 31, 2017, and 2016, include SunCoke Middletown’s cash and cash equivalents of $0.1 and $5.0. SunCoke Middletown’s cash and cash equivalents have no compensating balance arrangements or legal restrictions, but is not available for our use.

We had capital investments during the years ended December 31, 2017, 2016 and 2015, that had not been paid as of the end of the respective period. These amounts are included in accounts payable and accrued liabilities and have been excluded from the consolidated statements of cash flows until paid. We included our new leased Research and Innovation Center in property, plant and equipment and as a capital lease obligation in the consolidated balance sheets during its construction, which was completed in early 2017 and represented a non-cash transaction for us. In October 2017, we acquired the Research and Innovation Center capital lease with cash from our Credit Facility, effectively settling the obligation. We also granted restricted stock to certain employees and

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restricted stock units to directors under the SIP. Non-cash investing and financing activities for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017		2016		2015
Capital investments	$	37.3	$	33.2	$	34.4
Research and Innovation Center capital lease	1.1		25.2		—
Issuance of restricted stock and restricted stock units	4.6		2.3		4.1

NOTE 19 - Quarterly Information (Unaudited)

Earnings per share for each quarter and the year are calculated individually and may not sum to the total for the year.

	2017
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter			Year
Net sales	$	1,533.4		$	1,557.2	$	1,494.3	$	1,495.6		$	6,080.5
Operating profit (loss)	129.7			116.5		66.3		(52.3		)	260.2
Net income (loss) attributable to AK Holding	84.4			77.2		22.3		(80.4		)	103.5
Basic earnings (loss) per share	$	0.27		$	0.25	$	0.07	$	(0.26	)	$	0.33
Diluted earnings (loss) per share	0.26			0.24		0.07		(0.26		)	0.32
	2016
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter			Year
Net sales	$	1,518.8		$	1,492.2	$	1,452.9	$	1,418.6		$	5,882.5
Operating profit (loss)	16.7			69.0		89.6		42.3			217.6
Net income (loss) attributable to AK Holding	(25.7		)	27.8		27.8		(46.7		)	(16.8		)
Basic and diluted earnings (loss) per share	$	(0.14	)	$	0.13	$	0.12	$	(0.16	)	$	(0.07	)

Included in net income attributable to AK Holding in the fourth quarter and full year of 2017 were a credit of $19.3 to reduce a transportation liability, a non-cash charge of $75.6 to impair Ashland Works Hot End property, plant and equipment and a $4.3 non-cash credit for income taxes due to the reduced value of deferred tax liabilities associated with new U.S. tax legislation.

Included in net income attributable to AK Holding in the fourth quarter and full year of 2016 were charges for the termination of a pellet offtake agreement with Magnetation and related transportation costs of $69.5, a pension corridor charge of $78.4, an OPEB corridor credit of $35.3 and pension settlement charges of $25.0.

NOTE 20 - Supplementary Guarantor Information

AK Steel’s Secured Notes, 2021 Notes, 2025 Notes and 2027 Notes (collectively, the “Senior Notes”) and the Exchangeable Notes are governed by indentures entered into by AK Holding and its 100%-owned subsidiary, AK Steel. Under the terms of the indentures, AK Holding and the Subsidiary Guarantors each fully and unconditionally, jointly and severally, guarantee the payment of interest, principal and premium, if any, on each of the notes included in the Senior Notes. Under the terms of the indenture for the Exchangeable Notes, AK Holding fully and unconditionally, jointly and severally, guarantees the payment of interest, principal and premium, if any, on the notes. AK Holding is the sole guarantor of the Exchangeable Notes.

We present all investments in subsidiaries in the supplementary guarantor information using the equity method of accounting. Therefore, the net income (loss) of the subsidiaries accounted for using the equity method is in their parents’ investment accounts. The principal elimination entries eliminate investments in subsidiaries and inter-company balances and transactions. The following supplementary condensed consolidating financial statements present information about AK Holding, AK Steel, the Subsidiary Guarantors and the other non-guarantor subsidiaries.

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Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2017
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes		Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net sales	$	—		$	5,755.1		$	285.9	$	496.3		$	(456.8	)	$	6,080.5
Cost of products sold (exclusive of items shown separately below)	—			5,082.0			197.7		387.2			(413.8		)	5,253.1
Selling and administrative expenses (exclusive of items shown separately below)	3.7			285.5			13.5		26.9			(44.7		)	284.9
Depreciation	—			189.3			7.5		29.2			—			226.0
Charge (credit) for termination of pellet agreement and related transportation costs	—			(19.3		)	—		—			—			(19.3		)
Asset impairment charge	—			75.6			—		—			—			75.6
Total operating costs	3.7			5,613.1			218.7		443.3			(458.5		)	5,820.3
Operating profit (loss)	(3.7		)	142.0			67.2		53.0			1.7			260.2
Pension and OPEB expense (income)	—			(71.9		)	—		—			—			(71.9		)
Interest expense	—			150.3			—		2.0			—			152.3
Other income (expense)	—			(30.1		)	11.4		5.4			(3.8		)	(17.1		)
Income (loss) before income taxes	(3.7		)	33.5			78.6		56.4			(2.1		)	162.7
Income tax expense (benefit)	—			(29.4		)	29.9		(1.8		)	(0.9		)	(2.2		)
Equity in net income (loss) of subsidiaries	107.2			44.3			—		—			(151.5		)	—
Net income (loss)	103.5			107.2			48.7		58.2			(152.7		)	164.9
Less: Net income attributable to noncontrolling interests	—			—			—		61.4			—			61.4
Net income (loss) attributable to AK Steel Holding Corporation	103.5			107.2			48.7		(3.2		)	(152.7		)	103.5
Other comprehensive income (loss)	38.5			38.5			—		4.7			(43.2		)	38.5
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$	142.0		$	145.7		$	48.7	$	1.5		$	(195.9	)	$	142.0

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Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2016
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes		Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net sales	$	—		$	5,681.0		$	250.9	$	411.5		$	(460.9	)	$	5,882.5
Cost of products sold (exclusive of items shown separately below)	—			5,044.8			171.7		299.4			(416.2		)	5,099.7
Selling and administrative expenses (exclusive of items shown separately below)	4.4			282.7			12.7		22.6			(43.3		)	279.1
Depreciation	—			187.8			7.0		21.8			—			216.6
Charge (credit) for termination of pellet agreement and related transportation costs	—			69.5			—		—			—			69.5
Total operating costs	4.4			5,584.8			191.4		343.8			(459.5		)	5,664.9
Operating profit (loss)	(4.4		)	96.2			59.5		67.7			(1.4		)	217.6
Interest expense	—			162.3			—		1.6			—			163.9
Pension and OPEB expense (income)	—			16.5			—		—			—			16.5
Other income (expense)	—			(16.4		)	8.1		8.6			(5.2		)	(4.9		)
Income (loss) before income taxes	(4.4		)	(99.0		)	67.6		74.7			(6.6		)	32.3
Income tax expense (benefit)	—			(43.7		)	25.7		3.6			(2.5		)	(16.9		)
Equity in net income (loss) of subsidiaries	(12.4		)	42.9			—		(0.7		)	(29.8		)	—
Net income (loss)	(16.8		)	(12.4		)	41.9		70.4			(33.9		)	49.2
Less: Net income attributable to noncontrolling interests	—			—			—		66.0			—			66.0
Net income (loss) attributable to AK Steel Holding Corporation	(16.8		)	(12.4		)	41.9		4.4			(33.9		)	(16.8		)
Other comprehensive income (loss)	124.6			124.6			—		(1.5		)	(123.1		)	124.6
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$	107.8		$	112.2		$	41.9	$	2.9		$	(157.0	)	$	107.8

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Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2015
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes		Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net sales	$	—		$	6,498.2		$	256.2	$	533.0		$	(594.5	)	$	6,692.9
Cost of products sold (exclusive of items shown separately below)	—			6,205.7			166.2		425.1			(543.7		)	6,253.3
Selling and administrative expenses (exclusive of items shown separately below)	4.9			271.4			13.1		22.6			(49.1		)	262.9
Depreciation	—			187.7			7.4		20.9			—			216.0
Charge for facility idling	—			28.1			—		—			—			28.1
Total operating costs	4.9			6,692.9			186.7		468.6			(592.8		)	6,760.3
Operating profit (loss)	(4.9		)	(194.7		)	69.5		64.4			(1.7		)	(67.4		)
Interest expense	—			171.0			—		2.0			—			173.0
Pension and OPEB expense (income)	—			58.9			—		—			—			58.9
Impairment of Magnetation investment	—			—			—		(256.3		)	—			(256.3		)
Impairment of AFSG investment	—			—			—		(41.6		)	—			(41.6		)
Other income (expense)	—			6.4			6.6		(11.6		)	—			1.4
Income (loss) before income taxes	(4.9		)	(418.2		)	76.1		(247.1		)	(1.7		)	(595.8		)
Income tax expense (benefit)	—			(29.9		)	28.9		(4.6		)	(0.7		)	(6.3		)
Equity in net income (loss) of subsidiaries	(647.4		)	(259.1		)	—		0.6			905.9			—
Net income (loss)	(652.3		)	(647.4		)	47.2		(241.9		)	904.9			(589.5		)
Less: Net income attributable to noncontrolling interests	—			—			—		62.8			—			62.8
Net income (loss) attributable to AK Steel Holding Corporation	(652.3		)	(647.4		)	47.2		(304.7		)	904.9			(652.3		)
Other comprehensive income (loss)	8.7			8.7			—		(3.1		)	(5.6		)	8.7
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$	(643.6	)	$	(638.7	)	$	47.2	$	(307.8	)	$	899.3		$	(643.6	)

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Condensed Balance Sheets
December 31, 2017
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	14.5		$	7.2		$	16.3		$	—		$	38.0
Accounts receivable, net	—			432.4			33.2			65.4			(13.2		)	517.8
Inventory, net	—			1,231.5			55.1			108.3			(9.9		)	1,385.0
Other current assets	—			124.7			0.2			5.4			—			130.3
Total current assets	—			1,803.1			95.7			195.4			(23.1		)	2,071.1
Property, plant and equipment	—			6,004.0			181.5			646.3			—			6,831.8
Accumulated depreciation	—			(4,620.8		)	(94.8		)	(130.0		)	—			(4,845.6		)
Property, plant and equipment, net	—			1,383.2			86.7			516.3			—			1,986.2
Other non-current assets:
Investment in subsidiaries	(3,127.4		)	1,844.9			—			67.5			1,215.0			—
Inter-company accounts	3,082.8			—			1,523.1			—			(4,605.9		)	—
Goodwill and intangible assets	—			—			32.8			273.9			—			306.7
Other non-current assets	—			66.3			0.2			44.3			—			110.8
TOTAL ASSETS	$	(44.6	)	$	5,097.5		$	1,738.5		$	1,097.4		$	(3,414.0	)	$	4,474.8
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	—		$	623.3		$	17.9		$	50.9		$	(1.7	)	$	690.4
Accrued liabilities	—			228.2			7.8			34.5			—			270.5
Current portion of pension and other postretirement benefit obligations	—			39.7			—			0.4			—			40.1
Total current liabilities	—			891.2			25.7			85.8			(1.7		)	1,001.0
Non-current liabilities:
Long-term debt	—			2,110.1			—			—			—			2,110.1
Pension and other postretirement benefit obligations	—			890.8			—			3.4			—			894.2
Inter-company accounts	—			4,199.6			—			489.1			(4,688.7		)	—
Other non-current liabilities	—			133.2			1.0			34.7			—			168.9
TOTAL LIABILITIES	—			8,224.9			26.7			613.0			(4,690.4		)	4,174.2
Equity (deficit):
Total stockholders’ equity (deficit)	(44.6		)	(3,127.4		)	1,711.8			139.2			1,276.4			(44.6		)
Noncontrolling interests	—			—			—			345.2			—			345.2
TOTAL EQUITY (DEFICIT)	(44.6		)	(3,127.4		)	1,711.8			484.4			1,276.4			300.6
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	(44.6	)	$	5,097.5		$	1,738.5		$	1,097.4		$	(3,414.0	)	$	4,474.8

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Condensed Balance Sheets
December 31, 2016
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	147.9		$	4.4		$	20.9		$	—		$	173.2
Accounts receivable, net	—			400.4			30.3			19.6			(8.3		)	442.0
Inventory, net	—			1,158.4			43.7			42.0			(11.5		)	1,232.6
Other current assets	—			91.5			0.2			2.9			—			94.6
Total current assets	—			1,798.2			78.6			85.4			(19.8		)	1,942.4
Property, plant and equipment	—			5,857.9			175.9			535.2			—			6,569.0
Accumulated depreciation	—			(4,365.8		)	(87.2		)	(101.6		)	—			(4,554.6		)
Property, plant and equipment, net	—			1,492.1			88.7			433.6			—			2,014.4
Other non-current assets:
Investment in subsidiaries	(3,164.7		)	1,402.9			—			67.5			1,694.3			—
Inter-company accounts	2,951.6			—			1,462.3			—			(4,413.9		)	—
Goodwill and intangible assets	—			—			32.8			—			—			32.8
Other non-current assets	—			73.0			0.2			38.9			—			112.1
TOTAL ASSETS	$	(213.1	)	$	4,766.2		$	1,662.6		$	625.4		$	(2,739.4	)	$	4,101.7
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	—		$	557.7		$	16.7		$	15.0		$	0.5		$	589.9
Accrued liabilities	—			213.7			7.0			13.4			—			234.1
Current portion of pension and other postretirement benefit obligations	—			41.0			—			0.3			—			41.3
Total current liabilities	—			812.4			23.7			28.7			0.5			865.3
Non-current liabilities:
Long-term debt	—			1,816.6			—			—			—			1,816.6
Pension and other postretirement benefit obligations	—			1,090.4			—			3.3			—			1,093.7
Inter-company accounts	—			4,036.9			—			458.4			(4,495.3		)	—
Other non-current liabilities	—			153.3			1.6			0.1			—			155.0
TOTAL LIABILITIES	—			7,909.6			25.3			490.5			(4,494.8		)	3,930.6
EXCHANGEABLE NOTES EXCHANGE FEATURE	—			21.3			—			—			—			21.3
Equity (deficit):
Total stockholders’ equity (deficit)	(213.1		)	(3,164.7		)	1,637.3			(228.0		)	1,755.4			(213.1		)
Noncontrolling interests	—			—			—			362.9			—			362.9
TOTAL EQUITY (DEFICIT)	(213.1		)	(3,164.7		)	1,637.3			134.9			1,755.4			149.8
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	(213.1	)	$	4,766.2		$	1,662.6		$	625.4		$	(2,739.4	)	$	4,101.7

-52-

Condensed Statements of Cash Flows
Year Ended December 31, 2017
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net cash flows from operating activities	$	(2.5	)	$	67.3		$	73.3		$	61.7		$	(1.0	)	$	198.8
Cash flows from investing activities:
Capital investments	—			(131.8		)	(5.6		)	(15.1		)	—			(152.5		)
Investment in acquired business, net of cash acquired	—			(360.4		)	—			—			—			(360.4		)
Other investing items, net	—			4.0			—			0.2			—			4.2
Net cash flows from investing activities	—			(488.2		)	(5.6		)	(14.9		)	—			(508.7		)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	—			450.0			—			—			—			450.0
Proceeds from issuance of long-term debt	—			680.0			—			—			—			680.0
Redemption of long-term debt	—			(848.4		)	—			—			—			(848.4		)
Debt issuance costs	—			(25.3		)	—			—			—			(25.3		)
Inter-company activity	5.0			31.2			(64.9		)	27.7			1.0			—
SunCoke Middletown distributions to noncontrolling interest owners	—			—			—			(79.1		)	—			(79.1		)
Other financing items, net	(2.5		)	—			—			—			—			(2.5		)
Net cash flows from financing activities	2.5			287.5			(64.9		)	(51.4		)	1.0			174.7
Net increase (decrease) in cash and cash equivalents	—			(133.4		)	2.8			(4.6		)	—			(135.2		)
Cash and equivalents, beginning of year	—			147.9			4.4			20.9			—			173.2
Cash and equivalents, end of year	$	—		$	14.5		$	7.2		$	16.3		$	—		$	38.0

Condensed Statements of Cash Flows
Year Ended December 31, 2016
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net cash flows from operating activities	$	(3.1	)	$	186.5		$	44.3		$	92.2		$	(15.3	)	$	304.6
Cash flows from investing activities:
Capital investments	—			(116.0		)	(8.8		)	(2.8		)	—			(127.6		)
Other investing items, net	—			3.0			—			(0.7		)	—			2.3
Net cash flows from investing activities	—			(113.0		)	(8.8		)	(3.5		)	—			(125.3		)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	—			(550.0		)	—			—			—			(550.0		)
Proceeds from issuance of long-term debt	—			380.0			—			—			—			380.0
Redemption of long-term debt	—			(392.8		)	—			—			—			(392.8		)
Proceeds from issuance of common stock	600.4			—			—			—			—			600.4
Debt issuance costs	—			(20.4		)	—			—			—			(20.4		)
Inter-company activity	(602.4		)	630.5			(36.8		)	(6.6		)	15.3			—
SunCoke Middletown distributions to noncontrolling interest owners	—			—			—			(85.1		)	—			(85.1		)
Other financing items, net	5.1			0.1			—			—			—			5.2
Net cash flows from financing activities	3.1			47.4			(36.8		)	(91.7		)	15.3			(62.7		)
Net increase (decrease) in cash and cash equivalents	—			120.9			(1.3		)	(3.0		)	—			116.6
Cash and equivalents, beginning of year	—			27.0			5.7			23.9			—			56.6
Cash and equivalents, end of year	$	—		$	147.9		$	4.4		$	20.9		$	—		$	173.2

-53-

Condensed Statements of Cash Flows
Year Ended December 31, 2015
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net cash flows from operating activities	$	(3.7	)	$	49.0		$	50.6		$	108.1		$	(3.7	)	$	200.3
Cash flows from investing activities:
Capital investments	—			(85.0		)	(9.0		)	(5.0		)	—			(99.0		)
Proceeds from sale of equity investee	—			25.0			—			—			—			25.0
Proceeds from AFSG Holdings, Inc. distribution	—			—			—			14.0			—			14.0
Other investing items, net	—			12.5			—			—			—			12.5
Net cash flows from investing activities	—			(47.5		)	(9.0		)	9.0			—			(47.5		)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	—			(55.0		)	—			—			—			(55.0		)
Redemption of long-term debt	—			(14.1		)	—			—			—			(14.1		)
Inter-company activity	4.7			66.1			(40.4		)	(34.1		)	3.7			—
SunCoke Middletown distributions to noncontrolling interest owners	—			—			—			(96.3		)	—			(96.3		)
Other financing items, net	(1.0		)	—			—			—			—			(1.0		)
Net cash flows from financing activities	3.7			(3.0		)	(40.4		)	(130.4		)	3.7			(166.4		)
Net increase (decrease) in cash and cash equivalents	—			(1.5		)	1.2			(13.3		)	—			(13.6		)
Cash and equivalents, beginning of year	—			28.5			4.5			37.2			—			70.2
Cash and equivalents, end of year	$	—		$	27.0		$	5.7		$	23.9		$	—		$	56.6

-54-

EX-99.6

Exhibit 99.6

Selected Quarterly Information (Unaudited)

In the first quarter of 2018, we changed our accounting method for valuing our inventories to the average cost method from the last-in, first-out (LIFO) method for those inventories using the LIFO method. The effects of the change in accounting principle from LIFO to average cost have been retrospectively applied to all periods presented. As a result of the retrospective application of the change in accounting principle, certain financial statement line items in our condensed consolidated statements of operations for the 2016 and 2017 quarterly periods were adjusted as follows:

	Quarter Ended
(dollars in millions, except per share)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
Condensed consolidated statement of operations as originally reported:
Cost of products sold (a)	$	1,367.0		$	1,326.5		$	1,195.5		$	1,181.6		$	1,312.2		$	1,345.1		$	1,348.4		$	1,359.5
Income tax expense (benefit)	0.1			(10.6		)	14.6			(0.9		)	(13.4		)	(8.7		)	(18.8		)	23.9
Net income (loss)	4.4			33.9			68.9			(49.0		)	78.7			76.4			11.3			(98.8		)
Net income (loss) attributable to AK Steel Holding Corporation	(13.6		)	17.3			50.9			(62.4		)	62.5			61.2			(5.8		)	(111.7		)
Adjusted EBITDA (a)	81.1			99.3			156.6			164.9			142.9			142.0			69.2			62.3
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	(0.08	)	$	0.08		$	0.21		$	(0.22	)	$	0.20		$	0.19		$	(0.02	)	$	(0.36	)
Diluted	(0.08		)	0.08			0.21			(0.22		)	0.19			0.19			(0.02		)	(0.36		)
Effect of change:
Cost of products sold (a)	$	17.5		$	(20.2	)	$	33.5		$	(1.7	)	$	(35.3	)	$	(25.1	)	$	(46.6	)	$	(5.1	)
Income tax expense (benefit)	(5.4		)	9.7			(10.4		)	(14.0		)	13.4			9.1			18.5			(26.2		)
Net income (loss)	(12.1		)	10.5			(23.1		)	15.7			21.9			16.0			28.1			31.3
Net income (loss) attributable to AK Steel Holding Corporation	(12.1		)	10.5			(23.1		)	15.7			21.9			16.0			28.1			31.3
Adjusted EBITDA	(17.5		)	20.2			(33.5		)	1.7			35.3			25.1			46.6			5.1
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	(0.06	)	$	0.05		$	(0.09	)	$	0.06		$	0.07		$	0.06		$	0.09		$	0.10
Diluted	(0.06		)	0.05			(0.09		)	0.06			0.07			0.05			0.09			0.10
Condensed consolidated statement of operations as adjusted:
Cost of products sold (a)	$	1,384.5		$	1,306.3		$	1,229.0		$	1,179.9		$	1,276.9		$	1,320.0		$	1,301.8		$	1,354.4
Income tax expense (benefit)	(5.3		)	(0.9		)	4.2			(14.9		)	—			0.4			(0.3		)	(2.3		)
Net income (loss)	(7.7		)	44.4			45.8			(33.3		)	100.6			92.4			39.4			(67.5		)
Net income (loss) attributable to AK Steel Holding Corporation	(25.7		)	27.8			27.8			(46.7		)	84.4			77.2			22.3			(80.4		)
Adjusted EBITDA (a)	63.6			119.5			123.1			166.6			178.2			167.1			115.8			67.4
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	(0.14	)	$	0.13		$	0.12		$	(0.16	)	$	0.27		$	0.25		$	0.07		$	(0.26	)
Diluted	(0.14		)	0.13			0.12			(0.16		)	0.26			0.24			0.07			(0.26		)

(a) Cost of products sold as originally reported reflects the change in presentation of pension and OPEB (income) expense from the adoption of ASU 2017-07.

(b) We have reported adjusted EBITDA and adjusted EBITDA margin that exclude the effects of noncontrolling interests, pension and OPEB net corridor and settlement charges, charges (credit) for the termination of an iron ore pellet offtake agreement and related transportation costs, impairment charges for our investments in Magnetation and AFSG, charges for temporarily idling facilities, and an asset impairment charge.

EBITDA is an acronym for earnings before interest, taxes, depreciation and amortization. It is a metric that is sometimes used to compare the results of different companies by removing the effects of different factors that might otherwise make comparisons inaccurate or inappropriate. For purposes of this report, we have made adjustments to EBITDA to also exclude the effect of noncontrolling interests, pension and OPEB net corridor and settlement charges, charges (credit) for the termination of an iron ore pellet offtake agreement and related transportation costs, impairment charges for our investments in Magnetation and AFSG and charges for temporarily idling facilities, and an asset impairment charge. The adjusted results, although not financial measures under generally accepted accounting principles in the United States (“GAAP”) and not identically applied by other companies, facilitate the ability to analyze our financial results in relation to those of our competitors and to our prior financial performance by excluding items that otherwise would distort the comparison. Adjusted EBITDA and adjusted EBITDA margin are not, however, intended as alternative measures of operating results or cash flow from operations as determined in accordance with GAAP and are not necessarily comparable to similarly titled measures used by other companies.

We recognize in our results of operations, as a corridor adjustment, any unrecognized actuarial net gains or losses that exceed 10% of the larger of projected benefit obligations or plan assets. Amounts inside this 10% corridor are amortized over the plan participants’ life expectancy. The need for a corridor charge is considered at any remeasurement date, but has generally only been recorded in the fourth quarter at the time of the annual remeasurement. After excluding the corridor charge, the remaining pension and OPEB expenses included in the non-GAAP measure are comparable to the accounting for pension and OPEB expenses on a GAAP basis in the first three quarters of the year and we believe this is useful to investors in analyzing our results on a quarter-to-quarter basis, as well as analyzing our results on a year-to-year basis. As a result of the corridor method of accounting, our subsequent financial results on both a GAAP and a non-GAAP basis do not contain any amortization of prior period actuarial gains or losses that exceeded the corridor threshold because those amounts were immediately recognized as a corridor adjustment in the period incurred. Actuarial net gains and losses occur when actual experience differs from any of the many assumptions used to value the benefit plans, or when the assumptions change, as they may each year when we perform a valuation. The two most significant of those assumptions are the discount rate we use to value projected plan obligations and the rate of return on plan assets. In addition, changes in other actuarial assumptions and the degree by which the unrealized gains or losses are within the corridor threshold before remeasurement will affect the corridor adjustment calculation. The effect of prevailing interest rates on the discount rate as of a measurement date and actual return on plan assets compared to the expected return will have a significant impact on our liability, corridor adjustment and following year’s expense for these benefit plans. For example, actuarial assumptions we made to remeasure the funded status of our pension and OPEB obligations in the fourth quarter of 2016 affected actuarial losses and the related pension/OPEB net corridor charge. The net corridor charge reflected (i) a decrease in the discount rate assumption used to determine pension liabilities from 4.15% at December 31, 2015 to 3.35% at the October 2016 remeasurement (an actuarial loss of approximately $221.1 million), partially offset by (ii) gains from changes in pension and OPEB mortality assumptions, lower claims costs and other demographic factors (netting to a gain of approximately $76.4 million) and (iii) the net effect of the difference between the expected annualized return on assets of 7.25% ($129.4 million) and the actual annualized return on assets of 12.7% as of the October 2016 remeasurement ($228.8 million) (netting to a gain of $99.4 million). We believe that the corridor method of accounting for pension and OPEB obligations is rarely used by other publicly traded companies. However, because other companies use different approaches to recognize actuarial gains and losses, our resulting pension and OPEB expense on a GAAP basis or a non-GAAP basis may not be comparable to other companies’ pension and OPEB expense on a GAAP basis. Although the net corridor charge reduces reported operating and net income, it does not affect our cash flows in the current period. However, we expect to ultimately settle the pension and OPEB obligations in cash.

Neither current shareholders nor potential investors in our securities should rely on adjusted EBITDA or adjusted EBITDA margin as a substitute for any GAAP financial measure and we encourage investors and potential investors to review the following reconciliation of adjusted EBITDA.

	Quarter Ended
(dollars in millions)	March 31, 2016			June 30, 2016			September 30, 2016			December 31, 2016			March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017
As Originally Reported:
Net income (loss) attributable to AK Holding	$	(13.6	)	$	17.3		$	50.9		$	(62.4	)	$	62.5		$	61.2		$	(5.8	)	$	(111.7	)
Net income attributable to noncontrolling interests	18.0			16.6			18.0			13.4			16.2			15.2			17.1			12.9
Income tax expense (benefit)	0.1			(10.6		)	14.6			(0.9		)	(13.4		)	(8.7		)	(18.8		)	23.9
Interest expense	42.8			41.4			40.3			39.4			39.4			38.2			37.5			37.2
Interest income	(0.3		)	(0.6		)	(0.3		)	(0.4		)	(0.4		)	(0.4		)	(0.5		)	(0.1		)
Depreciation	53.7			54.3			53.7			54.9			55.1			55.1			58.0			57.8
Amortization	2.0			1.1			1.1			0.6			3.8			1.0			2.8			2.7
EBITDA	102.7			119.5			178.3			44.6			163.2			161.6			90.3			22.7
Less: EBITDA of noncontrolling interests (1)	21.6			20.2			21.7			17.3			20.3			19.6			21.1			16.7
Pension and OPEB net corridor and settlement charges	—			—			—			68.1			—			—			—			—
Charges (credit) for termination of pellet agreement and related transportation costs	—			—			—			69.5			—			—			—			(19.3		)
Asset impairment charge	—			—			—			—			—			—			—			75.6
Adjusted EBITDA	$	81.1		$	99.3		$	156.6		$	164.9		$	142.9		$	142.0		$	69.2		$	62.3
Adjusted EBITDA margin	5.3		%	6.7		%	10.8		%	11.6		%	9.3		%	9.1		%	4.6		%	4.2		%
As Adjusted:
Net income (loss) attributable to AK Holding	$	(25.7	)	$	27.8		$	27.8		$	(46.7	)	$	84.4		$	77.2		$	22.3		$	(80.4	)
Net income attributable to noncontrolling interests	18.0			16.6			18.0			13.4			16.2			15.2			17.1			12.9
Income tax expense (benefit)	(5.3		)	(0.9		)	4.2			(14.9		)	—			0.4			(0.3		)	(2.3		)
Interest expense	42.8			41.4			40.3			39.4			39.4			38.2			37.5			37.2
Interest income	(0.3		)	(0.6		)	(0.3		)	(0.4		)	(0.4		)	(0.4		)	(0.5		)	(0.1		)
Depreciation	53.7			54.3			53.7			54.9			55.1			55.1			58.0			57.8
Amortization	2.0			1.1			1.1			0.6			3.8			1.0			2.8			2.7
EBITDA	85.2			139.7			144.8			46.3			198.5			186.7			136.9			27.8
Less: EBITDA of noncontrolling interests (1)	21.6			20.2			21.7			17.3			20.3			19.6			21.1			16.7
Pension and OPEB net corridor and settlement charges	—			—			—			68.1			—			—			—			—
Charges (credit) for termination of pellet agreement and related transportation costs	—			—			—			69.5			—			—			—			(19.3		)
Asset impairment charge	—			—			—			—			—			—			—			75.6
Adjusted EBITDA	$	63.6		$	119.5		$	123.1		$	166.6		$	178.2		$	167.1		$	115.8		$	67.4
Adjusted EBITDA margin	4.2		%	8.0		%	8.5		%	11.7		%	11.6		%	10.7		%	7.7		%	4.5		%

(1) The reconciliation of net income attributable to noncontrolling interests to EBITDA of noncontrolling interests is as follows:

	Quarter Ended
(dollars in millions)	March 31, 2016		June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017		June 30, 2017		September 30, 2017		December 31, 2017
Net income attributable to noncontrolling interests	$	18.0	$	16.6	$	18.0	$	13.4	$	16.2	$	15.2	$	17.1	$	12.9
Depreciation	3.6		3.6		3.7		3.9		4.1		4.4		4.0		3.8
EBITDA of noncontrolling interests	$	21.6	$	20.2	$	21.7	$	17.3	$	20.3	$	19.6	$	21.1	$	16.7

XML

Document and Entity Information Document	Apr. 30, 2018
Entity Information [Line Items]
Entity Registrant Name	AK STEEL HOLDING CORPORATION
Entity Central Index Key	0000918160
Document Type	8-K
Document Period End Date	Apr. 30, 2018
Amendment Flag	false

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net sales	$ 1,495.6	$ 1,494.3	$ 1,557.2	$ 1,533.4	$ 1,418.6	$ 1,452.9	$ 1,492.2	$ 1,518.8	$ 6,080.5	$ 5,882.5	$ 6,692.9
Cost of products sold (a)									5,253.1	5,099.7	6,253.3
Selling and administrative expenses (exclusive of items shown separately below)									284.9	279.1	262.9
Depreciation									226.0	216.6	216.0
Charge (credit) for termination of pellet agreement and related transportation costs									(19.3)	69.5	0.0
Asset impairment charge									75.6	0.0	0.0
Charge for facility idling									0.0	0.0	28.1
Total operating costs									5,820.3	5,664.9	6,760.3
Operating profit	(52.3)	66.3	116.5	129.7	42.3	89.6	69.0	16.7	260.2	217.6	(67.4)
Interest expense									152.3	163.9	173.0
Pension and OPEB expense (income)									(71.9)	16.5	58.9
Impairment of Magnetation investment									0.0	0.0	(256.3)
Impairment of AFSG investment									0.0	0.0	(41.6)
Other income (expense)									(17.1)	(4.9)	1.4
Income (loss) before income taxes									162.7	32.3	(595.8)
Income tax expense (benefit)									(2.2)	(16.9)	(6.3)
Net income (loss)									164.9	49.2	(589.5)
Less: Net income attributable to noncontrolling interests									61.4	66.0	62.8
Net income (loss) attributable to AK Steel Holding Corporation	$ (80.4)	$ 22.3	$ 77.2	$ 84.4	$ (46.7)	$ 27.8	$ 27.8	$ (25.7)	$ 103.5	$ (16.8)	$ (652.3)
Basic and diluted earnings per share:
Basic earnings (loss) per share (in dollars per share)	$ (0.26)	$ 0.07	$ 0.25	$ 0.27					$ 0.33	$ (0.07)	$ (3.67)
Earnings Per Share, Diluted (in dollars per share)	$ (0.26)	$ 0.07	$ 0.24	$ 0.26					$ 0.32	$ (0.07)	$ (3.67)

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income (loss)	$ 164.9	$ 49.2	$ (589.5)
Other comprehensive income, before tax:
Foreign currency translation gain (loss)	4.7	(1.5)	(3.1)
Cash flow hedges:
Gains (losses) arising in period	(11.5)	56.1	(64.2)
Reclassification of losses (gains) to net income (loss)	(6.1)	39.1	47.7
Pension and OPEB plans:
Prior service credit (cost) arising in period	4.7	(8.3)	(7.7)
Gains (losses) arising in period	94.2	11.6	(60.8)
Reclassification of prior service cost (credits) included in net income (loss)	(53.8)	(54.8)	(60.2)
Reclassification of losses (gains) included in net income (loss)	6.3	97.9	165.0
Other comprehensive income, before tax	38.5	140.1	16.7
Income tax expense in other comprehensive income (loss)	0.0	15.5	8.0
Other comprehensive income	38.5	124.6	8.7
Comprehensive income (loss)	203.4	173.8	(580.8)
Less: Comprehensive income attributable to noncontrolling interests	61.4	66.0	62.8
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$ 142.0	$ 107.8	$ (643.6)

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 38.0	$ 173.2
Accounts receivable, net	517.8	442.0
Inventory	1,385.0	1,232.6
Other current assets	130.3	94.6
Total current assets	2,071.1	1,942.4
Property, plant and equipment	6,831.8	6,569.0
Accumulated depreciation	(4,845.6)	(4,554.6)
Property, plant and equipment, net	1,986.2	2,014.4
Other non-current assets:
Goodwill and intangible assets	306.7	32.8
Other non-current assets	110.8	112.1
TOTAL ASSETS	4,474.8	4,101.7
Current liabilities:
Accounts payable	690.4	589.9
Accrued liabilities	270.5	234.1
Current portion of pension and other postretirement benefit obligations	40.1	41.3
Total current liabilities	1,001.0	865.3
Non-current liabilities:
Long-term debt	2,110.1	1,816.6
Pension and other postretirement benefit obligations	894.2	1,093.7
Other non-current liabilities	168.9	155.0
TOTAL LIABILITIES	4,174.2	3,930.6
EXCHANGEABLE NOTES EXCHANGE FEATURE	0.0	21.3
Equity (deficit):
Common stock, authorized 450,000,000 shares of $.01 par value each; issued 315,782,764 and 314,739,500 shares in 2017 and 2016; outstanding 314,884,569 and 314,160,557 shares in 2017 and 2016	3.2	3.1
Additional paid-in capital	2,884.8	2,855.4
Treasury stock, common shares at cost, 898,195 and 578,943 shares in 2017 and 2016	(5.4)	(2.4)
Accumulated deficit	(2,877.0)	(2,980.5)
Accumulated other comprehensive loss	(50.2)	(88.7)
Total stockholders' equity (deficit)	(44.6)	(213.1)
Noncontrolling interests	345.2	362.9
TOTAL EQUITY	300.6	149.8
TOTAL LIABILITIES AND EQUITY	4,474.8	4,101.7
SunCoke Middletown [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Current assets:
Cash and cash equivalents	0.1	5.0
Inventory	18.4	16.2
Property, plant and equipment	425.9	422.3
Accumulated depreciation	(88.6)	(72.5)
Other non-current assets:
Other Assets (Liabilities), Net	(1.0)	(2.3)
Current liabilities:
Accounts payable	11.3	7.8
Equity (deficit):
Noncontrolling interests	343.5	360.9
Other Variable Interest Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Current assets:
Cash and cash equivalents	0.7	0.8
Property, plant and equipment	11.7	11.8
Accumulated depreciation	(9.6)	(9.5)
Other non-current assets:
Other Assets (Liabilities), Net	0.8	1.0
Equity (deficit):
Noncontrolling interests	$ 1.7	$ 2.0

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CONSOLIDATED BALANCE SHEETS Parentheticals - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Common stock, shares authorized	450,000,000	450,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	315,782,764	314,739,500
Common stock, shares outstanding	314,884,569	314,160,557
Treasury stock, shares	898,195	578,943

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 164.9	$ 49.2	$ (589.5)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities
Depreciation	226.0	216.6	216.0
Amortization	24.1	18.4	21.2
Asset impairment charge	75.6	0.0	0.0
Impairment of Magnetation and AFSG investments	0.0	0.0	297.9
Charge (credit) for transportation costs affected by termination of pellet agreement	(19.3)	32.9	0.0
Deferred income taxes	(9.0)	(4.1)	(12.8)
Contributions to pension trust	(44.1)	0.0	(24.1)
Pension and OPEB expense (income)	(64.4)	(43.8)	(63.0)
Pension and OPEB net corridor charge	0.0	43.1	131.2
Pension settlement charges	0.0	25.0	0.0
Affiliate (earnings) losses and distributions,net	(3.5)	(6.0)	19.7
(Gains) losses on retirement of debt	21.3	9.2	(9.8)
Mark-to-market (gains) losses on derivative contracts	(45.7)	1.2	13.3
Other operating items, net	23.6	9.0	(19.5)
Change in assets and liabilities, net of effect of acquired business:
Accounts receivable	(34.4)	0.1	228.1
Inventories	(116.7)	129.6	172.9
Accounts payable and other current liabilities	46.2	(143.2)	(139.7)
Charge for facility idling	0.0	0.0	28.1
Other assets	(6.5)	40.9	(7.6)
Other pension payments	(1.1)	(33.0)	(12.7)
OPEB payments	(39.6)	(34.4)	(48.3)
Other liabilities	1.4	(6.1)	(1.1)
Net cash flows from operating activities	198.8	304.6	200.3
Cash flows from investing activities:
Capital investments	(152.5)	(127.6)	(99.0)
Investments in acquired business, net of cash acquired	(360.4)	0.0	0.0
Proceeds from sale of equity investee	0.0	0.0	25.0
Proceeds from AFSG Holdings, Inc. distribution	0.0	0.0	14.0
Other investing items, net	4.2	2.3	12.5
Net cash flows from investing activities	(508.7)	(125.3)	(47.5)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	450.0	(550.0)	(55.0)
Proceeds from issuance of long-term debt	680.0	380.0	0.0
Redemption of long-term debt	(848.4)	(392.8)	(14.1)
Proceeds from issuance of common stock	0.0	600.4	0.0
Debt issuance costs	(25.3)	(20.4)	0.0
SunCoke Middletown distributions to noncontrolling interest owners	(79.1)	(85.1)	(96.3)
Other financing items, net	(2.5)	5.2	(1.0)
Net cash flows from financing activities	174.7	(62.7)	(166.4)
Net increase (decrease) in cash and cash equivalents	(135.2)	116.6	(13.6)
Cash and cash equivalents, beginning of year	173.2	56.6	70.2
Cash and cash equivalents, end of year	38.0	173.2	56.6
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member]
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities
Depreciation	209.8	201.7	201.7
SunCoke Middletown [Member]
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities
Depreciation	16.2	14.9	14.3
Cash flows from financing activities:
SunCoke Middletown distributions to noncontrolling interest owners	$ (79.1)	$ (85.1)	$ (96.3)

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2014	$ 142.0	$ 1.8	$ 2,259.1	$ (1.0)	$ (2,311.4)	$ (222.0)	$ 415.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(589.5)				(652.3)		62.8
Share-based compensation	7.7		7.7
Purchase of treasury stock	(1.0)			(1.0)
Change in accumulated other comprehensive loss	8.7					8.7
Net distributions to noncontrolling interests	(96.3)						(96.3)
Balance at Dec. 31, 2015	(528.4)	1.8	2,266.8	(2.0)	(2,963.7)	(213.3)	382.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	49.2				(16.8)		66.0
Issuance of common stock	600.4	1.3	599.1
Share-based compensation	5.4		5.4
Stock options exercised	5.4		5.4
Exchangeable notes exchange feature	(21.3)		(21.3)
Purchase of treasury stock	(0.4)			(0.4)
Change in accumulated other comprehensive loss	124.6					124.6
Net distributions to noncontrolling interests	(85.1)						(85.1)
Balance at Dec. 31, 2016	149.8	3.1	2,855.4	(2.4)	(2,980.5)	(88.7)	362.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	164.9				103.5		61.4
Share-based compensation	7.7	0.1	7.6
Stock options exercised	0.5		0.5
Exchangeable notes exchange feature	21.3		21.3
Purchase of treasury stock	(3.0)			(3.0)
Change in accumulated other comprehensive loss	38.5					38.5
Net distributions to noncontrolling interests	(79.1)						(79.1)
Balance at Dec. 31, 2017	$ 300.6	$ 3.2	$ 2,884.8	$ (5.4)	$ (2,877.0)	$ (50.2)	$ 345.2

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation: These financial statements consolidate the operations and accounts of AK Steel Holding Corporation (“AK Holding”), its wholly-owned subsidiary AK Steel Corporation (“AK Steel”), all subsidiaries in which AK Holding has a controlling interest, and two variable interest entities for which AK Steel is the primary beneficiary. Unless the context indicates otherwise, references to “we,” “us” and “our” refer to AK Holding and its subsidiaries. We also operate Mexican and European trading companies that buy and sell steel and steel products and other materials. We manage operations on a consolidated, integrated basis so that we can use the most appropriate equipment and facilities for the production of a product, regardless of product line. Therefore, we conclude that we operate in a single business segment. All intercompany transactions and balances have been eliminated.

Adoption of New Accounting Principles: On January 1, 2018, we adopted the following new accounting principles, both of which have been applied retrospectively to all periods presented.

Pension and Other Postretirement Benefits: On January 1, 2018, we adopted Accounting Standards Update No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Under this standard, the service cost component of periodic pension and other postretirement benefit (income) expense is included in cost of products sold and selling and administrative expenses, consistent with our treatment of other employee compensation costs. The remainder of periodic pension and other postretirement benefit expense (income) of $(71.9), $16.5 and $58.9 for the years ended December 31, 2017, 2016 and 2015, is recorded in a separate line in the consolidated statements of operations below operating profit. We have retrospectively applied the change in accounting principle to all periods presented. The adoption of this standard update had no other effect on our consolidated financial statements.

Inventory: On January 1, 2018, we changed our accounting method for valuing inventories to the average cost method for inventories previously valued using the last-in, first-out (LIFO) method. The effects of this change in accounting principle from LIFO to average cost have been retrospectively applied to all periods presented. See Note 2 for additional information.

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the amounts reported. We base these estimates on historical experience and information available to us about current events and actions we may take in the future. Estimates and assumptions affect significant items that include the carrying value of long-lived assets, including investments and goodwill; valuation allowances for receivables, inventories and deferred income tax assets; legal and environmental liabilities; workers compensation and asbestos liabilities; share-based compensation; and assets and obligations of employee benefit plans. There can be no assurance that actual results will not differ from these estimates.

Revenue Recognition: Revenue from sales of products is recognized at the time that title and the risks and rewards of ownership pass, which can be on the date of shipment or the date of receipt by the customer depending on when the terms of customers’ arrangements are met, the sales price is fixed or determinable, and collection is reasonably assured. Sales taxes collected from customers are recorded on a net basis with no revenue recognized.

Cost of Products Sold: Cost of products sold consists primarily of raw materials, energy costs, supplies consumed in the manufacturing process, manufacturing labor, contract labor and direct overhead expense necessary to manufacture the finished steel product, as well as distribution and warehousing costs. Our share of the income (loss) of investments in associated companies accounted for under the equity method is included in costs of products sold since these operations are integrated with our overall steelmaking operations, except for our share of the loss of Magnetation LLC (“Magnetation”), which was included in other income (expense) in 2015.

Share-Based Compensation: Compensation costs for stock awards granted under our Stock Incentive Plan are recognized over their vesting period using the straight-line method. We estimate stock award forfeitures expected to occur to determine the compensation cost we recognize each period.

Legal Fees: Legal fees associated with litigation and similar proceedings that are not expected to provide a benefit in future periods are expensed as incurred. Legal fees associated with activities that are expected to provide a benefit in future periods, such as costs associated with the issuance of debt, are capitalized as incurred.

Income Taxes: Interest and penalties from uncertain tax positions are included in income tax expense.

Earnings per Share: Earnings per share is calculated using the “two-class” method. Under the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. We divide the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted-average number of common shares outstanding during the period. The restricted stock granted by AK Holding is entitled to non-forfeitable dividends before vesting and meets the criteria of a participating security.

Cash Equivalents: Cash equivalents include short-term, highly liquid investments that are readily convertible to known amounts of cash and have an original maturity of three months or less.

Inventory:Inventories are valued at the lower of cost or net realizable value. We measure the cost of inventories using the average cost method.

Property, Plant and Equipment: Plant and equipment are depreciated under the straight-line method over their estimated lives. Estimated lives are as follows: land improvements over 20 years, leaseholds over the life of the related operating lease term, buildings over 40 years and machinery and equipment over two to 20 years. The estimated weighted-average life of our machinery and equipment is 14 years at the end of the current year. Amortization expense for assets recorded under capital leases is included in depreciation expense. Costs incurred to develop coal mines are capitalized when incurred. We use the units-of-production method utilizing only proven and probable reserves in the depletion base to compute the depletion of coal reserves and mine development costs. We expense costs for major maintenance activities at our operating facilities when the activities occur.

We review the carrying value of long-lived assets to be held and used and long-lived assets to be disposed of when events and circumstances warrant such a review. If the carrying value of a long-lived asset exceeds its fair value, an impairment has occurred and a loss is recognized based on the amount by which the carrying value exceeds the fair value, less cost to dispose, for assets to be sold or abandoned. We determine fair value by using quoted market prices, estimates based on prices of similar assets or anticipated cash flows discounted at a rate commensurate with risk.

Investments: Investments in associated companies are accounted for under the equity method. We review investments for impairment when circumstances indicate that a loss in value below its carrying amount is other than temporary.

Goodwill and Intangible Assets: Goodwill relates to our tubular and Precision Partners’ businesses. Intangible assets are recorded at cost, and those with finite lives are amortized over their estimated useful lives. We review goodwill for potential impairment at least annually on October 1 each year and whenever events or circumstances make it more likely than not that impairment may have occurred. Considering operating results and the estimated fair value of the businesses, the most recent annual goodwill impairment tests indicated that the fair value of each of our business reporting units was in excess of its carrying value. No goodwill impairment was recorded as a result of the annual impairment tests in the past three years.

Debt Issuance Costs: Debt issuance costs for the revolving credit facility are included in other non-current assets and all other debt issuance costs reduce the carrying amount of long-term debt.

Pension and Other Postretirement Benefits: We recognize, as of a measurement date, any unrecognized actuarial net gains or losses that exceed 10% of the larger of the projected benefit obligations or the plan assets, defined as the “corridor”. Amounts inside the corridor are amortized over the plan participants’ life expectancy. We determine the expected return on assets using the fair value of plan assets.

Concentrations of Credit Risk: We are primarily a producer of carbon, stainless and electrical steels and steel products, which are sold to a number of markets, including automotive, infrastructure and manufacturing, and distributors and converters. Net sales by product line are presented below:

	2017		2016		2015
Carbon steel	$	4,034.5	$	4,014.5	$	4,746.8
Stainless and electrical steel	1,687.6		1,654.1		1,733.0
Tubular, components and other	358.4		213.9		213.1
Total	$	6,080.5	$	5,882.5	$	6,692.9

Percentages of our net sales to various markets are presented below:

	2017		2016		2015
Automotive	65	%	66	%	60	%
Infrastructure and Manufacturing	16	%	16	%	16	%
Distributors and Converters	19	%	18	%	24	%

We sell domestically to customers located primarily in the Midwestern and Eastern United States and to foreign customers, primarily in Canada, Mexico and Western Europe. Net sales to customers located outside the United States totaled $627.1, $655.6 and $855.7 for 2017, 2016 and 2015. We had one customer that accounted for 12% of net sales in 2017 and we had two customers that accounted for 12% and 11% of net sales in 2016 and 2015.

Approximately 55% and 57% of accounts receivable outstanding at December 31, 2017 and 2016, are due from businesses associated with the U.S. automotive industry, including 18% of receivables due from one automotive customer as of December 31, 2017 and 16% due from one automotive customer as of December 31, 2016. Except in a few situations where the risk warrants it, we do not require collateral on accounts receivable. While we believe our recorded accounts receivable will be collected, we follow normal collection procedures if customers default. We maintain an allowance for doubtful accounts for the loss that would be incurred if a customer is unable to pay amounts due. We determine this allowance based on various factors, including the customer’s financial condition and changes in customer payment patterns. We write off accounts receivable against the allowance for doubtful accounts when it is remote that collection will occur.

Union Contracts: At December 31, 2017, we employed approximately 9,200 people, of which approximately 5,700 are represented by labor unions under various contracts that expire between 2018 and 2021. In the first quarter of 2017, members of the United Steel Workers, Local 169, ratified a labor agreement covering approximately 305 hourly employees at Mansfield Works. The new agreement expires March 31, 2021. In the third quarter of 2017, members of the United Auto Workers, Local 3044, ratified a labor agreement covering approximately 330 hourly employees at our Rockport Works. The new agreement expires September 30, 2021. In the fourth quarter of 2017, members of the United Steel Workers, Local 1915, ratified a labor agreement covering approximately 90 hourly employees at the Walbridge, Ohio facility with our wholly-owned subsidiary AK Tube LLC. The new agreement is effective January 22, 2018 and expires January 22, 2021. In the fourth quarter of 2017, members of the United Auto Workers, Local 600, ratified a labor agreement covering approximately 1,170 hourly employees at our Dearborn Works. The new agreement expires July 31, 2021. An agreement with the International Association of Machinists and Aerospace Workers, Local 1943, which represents approximately 1,725 hourly employees at our Middletown Works, expires on March 15, 2018. An agreement with the United Steel Workers, Local 1865, which represents approximately 305 hourly employees at our Ashland Works, expires on September 1, 2018.

Financial Instruments: We are a party to derivative instruments that are designated and qualify as hedges for accounting purposes. We may also use derivative instruments to which we do not apply hedge accounting treatment. Our objective in using these instruments is to limit operating cash flow exposure to fluctuations in the fair value of selected commodities and currencies.

Fluctuations in the price of certain commodities we use in production processes may affect our income and cash flows. We have implemented raw material and energy surcharges for some contract customers. For certain commodities where such exposure exists, we may use cash-settled commodity price swaps, collars and purchase options, with a duration of up to three years, to hedge the price of a portion of our natural gas, iron ore, electricity, zinc and nickel requirements. We may designate some of these instruments as cash flow hedges and the effective portion of the changes in their fair value and settlements are recorded in accumulated other comprehensive income. We subsequently reclassify gains and losses from accumulated other comprehensive income to cost of products sold in the same period we recognize the earnings associated with the underlying transaction. Other instruments are marked to market and recorded in cost of products sold with the offset recorded as assets or liabilities.

Exchange rate fluctuations affect a portion of revenues and operating costs that are denominated in foreign currencies, and we use forward currency and currency option contracts to reduce our exposure to certain of these currency price fluctuations. These derivative contracts are entered with durations up to thirty-six months. Contracts that sell euros have not been designated as hedges for accounting purposes and gains or losses are reported in earnings immediately in other income (expense). Contracts that purchase Canadian dollars are designated as hedges for accounting purposes, which requires us to record the effective gains and losses for the derivatives in accumulated other comprehensive income (loss) and reclassify them into cost of products sold in the same period we recognize costs for the associated underlying operations. We recognize gains and losses on these designated derivatives immediately in cost of products sold if we calculate hedge ineffectiveness.

We formally document all relationships between hedging instruments and hedged items, as well as risk management objectives and strategies for undertaking various hedge transactions. In this documentation, we specifically identify the asset, liability, firm commitment or forecasted transaction that has been designated as a hedged item, and state how the hedging instrument is expected to hedge the risks from that item. We formally measure effectiveness of hedging relationships both at the hedge inception and on an ongoing basis. We discontinue hedge accounting prospectively when we determine that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; when the derivative expires or is sold, terminated or exercised; when it is probable that the forecasted transaction will not occur; when a hedged firm commitment no longer meets the definition of a firm commitment; or when we determine that designation of the derivative as a hedge instrument is no longer appropriate. Our derivative contracts may contain collateral funding requirements. We have master netting arrangements with counterparties, giving us the right to offset amounts owed under the derivative instruments and the collateral. We do not offset derivative assets and liabilities or collateral on our consolidated balance sheets.

Asbestos and Environmental Accruals: For a number of years, we have been remediating sites where hazardous materials may have been released, including sites no longer owned by us. In addition, a number of lawsuits alleging asbestos exposure have been filed and continue to be filed against us. We have established accruals for estimated probable costs from asbestos claim settlements and environmental investigation, monitoring and remediation. If the accruals are not adequate to meet future claims, operating results and cash flows may be negatively affected. Our accruals do not consider the potential for insurance recoveries, for which we have partial insurance coverage for some future asbestos claims. In addition, some existing insurance policies covering asbestos and environmental contingencies may serve to partially reduce future covered expenditures.

New Accounting Pronouncements: The Financial Accounting Standards Board (“FASB”) issued a standard update during the first quarter of 2016 to simplify several aspects of the accounting for employee share-based payments. The new guidance requires companies to record excess tax benefits and tax deficiencies in the income statement when stock awards vest or are settled. In addition, companies will no longer separately classify cash flows related to excess tax benefits as a financing activity apart from other income tax cash flows. The standard also allows companies to repurchase more of each employee’s vesting shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made to tax authorities on each employee’s behalf for withheld shares should be presented as a financing activity on companies’ cash flows statements, and provides an accounting policy election to account for forfeitures as they occur. We adopted this update effective January 1, 2017. The adoption had a minimal effect on us. We recognized previously unrecorded excess tax benefits offset with an equal change in valuation allowance. We have elected to continue to estimate forfeitures expected to occur to determine the compensation cost we recognize each period. The presentation requirements for cash flows related to employee taxes paid for withheld shares has no effect on us since we have historically presented these as a financing activity.

FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), during the second quarter of 2014. Topic 606, as further amended by subsequent Accounting Standard Updates, affects virtually all aspects of an entity’s revenue recognition, including determining the measurement of revenue and the timing of when it is recognized for the transfer of goods or services to customers. Topic 606 is effective for us beginning January 1, 2018. The guidance permits two methods of adoption—retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). Topic 606 does not have a material effect on us as most revenue transactions recorded under Topic 606 will be substantially consistent with treatment under existing guidance. Our revenue transactions generally consist of a single performance obligation to transfer promised goods and are not accounted for under industry-specific guidance. Topic 606 also provides for enhanced disclosure requirements surrounding revenue recognition and we are currently completing our responsive disclosures. We will adopt the standard using the modified retrospective method as of January 1, 2018.

FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), during the first quarter of 2016. Topic 842 requires entities to recognize lease assets and lease liabilities and disclose key information about leasing arrangements for certain leases. We will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Topic 842 is effective for us beginning January 1, 2019. We are currently evaluating the effect of the adoption of Topic 842 on our consolidated financial position and results of operations. We expect that the adoption of the standard will result in a material increase to the assets and liabilities on our consolidated balance sheets.

In June 2016, the FASB issued a new standard to replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In connection with recognizing credit losses on receivables and other financial instruments, we will be required to use a forward-looking expected loss model rather than the incurred loss model. The new standard will be effective for us beginning January 1, 2020, with early adoption permitted beginning January 1, 2019. Adoption of this standard is through a cumulative-effect adjustment to retained earnings as of the effective date. We are currently evaluating the effect of this standard on our consolidated financial position and results of operations.

In August 2017, the FASB issued a standard update to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. Among other amendments, the update provided that for a cash flow hedge of a forecasted purchase or sale of a nonfinancial asset, an entity may designate as the hedged risk the variability in cash flows attributable to changes in a contractually specified component stated in the contract. The amendments in the update are effective for fiscal years beginning after December 15, 2018. Early application is permitted and we are planning to adopt the standard on January 1, 2018. We are evaluating the possibility to elect hedge accounting treatment for iron ore derivatives that are currently not eligible for hedge accounting, but this is not expected to be fully evaluated at adoption of the new standard.

Reclassifications: We reclassified certain prior-year amounts to conform to the current-year presentation.

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Supplementary Financial Statement Information (Notes)

12 Months Ended

Dec. 31, 2017

Supplementary Financial Statement Information [Abstract]

Supplementary Financial Statement Information

Supplementary Financial Statement Information

Research and Development Costs

We conduct a broad range of research and development activities aimed at improving existing products and manufacturing processes and developing new products and processes. Research and development costs, which are recorded as cost of products sold when incurred, totaled $28.1, $28.3 and $27.6 in 2017, 2016 and 2015.

Allowance for Doubtful Accounts

Changes in the allowance for doubtful accounts for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017			2016			2015
Balance at beginning of year	$	7.8		$	6.0		$	9.0
Increase (decrease) in allowance	(1.0		)	2.4			(3.0		)
Receivables written off	—			(0.6		)	—
Balance at end of year	$	6.8		$	7.8		$	6.0

Inventory

Inventories as of December 31, 2017 and 2016, consist of:

	2017		2016
Finished and semi-finished	$	996.7	$	842.3
Raw materials	388.3		390.3
Inventory	$	1,385.0	$	1,232.6

Adoption of New Accounting Principle

In the first quarter of 2018, we changed our accounting method for valuing certain inventories from the last-in, first-out (LIFO) method to the average cost method. This method values inventory using average costs for materials and most recent production costs for labor and overhead. We believe that using the average cost method is preferable since it improves comparability with our peers, more closely tracks the physical flow of our inventory, better matches revenue with expenses and aligns with how we internally manage our business.

The effects of the change in accounting principle from LIFO to average cost have been retrospectively applied to all periods presented. As a result of the retrospective application of the change in accounting principle, certain financial statement line items in our consolidated balance sheet and our consolidated statements of operations and comprehensive income (loss) and cash flows were adjusted as follows:

	As Originally Reported			Effect of Change			As Adjusted
Consolidated statement of operations for the year ended December 31, 2017:
Cost of products sold (a)	$	5,365.2		$	(112.1	)	$	5,253.1
Income tax expense (benefit)	(17.0		)	14.8			(2.2		)
Net income (loss)	67.6			97.3			164.9
Net income (loss) attributable to AK Steel Holding Corporation	6.2			97.3			103.5

	As Originally Reported			Effect of Change			As Adjusted
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	0.02		$	0.31		$	0.33
Diluted	0.02			0.30			0.32
Consolidated statement of comprehensive income (loss) for the year ended December 31, 2017:
Cash flow hedges—Reclassification of losses (gains) to net income (loss)	$	(12.5	)	$	6.4		$	(6.1	)
Comprehensive income (loss)	91.1			112.3			203.4
Comprehensive income (loss) attributable to AK Steel Holding Corporation	29.7			112.3			142.0
Consolidated balance sheet as of December 31, 2017:
Inventory	$	1,147.8		$	237.2		$	1,385.0
Other non-current assets	169.3			(58.5		)	110.8
Other non-current liabilities	161.6			7.3			168.9
Accumulated deficit	(3,058.6		)	181.6			(2,877.0		)
Accumulated other comprehensive loss	(40.0		)	(10.2		)	(50.2		)
Consolidated statement of cash flows for the year ended December 31, 2017:
Net income	$	67.6		$	97.3		$	164.9
Deferred income taxes	(15.2		)	6.2			(9.0		)
Inventories	1.8			(118.5		)	(116.7		)
Other operating items, net	8.6			15.0			23.6
Consolidated statement of operations for the year ended December 31, 2016:
Cost of products sold (a)	$	5,070.6		$	29.1		$	5,099.7
Income tax expense (benefit)	3.2			(20.1		)	(16.9		)
Net income (loss)	58.2			(9.0		)	49.2
Net income (loss) attributable to AK Steel Holding Corporation	(7.8		)	(9.0		)	(16.8		)
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	(0.03	)	$	(0.04	)	$	(0.07	)
Diluted	(0.03		)	(0.04		)	(0.07		)
Consolidated statement of comprehensive income (loss) for the year ended December 31, 2016:
Cash flow hedges—Reclassification of losses (gains) to net income (loss)	$	27.2		$	11.9		$	39.1
Comprehensive income (loss)	181.9			(8.1		)	173.8
Comprehensive income (loss) attributable to AK Steel Holding Corporation	115.9			(8.1		)	107.8
Consolidated balance sheet as of December 31, 2016:
Inventory	$	1,113.9		$	118.7		$	1,232.6
Other non-current assets	165.1			(53.0		)	112.1
Other non-current liabilities	148.4			6.6			155.0
Accumulated deficit	(3,064.8		)	84.3			(2,980.5		)
Accumulated other comprehensive loss	(63.5		)	(25.2		)	(88.7		)

	As Originally Reported			Effect of Change			As Adjusted
Consolidated statement of cash flows for the year ended December 31, 2016:
Net income	$	58.2		$	(9.0	)	$	49.2
Deferred income taxes	5.0			(9.1		)	(4.1		)
Inventories	112.4			17.2			129.6
Other operating items, net	8.1			0.9			9.0
Consolidated statement of operations for the year ended December 31, 2015:
Cost of products sold (a)	$	6,040.3		$	213.0		$	6,253.3
Income tax expense (benefit)	63.4			(69.7		)	(6.3		)
Net income (loss)	(446.2		)	(143.3		)	(589.5		)
Net income (loss) attributable to AK Steel Holding Corporation	(509.0		)	(143.3		)	(652.3		)
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	(2.86	)	$	(0.81	)	$	(3.67	)
Diluted	(2.86		)	(0.81		)	(3.67		)
Consolidated statement of comprehensive income (loss) for the year ended December 31, 2015:
Cash flow hedges—Reclassification of losses (gains) to net income (loss)	$	61.4		$	(13.7	)	$	47.7
Comprehensive income (loss)	(429.0		)	(151.8		)	(580.8		)
Comprehensive income (loss) attributable to AK Steel Holding Corporation	(491.8		)	(151.8		)	(643.6		)
Consolidated statement of cash flows for the year ended December 31, 2015:
Net income	$	(446.2	)	$	(143.3	)	$	(589.5	)
Deferred income taxes	62.1			(74.9		)	(12.8		)
Inventories	(53.8		)	226.7			172.9
Other operating items, net	(11.0		)	(8.5		)	(19.5		)

(a) Cost of products sold as originally reported reflects the change in presentation of pension and OPEB (income) expense further described in Note 1.

Property, Plant and Equipment

Property, plant and equipment as of December 31, 2017 and 2016, consist of:

	2017			2016
Land, land improvements and leaseholds	$	275.3		$	272.6
Buildings	509.0			489.6
Machinery and equipment	5,958.2			5,714.0
Construction in progress	89.3			92.8
Total	6,831.8			6,569.0
Less accumulated depreciation	(4,845.6		)	(4,554.6		)
Property, plant and equipment, net	$	1,986.2		$	2,014.4

Interest on capital projects capitalized in 2017, 2016 and 2015 was $1.9, $3.1 and $2.1. Asset retirement obligations were $7.8 and $7.2 at December 31, 2017 and 2016.

Goodwill and Intangible Assets

Changes in goodwill for the years ended December 31, 2017, 2016 and 2015 are presented below:

	2017		2016		2015
Balance at beginning of year	$	32.8	$	32.8	$	32.8
Acquisition	221.0		—		—
Balance at end of year	$	253.8	$	32.8	$	32.8

Intangible assets at December 31, 2017, consist of:

	Gross Amount		Accumulated Amortization			Net Amount
Customer relationships	$	36.6	$	(2.2	)	$	34.4
Technology	19.3		(1.4		)	17.9
Other	1.0		(0.4		)	0.6
Intangible assets	$	56.9	$	(4.0	)	$	52.9

Amortization expense related to intangible assets was $4.0 in 2017. Amortization expense is included in costs of products sold. The remaining average life of our intangible assets is 6.6 years for customer relationships and 5.6 years for technology. Estimated annual amortization expense for intangible assets over the next five years is $9.0 in 2018 and $8.4 each year from 2019 through 2022.

Other Non-current Assets

Other non-current assets as of December 31, 2017 and 2016, consist of:

	2017		2016
Investments in affiliates	$	77.5	$	76.7
Other	33.3		35.4
Other non-current assets	$	110.8	$	112.1

As part of our ongoing strategic review of our business and operations, in 2015 we re-evaluated our investment in AFSG Holdings, Inc. (“AFSG”), our former insurance and finance leasing businesses, which had been largely liquidated. During 2015, we received a distribution of $14.0 from AFSG. Since the distribution reduced our ability to recover our remaining investment in AFSG after the distribution, we determined our remaining investment in AFSG was impaired and recognized a non-cash charge of $41.6, or $0.23 per diluted share. In 2016, we sold the remaining non-captive insurance operations.

Accrued Liabilities

Accrued liabilities as of December 31, 2017 and 2016, consist of:

	2017		2016
Salaries, wages and benefits	$	101.3	$	105.6
Interest	35.0		35.2
Other	134.2		93.3
Accrued liabilities	$	270.5	$	234.1

In the fourth quarter of 2015, we temporarily idled the Ashland Works blast furnace and steelmaking operations (“Ashland Works Hot End”). We incurred charges of $28.1 in the fourth quarter of 2015, which included $22.2 for supplemental unemployment and other employee benefit costs and $5.9 for equipment idling, asset preservation and other costs. The supplemental unemployment and other employee benefit costs were recorded as accrued liabilities, and the activity for the years ended December 31, 2017 and 2016 was as follows:

	2017			2016
Balance at beginning of year	$	6.1		$	22.1
Payments	(5.3		)	(20.1		)
Additions to the reserve	0.6			4.1
Balance at end of year	$	1.4		$	6.1

We estimate we will incur on-going costs of less than $2.0 per month for maintenance of the equipment, utilities and supplier obligations related to the temporarily idled Ashland Works Hot End. These costs were $21.2 and $22.1 for the years ended December 31, 2017 and 2016.

We continue to engage in regular reviews of the potential viability of the Ashland Works Hot End, including an assessment of the most significant risks and benefits of a permanent idling of those idled operations. As part of these reviews, we take into consideration, among other items, our strategic focus on reducing participation in commodity markets to position the company for sustainable profitability and whether we anticipate that future market conditions will enable production from the Ashland Works Hot End to generate sustainable economic returns through steel market cycles.

The Ashland Works Hot End remains on temporary idle and no final determination has been made at this time regarding the long-term status of the operations. However, we now believe it is unlikely that the Ashland Works Hot End will restart in the near term based on forecasted supply and demand characteristics of the markets that we serve. Our assessment and timing of the impairment charge was influenced by our current production capacity and an updated evaluation of the risk of not reaching new labor agreements on a timely basis for key facilities. Factors that influenced our impairment determination included an uncertain global trade landscape influenced by shifting domestic and international political priorities, continued intense competition from domestic steel competitors and foreign steel competition. These conditions directly impact our pricing, which in turn directly impacts our assessment of the demand forecasts for the markets we serve. Despite several successful trade cases, we continue to see a high level of carbon steel imports driven by global overcapacity, particularly in China. As a result, during the quarter ended December 31, 2017, we recognized a non-cash asset impairment charge of $75.6, primarily related to the long-lived assets associated with the Ashland Works Hot End. If we decide to permanently idle the Ashland Works Hot End, we would incur certain cash expenses, including those relating to labor benefit obligations, certain take-or-pay supply agreements and potentially accelerated environmental remediation costs.

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Acquisition of Precision Partners (Notes)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisition of Precision Partners

Acquisition of Precision Partners

On August 4, 2017, we acquired PPHC Holdings, LLC (“Precision Partners”), which provides advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components and complex assemblies for the automotive market. Precision Partners is headquartered in Ontario, Canada and has over 1,000 employees, including approximately 300 engineers and skilled tool makers, across eight plants in Ontario, Alabama and Kentucky. We acquired Precision Partners to advance our core focus on the high-growth automotive lightweighting market and our prominent position in advanced high strength steels, further strengthen our close collaboration with automotive market customers, and leverage both companies’ research and innovation in metals forming. The consolidated financial statements reflect the effects of the acquisition and Precision Partner’s financial results beginning August 4, 2017.

We paid the initial purchase price of $360.4, net of cash acquired, with cash on hand and borrowings under the Credit Facility. The purchase price is subject to a customary working capital adjustment based on the final net working capital position at the closing date of the acquisition. For the year ended December 31, 2017, we incurred acquisition costs of $6.2, primarily for transaction fees and direct costs, including legal, finance, consulting and other professional fees. These costs are included in selling and administrative expenses in the consolidated statements of operations.

A summary of the preliminary purchase price allocation for the fair value of the assets acquired and the obligations assumed at the date of the acquisition is presented below. The purchase price allocation is preliminary and is subject to the completion of several items, including the final net working capital adjustment under the purchase agreement governing the terms of the acquisition.

Accounts receivable	$	34.9
Inventory	54.2
Other current assets	2.2
Property, plant and equipment	94.0
Amortizable intangible assets	56.9
Goodwill	221.0
Other non-current assets	0.7
Total assets acquired	463.9
Accounts payable	(37.8		)
Accrued liabilities	(35.4		)
Other non-current liabilities	(31.9		)
Total liabilities assumed	(105.1		)
Preliminary purchase price, net of cash acquired (including estimated net working capital adjustment)	$	358.8

Goodwill is calculated as the excess of the purchase price over the net assets recognized and primarily represents the growth opportunities in lightweighting solutions to automotive customers, as well as any synergistic benefits to be realized from the acquisition. The goodwill is not deductible for income tax purposes and Precision Partners represents its own reporting unit for goodwill impairment assessments.

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Investments in Affiliates (Notes)

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investments in Affiliates

Investments in Affiliates

We have investments in several businesses accounted for using the equity method of accounting. Investees and equity ownership percentages are presented below:

	Equity Ownership %
Combined Metals of Chicago, LLC	40.0%
Delaco Processing, LLC	49.0%
Rockport Roll Shop LLC	50.0%
Spartan Steel Coating, LLC	48.0%

Cost of products sold includes $7.0, $12.3 and $6.7 in 2017, 2016 and 2015 for our share of income of equity investees other than Magnetation. Our share of loss from Magnetation through the first quarter of 2015 is included in other income (expense) and totaled $16.3. No amounts for Magnetation are included in our results after March 31, 2015, when the investment was written off. As of December 31, 2017, our carrying cost of our investment in Spartan Steel exceeded our share of the underlying equity in net assets by $10.8. This difference is being amortized and the amortization expense is included in cost of products sold.

Summarized financial statement data for all investees is presented below. The financial results for Magnetation are only included through March 31, 2015, since it was unlikely after that date that we would retain our equity interest as a result of Magnetation’s bankruptcy.

	2017		2016		2015
Revenue	$	292.7	$	286.4	$	356.4
Gross profit	88.9		96.3		68.3
Net income (loss)	20.7		31.8		(9.8		)

	2017		2016
Current assets	$	115.2	$	94.1
Noncurrent assets	73.5		66.0
Current liabilities	16.2		14.4
Noncurrent liabilities	58.9		44.8

We regularly transact business with these equity investees. Transactions with all equity investees, including Magnetation, for the years indicated are presented below:

	2017		2016		2015
Sales to equity investees	$	80.6	$	69.2	$	61.4
Purchases from equity investees	33.0		213.5		251.0

Outstanding receivables and payables with all equity investees as of the end of the year indicated are presented below:

	2017		2016
Accounts receivable from equity investees	$	0.7	$	2.6
Accounts payable to equity investees	4.1		4.1

Magnetation

As of March 31, 2015, we concluded that our 49.9% equity interest in Magnetation was fully impaired and recorded a non-cash impairment charge of $256.3 for the quarter ended March 31, 2015. Before March 31, 2015, we believed that the fair value of our interest in Magnetation exceeded its carrying amount and that despite near-term temporary pressures on liquidity, long-term cash flow projections of Magnetation were sufficient to allow us to recover our investment in Magnetation. However, a combination of events and circumstances caused Magnetation to face near-term liquidity issues during the first quarter of 2015. On May 5, 2015, Magnetation and its subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the District of Minnesota.

On October 6, 2016, the Bankruptcy Court approved a Global Settlement Agreement (“Settlement Agreement”) among us, Magnetation, Magnetation Inc., and Magnetation’s revolving credit facility lenders, senior secured noteholders and debtor-in-possession facility lenders to terminate the iron ore pellet offtake agreement with Magnetation and to wind down Magnetation’s business. Among other terms of the Settlement Agreement, we agreed to make a cash payment (“Termination Payment”) to Magnetation’s Chapter 11 estate in order to terminate our offtake agreement with Magnetation and cease purchasing iron ore pellets from Magnetation. The next day, the transactions contemplated by the Settlement Agreement were completed and we made a Termination Payment of $36.6, thereby terminating the pellet offtake agreement.

Also in connection with the approval of the Settlement Agreement and the payment of the Termination Payment to the bankruptcy estate, we recognized a charge in the fourth quarter of 2016 for the Termination Payment and a charge of $32.9 for the present value of remaining obligations under contracts with other third parties to transport pellets to our facilities. In the fourth quarter of 2017, we reached an agreement for transportation services that provides a timeframe to begin using the rail cars that were idled after the termination of the pellet supply agreement. As a result, we recorded a credit of $19.3 during the fourth quarter of 2017 to reduce the unpaid liability.

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Income Taxes (Notes)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We and our subsidiaries file a consolidated federal income tax return that includes all domestic companies owned 80% or more by us and the proportionate share of our interest in equity method investments. State tax returns are filed on a consolidated, combined or separate basis depending on the applicable laws relating to us and our domestic subsidiaries.

Components of income (loss) before income taxes for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017		2016			2015
United States	$	91.6	$	(40.4	)	$	(665.1	)
Foreign	9.7		6.7			6.5
Noncontrolling interests	61.4		66.0			62.8
Income (loss) before income taxes	$	162.7	$	32.3		$	(595.8	)

Significant components of deferred tax assets and liabilities at December 31, 2017 and 2016 are presented below:

	2017			2016
Deferred tax assets:
Net operating and capital loss and tax credit carryforwards	$	619.5		$	835.2
Postretirement benefits	92.5			142.6
Pension benefits	117.5			260.3
Inventories	47.9			60.5
Other assets	71.6			146.9
Valuation allowance	(735.7		)	(1,189.7		)
Total deferred tax assets	213.3			255.8
Deferred tax liabilities:
Depreciable assets	(121.9		)	(213.3		)
Other liabilities	(118.3		)	(48.7		)
Total deferred tax liabilities	(240.2		)	(262.0		)
Net deferred tax liabilities	$	(26.9	)	$	(6.2	)

We regularly evaluate the need for a valuation allowance for deferred tax assets by assessing whether it is more likely than not that we will realize future deferred tax assets. We assess the valuation allowance each reporting period and reflect any additions or adjustments in earnings in the same period. When we assess the need for a valuation allowance, we consider both positive and negative evidence of the likelihood that we will realize deferred tax assets in each jurisdiction. In general, cumulative losses in recent periods provide significant objective negative evidence on our ability to generate future taxable income. As of December 31, 2017 and 2016, we concluded that the negative evidence outweighed the positive evidence and we recorded a valuation allowance for a significant portion of our deferred tax assets. To determine the appropriate valuation allowance, we considered the timing of future reversal of our taxable temporary differences that supports realizing a portion of our federal and state deferred tax assets. This accounting treatment has no effect on our ability to use the loss carryforwards and tax credits to reduce future cash tax payments.

Changes in the valuation allowance for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017			2016			2015
Balance at beginning of year	$	1,189.7		$	1,232.3		$	1,005.3
Change in valuation allowance:
Included in income tax expense (benefit)	(62.3		)	11.0			235.3
Change in deferred assets in other comprehensive income	8.5			(53.6		)	(8.3		)
Effect of tax rate changes	(400.2		)	—			—
Balance at end of year	$	735.7		$	1,189.7		$	1,232.3

At December 31, 2017, we had $2,634.0 in federal regular net operating loss carryforwards, which will expire between 2023 and 2037. At December 31, 2017, we had research and development (“R&D”) credit carryforwards of $1.2 that we may use to offset future income tax liabilities. The R&D credits expire between 2027 and 2028. At December 31, 2017, we had $96.6 in deferred tax assets for state net operating loss carryforwards and tax credit carryforwards, before considering valuation allowances, which will expire between 2018 and 2037.

Significant components of income tax expense are presented below:

	2017			2016			2015
Current:
Federal	$	(4.5	)	$	(3.7	)	$	—
State	0.3			0.2			0.2
Foreign	2.4			1.7			1.8
Deferred:
Federal	0.7			15.1			0.4
State	0.1			1.4			—
Foreign	(0.4		)	—			—
Benefits of operating loss carryforwards	—			(16.1		)	—
Amount allocated to other comprehensive income	—			(15.5		)	(8.0		)
Change in valuation allowance on beginning-of-the-year deferred tax assets	(0.8		)	—			(0.7		)
Income tax expense (benefit)	$	(2.2	)	$	(16.9	)	$	(6.3	)

The Tax Cuts and Jobs Act of 2017 (the “Tax Act”), signed into law on December 22, 2017, reduces the corporate income tax rate to 21% beginning in 2018, among other provisions. While the effective date of the new corporate tax rates for us is January 1, 2018, we are required to calculate the effects of changes in tax rates and laws on deferred tax balances in 2017, the period in which the legislation was enacted. We have not completed our determination of the accounting implications of the Tax Act on our tax balances. However, we have reasonably estimated the provisional effects of the Tax Act in the consolidated financial statements as of December 31, 2017.

At December 31, 2017, we remeasured our deferred tax assets and liabilities based on the rate at which they are expected to reverse in the future, which is generally 21% at the U.S. federal level. As a result, our income tax expense for the fourth quarter of 2017 includes a non-cash credit of $4.3 for the decrease in the value of our net deferred tax liabilities.

The Tax Act requires us to calculate the undistributed earnings of our foreign subsidiaries, as determined under U.S. tax principles, and include a portion of these earnings in our 2017 taxable income. The transition tax provisions of the Tax Act are complex, and the Department of Treasury has issued preliminary guidance for taxpayers, with further guidance expected over the next several months. We calculated an estimated transition tax as of December 31, 2017 and will complete our analysis of the transition tax as we complete our tax return filings for 2017, including (1) confirming the accumulated earnings of the foreign subsidiaries as determined using U.S. tax principles and (2) determining the appropriate allocation of the earnings between amounts invested in cash and the amounts invested in non-cash assets. We do not expect to incur a cash tax liability for the transition tax due to the availability of existing net operating loss carryforwards.

As a result of the transition tax inclusion, we had no undistributed earnings of foreign subsidiaries at December 31, 2017 that had not been subject to U.S. income tax. Consequently, there will generally be no incremental U.S. taxable income generated if we repatriate these earnings in the future. However, foreign withholding taxes on dividend distributions could apply, unless they are eliminated by a treaty between the United States and the country where our foreign affiliate is located. Since we consider these earnings to be permanently invested in our foreign subsidiaries, we did not record any withholding taxes that would be assessed if the earnings were repatriated by payment of a dividend. If we repatriated the earnings, we estimate that the withholding tax liability would not be material at December 31, 2017.

We do not expect to incur cash tax liabilities associated with the provisions of the Tax Act in the foreseeable future due to the availability to us of existing net operating loss carryforwards. Our net operating loss carryovers generated through 2017 retain the original 20-year carryover periods and can be used to offset future taxable income without limitation.

The reconciliation of income tax on income (loss) before income taxes computed at the U.S. federal statutory tax rates to actual income tax expense is presented below:

	2017			2016			2015
Income tax expense (benefit) at U.S. federal statutory rate	$	57.2		$	11.3		$	(208.6	)
Income tax expense calculated on noncontrolling interests	(21.5		)	(23.1		)	(22.0		)
State and foreign tax expense, net of federal tax	6.3			0.2			(7.9		)
Increase (decrease) in deferred tax asset valuation allowance	(51.8		)	11.0			235.3
Amount allocated to other comprehensive income	—			(15.5		)	(8.0		)
Credit for U.S. tax legislation	(4.3		)	—			—
Transition tax on foreign earnings	7.9			—			—
Other differences	4.0			(0.8		)	4.9
Income tax expense (benefit)	$	(2.2	)	$	(16.9	)	$	(6.3	)

Our federal, state and local tax returns are subject to examination by various taxing authorities. Federal returns for periods beginning in 2013 are open for examination, while certain state and local returns are open for examination for periods beginning in 2007. However, taxing authorities have the ability to adjust net operating loss carryforwards generated in years before these periods. We have not recognized certain tax benefits because of the uncertainty of realizing the entire value of the tax position taken on income tax returns until taxing authorities review them. We have established appropriate income tax accruals, and believe that the outcomes of future federal examinations, as well as ongoing and future state and local examinations, will not have a material adverse impact on our financial position, results of operations or cash flows. When statutes of limitations expire or taxing authorities resolve uncertain tax positions, we will adjust income tax expense for the unrecognized tax benefits. We have no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change within twelve months of December 31, 2017.

A reconciliation of the change in unrecognized tax benefits for 2017, 2016 and 2015 is presented below:

	2017			2016			2015
Balance at beginning of year	$	124.2		$	130.3		$	59.9
Decreases for prior year tax positions	(0.5		)	(4.5		)	(0.3		)
Increases (decreases) for current year tax positions	0.3			(1.6		)	70.7
Increases (decreases) related to tax rate changes (a)	(34.6		)	—			—
Balance at end of year	$	89.4		$	124.2		$	130.3

(a) As a result of the Tax Act, the value of unrecognized tax benefits associated with NOL carryforwards and other temporary differences was reduced to reflect the lower tax rates that will apply if the uncertainties related to these deferred tax assets materialize in the future.

Included in the balance of unrecognized tax benefits at December 31, 2017 and 2016, are $75.0 and $107.4 of tax benefits that, if recognized, would affect the effective tax rate. Also included in the balance of unrecognized tax benefits at December 31, 2017 and 2016, are $14.4 and $16.8 of tax benefits that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes.

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Long-term Debt and Other Financing (Notes)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Long-term Debt and Other Financing

Long-term Debt and Other Financing

Debt balances at December 31, 2017 and 2016, are presented below:

	2017			2016
Credit Facility	$	450.0		$	—
7.50% Senior Secured Notes due July 2023 (effective rate of 8.3%)	380.0			380.0
5.00% Exchangeable Senior Notes due November 2019 (effective rate of 10.8%)	150.0			150.0
7.625% Senior Notes due May 2020	—			529.8
7.625% Senior Notes due October 2021	406.2			406.2
8.375% Senior Notes due April 2022	—			279.8
6.375% Senior Notes due October 2025 (effective rate of 7.1%)	280.0			—
7.00% Senior Notes due March 2027	400.0			—
Industrial Revenue Bonds due 2020 through 2028	99.3			99.3
Capital lease for Research and Innovation Center	—			25.2
Unamortized debt discount and issuance costs	(55.4		)	(53.7		)
Total long-term debt	$	2,110.1		$	1,816.6

During 2017, we were in compliance with all the terms and conditions of our debt agreements.

Maturities of long-term debt for the next five years, at December 31, 2017, are presented below:

Year	Debt Maturities
2018	$	—
2019	150.0
2020	7.3
2021	406.2
2022	450.0

Credit Facility

In September 2017, we entered a new $1,350.0 revolving credit facility (the “Credit Facility”), which expires in September 2022 and is guaranteed by AK Steel’s parent company, AK Holding, and by AK Tube LLC (“AK Tube”), AK Steel Properties, Inc. (“AK Properties”) and Mountain State Carbon LLC (“Mountain State Carbon”), three 100%-owned subsidiaries of AK Steel (referred to together as the “Subsidiary Guarantors”). The Credit Facility replaced our previous $1,500.0 revolving credit facility (“Replaced Credit Facility”), which was set to expire in March 2019, and is secured by the same classes of assets as the Replaced Facility. The Credit Facility contains customary restrictions, including limitations on, among other things, distributions and dividends, acquisitions and investments, dispositions, indebtedness, liens and affiliate transactions. The Credit Facility requires that we maintain a minimum fixed charge coverage ratio of one to one if availability under the Credit Facility is less than $135.0. The Credit Facility’s current availability significantly exceeds $135.0. Availability is calculated as the lesser of the Credit Facility commitments or eligible collateral after advance rates, less outstanding revolver borrowings and letters of credit. We secure our Credit Facility obligations with our inventory and accounts receivable, and the Credit Facility’s availability fluctuates monthly based on the varying levels of eligible collateral. We do not expect any of these restrictions to affect or limit our ability to conduct business in the ordinary course. The Credit Facility includes a “first-in, last-out” or “FILO” tranche, which allows us to use a portion of our eligible collateral at higher advance rates.

At December 31, 2017, our aggregate borrowing base, after application of applicable advance rates, was $1,328.8. As of December 31, 2017, we had $450.0 in outstanding borrowings. Availability as of December 31, 2017 was further reduced by $71.5 for outstanding letters of credit, resulting in remaining availability of $807.3. The weighted-average interest rate on the outstanding borrowings at December 31, 2017 was 3.27%.

Senior Secured Notes

AK Steel has outstanding $380.0 aggregate principal amount of 7.50% Senior Secured Notes due July 2023 (the “Secured Notes”). The Secured Notes are fully and unconditionally guaranteed by AK Holding and the Subsidiary Guarantors. The Secured Notes are secured by first priority liens on the plant, property and equipment (other than certain excluded property, and subject to permitted liens) of AK Steel and the Subsidiary Guarantors and any proceeds from them. The book value of the collateral as of December 31, 2017 was approximately $1.5 billion. The indenture governing the Secured Notes includes covenants with customary restrictions on (a) the incurrence of additional debt by certain subsidiaries, (b) the incurrence of certain liens, (c) the incurrence of sale/leaseback transactions, (d) the use of proceeds from the sale of collateral, and (e) our ability to merge or consolidate with other entities or to sell, lease or transfer all or substantially all of our assets to another entity. The Secured Notes also contain customary events of default. Before July 15, 2019, we may redeem the Secured Notes at a price equal to 100.000% of par plus a make-whole premium and all accrued and unpaid interest to the date of redemption. After July 15, 2019, we may redeem them at 103.750% until July 15, 2020, 101.875% until July 15, 2021, and 100.000% thereafter, together with all accrued and unpaid interest to the date of redemption. After we issued the Secured Notes in 2016, we repurchased prior senior secured notes and recognized other expense of $12.4 for expenses related to the debt retirement in 2016.

Exchangeable Notes

AK Steel has outstanding 5.0% Exchangeable Senior Notes due November 2019 (the “Exchangeable Notes”). We may not redeem the Exchangeable Notes before their maturity date. The indenture governing the Exchangeable Notes (the “Exchangeable Notes Indenture”) provides holders with an exchange right at their option before August 15, 2019, if the closing price of our common stock is greater than or equal to $7.02 per share (130% of the exchange price of the Exchangeable Notes) for at least 20 trading days during the last 30 consecutive trading days of a calendar quarter. As a result of meeting this trigger at January 1, 2017, a portion of the equity component of the Exchangeable Notes, calculated as the difference between the principal amount of the Exchangeable Notes and the carrying amount of the liability component of the Exchangeable Notes, was considered redeemable and classified as temporary equity of $21.3 on the consolidated balance sheets at December 31, 2016. The triggering condition was not met as of January 1, 2018. The triggering condition is reassessed at the beginning of each quarter while any Exchangeable Notes remain outstanding. We would be required to pay cash to holders for the principal amount of the Exchangeable Notes and to pay cash or issue common stock (at our option) for the premium if the holders elect to exchange their Exchangeable Notes. If holders of Exchangeable Notes elect to exchange, we expect to fund any cash settlement from cash or borrowings under our Credit Facility or both.

On or after August 15, 2019, holders may exchange their Exchangeable Notes at any time, and we would be obligated to (i) pay an amount in cash equal to the aggregate principal amount of the Exchangeable Notes to be exchanged and (ii) at our election, pay cash, deliver shares of AK Holding common stock or a combination for any remaining exchange obligation in excess of the aggregate principal amount of the Exchangeable Notes being exchanged. Holders may exchange their Exchangeable Notes into shares of AK Holding common stock at their option at an initial exchange rate of 185.1852 shares of AK Holding common stock per $1,000 principal amount of Exchangeable Notes. The initial exchange rate is equivalent to a conversion price of approximately $5.40 per share of common stock, which equates to 27.8 million shares to be used to determine the aggregate equity consideration to be delivered upon exchange, which could be adjusted for certain dilutive effects from potential future events. Holders may exchange their Exchangeable Notes before August 15, 2019 only under certain circumstances. The Exchangeable Notes Indenture does not contain any financial or operating covenants or restrict us or our subsidiaries from paying dividends, incurring debt or issuing or repurchasing securities. If we undergo a fundamental change, as defined in Exchangeable Notes Indenture (which, for example, would include various transactions in which we would undergo a change of control), holders may require us to repurchase the Exchangeable Notes in whole or in part for cash at a price equal to par plus any accrued and unpaid interest. In addition, if we undergo a “make-whole fundamental change,” as defined in the Exchangeable Notes Indenture, before the maturity date, in addition to requiring us to repurchase the Exchangeable Notes in whole or in part for cash at a price equal to par plus any accrued and unpaid interest, the exchange rate will be increased in certain circumstances for holders who elect to exchange their notes in connection with the event.

Based on the initial exchange rate, the Exchangeable Notes are exchangeable into a maximum of 37.5 million shares of AK Holding common stock. However, we would only deliver the maximum amount of shares if, following a “make-whole fundamental change” described above, we elect to deliver the shares to satisfy the higher exchange rate. Although the Exchangeable Notes were issued at par, for accounting purposes the proceeds received from the issuance of the notes are allocated between debt and equity to reflect the fair value of the exchange option embedded in the notes and the fair value of similar debt without the exchange option. Therefore, we recorded $38.7 of the gross proceeds of the Exchangeable Notes as an increase in additional paid-in capital with the offsetting amount recorded as a debt discount. We are amortizing the debt discount and issuance costs over the term of the Exchangeable Notes using the effective interest method. As of December 31, 2017 and 2016, the net carrying amount of the Exchangeable Notes was $135.3 and $128.7.

Senior Unsecured Notes

AK Steel has outstanding $406.2 aggregate principal amount of 7.625% Senior Notes due October 2021 (the “2021 Notes”). We may redeem the 2021 Notes at 103.813% until October 1, 2018, 101.906% thereafter until October 1, 2019, and 100.0% thereafter, together with all accrued and unpaid interest to the date of redemption.

AK Steel has outstanding $280.0 aggregate principal amount of 6.375% Senior Unsecured Notes due October 2025 (the “2025 Notes”). The 2025 Notes were issued in August 2017 as part of a transaction to refinance our 8.375% Senior Notes due April 2022, and generated net proceeds of $275.8 after underwriting discount. Before October 15, 2020, we may redeem the 2025 Notes at a price equal to par plus a make-whole premium and all accrued and unpaid interest to the date of redemption. After that date, we may redeem them at 103.188% until October 15, 2021, 101.594% thereafter until October 15, 2022, and 100.000% thereafter, together with all accrued and unpaid interest to the date of redemption. In 2017, we recognized other expense of $8.4 related to the issuance of the 2025 Notes and retirement of the 2022 Notes. Fees paid to holders of the 2022 Notes to tender their notes and expenses paid to third parties related to the issuance of the 2025 Notes totaling $10.6 were recognized as an adjustment of the carrying amount of the 2025 Notes and are being amortized over their term as an adjustment to interest expense.

AK Steel has outstanding $400.0 aggregate principal amount of 7.00% Senior Unsecured Notes due March 2027 (the “2027 Notes”). The 2027 Notes were issued in March 2017 as part of a transaction to refinance our 7.625% Senior Notes due May 2020, and generated net proceeds of $394.0 after underwriting discount. Before March 15, 2022, we may redeem the 2027 Notes at a price equal to par plus a make-whole premium and all accrued and unpaid interest to the date of redemption. After that date, we may redeem them at 103.500% until March 15, 2023, 102.333% thereafter until March 15, 2024, 101.167% thereafter until March 15, 2025, and 100.000% thereafter, together with all accrued and unpaid interest to the date of redemption. In 2017, we recognized other expense of $13.1 related to the issuance of the 2027 Notes and retirement of the 2020 Notes. Fees paid to holders of the 2020 Notes to tender their notes and expenses paid to third parties related to the issuance of the 2027 Notes totaling $7.5 were recognized as an adjustment of the carrying amount of the 2027 Notes and are being amortized over their term as an adjustment to interest expense.

The Exchangeable Notes, the 2021 Notes, the 2025 Notes, the 2027 Notes and the unsecured industrial revenue bonds (“IRBs”) discussed below (collectively, the “Senior Unsecured Notes”) are equal in right of payment. AK Holding and the Subsidiary Guarantors each fully and unconditionally, jointly and severally, guarantees the payment of interest, principal and premium, if any, on the Senior Unsecured Notes other than the Exchangeable Notes, which are guaranteed only by AK Holding. The indentures governing the 2021 Notes, the 2025 Notes, the 2027 Notes and the unsecured IRBs include covenants with customary restrictions on (a) the incurrence of additional debt by certain subsidiaries, (b) the incurrence of certain liens, (c) the amount of sale/leaseback transactions, and (d) our ability to merge or consolidate with other entities or to sell, lease or transfer all or substantially all of our assets to another entity. The indentures governing the Senior Unsecured Notes also contain customary events of default. The Senior Unsecured Notes rank junior in priority to the Secured Notes to the extent of the value of the assets securing the Secured Notes.

Industrial Revenue Bonds

AK Steel has outstanding $73.3 aggregate principal amount of fixed-rate tax-exempt IRBs (the “unsecured IRBs”) at December 31, 2017. The weighted-average fixed interest rate of the unsecured IRBs is 6.8%. The unsecured IRBs are unsecured senior debt obligations of AK Steel that are equal in ranking with the other Senior Unsecured Notes. In addition, AK Steel has outstanding $26.0 aggregate principal amount of variable-rate taxable IRBs at December 31, 2017, that are backed by letters of credit.

Research and Innovation Center Lease

In October 2017, we acquired the Research and Innovation Center capital lease. As a result, the liability was effectively settled.

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Pension and Other Postretirement Benefits (Notes)

12 Months Ended

Dec. 31, 2017

Retirement Benefits, Description [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

Summary

We provide noncontributory pension and various healthcare and life insurance benefits to a significant portion of our employees and retirees. Benefits are provided through defined benefit and defined contribution plans that we sponsor, as well as multiemployer plans for certain union members. Our defined benefit pension plans are not fully funded. We will be required to make pension contributions of approximately $51.0 for 2018. Based on current actuarial assumptions, we expect to make required pension contributions of approximately $35.0 for 2019 and $10.0 for 2020. Factors that affect future funding projections include differences between expected and actual returns on plan assets, actuarial data and assumptions relating to plan participants, the discount rate used to measure the pension obligations and changes to regulatory funding requirements. We expect to make other postretirement benefit (“OPEB”) payments, after receipt of Medicare subsidy reimbursements, of approximately $38.8 in 2018.

Defined Benefit Plans

Plan Obligations

Amounts presented below are calculated based on benefit obligation and asset valuation measurement dates of December 31, 2017 and 2016:

	Pension Benefits						Other Benefits
	2017			2016			2017			2016
Change in benefit obligations:
Benefit obligations at beginning of year	$	2,874.8		$	3,247.4		$	443.7		$	488.6
Service cost	2.8			3.0			4.7			4.9
Interest cost	108.2			120.4			17.3			19.9
Plan participants’ contributions	—			—			23.3			25.6
Actuarial loss (gain)	91.0			45.1			27.1			(35.1		)
Amendments	—			8.4			(4.7		)	—
Benefits paid	(269.0		)	(339.1		)	(65.5		)	(65.6		)
Annuity settlement	—			(210.3		)	—			—
Medicare subsidy reimbursement received	—			—			2.6			5.4
Foreign currency exchange rate changes	0.2			(0.1		)	—			—
Benefit obligations at end of year	$	2,808.0		$	2,874.8		$	448.5		$	443.7
Change in plan assets:
Fair value of plan assets at beginning of year	$	2,183.5		$	2,511.4		$	—		$	—
Actual gain on plan assets	362.4			193.3			—			—
Employer contributions	45.3			33.1			39.6			34.6
Plan participants’ contributions	—			—			23.3			25.6
Benefits paid	(269.0		)	(339.1		)	(65.5		)	(65.6		)
Annuity settlement	—			(215.2		)	—			—
Medicare subsidy reimbursement received	—			—			2.6			5.4
Fair value of plan assets at end of year	$	2,322.2		$	2,183.5		$	—		$	—
Funded status	$	(485.8	)	$	(691.3	)	$	(448.5	)	$	(443.7	)
Amounts recognized in the consolidated balance sheets:
Current liabilities	$	(1.3	)	$	(1.3	)	$	(38.8	)	$	(40.0	)
Noncurrent liabilities	(484.5		)	(690.0		)	(409.7		)	(403.7		)
Total	$	(485.8	)	$	(691.3	)	$	(448.5	)	$	(443.7	)
Amounts recognized in accumulated other comprehensive loss, before taxes:
Actuarial loss (gain)	$	77.6		$	209.7		$	(13.0	)	$	(44.4	)
Prior service cost (credit)	23.2			27.9			(84.9		)	(138.7		)
Total	$	100.8		$	237.6		$	(97.9	)	$	(183.1	)

The accumulated benefit obligation for all defined benefit pension plans was $2,767.1 and $2,826.6 at December 31, 2017 and 2016. All our defined benefit pension plans have an accumulated benefit obligation in excess of plan assets. The amounts included in current liabilities represent only the amounts of our unfunded pension and OPEB benefit plans that we expect to pay in the next year.

During 2016, we transferred to a highly rated insurance company $210.3 of pension obligations for approximately 10,000 retirees or their beneficiaries in two separate transactions. As part of these transactions, we transferred a similar amount of pension trust assets to purchase non-participating annuity contracts during the third quarter of 2016 that require the insurance company to pay the transferred pension obligations to the pension participants. As a result of the transfer of pension assets in October 2016, we recorded settlement losses of $25.0 in the fourth quarter of 2016 to recognize a portion of the unrealized actuarial loss associated with the transferred obligations. We also recorded a pension corridor charge of $78.4 in the fourth quarter of 2016 in connection with the October plan remeasurement. The corridor charge was primarily a result of a decline in discount rates since the beginning of the year, partially offset by better than expected returns on plan assets.

We revise our mortality assumptions when the Society of Actuaries issues new mortality tables, typically in October. Over the past two years the new mortality assumptions decreased the assumed life expectancy of participants in our defined benefit plans, thereby decreasing the total expected benefit payments and our pension and OPEB obligations. Included in the 2017 actuarial loss (gain) in the table above were actuarial gains of $14.3 and $2.9 related to the change in the mortality tables on pension benefits and OPEB, respectively. Included in the 2016 actuarial loss (gain) in the table above were actuarial gains of $33.8 and $4.5 related to the change in the mortality tables on pension benefits and OPEB, respectively.

Assumptions used to value benefit obligations and determine pension and OPEB expense (income) are presented below:

	Pension Benefits						Other Benefits
	2017		2016		2015		2017		2016		2015
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.54	%	3.93	%	4.15	%	3.59	%	4.04	%	4.22	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%
Subsequent year healthcare cost trend rate							6.65	%	7.00	%	7.00	%
Ultimate healthcare cost trend rate							4.50	%	4.50	%	4.50	%
Year ultimate healthcare cost trend rate begins							2025		2025		2024
Assumptions used to determine pension and OPEB expense (income) for the year ended December 31:
Discount rate	3.93	%	3.95	%	3.82	%	4.04	%	4.22	%	3.90	%
Expected return on plan assets	7.25	%	7.25	%	7.25	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%

We determine the discount rate at each remeasurement by finding a hypothetical portfolio of individual high-quality corporate bonds available at the measurement date with coupon and principal payments that could satisfy the plans’ expected future benefit payments that we use to calculate the projected benefit obligation. The discount rate is the single rate that is equivalent to the average yield on that hypothetical portfolio of bonds. We changed our assumption for future expected returns on pension plan assets to 7.00% from 7.25%, effective January 1, 2018.

Assumed healthcare cost trend rates generally have a significant effect on the amounts reported for healthcare plans. However, caps on the share of OPEB obligations that we pay limit the effect of changes in OPEB assumptions. As of December 31, 2017, a one-percentage-point change in the assumed healthcare cost trend rates would have the following effects:

	One Percentage Point
	Increase		Decrease
Effect on total service cost and interest cost components	$	—	$	—
Effect on postretirement benefit obligation	1.1		(1.1		)

Estimated future benefit payments to beneficiaries are presented below:

	Pension Plans		Other Benefits		Medicare Subsidy
2018	$	262.8	$	39.8	$	(1.0	)
2019	254.6		38.1		(1.1		)
2020	243.3		36.3		(1.1		)
2021	231.3		34.7		(1.1		)
2022	227.0		33.2		(1.1		)
2023 through 2027	988.4		145.8		(6.3		)

Plan Assets

Our investments in the master pension trust primarily include indexed and actively-managed funds. A fiduciary committee sets the target asset mix and monitors asset performance. We determine the master pension trust’s projected long-term rate of return based on the asset allocation, the trust’s investment policy statement and our long-term capital market return assumptions for the master trust.

We have developed an investment policy that considers liquidity requirements, expected investment return and expected asset risk, as well as standard industry practices. The target asset allocation for the master pension trust at December 31, 2017 was 55% equity, 44% fixed income, and 1% cash. Equity investments consist of individual securities, equity mutual funds and common/collective trusts with equity investment strategies, which are diversified across multiple industry sectors, company market capitalizations and geographical investment strategies. The equity mutual funds and common/collective trusts have no unfunded commitments or significant redemption restrictions. Fixed-income investments consist of individual securities and common/collective trusts, which invest primarily in investment-grade and high-yield corporate bonds and U.S. Treasury securities. The fixed-income investments are diversified by ratings, maturities, industries and other factors. Plan assets contain no significant concentrations of risk from individual securities or industry sectors. The master pension trust has no direct investments in our common stock or fixed-income securities.

Master pension trust investments measured at fair value on a recurring basis at December 31, 2017 and 2016 are presented below, with certain assets presented by level within the fair value hierarchy. As a practical expedient, we estimate the value of common/collective trusts, equity mutual funds and certain other assets by using the net asset value (“NAV”) per share multiplied by the number of shares of the trust investment held as of the measurement date. If we have the ability to redeem our investment in the respective alternative investment at the NAV with no significant restrictions on the redemption at the consolidated balance sheet date, excluding equity mutual funds, we categorized the alternative investment as a reconciliation of pension investments reported in the fair value hierarchy to the master pension trust’s balance. See Note 16 for more information on the determination of fair value.

	Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs
	(Level 1)				(Level 2)				Total
	2017		2016		2017		2016		2017		2016
Investments in fair value hierarchy
Equity investments:
U.S. securities	$	46.6	$	169.4	$	—	$	—	$	46.6	$	169.4
Global securities	—		—		327.9		191.0		327.9		191.0
Fixed-income investments:
High-yield U.S. securities	—		—		111.8		0.4		111.8		0.4
Other U.S. securities	—		—		524.6		—		524.6		—
Global securities	—		—		—		395.4		—		395.4
Other investments	—		—		30.6		28.9		30.6		28.9
Total pension investments in fair value hierarchy	$	46.6	$	169.4	$	994.9	$	615.7	$	1,041.5	$	785.1
Investments with fair values measured at net asset value
Common/collective trusts:
U.S. equity securities (a)									194.6		728.8
Global equity securities (b)									707.0		381.4
U.S. corporate fixed-income securities (c)									379.1		207.4
U.S. Treasury securities and bonds									—		80.4
Other									—		0.4
Total pension assets at fair value									$	2,322.2	$	2,183.5

(a) Investments primarily in domestic equity securities, which may include common stocks, options and futures.

(b) Investments primarily in global equity securities, which may include common stocks, options and futures.

(c) Investments primarily in domestic fixed income investments, which may include investment-grade and high-yield corporate bonds, interest rate swaps, options and futures.

Periodic Benefit Costs

Components of pension and OPEB expense (income) for the years 2017, 2016 and 2015 are presented below:

	Pension Benefits									Other Benefits
	2017			2016			2015			2017			2016			2015
Components of pension and OPEB expense (income):
Service cost	$	2.8		$	3.0		$	2.2		$	4.7		$	4.9		$	7.1
Interest cost	108.2			120.4			130.0			17.3			19.9			22.5
Expected return on plan assets	(149.9		)	(167.1		)	(198.4		)	—			—			—
Amortization of prior service cost (credit)	4.7			5.6			4.4			(58.5		)	(60.4		)	(64.6		)
Recognized net actuarial loss (gain):
Annual amortization	10.5			29.2			31.2			(4.2		)	(4.3		)	1.6
Corridor charge (credit)	—			78.4			144.3			—			(35.3		)	(13.1		)
Settlement loss	—			29.9			1.0			—			—			—
Pension and OPEB expense (income)	$	(23.7	)	$	99.4		$	114.7		$	(40.7	)	$	(75.2	)	$	(46.5	)

During 2016 and 2015, we performed remeasurements of an unfunded supplemental retirement plan and recognized settlement losses as a result of lump sum benefit payments made to retired participants.

Pension and OPEB expense (income) for the defined benefit pension plans over the next year is expected to include amortization of $15.9 of the unrealized net loss and $3.8 from the prior service cost in accumulated other comprehensive loss. Pension and OPEB expense (income) for the other postretirement benefit plans over the next fiscal year is expected to include amortization of $1.3 of the unrealized net gain and $13.7 from the prior service credit in accumulated other comprehensive loss.

Defined Contribution Plans

All employees are eligible to participate in various defined contribution plans. Certain of these plans have features with matching contributions or other company contributions based on our financial results. Total expense from these plans was $24.9, $23.1 and $18.8 in 2017, 2016 and 2015.

Multiemployer Pension Plans

We contribute to multiemployer pension plans according to collective bargaining agreements that cover certain union-represented employees. The following risks of participating in these multiemployer plans differ from single employer pension plans:

• Employer contributions to a multiemployer plan may be used to provide benefits to employees of other participating employers.

• If a participating employer stops contributing to a multiemployer plan, the remaining participating employers may need to assume the unfunded obligations of the plan.

• If the multiemployer plan becomes significantly underfunded or is unable to pay its benefits, we may be required to contribute additional amounts in excess of the rate required by the collective bargaining agreements.

• If we choose to stop participating in a multiemployer plan, we may be required to pay that plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

Our participation in these multiemployer plans for the years ended December 31, 2017, 2016 and 2015, is presented below. We do not provide more than five percent of the total contributions to any multiemployer plan. Forms 5500 are not yet available for plan years ending in 2017.

Pension Fund	EIN/Pension Plan Number	Pension Protection Act Zone Status (a)		FIP/RP Status Pending/Implemented (b)	Contributions						Surcharge Imposed (c)	Expiration Date of Collective Bargaining Agreement
		2017	2016		2017		2016		2015
Steelworkers Pension Trust	23-6648508/499	Green	Green	No	$	6.3	$	6.8	$	7.3	No	9/1/2018 to 3/31/2021 (d)
IAM National Pension Fund’s National Pension Plan	51-6031295/002	Green	Green	No	18.4		18.0		16.0		No	3/15/2018 to 5/31/2019 (e)
					$	24.7	$	24.8	$	23.3

(a) The most recent Pension Protection Act zone status available in 2017 and 2016 is for each plan’s year-end at December 31, 2016 and 2015. The plan’s actuary certifies the zone status. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. The Steelworkers Pension Trust and IAM National Pension Fund’s National Pension Plan elected funding relief under section 431(b)(8) of the Internal Revenue Code and section 304(b)(8) of the Employment Retirement Income Security Act of 1974 (ERISA). This election allows those plans’ investment losses for the plan year ended December 31, 2008, to be amortized over 29 years for funding purposes.

(b) The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented, as defined by ERISA.

(c) The surcharge represents an additional required contribution due as a result of the critical funding status of the plan.

(d) We are a party to three collective bargaining agreements at our Ashland Works, Mansfield Works and at the AK Tube Walbridge plant that require contributions to the Steelworkers Pension Trust. The labor contract for approximately 305 hourly employees at the Ashland Works expires on September 1, 2018. The labor contract for approximately 90 hourly employees at the AK Tube Walbridge plant expires January 22, 2021. The labor contract for approximately 305 hourly employees at Mansfield Works expires on March 31, 2021.

(e) We are a party to three collective bargaining agreements at our Butler Works, Middletown Works and Zanesville Works that require contributions to the IAM National Pension Fund’s National Pension Plan. The labor contract for approximately 1,725 hourly employees at Middletown Works expires on March 15, 2018. The labor contract for approximately 1,155 hourly employees at Butler Works expires on April 1, 2019. The labor contract for approximately 115 hourly employees at Zanesville Works expires on May 31, 2019.

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Operating Leases

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Operating Leases

Operating Leases

Rental expense was $43.1, $46.7 and $44.0 for 2017, 2016 and 2015. Obligations to make future minimum lease payments at December 31, 2017, are presented below:

2018	$	18.2
2019	18.8
2020	18.1
2021	18.9
2022	16.6
2023 and thereafter	90.2
Total minimum lease payments	$	180.8

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Commitments

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments

Commitments

We purchase substantial portions of the principal raw materials required for our steel manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. We also use large volumes of natural gas, electricity and industrial gases in our steel manufacturing operations. We negotiate most of our purchases of chrome, coke, industrial gases, iron ore and a portion of our electricity under multi-year agreements. The iron ore agreements typically have a variable-price mechanism that adjusts the price of iron ore periodically, based on reference to an iron ore index and other market-based factors. We typically purchase coal under annual fixed-price agreements. We also purchase certain transportation services under multi-year contracts with minimum quantity requirements.

Commitments for future capital investments at December 31, 2017, totaled approximately $59.0, all of which we expect to incur in 2018.

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Environmental and Legal Contingencies (Notes)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Environmental and Legal Contingencies

Environmental and Legal Contingencies

Environmental Contingencies

Domestic steel producers, including us, must follow stringent federal, state and local laws and regulations designed to protect human health and the environment. We have spent the following amounts over the past three years for environmental-related capital investments and environmental compliance:

	2017		2016		2015
Environmental-related capital investments	$	6.8	$	4.9	$	7.1
Environmental compliance costs	129.5		123.9		133.2

We and our predecessors have been involved in steel manufacturing and related operations since 1900. Although we believe our operating practices have been consistent with prevailing industry standards, hazardous materials may have been released at operating sites or third-party sites in the past, including operating sites that we no longer own. If we reasonably can, we have estimated potential remediation expenditures for those sites where future remediation efforts are probable based on identified conditions, regulatory requirements or contractual obligations arising from the sale of a business or facility. For sites involving government-required investigations, we typically make an estimate of potential remediation expenditures only after the investigation is complete and when we better understand the nature and scope of the remediation. In general, the material factors in these estimates include the costs associated with investigations, delineations, risk assessments, remedial work, governmental response and oversight, site monitoring, and preparation of reports to the appropriate environmental agencies. We have recorded the following liabilities for environmental matters on our consolidated balance sheets:

	2017		2016
Accrued liabilities	$	8.5	$	7.3
Other non-current liabilities	35.4		39.9

We cannot predict the ultimate costs for each site with certainty because of the evolving nature of the investigation and remediation process. Rather, to estimate the probable costs, we must make certain assumptions. The most significant of these assumptions is for the nature and scope of the work that will be necessary to investigate and remediate a particular site and the cost of that work. Other significant assumptions include the cleanup technology that will be used, whether and to what extent any other parties will participate in paying the investigation and remediation costs, reimbursement of past response and future oversight costs by governmental agencies, and the reaction of the governing environmental agencies to the proposed work plans. Costs for future investigation and remediation are not discounted to their present value. To the extent that we have been able to reasonably estimate future liabilities, we do not believe that there is a reasonable possibility that we will incur a loss or losses that exceed the amounts we accrued for the environmental matters discussed below that would, either individually or in the aggregate, have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, since we recognize amounts in the consolidated financial statements in accordance with accounting principles generally accepted in the United States that exclude potential losses that are not probable or that may not be currently estimable, the ultimate costs of these environmental proceedings may be higher than the liabilities we currently have recorded in our consolidated financial statements.

Except as we expressly note below, we do not currently anticipate any material effect on our consolidated financial position, results of operations or cash flows as a result of compliance with current environmental regulations. Moreover, because all domestic steel producers operate under the same federal environmental regulations, we do not believe that we are more disadvantaged than our domestic competitors by our need to comply with these regulations. Some foreign competitors may benefit from less stringent environmental requirements in the countries where they produce, resulting in lower compliance costs for them and providing those foreign competitors with a cost advantage on their products.

According to the Resource Conservation and Recovery Act (“RCRA”), which governs the treatment, handling and disposal of hazardous waste, the United States Environmental Protection Agency (“EPA”) and authorized state environmental agencies may conduct inspections of RCRA-regulated facilities to identify areas where there have been releases of hazardous waste or hazardous constituents into the environment and may order the facilities to take corrective action to remediate such releases. Environmental regulators may inspect our major steelmaking facilities. While we cannot predict the future actions of these regulators, it is possible that they may identify conditions in future inspections of these facilities which they believe require corrective action.

Under authority from the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), the EPA and state environmental authorities have conducted site investigations at certain of our facilities and other third-party facilities, portions of which previously may have been used for disposal of materials that are currently regulated. The results of these investigations are still pending, and we could be directed to spend funds for remedial activities at the former disposal areas. Because of the uncertain status of these investigations, however, we cannot reliably predict whether or when such spending might be required or their magnitude.

As previously noted, on April 29, 2002, we entered a mutually agreed-upon administrative order on consent with the EPA pursuant to Section 122 of CERCLA to perform a Remedial Investigation/Feasibility Study (“RI/FS”) of the Hamilton Plant site located in New Miami, Ohio. The plant ceased operations in 1990 and all of its former structures have been demolished. We submitted the investigation portion of the RI/FS, and we completed a supplemental study in 2014. We currently have accrued $0.7 for the remaining cost of the RI/FS. Until the RI/FS is complete, we cannot reliably estimate the additional costs, if any, we may incur for potentially required remediation of the site or when we may incur them.

As previously reported, on September 30, 1998, our predecessor, Armco Inc., received an order from the EPA under Section 3013 of RCRA requiring it to develop a plan for investigation of eight areas of our Mansfield Works that allegedly could be sources of contamination. A site investigation began in November 2000 and is continuing. We cannot reliably estimate how long it will take to complete this site investigation. We currently have accrued $1.1 for the projected cost of the study. Until the site investigation is complete, we cannot reliably estimate the additional costs, if any, we may incur for potentially required remediation of the site or when we may incur them.

As previously noted, on September 26, 2012, the EPA issued an order under Section 3013 of RCRA requiring us to develop a plan for investigation of four areas at our Ashland Works coke plant. The Ashland Works coke plant ceased operations in 2011 and all of its former structures have been demolished and removed. In 1981, we acquired the plant from Honeywell International Corporation (as successor to Allied Corporation), who had managed the coking operations there for approximately 60 years. We cannot reliably estimate how long it will take to complete the site investigation. On March 10, 2016, the EPA invited us to participate in settlement discussions regarding an enforcement action. Settlement discussions between the parties are ongoing, though whether the parties will reach agreement and any such agreement’s terms are uncertain. We currently have accrued $1.4 for the projected cost of the investigation and known remediation. Until the site investigation is complete, we cannot reliably estimate the costs, if any, we may incur for potential additional required remediation of the site or when we may incur them.

As previously reported, on July 15, 2009, we and the Pennsylvania Department of Environmental Protection (“PADEP”) entered a Consent Order and Agreement (the “Consent Order”) to resolve an alleged unpermitted discharge of wastewater from the closed Hillside Landfill at our former Ambridge Works. Under the terms of the Consent Order, we paid a penalty and also agreed to implement various corrective actions, including an investigation of the area where landfill activities occurred, submission of a plan to collect and treat surface waters and seep discharges, and upon approval from PADEP, implementation of that plan. We have accrued $5.6 for the remedial work required under the approved plan and Consent Order. We submitted a National Pollution Discharge Elimination System (“NPDES”) permit application to move to the next work phase. We currently estimate that the remaining work will be completed in 2019, though it may be delayed.

As previously reported, on June 29, 2000, the United States filed a complaint on behalf of the EPA against us in the U.S. District Court for the Southern District of Ohio, Case No. C-1-00530, alleging violations of the Clean Air Act, the Clean Water Act and RCRA at our Middletown Works. Subsequently, the State of Ohio, the Sierra Club and the National Resources Defense Council intervened. On May 15, 2006, the court entered a Consent Decree in Partial Resolution of Pending Claims (the “Consent Decree”). Under the Consent Decree, we agreed to undertake a comprehensive RCRA facility investigation at Middletown Works and, as appropriate, complete a corrective measures study. The Consent Decree required us to implement certain RCRA corrective action interim measures to address polychlorinated biphenyls (“PCBs”) in sediments and soils at Dicks Creek and certain other specified surface waters, adjacent floodplain areas and other previously identified geographic areas. We have completed the remedial activity at Dicks Creek, but continue to work on the RCRA facility investigation and certain interim measures. We have accrued $13.6 for the cost of known work required under the Consent Decree for the RCRA facility investigation and remaining interim measures.

As previously reported, on May 12, 2014, the Michigan Department of Environmental Quality (“MDEQ”) issued to our Dearborn Works an Air Permit to Install No. 182-05C (the “PTI”) to increase the emission limits for the blast furnace and other emission sources. The PTI was issued as a correction to a prior permit to install that did not include certain information during the prior permitting process. On July 10, 2014, the South Dearborn Environmental Improvement Association (“SDEIA”), Detroiters Working for Environmental Justice, Original United Citizens of Southwest Detroit and the Sierra Club filed a Claim of Appeal of the PTI in the State of Michigan, Wayne County Circuit, Case No. 14-008887-AA. Appellants and the MDEQ required the intervention of Severstal Dearborn, LLC (“Dearborn”) (now owned by us) in this action as an additional appellee. The appellants allege multiple deficiencies with the PTI and the permitting process. On October 9, 2014, the appellants filed a Motion for Peremptory Reversal of the MDEQ’s decision to issue the PTI. We believe that the MDEQ issued the PTI properly in compliance with applicable law and will vigorously contest this appeal. On October 17, 2014, we filed a motion to dismiss the appeal. Additionally, on December 15, 2014, we filed a motion to dismiss the appeal for lack of jurisdiction. At the conclusion of a hearing on all three motions on February 12, 2015, all three motions were denied. On July 12, 2016, the Michigan Court of Appeals denied our motion seeking to overturn the decision of the Circuit Court denying our motion to dismiss for lack of jurisdiction. On October 5, 2016, we filed an application with the Michigan Supreme Court for leave to appeal, seeking to overturn the decision of the Michigan Court of Appeals.Until the appeal is resolved, we cannot determine what the ultimate permit limits will be. Until the permit limits are determined and final, we cannot reliably estimate the costs we incur, if any, or when we may incur them.

As previously reported, on August 21, 2014, the SDEIA filed a Complaint under the Michigan Environmental Protection Act (“MEPA”) in the State of Michigan, Wayne County Circuit Case No. 14-010875-CE. The plaintiffs allege that the air emissions from our Dearborn Works are impacting the air, water and other natural resources, as well as the public trust in such resources. The plaintiffs are requesting, among other requested relief, that the court assess and determine the sufficiency of the PTI’s limitations. On October 15, 2014, the court ordered a stay of the proceedings until a final order is issued in Wayne County Circuit Court Case No. 14-008887-AA (discussed above). When the proceedings resume, we will vigorously contest these claims. Until the claims in this Complaint are resolved, we cannot reliably estimate the costs we may incur, if any, or when we may incur them.

As previously reported, on April 27, 2000, MDEQ issued a RCRA Corrective Action Order No. 111-04-00-07E to Rouge Steel Company and Ford Motor Company for the property that includes our Dearborn Works. The Corrective Action Order has been amended five times. We are a party to the Corrective Action Order as the successor-in-interest to Dearborn, which was the successor-in-interest to Rouge Steel Company. The Corrective Action Order requires the site-wide investigation, and where appropriate, remediation of the facility. The site investigation and remediation is ongoing. We cannot reliably estimate how long it will take to complete this site investigation and remediation. To date, Ford Motor Company has incurred most of the costs of the investigation and remediation due to its prior ownership of the steelmaking operations at Dearborn Works. Until the site investigation is complete, we cannot reliably estimate the additional costs we may incur, if any, for any potentially required remediation of the site or when we may incur them.

As previously reported, AK Steel received an order in October 2002 from the EPA under Section 3013 of RCRA requiring it to investigate several areas of Zanesville Works that allegedly could be sources of contamination. A site investigation began in 2003 and was approved by EPA in November 2012. On October 28, 2016, the EPA requested that we conduct a corrective measures study and implement these measures as necessary. Settlement discussions between the parties are ongoing, though whether the parties will reach agreement and any such agreement’s terms are uncertain. We currently have accrued $0.7 for the projected cost of the corrective measures study as well as a supplemental investigation. Until the study is complete, we cannot reliably estimate the costs, if any, we may incur for potential required remediation of the site or when we may incur them.

On October 10, 2017, we received a 60-day notice of intent to file a citizen suit under the Clean Air Act related to purported actions at our Middletown Works facility. The notice alleges a variety of violations at the facility and contends that potential plaintiffs, a private citizen and the Sierra Club, will seek civil penalties and injunctive relief if, within the succeeding 60 days, the parties are unable to agree upon suitable actions to resolve the claims. In the event the citizen’s suit is filed, we will vigorously contest these claims. On December 4, 2017, we entered into a Consent Order with the State of Ohio addressing claims made in the notice of intent to file a citizen suit. The Consent Order included injunctive relief measures at the facility and a civil penalty of less than $0.2.

In addition to the foregoing matters, we are or may be involved in proceedings with various regulatory authorities that may require us to pay fines, comply with more rigorous standards or other requirements or incur capital and operating expenses for environmental compliance. We believe that the ultimate disposition of the proceedings will not have, individually or in the aggregate, a material adverse effect on our consolidated financial condition, results of operations or cash flows.

Legal Contingencies

As previously reported, since 1990 we have been named as a defendant in numerous lawsuits alleging personal injury as a result of exposure to asbestos. The great majority of these lawsuits have been filed on behalf of people who claim to have been exposed to asbestos while visiting the premises of one of our current or former facilities. The majority of asbestos cases pending in which we are a defendant do not include a specific dollar claim for damages. In the cases that do include specific dollar claims for damages, the complaint typically includes a monetary claim for compensatory damages and a separate monetary claim in an equal amount for punitive damages, and does not attempt to allocate the total monetary claim among the various defendants.

The number of asbestos cases pending at December 31, 2017, is presented below:

	Asbestos Cases Pending at
	December 31, 2017
Cases with specific dollar claims for damages:
Claims up to $0.2	135
Claims above $0.2 to $5.0	4
Claims above $5.0 to $20.0	3
Total claims with specific dollar claims for damages (a)	142
Cases without a specific dollar claim for damages	194
Total asbestos cases pending	336

(a) Involve a total of 2,244 plaintiffs and 17,747 defendants

In each case, the amount described is per plaintiff against all of the defendants, collectively. Thus, it usually is not possible at the outset of a case to determine the specific dollar amount of a claim against us. In fact, it usually is not even possible at the outset to determine which of the plaintiffs actually will pursue a claim against us. Typically, that can only be determined through written interrogatories or other discovery after a case has been filed. Therefore, in a case involving multiple plaintiffs and multiple defendants, we initially only account for the lawsuit as one claim. After we have determined through discovery whether a particular plaintiff will pursue a claim, we make an appropriate adjustment to statistically account for that specific claim. It has been our experience that only a small percentage of asbestos plaintiffs ultimately identify us as a target defendant from whom they actually seek damages and most of these claims ultimately are either dismissed or settled for a small fraction of the damages initially claimed. Asbestos-related claims information in 2017, 2016 and 2015, is presented below:

	2017		2016		2015
New Claims Filed	58		40		52
Pending Claims Disposed Of	61		84		68
Total Amount Paid in Settlements	$	1.2	$	0.9	$	1.9

Since the onset of asbestos claims against us in 1990, five asbestos claims against us have proceeded to trial in four separate cases. All five concluded with a verdict in our favor. We continue to vigorously defend the asbestos claims. Based upon present knowledge, and the factors above, we believe it is unlikely that the resolution in the aggregate of the asbestos claims against us will have a materially adverse effect on our consolidated results of operations, cash flows or financial condition. However, predictions about the outcome of pending litigation, particularly claims alleging asbestos exposure, are subject to substantial uncertainties. These uncertainties include (1) the significantly variable rate at which new claims may be filed, (2) the effect of bankruptcies of other companies currently or historically defending asbestos claims, (3) the litigation process from jurisdiction to jurisdiction and from case to case, (4) the type and severity of the disease each claimant alleged to suffer, and (5) the potential for enactment of legislation affecting asbestos litigation.

As previously reported, in September and October 2008 and again in July 2010, several companies filed purported class actions in the United States District Court for the Northern District of Illinois against nine steel manufacturers, including us. The case numbers for these actions are 08CV5214, 08CV5371, 08CV5468, 08CV5633, 08CV5700, 08CV5942, 08CV6197 and 10CV04236. On December 28, 2010, another action, case number 32,321, was filed in state court in the Circuit Court for Cocke County, Tennessee. The defendants removed the Tennessee case to federal court and in March 2012 it was transferred to the Northern District of Illinois. The plaintiffs in the various pending actions are companies that purport to have purchased steel products, directly or indirectly, from one or more of the defendants and they claim to file the actions on behalf of all persons and entities who purchased steel products for delivery or pickup in the United States from any of the named defendants at any time from at least as early as January 2005. The complaints allege that the defendant steel producers have conspired in violation of antitrust laws to restrict output and to fix, raise, stabilize and maintain artificially high prices for steel products in the United States. In March 2014, we reached an agreement with the direct purchaser plaintiffs to tentatively settle the claims asserted against us, subject to certain court approvals below. According to that settlement, we agreed to pay $5.8 to the plaintiff class of direct purchasers in exchange for the members of that class to completely release all claims. We continue to believe that the claims made against us lack any merit, but we elected to enter the settlement to avoid the ongoing expense of defending ourselves in this protracted and expensive antitrust litigation. We provided notice of the proposed settlement to members of the settlement class. After several class members received the notice, they elected to opt out of the class settlement. Following a fairness hearing, on October 21, 2014 the Court entered an order and judgment approving the settlement and dismissing all of the direct plaintiffs’ claims against us with prejudice as to the settlement class. In 2014, we recorded a charge for the amount of the tentative settlement with the direct purchaser plaintiff class and paid that amount into an escrow account, which has now been disbursed in accordance with the order that approved the settlement. On March 3, 2017, the Court granted the defendants’ motion to dismiss the indirect plaintiffs’ amended complaint on the grounds that the plaintiffs lacked antitrust standing. On April 4, 2017, the indirect plaintiffs filed a motion for reconsideration and the defendants filed an opposition to that motion. On July 13, 2017, the Court denied the indirect plaintiffs’ motion for reconsideration. On September 15, 2017 the indirect plaintiffs filed a notice of appeal with the Seventh Circuit Court of Appeals. Because we have been unable to determine that a potential loss in this case for the indirect plaintiffs is probable or estimable, we have not recorded an accrual for this matter. If our assumptions used to evaluate a probable or estimable loss for the indirect plaintiffs prove to be incorrect or change, we may be required to record a charge for their claims.

As previously reported, on January 20, 2010, ArcelorMittal France and ArcelorMittal Atlantique et Lorraine (collectively “ArcelorMittal”) filed an action in the United States District Court for the District of Delaware, Case No. 10-050-SLR against us, Dearborn, and Wheeling-Nisshin Inc., whom Dearborn indemnified in this action. By virtue of our responsibility as a successor-in-interest to Dearborn and an indemnitor of Wheeling-Nisshin Inc., we now have complete responsibility for the defense of this action. The three named defendants are collectively referred to hereafter as “we” or “us”, though the precise claims against each separate defendant may vary. The complaint alleges that we are infringing the claims of U.S. Patent No. 6,296,805 (the “Patent”) in making pre-coated cold-rolled boron steel sheet and seeks injunctive relief and unspecified compensatory damages. We filed an answer denying ArcelorMittal’s claims and raised various affirmative defenses. We also filed counterclaims against ArcelorMittal for a declaratory judgment that we are not infringing the Patent and that the Patent is invalid. Subsequently, the trial court separated the issues of liability and damages. The case proceeded with a trial to a jury on the issue of liability during the week of January 15, 2011. The jury returned a verdict that we did not infringe the Patent and that the Patent was invalid. Judgment then was entered in our favor. ArcelorMittal filed an appeal with the United States Court of Appeals for the Federal Circuit. On November 30, 2012, the court of appeals issued a decision reversing certain findings related to claim construction and the validity of the Patent and remanded the case to the trial court for further proceedings. On January 30, 2013, ArcelorMittal filed a motion for rehearing with the court of appeals. On March 20, 2013, the court of appeals denied ArcelorMittal’s motion for rehearing. The case then was remanded to the trial court for further proceedings. On April 16, 2013, according to a petition previously filed by ArcelorMittal and ArcelorMittal USA LLC, the U.S. Patent and Trademark Office (“PTO”) reissued the Patent as U.S. Reissue Patent RE44,153 (the “Reissued Patent”). Also on April 16, 2013, ArcelorMittal filed a second action against us in the United States District Court for the District of Delaware, Case Nos. 1:13-cv-00685 and 1:13-cv-00686 (collectively the “Second Action”). The complaint filed in the Second Action alleges that we are infringing the claims of the Reissued Patent and seeks injunctive relief and unspecified compensatory damages. On April 23, 2013, we filed a motion to dismiss key elements of the complaint filed in the Second Action. In addition, the parties briefed related non-infringement and claims construction issues in the original action. On October 25, 2013, the district court granted summary judgment in our favor, confirming that our product does not infringe the original Patent or the Reissued Patent. The court further ruled that ArcelorMittal’s Reissued Patent was invalid due to ArcelorMittal’s deliberate violation of a statutory prohibition on broadening a patent through reissue more than two years after the original Patent was granted and that the original Patent had been surrendered when the Reissued Patent was issued and thus is no longer in effect. Final Judgment was entered on October 31, 2013. On November 6, 2013, ArcelorMittal filed a motion to clarify or, in the alternative, to alter or amend the October 31, 2013 judgment. We opposed the motion. On December 5, 2013, the court issued a memorandum and order denying the motion and entered final judgment in our favor, and against ArcelorMittal, specifically ruling that all claims of ArcelorMittal’s Reissued Patent are invalid as violative of 35 U.S.C. §251(d). On December 30, 2013, ArcelorMittal filed notices of appeal to the Federal Circuit Court of Appeals. The appeal has been fully briefed and the court of appeals held a hearing on November 4, 2014. On May 12, 2015, the Federal Circuit issued its decision affirming in part and reversing in part the trial court’s decision and remanding the case for further proceedings. The Federal Circuit ruled that 23 of the 25 claims of the Reissued Patent were improperly broadened and therefore invalid. However, the Federal Court found that the district court erred in invalidating the remaining two claims and remanded the case for further proceedings before the district court. Following the remand, ArcelorMittal filed a motion in the trial court for leave to amend the Second Action to assert additional patent infringement claims based on another, related patent that the PTO issued on June 10, 2014, No. RE44,940 (Second Reissue Patent). It also filed a motion to dismiss the original action on the grounds that it is now moot in light of the Court of Appeals’ last ruling. We opposed both of those motions. In addition, we filed separate motions for summary judgment in the original action on the grounds of non-infringement and invalidity. A hearing on all motions was held on October 27, 2015. On December 4, 2015, the district court issued an order granting our motion for summary judgment that neither of the remaining claims of the Reissued Patent are infringed and both are invalid as obvious. The court therefore entered final judgment in favor of the defendants in the original case. In the court’s order, the judge also granted ArcelorMittal’s motion to file a first amended complaint and ArcelorMittal did file an amended complaint in Case No. 1:13-cv-00685 (“685 Action”) alleging we are infringing the claims of the Second Reissue Patent, which we deny. On December 21, 2015, ArcelorMittal filed a notice of appeal from the district court’s December 4, 2015 final judgment. On May 16, 2017, the Federal Circuit Court of Appeals affirmed the district court’s judgment of invalidity and non-infringement of the reissued Patent. On June 14, 2017, ArcelorMittal filed a petition to the Federal Circuit for rehearing en banc of the May 16, 2017 decision. On August 14, 2017, the Federal Court of Appeals denied ArcelorMittal’s petition for rehearing en banc. On January 20, 2016, we filed a motion to dismiss the amended complaint in the 685 Action, or in the alternative, a motion to stay pending a resolution of the appeal in the original case. On April 19, 2016, the district court issued an order denying our motion and ordering limited discovery. Following discovery, on August 17, 2016, we filed a motion for summary judgment on the basis that the claims in the 685 Action are precluded by the judgment in the original case. On January 19, 2017, the district court issued an opinion granting summary judgment in our favor in the 685 Action on the grounds of non-infringement and also entered a final judgment on that basis. On February 14, 2017, ArcelorMittal filed a notice of appeal of the district court's order in the Federal Circuit Court of Appeals. The briefing of that appeal is completed and the parties are awaiting oral argument. We intend to continue to contest this matter vigorously. We have not made a determination that a loss is probable and we do not have adequate information to reliably or accurately estimate potential loss if ArcelorMittal prevails in its appeal in this dispute. Because we have been unable to determine that the potential loss in this case is probable or estimable, we have not recorded an accrual for this matter. If our assumptions used to evaluate whether a loss in this matter is either probable or estimable prove to be incorrect or change, we may be required to record a liability for an adverse outcome.

As previously reported, on June 13, 2013, Cliffs Sales Company (“Cliffs”) filed an action in the United States District Court for the Northern District of Ohio, Civil Action No. 1:13 cv 1308, against us pertaining to Dearborn Works. Cliffs claims that we breached a May 21, 2008, Agreement for Sale of Reclaimed Iron Units, as amended (the “Iron Unit Agreement”). Cliffs claims that we breached the Iron Unit Agreement by failing to purchase the required amount of pellets, chips and fines as allegedly required. We filed an answer denying the material allegations of the complaint and asserting several affirmative defenses. In January of 2014, the presiding judge ordered a stay of the proceedings. In January 2018, we and Cliffs signed an agreement under which Cliffs has agreed to voluntarily dismiss this matter with prejudice.

Other Contingencies

In addition to the matters discussed above, there are various pending and potential claims against us and our subsidiaries involving product liability, commercial, employee benefits and other matters arising in the ordinary course of business. Because of the considerable uncertainties which exist for any claim, it is difficult to reliably or accurately estimate what would be the amount of a loss if a claimant prevails. If material assumptions or factual understandings we rely on to evaluate exposure for these contingencies prove to be inaccurate or otherwise change, we may be required to record a liability for an adverse outcome. If, however, we have reasonably evaluated potential future liabilities for all of these contingencies, including those described more specifically above, it is our opinion, unless we otherwise noted, that the ultimate liability from these contingencies, individually and in the aggregate, should not have a material effect on our consolidated financial position, results of operations or cash flows.

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Stockholders' Equity

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock: There are 25,000,000 shares of preferred stock authorized; no shares are issued or outstanding.

Common Stock: Our common stockholders may receive dividends when and as declared by the Board of Directors out of funds legally available for distribution. The holders have one vote per share in respect of all matters and are not entitled to preemptive rights.

In May 2016, AK Holding issued 59.8 million shares of common stock at $4.40 per share for net proceeds of $249.5 after underwriting discounts and other fees. In November 2016, AK Holding issued an additional 74.8 million shares of common stock at $4.90 per share for net proceeds of $351.0 after underwriting discounts and other fees. We used the net proceeds from the sales of common stock to reduce our debt by repaying outstanding borrowings under our Credit Facility and for general corporate purposes.

Dividends: The instruments governing our outstanding senior debt allow dividend payments. However, our Credit Facility restricts dividend payments. Dividends are permitted if no default or event of default exists and (i) availability under the Credit Facility exceeds 20% of the lesser of the Credit Facility commitment or eligible collateral after advance rates or (ii) availability exceeds 15% of the lesser of the Credit Facility commitment or eligible collateral after advance rates and we meet a fixed charge coverage ratio of one to one as of the most recently ended fiscal quarter. At December 31, 2017, availability under the Credit Facility significantly exceeds these amounts. If we cannot meet either of these thresholds, annual dividends would be limited to the greater of $18.0 or 0.5% of consolidated total assets, with additional dividends permitted equal to the greater of $25.0 or 0.7% of consolidated total assets in aggregate over the life of the Credit Facility.

Share Repurchase Program: In October 2008, the Board of Directors authorized us to repurchase, from time to time, up to $150.0 of our outstanding common stock. We have not made any common stock repurchases under this program in the last three years. As of December 31, 2017, we had remaining $125.6 for repurchase under the Board of Directors’ authorization.

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Share-based Compensation (Notes)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation

Share-based Compensation

AK Holding’s Stock Incentive Plan (the “SIP”) permits us to grant nonqualified stock option, restricted stock, performance share and/or restricted stock unit (“RSUs”) awards to our Directors, officers and other employees. Stockholders have approved an aggregate maximum of 28 million shares issuable under the SIP through December 31, 2019, of which approximately 7 million shares are available for future grant as of December 31, 2017.

Share-based compensation expense for the years ended December 31, 2017, 2016 and 2015, is presented below:

Share-based Compensation Expense	2017		2016		2015
Stock options	$	2.1	$	1.0	$	1.7
Restricted stock	2.9		1.6		3.2
Restricted stock units issued to Directors	1.2		1.3		0.9
Performance shares	1.5		1.5		1.9
Pre-tax share-based compensation expense	$	7.7	$	5.4	$	7.7

Stock Options

Stock options have a maximum term of ten years and holders may not exercise them earlier than six months after the grant date or another term the award agreement may specify. Stock options granted to officers and other employees vest and become exercisable in three equal installments on the first, second and third anniversaries of the grant date. The exercise price of each option must equal or exceed the market price of our common stock on the grant date. We have not and do not reprice stock options to lower the exercise price.

We use the Black-Scholes option valuation model to value the nonqualified stock options. We use historical data of stock option exercise behaviors to estimate the expected life that granted options will be outstanding. The risk-free interest rate is based on the Daily Treasury Yield Curve published by the U.S. Treasury on the grant date. The expected volatility is determined by using a blend of historical and implied volatility. We do not expect to pay dividends over the term of the options based on our current dividend policy. We also estimate that option holders will forfeit 5% of the options.

The following weighted-average assumptions are used in the Black-Scholes option pricing model to estimate the fair value of granted options as of the grant date:

	2017	2016	2015
Expected volatility	61.5% – 64.0%	90.3% – 91.5%	67.6% – 75.9%
Weighted-average volatility	62.5%	90.7%	69.4%
Expected term (in years)	3.3 – 6.5	3.3 – 6.7	3.1 – 6.6
Risk-free interest rate	1.6% – 2.2%	1.2% – 1.8%	1.0% – 1.7%
Weighted-average grant-date fair value per share of granted options	$5.33	$1.29	$2.36

Option activity for the year ended December 31, 2017, is presented below:

Stock Options	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2016	2,775,565		$	8.12
Granted	513,600		9.78
Exercised	(58,999	)	6.38
Forfeited and expired	(235,960	)	17.66
Outstanding at December 31, 2017	2,994,206		7.69		5.6	$	4.8
Exercisable at December 31, 2017	1,796,958		9.00		4.0	2.4
Unvested at December 31, 2017	1,197,248		5.81		7.7	2.4
Unvested at December 31, 2017 expected to vest	1,137,386		5.81		7.7	2.3

The total intrinsic value of stock option awards that holders exercised during the year ended December 31, 2017 and 2016 was $0.2 and $1.4 and the intrinsic value was not material in 2015. Each exercised option’s intrinsic value is the quoted average of the reported high and low sales price on the exercise date. As of December 31, 2017, total unrecognized compensation costs for non-vested stock options were $1.1, which we expect to recognize over a weighted-average period of 1.8 years.

Restricted Stock

Restricted stock awards granted to officers and other employees ordinarily vest ratably on the first, second and third anniversaries of the grant. Non-vested restricted stock awards activity for the year ended December 31, 2017, is presented below:

Restricted Stock Awards	Restricted Shares		Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2016	625,025		$	3.11
Granted	355,600		9.78
Vested/restrictions lapsed	(454,741	)	5.70
Canceled	(7,700	)	5.10
Outstanding at December 31, 2017	518,184		5.38

The weighted-average grant date fair value of restricted stock awards granted during the years ended December 31, 2017, 2016 and 2015, was $9.78, $1.80 and $4.06 per share. The total intrinsic value of restricted stock awards that vested (i.e., restrictions lapsed) during the years ended December 31, 2017, 2016 and 2015, was $4.1, $1.4 and $2.9. As of December 31, 2017, total unrecognized compensation costs for non-vested restricted stock awards granted under the SIP were $1.5, which we expect to recognize over a weighted-average period of 1.2 years.

Restricted Stock Units

Restricted stock units (“RSUs”) represent equity-based compensation granted to Directors. RSU grants vest immediately, but we do not settle them (i.e., issue the underlying shares of stock) until one year after the grant date, unless a Director elects to defer the settlement to six months after their Board service is terminated. They may elect to take settlement in a single distribution or in annual installments up to fifteen years.

Performance Shares

Performance shares are granted to officers and other employees. They earn the awards by meeting performance measures over a three-year period. Though a target number of performance shares are awarded on the grant date, the total number of performance shares issued to the participant when they vest is based on two equally-rated metrics: (i) our share performance compared to a prescribed compounded annual growth rate and (ii) our total share return compared to the VanEck Vectors Steel ETF (Standard & Poor’s MidCap 400 index for grants prior to 2017).

The following weighted-average assumptions are used in a Monte Carlo simulation model to estimate the fair value of performance shares granted:

	2017			2016			2015
Company expected volatility	68.0		%	60.8		%	56.4		%
VanEck Vectors Steel ETF expected volatility	48.9		%	NA			NA
S&P’s MidCap 400 index expected volatility	NA			27.6		%	27.0		%
Risk-free interest rate	1.5		%	1.1		%	0.9		%
Weighted-average grant-date fair value per performance share granted	$	10.78		$	1.74		$	3.09

Non-vested performance share awards activity for the year ended December 31, 2017, is presented below:

Performance Share Awards	Performance Shares		Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2016	1,017,856		$	2.48
Granted	263,600		10.78
Earned	—		—
Expired or forfeited	(562,788	)	3.10
Outstanding at December 31, 2017	718,668		5.04

The total intrinsic value of performance share awards that were earned during the year ended December 31, 2016, was $4.5. As of December 31, 2017, total unrecognized compensation costs for non-vested performance share awards granted under the SIP were $2.0, which we expect to recognize over a weighted-average period of 1.9 years.

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Comprehensive Income (Loss) (Notes)

12 Months Ended

Dec. 31, 2017

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Other comprehensive income (loss), net of tax, information is presented below:

	2017			2016			2015
Foreign currency translation
Balance at beginning of period	$	(3.6	)	$	(2.1	)	$	1.0
Other comprehensive income (loss)—foreign currency translation gain (loss)	4.7			(1.5		)	(3.1		)
Balance at end of period	$	1.1		$	(3.6	)	$	(2.1	)
Cash flow hedges
Balance at beginning of period	$	39.9		$	(44.8	)	$	(34.5	)
Other comprehensive income (loss):
Gains (losses) arising in period	(11.5		)	56.1			(64.2		)
Income tax expense (benefit)	—			6.2			(25.2		)
Gains (losses) arising in period, net of tax	(11.5		)	49.9			(39.0		)
Reclassification of losses (gains) to net income (loss) (a)	(6.1		)	39.1			47.7
Income tax (expense) benefit (c)	—			4.3			19.0
Net amount of reclassification of losses (gains) to net income (loss)	(6.1		)	34.8			28.7
Total other comprehensive income (loss), net of tax	(17.6		)	84.7			(10.3		)
Balance at end of period	$	22.3		$	39.9		$	(44.8	)
Unrealized holding gains on securities
Balance at beginning of period	$	—		$	—		$	0.4
Reclassification of gains (losses) to net income (loss)—income tax benefit (c)	—			—			0.4
Total other comprehensive income (loss), net of tax	—			—			(0.4		)
Balance at end of period	$	—		$	—		$	—
Pension and OPEB plans
Balance at beginning of period	$	(125.0	)	$	(166.4	)	$	(188.9	)
Other comprehensive income (loss):
Prior service credit (cost) arising in period	4.7			(8.3		)	(7.7		)
Gains (losses) arising in period	94.2			11.6			(60.8		)
Subtotal	98.9			3.3			(68.5		)
Income tax expense (benefit) (c)	—			0.4			(26.0		)
Gains (losses) arising in period, net of tax	98.9			2.9			(42.5		)
Reclassification to net income (loss):
Prior service costs (credits) (b)	(53.8		)	(54.8		)	(60.2		)
Actuarial (gains) losses (b)	6.3			97.9			165.0
Subtotal	(47.5		)	43.1			104.8
Income tax (expense) benefit (c)	—			4.6			39.8
Amount of reclassification to net income (loss), net of tax	(47.5		)	38.5			65.0
Total other comprehensive income (loss), net of tax	51.4			41.4			22.5
Balance at end of period	$	(73.6	)	$	(125.0	)	$	(166.4	)

(a) Included in cost of products sold

(b) Included in pension and OPEB expense (income)

(c) Included in income tax expense (benefit)

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Earnings Per Share (Notes)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Share

Reconciliation of the numerators and denominators for basic and diluted EPS computations is presented below:

	2017		2016			2015
Net income (loss) attributable to AK Steel Holding Corporation	$	103.5	$	(16.8	)	$	(652.3	)
Less: distributed earnings to common stockholders and holders of certain stock compensation awards	—		—			—
Undistributed earnings (loss)	$	103.5	$	(16.8	)	$	(652.3	)
Common stockholders earnings—basic and diluted:
Distributed earnings to common stockholders	$	—	$	—		$	—
Undistributed earnings (loss) to common stockholders	103.5		(16.7		)	(650.1		)
Common stockholders earnings (loss)—basic and diluted	$	103.5	$	(16.7	)	$	(650.1	)
Common shares outstanding (weighted-average shares in millions):
Common shares outstanding for basic earnings per share	314.3		230.0			177.2
Effect of Exchangeable Notes	4.5		—			—
Effect of dilutive stock-based compensation	0.9		—			—
Common shares outstanding for diluted earnings per share	319.7		230.0			177.2
Basic earnings per share:
Distributed earnings	$	—	$	—		$	—
Undistributed earnings (loss)	0.33		(0.07		)	(3.67		)
Basic earnings (loss) per share	$	0.33	$	(0.07	)	$	(3.67	)
Diluted earnings per share:
Distributed earnings	$	—	$	—		$	—
Undistributed earnings (loss)	0.32		(0.07		)	(3.67		)
Diluted earnings (loss) per share	$	0.32	$	(0.07	)	$	(3.67	)
Potentially issuable common shares (in millions) excluded from earnings per share calculation due to anti-dilutive effect	1.4		3.0			3.6

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Variable Interest Entities (Notes)

12 Months Ended

Dec. 31, 2017

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]

Variable Interest Entities Disclosure [Text Block]

Variable Interest Entities

SunCoke Middletown

We purchase all the coke and electrical power generated from SunCoke Middletown’s plant under long-term supply agreements. SunCoke Middletown is a variable interest entity because we have committed to purchase all the expected production from the facility through at least 2031 and we are the primary beneficiary. Therefore, we consolidate SunCoke Middletown’s financial results with our financial results, even though we have no ownership interest in SunCoke Middletown. SunCoke Middletown had income before income taxes of $61.7, $66.0 and $62.6 for the years ended December 31, 2017, 2016 and 2015 that was included in our consolidated income (loss) before income taxes.

Vicksmetal/Armco Associates

We own a 50% interest in Vicksmetal/Armco Associates (“VAA”), a joint venture with Vicksmetal Company, which is owned by Sumitomo Corporation. VAA slits electrical steel primarily for AK Steel, though also for third parties. VAA is a variable interest entity and we are the primary beneficiary. Therefore, we consolidate VAA’s financial results with our financial results.

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Fair Value Measurements (Notes)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We measure certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, we use various valuation approaches. The hierarchy of those valuation approaches is in three levels based on the reliability of inputs. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Below is a summary of the hierarchy levels:

• Level 1 inputs are quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date.

• Level 2 inputs are inputs, other than quoted prices, that are directly or indirectly observable for the asset or liability. Level 2 inputs include model-generated values that rely on inputs either directly observed or readily-derived from available market data sources, such as Bloomberg or other news and data vendors. They include quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates and yield curves observable at commonly quoted intervals or current market) and contractual prices for the underlying financial instrument, as well as other relevant economic factors. As a practical expedient, we estimate the value of money market mutual funds by using a $1.00 per share multiplied by the number of shares in the fund as of the measurement date. We generate fair values for our commodity derivative contracts and foreign currency forward contracts from observable futures prices for the respective commodity or currency, from sources such as the New York Mercantile Exchange (NYMEX) or the London Metal Exchange (LME). In cases where the derivative is an option contract (including caps, floors and collars), we adjust our valuations to reflect the counterparty’s valuation assumptions. After validating that the counterparty’s assumptions for implied volatilities reflect independent source’s assumptions, we discount these model-generated future values with discount factors that reflect the counterparty’s credit quality. We apply different discount rates to different contracts since the maturities and counterparties differ. As of December 31, 2017, a spread over benchmark rates of less than 1.8% was used for derivatives valued as assets and less than 2.6% for derivatives valued as liabilities. We have estimated the fair value of long-term debt based upon quoted market prices for the same or similar issues or on the current interest rates available to us for debt on similar terms and with similar maturities.

• Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. This level of categorization is not applicable to our valuations on a normal recurring basis.

Assets and liabilities measured at fair value on a recurring basis are presented below:

	2017								2016
	Level 1		Level 2			Total			Level 1		Level 2			Total
Assets measured at fair value
Cash and cash equivalents (a)	$	38.0	$	—		$	38.0		$	48.2	$	125.0		$	173.2
Other current assets:
Foreign exchange contracts	—		0.2			0.2			—		0.1			0.1
Commodity hedge contracts	—		35.2			35.2			—		47.0			47.0
Other non-current assets:
Foreign exchange contracts	—		1.7			1.7			—		—			—
Commodity hedge contracts	—		10.6			10.6			—		15.3			15.3
Assets measured at fair value	$	38.0	$	47.7		$	85.7		$	48.2	$	187.4		$	235.6
Liabilities measured at fair value
Accrued liabilities:
Foreign exchange contracts	$	—	$	(0.3	)	$	(0.3	)	$	—	$	—		$	—
Commodity hedge contracts	—		(4.9		)	(4.9		)	—		(1.8		)	(1.8		)
Other non-current liabilities—commodity hedge contracts	—		(0.5		)	(0.5		)	—		(0.6		)	(0.6		)
Liabilities measured at fair value	$	—	$	(5.7	)	$	(5.7	)	$	—	$	(2.4	)	$	(2.4	)
Liabilities measured at other than fair value
Long-term debt, including current portions:
Fair value	$	—	$	(2,273.4	)	$	(2,273.4	)	$	—	$	(2,123.2	)	$	(2,123.2	)
Carrying amount	—		(2,110.1		)	(2,110.1		)	—		(1,816.6		)	(1,816.6		)

(a) Level 2 assets include money market mutual funds invested in U.S. Treasury obligations.

See Note 7 for information on the fair value of pension plan assets. The carrying amounts of our other financial instruments do not differ materially from their estimated fair values at December 31, 2017 and 2016.

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Derivative Instruments and Hedging Activities (Notes)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

Exchange rate fluctuations affect a portion of revenues and operating costs that are denominated in foreign currencies, and we use forward currency and currency option contracts to reduce our exposure to certain of these currency price fluctuations. Contracts that sell euros have not been designated as hedges for accounting purposes and gains or losses are reported in earnings immediately in other income (expense). Contracts that purchase Canadian dollars are designated as hedges for accounting purposes, which requires us to record the effective gains and losses for the derivatives in accumulated other comprehensive income (loss) and reclassify them into cost of products sold in the same period we recognize the associated underlying operating costs. We recognize gains and losses on these designated derivatives immediately in cost of products sold if we calculate hedge ineffectiveness.

We are exposed to fluctuations in market prices of raw materials and energy sources. We may use cash-settled commodity price swaps and options (including collars) to hedge the market risk associated with the purchase of certain of our raw materials and energy requirements. For input commodities, these derivatives are typically used for a portion of our electricity, iron ore, natural gas, nickel and zinc requirements. Our hedging strategy is to reduce the effect on earnings from the price volatility of these various commodity exposures. Independent of any hedging activities, price changes in any of these commodity markets could negatively affect operating costs.

All commodity derivatives are recognized as an asset or liability at fair value. We record the effective gains and losses for commodity derivatives designated as cash flow hedges of forecasted purchases of raw materials and energy sources in accumulated other comprehensive income (loss) and reclassify them into cost of products sold in the same period we recognize earnings for the associated underlying transaction. We recognize gains and losses on these designated derivatives immediately in cost of products sold for calculated hedge ineffectiveness and for components excluded from the assessment of effectiveness. We record all gains or losses from commodity derivatives for which hedge accounting treatment has not been elected to earnings immediately in cost of products sold.

We have no collateral deposited with counterparties under collateral funding arrangements as of December 31, 2017.

Outstanding commodity price swaps and options and forward foreign exchange and currency option contracts as of December 31, 2017 and 2016, are presented below:

Hedge Contracts	2017		2016
Commodity contracts:
Nickel (in lbs)	500,000		—
Natural gas (in MMBTUs)	41,338,000		43,865,000
Zinc (in lbs)	50,350,000		58,750,000
Iron ore (in metric tons)	2,340,000		2,555,000
Electricity (in MWHs)	1,553,000		1,578,821
Foreign exchange contracts:
Euros	€	26,000,000	€	5,000,000
Canadian dollars	C$	148,080,000	C$	—

The fair value of derivative instruments as of December 31, 2017 and 2016, is presented below:

Asset (liability)	2017			2016
Derivatives designated as hedging instruments:
Other current assets:
Foreign exchange contracts	$	0.2		$	—
Commodity contracts	9.0			18.5
Other non-current assets:
Foreign exchange contracts	1.7			—
Commodity contracts	2.3			5.2
Other current liabilities:
Foreign exchange contracts	(0.2		)	—
Commodity contracts	(4.6		)	(1.8		)
Other non-current liabilities—commodity contracts	(0.5		)	(0.1		)
Derivatives not designated as hedging instruments:
Other current assets:
Foreign exchange contracts	—			0.1
Commodity contracts	26.2			28.5
Other non-current assets—commodity contracts	8.3			10.1
Accrued liabilities:
Foreign exchange contracts	(0.1		)	—
Commodity contracts	(0.3		)	—
Other non-current liabilities—commodity contracts	—			(0.5		)

Gains (losses) on derivative instruments for the years ended December 31, 2017, 2016 and 2015, are presented below:

Gain (loss)	2017			2016			2015
Derivatives designated as cash flow hedges—
Commodity contracts:
Reclassified from accumulated other comprehensive income into cost of products sold (effective portion)	$	6.1		$	(39.1	)	$	(47.7	)
Recorded in cost of products sold (ineffective portion and amount excluded from effectiveness testing)	0.7			(13.3		)	(23.6		)
Derivatives not designated as hedging instruments:
Foreign exchange contracts—recognized in other income (expense)	(1.6		)	(0.9		)	(0.1		)
Commodity contracts:
Recognized in net sales	—			—			2.2
Recognized in cost of products sold	31.6			38.6			(2.0		)

The termination of the pellet offtake agreement with Magnetation and entry into the Settlement Agreement affects the accounting treatment of our iron ore derivative contracts. We previously designated certain derivative contracts as cash flow hedges on a portion of the Magnetation iron ore purchases. As a result of the entry into the Settlement Agreement, we discontinued designating those derivatives contracts as hedging instruments, which increases the volatility of our results of operations. This volatility does not affect the ultimate gains or losses on the derivative contracts we will recognize in the financial statements, but only the timing of recognition. Derivative contracts not designated as hedging instruments require us to immediately recognize changes in the fair value of the derivative contracts in cost of products sold in the table above when the change in fair value occurs, instead of when we recognize costs for the underlying purchases of iron ore.

Gains (losses) before tax expected to be reclassified into cost of products sold within the next twelve months for our existing commodity contracts that qualify for hedge accounting, as well as the period over which we are hedging our exposure to the volatility in future cash flows, are presented below:

Hedge	Settlement Dates	Gains (losses)
Natural gas	January 2018 to December 2019	$	(0.2	)
Electricity	January 2018 to December 2019	1.1
Zinc	January 2018 to December 2019	11.3
Canadian dollars	January 2018 to December 2020	(0.8		)

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Supplementary Cash Flow Information (Notes)

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Information [Abstract]

Supplementary Cash Flow Information

Supplementary Cash Flow Information

Net cash paid (received) during the period for interest, net of capitalized interest, and income taxes are presented below:

	2017		2016			2015
Net cash paid (received) during the period for:
Interest, net of capitalized interest	$	130.5	$	137.1		$	161.3
Income taxes	0.1		(2.6		)	0.7

Included in net cash flows from operations was cash provided by SunCoke Middletown of $77.1, $83.3 and $87.4 for the years ended December 31, 2017, 2016 and 2015. Consolidated cash and cash equivalents at December 31, 2017, and 2016, include SunCoke Middletown’s cash and cash equivalents of $0.1 and $5.0. SunCoke Middletown’s cash and cash equivalents have no compensating balance arrangements or legal restrictions, but is not available for our use.

We had capital investments during the years ended December 31, 2017, 2016 and 2015, that had not been paid as of the end of the respective period. These amounts are included in accounts payable and accrued liabilities and have been excluded from the consolidated statements of cash flows until paid. We included our new leased Research and Innovation Center in property, plant and equipment and as a capital lease obligation in the consolidated balance sheets during its construction, which was completed in early 2017 and represented a non-cash transaction for us. In October 2017, we acquired the Research and Innovation Center capital lease with cash from our Credit Facility, effectively settling the obligation. We also granted restricted stock to certain employees and restricted stock units to directors under the SIP. Non-cash investing and financing activities for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017		2016		2015
Capital investments	$	37.3	$	33.2	$	34.4
Research and Innovation Center capital lease	1.1		25.2		—
Issuance of restricted stock and restricted stock units	4.6		2.3		4.1

XML

Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Information (Unaudited)

Quarterly Information (Unaudited)

Earnings per share for each quarter and the year are calculated individually and may not sum to the total for the year.

	2017
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter			Year
Net sales	$	1,533.4		$	1,557.2	$	1,494.3	$	1,495.6		$	6,080.5
Operating profit (loss)	129.7			116.5		66.3		(52.3		)	260.2
Net income (loss) attributable to AK Holding	84.4			77.2		22.3		(80.4		)	103.5
Basic earnings (loss) per share	$	0.27		$	0.25	$	0.07	$	(0.26	)	$	0.33
Diluted earnings (loss) per share	0.26			0.24		0.07		(0.26		)	0.32
	2016
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter			Year
Net sales	$	1,518.8		$	1,492.2	$	1,452.9	$	1,418.6		$	5,882.5
Operating profit (loss)	16.7			69.0		89.6		42.3			217.6
Net income (loss) attributable to AK Holding	(25.7		)	27.8		27.8		(46.7		)	(16.8		)
Basic and diluted earnings (loss) per share	$	(0.14	)	$	0.13	$	0.12	$	(0.16	)	$	(0.07	)

Included in net income attributable to AK Holding in the fourth quarter and full year of 2017 were a credit of $19.3 to reduce a transportation liability, a non-cash charge of $75.6 to impair Ashland Works Hot End property, plant and equipment and a $4.3 non-cash credit for income taxes due to the reduced value of deferred tax liabilities associated with new U.S. tax legislation.

Included in net income attributable to AK Holding in the fourth quarter and full year of 2016 were charges for the termination of a pellet offtake agreement with Magnetation and related transportation costs of $69.5, a pension corridor charge of $78.4, an OPEB corridor credit of $35.3 and pension settlement charges of $25.0.

XML

Supplementary Guarantor Information (Notes)

12 Months Ended

Dec. 31, 2017

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information

Supplementary Guarantor Information

AK Steel’s Secured Notes, 2021 Notes, 2025 Notes and 2027 Notes (collectively, the “Senior Notes”) and the Exchangeable Notes are governed by indentures entered into by AK Holding and its 100%-owned subsidiary, AK Steel. Under the terms of the indentures, AK Holding and the Subsidiary Guarantors each fully and unconditionally, jointly and severally, guarantee the payment of interest, principal and premium, if any, on each of the notes included in the Senior Notes. Under the terms of the indenture for the Exchangeable Notes, AK Holding fully and unconditionally, jointly and severally, guarantees the payment of interest, principal and premium, if any, on the notes. AK Holding is the sole guarantor of the Exchangeable Notes.

We present all investments in subsidiaries in the supplementary guarantor information using the equity method of accounting. Therefore, the net income (loss) of the subsidiaries accounted for using the equity method is in their parents’ investment accounts. The principal elimination entries eliminate investments in subsidiaries and inter-company balances and transactions. The following supplementary condensed consolidating financial statements present information about AK Holding, AK Steel, the Subsidiary Guarantors and the other non-guarantor subsidiaries.

Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2017
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes		Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net sales	$	—		$	5,755.1		$	285.9	$	496.3		$	(456.8	)	$	6,080.5
Cost of products sold (exclusive of items shown separately below)	—			5,082.0			197.7		387.2			(413.8		)	5,253.1
Selling and administrative expenses (exclusive of items shown separately below)	3.7			285.5			13.5		26.9			(44.7		)	284.9
Depreciation	—			189.3			7.5		29.2			—			226.0
Charge (credit) for termination of pellet agreement and related transportation costs	—			(19.3		)	—		—			—			(19.3		)
Asset impairment charge	—			75.6			—		—			—			75.6
Total operating costs	3.7			5,613.1			218.7		443.3			(458.5		)	5,820.3
Operating profit (loss)	(3.7		)	142.0			67.2		53.0			1.7			260.2
Pension and OPEB expense (income)	—			(71.9		)	—		—			—			(71.9		)
Interest expense	—			150.3			—		2.0			—			152.3
Other income (expense)	—			(30.1		)	11.4		5.4			(3.8		)	(17.1		)
Income (loss) before income taxes	(3.7		)	33.5			78.6		56.4			(2.1		)	162.7
Income tax expense (benefit)	—			(29.4		)	29.9		(1.8		)	(0.9		)	(2.2		)
Equity in net income (loss) of subsidiaries	107.2			44.3			—		—			(151.5		)	—
Net income (loss)	103.5			107.2			48.7		58.2			(152.7		)	164.9
Less: Net income attributable to noncontrolling interests	—			—			—		61.4			—			61.4
Net income (loss) attributable to AK Steel Holding Corporation	103.5			107.2			48.7		(3.2		)	(152.7		)	103.5
Other comprehensive income (loss)	38.5			38.5			—		4.7			(43.2		)	38.5
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$	142.0		$	145.7		$	48.7	$	1.5		$	(195.9	)	$	142.0

Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2016
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes		Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net sales	$	—		$	5,681.0		$	250.9	$	411.5		$	(460.9	)	$	5,882.5
Cost of products sold (exclusive of items shown separately below)	—			5,044.8			171.7		299.4			(416.2		)	5,099.7
Selling and administrative expenses (exclusive of items shown separately below)	4.4			282.7			12.7		22.6			(43.3		)	279.1
Depreciation	—			187.8			7.0		21.8			—			216.6
Charge (credit) for termination of pellet agreement and related transportation costs	—			69.5			—		—			—			69.5
Total operating costs	4.4			5,584.8			191.4		343.8			(459.5		)	5,664.9
Operating profit (loss)	(4.4		)	96.2			59.5		67.7			(1.4		)	217.6
Interest expense	—			162.3			—		1.6			—			163.9
Pension and OPEB expense (income)	—			16.5			—		—			—			16.5
Other income (expense)	—			(16.4		)	8.1		8.6			(5.2		)	(4.9		)
Income (loss) before income taxes	(4.4		)	(99.0		)	67.6		74.7			(6.6		)	32.3
Income tax expense (benefit)	—			(43.7		)	25.7		3.6			(2.5		)	(16.9		)
Equity in net income (loss) of subsidiaries	(12.4		)	42.9			—		(0.7		)	(29.8		)	—
Net income (loss)	(16.8		)	(12.4		)	41.9		70.4			(33.9		)	49.2
Less: Net income attributable to noncontrolling interests	—			—			—		66.0			—			66.0
Net income (loss) attributable to AK Steel Holding Corporation	(16.8		)	(12.4		)	41.9		4.4			(33.9		)	(16.8		)
Other comprehensive income (loss)	124.6			124.6			—		(1.5		)	(123.1		)	124.6
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$	107.8		$	112.2		$	41.9	$	2.9		$	(157.0	)	$	107.8

Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2015
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes		Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net sales	$	—		$	6,498.2		$	256.2	$	533.0		$	(594.5	)	$	6,692.9
Cost of products sold (exclusive of items shown separately below)	—			6,205.7			166.2		425.1			(543.7		)	6,253.3
Selling and administrative expenses (exclusive of items shown separately below)	4.9			271.4			13.1		22.6			(49.1		)	262.9
Depreciation	—			187.7			7.4		20.9			—			216.0
Charge for facility idling	—			28.1			—		—			—			28.1
Total operating costs	4.9			6,692.9			186.7		468.6			(592.8		)	6,760.3
Operating profit (loss)	(4.9		)	(194.7		)	69.5		64.4			(1.7		)	(67.4		)
Interest expense	—			171.0			—		2.0			—			173.0
Pension and OPEB expense (income)	—			58.9			—		—			—			58.9
Impairment of Magnetation investment	—			—			—		(256.3		)	—			(256.3		)
Impairment of AFSG investment	—			—			—		(41.6		)	—			(41.6		)
Other income (expense)	—			6.4			6.6		(11.6		)	—			1.4
Income (loss) before income taxes	(4.9		)	(418.2		)	76.1		(247.1		)	(1.7		)	(595.8		)
Income tax expense (benefit)	—			(29.9		)	28.9		(4.6		)	(0.7		)	(6.3		)
Equity in net income (loss) of subsidiaries	(647.4		)	(259.1		)	—		0.6			905.9			—
Net income (loss)	(652.3		)	(647.4		)	47.2		(241.9		)	904.9			(589.5		)
Less: Net income attributable to noncontrolling interests	—			—			—		62.8			—			62.8
Net income (loss) attributable to AK Steel Holding Corporation	(652.3		)	(647.4		)	47.2		(304.7		)	904.9			(652.3		)
Other comprehensive income (loss)	8.7			8.7			—		(3.1		)	(5.6		)	8.7
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$	(643.6	)	$	(638.7	)	$	47.2	$	(307.8	)	$	899.3		$	(643.6	)

Condensed Balance Sheets
December 31, 2017
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	14.5		$	7.2		$	16.3		$	—		$	38.0
Accounts receivable, net	—			432.4			33.2			65.4			(13.2		)	517.8
Inventory, net	—			1,231.5			55.1			108.3			(9.9		)	1,385.0
Other current assets	—			124.7			0.2			5.4			—			130.3
Total current assets	—			1,803.1			95.7			195.4			(23.1		)	2,071.1
Property, plant and equipment	—			6,004.0			181.5			646.3			—			6,831.8
Accumulated depreciation	—			(4,620.8		)	(94.8		)	(130.0		)	—			(4,845.6		)
Property, plant and equipment, net	—			1,383.2			86.7			516.3			—			1,986.2
Other non-current assets:
Investment in subsidiaries	(3,127.4		)	1,844.9			—			67.5			1,215.0			—
Inter-company accounts	3,082.8			—			1,523.1			—			(4,605.9		)	—
Goodwill and intangible assets	—			—			32.8			273.9			—			306.7
Other non-current assets	—			66.3			0.2			44.3			—			110.8
TOTAL ASSETS	$	(44.6	)	$	5,097.5		$	1,738.5		$	1,097.4		$	(3,414.0	)	$	4,474.8
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	—		$	623.3		$	17.9		$	50.9		$	(1.7	)	$	690.4
Accrued liabilities	—			228.2			7.8			34.5			—			270.5
Current portion of pension and other postretirement benefit obligations	—			39.7			—			0.4			—			40.1
Total current liabilities	—			891.2			25.7			85.8			(1.7		)	1,001.0
Non-current liabilities:
Long-term debt	—			2,110.1			—			—			—			2,110.1
Pension and other postretirement benefit obligations	—			890.8			—			3.4			—			894.2
Inter-company accounts	—			4,199.6			—			489.1			(4,688.7		)	—
Other non-current liabilities	—			133.2			1.0			34.7			—			168.9
TOTAL LIABILITIES	—			8,224.9			26.7			613.0			(4,690.4		)	4,174.2
Equity (deficit):
Total stockholders’ equity (deficit)	(44.6		)	(3,127.4		)	1,711.8			139.2			1,276.4			(44.6		)
Noncontrolling interests	—			—			—			345.2			—			345.2
TOTAL EQUITY (DEFICIT)	(44.6		)	(3,127.4		)	1,711.8			484.4			1,276.4			300.6
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	(44.6	)	$	5,097.5		$	1,738.5		$	1,097.4		$	(3,414.0	)	$	4,474.8

Condensed Balance Sheets
December 31, 2016
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	147.9		$	4.4		$	20.9		$	—		$	173.2
Accounts receivable, net	—			400.4			30.3			19.6			(8.3		)	442.0
Inventory, net	—			1,158.4			43.7			42.0			(11.5		)	1,232.6
Other current assets	—			91.5			0.2			2.9			—			94.6
Total current assets	—			1,798.2			78.6			85.4			(19.8		)	1,942.4
Property, plant and equipment	—			5,857.9			175.9			535.2			—			6,569.0
Accumulated depreciation	—			(4,365.8		)	(87.2		)	(101.6		)	—			(4,554.6		)
Property, plant and equipment, net	—			1,492.1			88.7			433.6			—			2,014.4
Other non-current assets:
Investment in subsidiaries	(3,164.7		)	1,402.9			—			67.5			1,694.3			—
Inter-company accounts	2,951.6			—			1,462.3			—			(4,413.9		)	—
Goodwill and intangible assets	—			—			32.8			—			—			32.8
Other non-current assets	—			73.0			0.2			38.9			—			112.1
TOTAL ASSETS	$	(213.1	)	$	4,766.2		$	1,662.6		$	625.4		$	(2,739.4	)	$	4,101.7
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	—		$	557.7		$	16.7		$	15.0		$	0.5		$	589.9
Accrued liabilities	—			213.7			7.0			13.4			—			234.1
Current portion of pension and other postretirement benefit obligations	—			41.0			—			0.3			—			41.3
Total current liabilities	—			812.4			23.7			28.7			0.5			865.3
Non-current liabilities:
Long-term debt	—			1,816.6			—			—			—			1,816.6
Pension and other postretirement benefit obligations	—			1,090.4			—			3.3			—			1,093.7
Inter-company accounts	—			4,036.9			—			458.4			(4,495.3		)	—
Other non-current liabilities	—			153.3			1.6			0.1			—			155.0
TOTAL LIABILITIES	—			7,909.6			25.3			490.5			(4,494.8		)	3,930.6
EXCHANGEABLE NOTES EXCHANGE FEATURE	—			21.3			—			—			—			21.3
Equity (deficit):
Total stockholders’ equity (deficit)	(213.1		)	(3,164.7		)	1,637.3			(228.0		)	1,755.4			(213.1		)
Noncontrolling interests	—			—			—			362.9			—			362.9
TOTAL EQUITY (DEFICIT)	(213.1		)	(3,164.7		)	1,637.3			134.9			1,755.4			149.8
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	(213.1	)	$	4,766.2		$	1,662.6		$	625.4		$	(2,739.4	)	$	4,101.7

Condensed Statements of Cash Flows
Year Ended December 31, 2017
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net cash flows from operating activities	$	(2.5	)	$	67.3		$	73.3		$	61.7		$	(1.0	)	$	198.8
Cash flows from investing activities:
Capital investments	—			(131.8		)	(5.6		)	(15.1		)	—			(152.5		)
Investment in acquired business, net of cash acquired	—			(360.4		)	—			—			—			(360.4		)
Other investing items, net	—			4.0			—			0.2			—			4.2
Net cash flows from investing activities	—			(488.2		)	(5.6		)	(14.9		)	—			(508.7		)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	—			450.0			—			—			—			450.0
Proceeds from issuance of long-term debt	—			680.0			—			—			—			680.0
Redemption of long-term debt	—			(848.4		)	—			—			—			(848.4		)
Debt issuance costs	—			(25.3		)	—			—			—			(25.3		)
Inter-company activity	5.0			31.2			(64.9		)	27.7			1.0			—
SunCoke Middletown distributions to noncontrolling interest owners	—			—			—			(79.1		)	—			(79.1		)
Other financing items, net	(2.5		)	—			—			—			—			(2.5		)
Net cash flows from financing activities	2.5			287.5			(64.9		)	(51.4		)	1.0			174.7
Net increase (decrease) in cash and cash equivalents	—			(133.4		)	2.8			(4.6		)	—			(135.2		)
Cash and equivalents, beginning of year	—			147.9			4.4			20.9			—			173.2
Cash and equivalents, end of year	$	—		$	14.5		$	7.2		$	16.3		$	—		$	38.0

Condensed Statements of Cash Flows
Year Ended December 31, 2016
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net cash flows from operating activities	$	(3.1	)	$	186.5		$	44.3		$	92.2		$	(15.3	)	$	304.6
Cash flows from investing activities:
Capital investments	—			(116.0		)	(8.8		)	(2.8		)	—			(127.6		)
Other investing items, net	—			3.0			—			(0.7		)	—			2.3
Net cash flows from investing activities	—			(113.0		)	(8.8		)	(3.5		)	—			(125.3		)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	—			(550.0		)	—			—			—			(550.0		)
Proceeds from issuance of long-term debt	—			380.0			—			—			—			380.0
Redemption of long-term debt	—			(392.8		)	—			—			—			(392.8		)
Proceeds from issuance of common stock	600.4			—			—			—			—			600.4
Debt issuance costs	—			(20.4		)	—			—			—			(20.4		)
Inter-company activity	(602.4		)	630.5			(36.8		)	(6.6		)	15.3			—
SunCoke Middletown distributions to noncontrolling interest owners	—			—			—			(85.1		)	—			(85.1		)
Other financing items, net	5.1			0.1			—			—			—			5.2
Net cash flows from financing activities	3.1			47.4			(36.8		)	(91.7		)	15.3			(62.7		)
Net increase (decrease) in cash and cash equivalents	—			120.9			(1.3		)	(3.0		)	—			116.6
Cash and equivalents, beginning of year	—			27.0			5.7			23.9			—			56.6
Cash and equivalents, end of year	$	—		$	147.9		$	4.4		$	20.9		$	—		$	173.2

Condensed Statements of Cash Flows
Year Ended December 31, 2015
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net cash flows from operating activities	$	(3.7	)	$	49.0		$	50.6		$	108.1		$	(3.7	)	$	200.3
Cash flows from investing activities:
Capital investments	—			(85.0		)	(9.0		)	(5.0		)	—			(99.0		)
Proceeds from sale of equity investee	—			25.0			—			—			—			25.0
Proceeds from AFSG Holdings, Inc. distribution	—			—			—			14.0			—			14.0
Other investing items, net	—			12.5			—			—			—			12.5
Net cash flows from investing activities	—			(47.5		)	(9.0		)	9.0			—			(47.5		)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	—			(55.0		)	—			—			—			(55.0		)
Redemption of long-term debt	—			(14.1		)	—			—			—			(14.1		)
Inter-company activity	4.7			66.1			(40.4		)	(34.1		)	3.7			—
SunCoke Middletown distributions to noncontrolling interest owners	—			—			—			(96.3		)	—			(96.3		)
Other financing items, net	(1.0		)	—			—			—			—			(1.0		)
Net cash flows from financing activities	3.7			(3.0		)	(40.4		)	(130.4		)	3.7			(166.4		)
Net increase (decrease) in cash and cash equivalents	—			(1.5		)	1.2			(13.3		)	—			(13.6		)
Cash and equivalents, beginning of year	—			28.5			4.5			37.2			—			70.2
Cash and equivalents, end of year	$	—		$	27.0		$	5.7		$	23.9		$	—		$	56.6

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation: These financial statements consolidate the operations and accounts of AK Steel Holding Corporation (“AK Holding”), its wholly-owned subsidiary AK Steel Corporation (“AK Steel”), all subsidiaries in which AK Holding has a controlling interest, and two variable interest entities for which AK Steel is the primary beneficiary. Unless the context indicates otherwise, references to “we,” “us” and “our” refer to AK Holding and its subsidiaries. We also operate Mexican and European trading companies that buy and sell steel and steel products and other materials. We manage operations on a consolidated, integrated basis so that we can use the most appropriate equipment and facilities for the production of a product, regardless of product line. Therefore, we conclude that we operate in a single business segment. All intercompany transactions and balances have been eliminated.

Accounting Changes

Adoption of New Accounting Principles: On January 1, 2018, we adopted the following new accounting principles, both of which have been applied retrospectively to all periods presented.

Pension and Other Postretirement Benefits: On January 1, 2018, we adopted Accounting Standards Update No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Under this standard, the service cost component of periodic pension and other postretirement benefit (income) expense is included in cost of products sold and selling and administrative expenses, consistent with our treatment of other employee compensation costs. The remainder of periodic pension and other postretirement benefit expense (income) of $(71.9), $16.5 and $58.9 for the years ended December 31, 2017, 2016 and 2015, is recorded in a separate line in the consolidated statements of operations below operating profit. We have retrospectively applied the change in accounting principle to all periods presented. The adoption of this standard update had no other effect on our consolidated financial statements.

Inventory: On January 1, 2018, we changed our accounting method for valuing inventories to the average cost method for inventories previously valued using the last-in, first-out (LIFO) method. The effects of this change in accounting principle from LIFO to average cost have been retrospectively applied to all periods presented. See Note 2 for additional information.

Use of Estimates

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the amounts reported. We base these estimates on historical experience and information available to us about current events and actions we may take in the future. Estimates and assumptions affect significant items that include the carrying value of long-lived assets, including investments and goodwill; valuation allowances for receivables, inventories and deferred income tax assets; legal and environmental liabilities; workers compensation and asbestos liabilities; share-based compensation; and assets and obligations of employee benefit plans. There can be no assurance that actual results will not differ from these estimates.

Revenue Recognition

Revenue Recognition: Revenue from sales of products is recognized at the time that title and the risks and rewards of ownership pass, which can be on the date of shipment or the date of receipt by the customer depending on when the terms of customers’ arrangements are met, the sales price is fixed or determinable, and collection is reasonably assured.

Revenue Recognition, Excise And Sales Taxes

Sales taxes collected from customers are recorded on a net basis with no revenue recognized.

Cost of Products Sold

Cost of Products Sold: Cost of products sold consists primarily of raw materials, energy costs, supplies consumed in the manufacturing process, manufacturing labor, contract labor and direct overhead expense necessary to manufacture the finished steel product, as well as distribution and warehousing costs.

Cost of Products Sold, Equity Method Investments

Our share of the income (loss) of investments in associated companies accounted for under the equity method is included in costs of products sold since these operations are integrated with our overall steelmaking operations, except for our share of the loss of Magnetation LLC (“Magnetation”), which was included in other income (expense) in 2015.

Share-Based Compensation

Share-Based Compensation: Compensation costs for stock awards granted under our Stock Incentive Plan are recognized over their vesting period using the straight-line method. We estimate stock award forfeitures expected to occur to determine the compensation cost we recognize each period.

Legal Fees

Legal Fees: Legal fees associated with litigation and similar proceedings that are not expected to provide a benefit in future periods are expensed as incurred. Legal fees associated with activities that are expected to provide a benefit in future periods, such as costs associated with the issuance of debt, are capitalized as incurred.

Income Taxes

Income Taxes: Interest and penalties from uncertain tax positions are included in income tax expense.

Earnings per Share

Earnings per Share: Earnings per share is calculated using the “two-class” method. Under the “two-class” method, undistributed earnings are allocated to both common shares and participating securities. We divide the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted-average number of common shares outstanding during the period. The restricted stock granted by AK Holding is entitled to non-forfeitable dividends before vesting and meets the criteria of a participating security.

Cash Equivalents

Cash Equivalents: Cash equivalents include short-term, highly liquid investments that are readily convertible to known amounts of cash and have an original maturity of three months or less.

Inventories

Inventory:Inventories are valued at the lower of cost or net realizable value. We measure the cost of inventories using the average cost method.

Property, Plant and Equipment

Property, Plant and Equipment: Plant and equipment are depreciated under the straight-line method over their estimated lives. Estimated lives are as follows: land improvements over 20 years, leaseholds over the life of the related operating lease term, buildings over 40 years and machinery and equipment over two to 20 years. The estimated weighted-average life of our machinery and equipment is 14 years at the end of the current year. Amortization expense for assets recorded under capital leases is included in depreciation expense. Costs incurred to develop coal mines are capitalized when incurred. We use the units-of-production method utilizing only proven and probable reserves in the depletion base to compute the depletion of coal reserves and mine development costs.

Property, Plant and Equipment, Planned Major Maintenance Activities

We expense costs for major maintenance activities at our operating facilities when the activities occur.

Property, Plant and Equipment, Impairment or Disposal of Long-Lived Assets

We review the carrying value of long-lived assets to be held and used and long-lived assets to be disposed of when events and circumstances warrant such a review. If the carrying value of a long-lived asset exceeds its fair value, an impairment has occurred and a loss is recognized based on the amount by which the carrying value exceeds the fair value, less cost to dispose, for assets to be sold or abandoned. We determine fair value by using quoted market prices, estimates based on prices of similar assets or anticipated cash flows discounted at a rate commensurate with risk.

Equity and Cost Method Investments, Policy [Policy Text Block]

Investments: Investments in associated companies are accounted for under the equity method. We review investments for impairment when circumstances indicate that a loss in value below its carrying amount is other than temporary.

Goodwill

Goodwill and Intangible Assets: Goodwill relates to our tubular and Precision Partners’ businesses. Intangible assets are recorded at cost, and those with finite lives are amortized over their estimated useful lives. We review goodwill for potential impairment at least annually on October 1 each year and whenever events or circumstances make it more likely than not that impairment may have occurred. Considering operating results and the estimated fair value of the businesses, the most recent annual goodwill impairment tests indicated that the fair value of each of our business reporting units was in excess of its carrying value. No goodwill impairment was recorded as a result of the annual impairment tests in the past three years.

Debt Issuance Costs

Debt Issuance Costs: Debt issuance costs for the revolving credit facility are included in other non-current assets and all other debt issuance costs reduce the carrying amount of long-term debt.

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits: We recognize, as of a measurement date, any unrecognized actuarial net gains or losses that exceed 10% of the larger of the projected benefit obligations or the plan assets, defined as the “corridor”. Amounts inside the corridor are amortized over the plan participants’ life expectancy. We determine the expected return on assets using the fair value of plan assets.

Concentrations of Credit Risk

Concentrations of Credit Risk: We are primarily a producer of carbon, stainless and electrical steels and steel products, which are sold to a number of markets, including automotive, infrastructure and manufacturing, and distributors and converters. Net sales by product line are presented below:

	2017		2016		2015
Carbon steel	$	4,034.5	$	4,014.5	$	4,746.8
Stainless and electrical steel	1,687.6		1,654.1		1,733.0
Tubular, components and other	358.4		213.9		213.1
Total	$	6,080.5	$	5,882.5	$	6,692.9

Percentages of our net sales to various markets are presented below:

	2017		2016		2015
Automotive	65	%	66	%	60	%
Infrastructure and Manufacturing	16	%	16	%	16	%
Distributors and Converters	19	%	18	%	24	%

We sell domestically to customers located primarily in the Midwestern and Eastern United States and to foreign customers, primarily in Canada, Mexico and Western Europe. Net sales to customers located outside the United States totaled $627.1, $655.6 and $855.7 for 2017, 2016 and 2015. We had one customer that accounted for 12% of net sales in 2017 and we had two customers that accounted for 12% and 11% of net sales in 2016 and 2015.

Concentrations of Credit Risk, Trade Accounts Receivable

Approximately 55% and 57% of accounts receivable outstanding at December 31, 2017 and 2016, are due from businesses associated with the U.S. automotive industry, including 18% of receivables due from one automotive customer as of December 31, 2017 and 16% due from one automotive customer as of December 31, 2016. Except in a few situations where the risk warrants it, we do not require collateral on accounts receivable. While we believe our recorded accounts receivable will be collected, we follow normal collection procedures if customers default. We maintain an allowance for doubtful accounts for the loss that would be incurred if a customer is unable to pay amounts due. We determine this allowance based on various factors, including the customer’s financial condition and changes in customer payment patterns. We write off accounts receivable against the allowance for doubtful accounts when it is remote that collection will occur.

Union Contracts

Union Contracts: At December 31, 2017, we employed approximately 9,200 people, of which approximately 5,700 are represented by labor unions under various contracts that expire between 2018 and 2021. In the first quarter of 2017, members of the United Steel Workers, Local 169, ratified a labor agreement covering approximately 305 hourly employees at Mansfield Works. The new agreement expires March 31, 2021. In the third quarter of 2017, members of the United Auto Workers, Local 3044, ratified a labor agreement covering approximately 330 hourly employees at our Rockport Works. The new agreement expires September 30, 2021. In the fourth quarter of 2017, members of the United Steel Workers, Local 1915, ratified a labor agreement covering approximately 90 hourly employees at the Walbridge, Ohio facility with our wholly-owned subsidiary AK Tube LLC. The new agreement is effective January 22, 2018 and expires January 22, 2021. In the fourth quarter of 2017, members of the United Auto Workers, Local 600, ratified a labor agreement covering approximately 1,170 hourly employees at our Dearborn Works. The new agreement expires July 31, 2021. An agreement with the International Association of Machinists and Aerospace Workers, Local 1943, which represents approximately 1,725 hourly employees at our Middletown Works, expires on March 15, 2018. An agreement with the United Steel Workers, Local 1865, which represents approximately 305 hourly employees at our Ashland Works, expires on September 1, 2018.

Financial Instruments, Derivatives

Financial Instruments: We are a party to derivative instruments that are designated and qualify as hedges for accounting purposes. We may also use derivative instruments to which we do not apply hedge accounting treatment. Our objective in using these instruments is to limit operating cash flow exposure to fluctuations in the fair value of selected commodities and currencies.

Fluctuations in the price of certain commodities we use in production processes may affect our income and cash flows. We have implemented raw material and energy surcharges for some contract customers. For certain commodities where such exposure exists, we may use cash-settled commodity price swaps, collars and purchase options, with a duration of up to three years, to hedge the price of a portion of our natural gas, iron ore, electricity, zinc and nickel requirements. We may designate some of these instruments as cash flow hedges and the effective portion of the changes in their fair value and settlements are recorded in accumulated other comprehensive income. We subsequently reclassify gains and losses from accumulated other comprehensive income to cost of products sold in the same period we recognize the earnings associated with the underlying transaction. Other instruments are marked to market and recorded in cost of products sold with the offset recorded as assets or liabilities.

Exchange rate fluctuations affect a portion of revenues and operating costs that are denominated in foreign currencies, and we use forward currency and currency option contracts to reduce our exposure to certain of these currency price fluctuations. These derivative contracts are entered with durations up to thirty-six months. Contracts that sell euros have not been designated as hedges for accounting purposes and gains or losses are reported in earnings immediately in other income (expense). Contracts that purchase Canadian dollars are designated as hedges for accounting purposes, which requires us to record the effective gains and losses for the derivatives in accumulated other comprehensive income (loss) and reclassify them into cost of products sold in the same period we recognize costs for the associated underlying operations. We recognize gains and losses on these designated derivatives immediately in cost of products sold if we calculate hedge ineffectiveness.

We formally document all relationships between hedging instruments and hedged items, as well as risk management objectives and strategies for undertaking various hedge transactions. In this documentation, we specifically identify the asset, liability, firm commitment or forecasted transaction that has been designated as a hedged item, and state how the hedging instrument is expected to hedge the risks from that item. We formally measure effectiveness of hedging relationships both at the hedge inception and on an ongoing basis. We discontinue hedge accounting prospectively when we determine that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; when the derivative expires or is sold, terminated or exercised; when it is probable that the forecasted transaction will not occur; when a hedged firm commitment no longer meets the definition of a firm commitment; or when we determine that designation of the derivative as a hedge instrument is no longer appropriate. Our derivative contracts may contain collateral funding requirements. We have master netting arrangements with counterparties, giving us the right to offset amounts owed under the derivative instruments and the collateral. We do not offset derivative assets and liabilities or collateral on our consolidated balance sheets.

Asbestos and Environmental Reserves

Asbestos and Environmental Accruals: For a number of years, we have been remediating sites where hazardous materials may have been released, including sites no longer owned by us. In addition, a number of lawsuits alleging asbestos exposure have been filed and continue to be filed against us. We have established accruals for estimated probable costs from asbestos claim settlements and environmental investigation, monitoring and remediation. If the accruals are not adequate to meet future claims, operating results and cash flows may be negatively affected. Our accruals do not consider the potential for insurance recoveries, for which we have partial insurance coverage for some future asbestos claims. In addition, some existing insurance policies covering asbestos and environmental contingencies may serve to partially reduce future covered expenditures.

New Accounting Pronouncements

New Accounting Pronouncements: The Financial Accounting Standards Board (“FASB”) issued a standard update during the first quarter of 2016 to simplify several aspects of the accounting for employee share-based payments. The new guidance requires companies to record excess tax benefits and tax deficiencies in the income statement when stock awards vest or are settled. In addition, companies will no longer separately classify cash flows related to excess tax benefits as a financing activity apart from other income tax cash flows. The standard also allows companies to repurchase more of each employee’s vesting shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made to tax authorities on each employee’s behalf for withheld shares should be presented as a financing activity on companies’ cash flows statements, and provides an accounting policy election to account for forfeitures as they occur. We adopted this update effective January 1, 2017. The adoption had a minimal effect on us. We recognized previously unrecorded excess tax benefits offset with an equal change in valuation allowance. We have elected to continue to estimate forfeitures expected to occur to determine the compensation cost we recognize each period. The presentation requirements for cash flows related to employee taxes paid for withheld shares has no effect on us since we have historically presented these as a financing activity.

FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), during the second quarter of 2014. Topic 606, as further amended by subsequent Accounting Standard Updates, affects virtually all aspects of an entity’s revenue recognition, including determining the measurement of revenue and the timing of when it is recognized for the transfer of goods or services to customers. Topic 606 is effective for us beginning January 1, 2018. The guidance permits two methods of adoption—retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). Topic 606 does not have a material effect on us as most revenue transactions recorded under Topic 606 will be substantially consistent with treatment under existing guidance. Our revenue transactions generally consist of a single performance obligation to transfer promised goods and are not accounted for under industry-specific guidance. Topic 606 also provides for enhanced disclosure requirements surrounding revenue recognition and we are currently completing our responsive disclosures. We will adopt the standard using the modified retrospective method as of January 1, 2018.

FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), during the first quarter of 2016. Topic 842 requires entities to recognize lease assets and lease liabilities and disclose key information about leasing arrangements for certain leases. We will be required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. Topic 842 is effective for us beginning January 1, 2019. We are currently evaluating the effect of the adoption of Topic 842 on our consolidated financial position and results of operations. We expect that the adoption of the standard will result in a material increase to the assets and liabilities on our consolidated balance sheets.

In June 2016, the FASB issued a new standard to replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. In connection with recognizing credit losses on receivables and other financial instruments, we will be required to use a forward-looking expected loss model rather than the incurred loss model. The new standard will be effective for us beginning January 1, 2020, with early adoption permitted beginning January 1, 2019. Adoption of this standard is through a cumulative-effect adjustment to retained earnings as of the effective date. We are currently evaluating the effect of this standard on our consolidated financial position and results of operations.

In August 2017, the FASB issued a standard update to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. Among other amendments, the update provided that for a cash flow hedge of a forecasted purchase or sale of a nonfinancial asset, an entity may designate as the hedged risk the variability in cash flows attributable to changes in a contractually specified component stated in the contract. The amendments in the update are effective for fiscal years beginning after December 15, 2018. Early application is permitted and we are planning to adopt the standard on January 1, 2018. We are evaluating the possibility to elect hedge accounting treatment for iron ore derivatives that are currently not eligible for hedge accounting, but this is not expected to be fully evaluated at adoption of the new standard.

Reclassifications

Reclassifications: We reclassified certain prior-year amounts to conform to the current-year presentation.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Revenue from External Customers by Product Line

Net sales by product line are presented below:

	2017		2016		2015
Carbon steel	$	4,034.5	$	4,014.5	$	4,746.8
Stainless and electrical steel	1,687.6		1,654.1		1,733.0
Tubular, components and other	358.4		213.9		213.1
Total	$	6,080.5	$	5,882.5	$	6,692.9

Schedule of Percentage of Net Sales by Market

Percentages of our net sales to various markets are presented below:

	2017		2016		2015
Automotive	65	%	66	%	60	%
Infrastructure and Manufacturing	16	%	16	%	16	%
Distributors and Converters	19	%	18	%	24	%

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Supplementary Financial Statement Information (Tables)

12 Months Ended

Dec. 31, 2017

Supplementary Financial Statement Information [Abstract]

Allowance for doubtful accounts

Changes in the allowance for doubtful accounts for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017			2016			2015
Balance at beginning of year	$	7.8		$	6.0		$	9.0
Increase (decrease) in allowance	(1.0		)	2.4			(3.0		)
Receivables written off	—			(0.6		)	—
Balance at end of year	$	6.8		$	7.8		$	6.0

Inventory, net

Inventories as of December 31, 2017 and 2016, consist of:

	2017		2016
Finished and semi-finished	$	996.7	$	842.3
Raw materials	388.3		390.3
Inventory	$	1,385.0	$	1,232.6

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

As a result of the retrospective application of the change in accounting principle, certain financial statement line items in our consolidated balance sheet and our consolidated statements of operations and comprehensive income (loss) and cash flows were adjusted as follows:

	As Originally Reported			Effect of Change			As Adjusted
Consolidated statement of operations for the year ended December 31, 2017:
Cost of products sold (a)	$	5,365.2		$	(112.1	)	$	5,253.1
Income tax expense (benefit)	(17.0		)	14.8			(2.2		)
Net income (loss)	67.6			97.3			164.9
Net income (loss) attributable to AK Steel Holding Corporation	6.2			97.3			103.5

	As Originally Reported			Effect of Change			As Adjusted
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	0.02		$	0.31		$	0.33
Diluted	0.02			0.30			0.32
Consolidated statement of comprehensive income (loss) for the year ended December 31, 2017:
Cash flow hedges—Reclassification of losses (gains) to net income (loss)	$	(12.5	)	$	6.4		$	(6.1	)
Comprehensive income (loss)	91.1			112.3			203.4
Comprehensive income (loss) attributable to AK Steel Holding Corporation	29.7			112.3			142.0
Consolidated balance sheet as of December 31, 2017:
Inventory	$	1,147.8		$	237.2		$	1,385.0
Other non-current assets	169.3			(58.5		)	110.8
Other non-current liabilities	161.6			7.3			168.9
Accumulated deficit	(3,058.6		)	181.6			(2,877.0		)
Accumulated other comprehensive loss	(40.0		)	(10.2		)	(50.2		)
Consolidated statement of cash flows for the year ended December 31, 2017:
Net income	$	67.6		$	97.3		$	164.9
Deferred income taxes	(15.2		)	6.2			(9.0		)
Inventories	1.8			(118.5		)	(116.7		)
Other operating items, net	8.6			15.0			23.6
Consolidated statement of operations for the year ended December 31, 2016:
Cost of products sold (a)	$	5,070.6		$	29.1		$	5,099.7
Income tax expense (benefit)	3.2			(20.1		)	(16.9		)
Net income (loss)	58.2			(9.0		)	49.2
Net income (loss) attributable to AK Steel Holding Corporation	(7.8		)	(9.0		)	(16.8		)
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	(0.03	)	$	(0.04	)	$	(0.07	)
Diluted	(0.03		)	(0.04		)	(0.07		)
Consolidated statement of comprehensive income (loss) for the year ended December 31, 2016:
Cash flow hedges—Reclassification of losses (gains) to net income (loss)	$	27.2		$	11.9		$	39.1
Comprehensive income (loss)	181.9			(8.1		)	173.8
Comprehensive income (loss) attributable to AK Steel Holding Corporation	115.9			(8.1		)	107.8
Consolidated balance sheet as of December 31, 2016:
Inventory	$	1,113.9		$	118.7		$	1,232.6
Other non-current assets	165.1			(53.0		)	112.1
Other non-current liabilities	148.4			6.6			155.0
Accumulated deficit	(3,064.8		)	84.3			(2,980.5		)
Accumulated other comprehensive loss	(63.5		)	(25.2		)	(88.7		)

	As Originally Reported			Effect of Change			As Adjusted
Consolidated statement of cash flows for the year ended December 31, 2016:
Net income	$	58.2		$	(9.0	)	$	49.2
Deferred income taxes	5.0			(9.1		)	(4.1		)
Inventories	112.4			17.2			129.6
Other operating items, net	8.1			0.9			9.0
Consolidated statement of operations for the year ended December 31, 2015:
Cost of products sold (a)	$	6,040.3		$	213.0		$	6,253.3
Income tax expense (benefit)	63.4			(69.7		)	(6.3		)
Net income (loss)	(446.2		)	(143.3		)	(589.5		)
Net income (loss) attributable to AK Steel Holding Corporation	(509.0		)	(143.3		)	(652.3		)
Net income (loss) per share attributable to AK Steel Holding Corporation common stockholders:
Basic	$	(2.86	)	$	(0.81	)	$	(3.67	)
Diluted	(2.86		)	(0.81		)	(3.67		)
Consolidated statement of comprehensive income (loss) for the year ended December 31, 2015:
Cash flow hedges—Reclassification of losses (gains) to net income (loss)	$	61.4		$	(13.7	)	$	47.7
Comprehensive income (loss)	(429.0		)	(151.8		)	(580.8		)
Comprehensive income (loss) attributable to AK Steel Holding Corporation	(491.8		)	(151.8		)	(643.6		)
Consolidated statement of cash flows for the year ended December 31, 2015:
Net income	$	(446.2	)	$	(143.3	)	$	(589.5	)
Deferred income taxes	62.1			(74.9		)	(12.8		)
Inventories	(53.8		)	226.7			172.9
Other operating items, net	(11.0		)	(8.5		)	(19.5		)

Property, plant and equipment

Property, plant and equipment as of December 31, 2017 and 2016, consist of:

	2017			2016
Land, land improvements and leaseholds	$	275.3		$	272.6
Buildings	509.0			489.6
Machinery and equipment	5,958.2			5,714.0
Construction in progress	89.3			92.8
Total	6,831.8			6,569.0
Less accumulated depreciation	(4,845.6		)	(4,554.6		)
Property, plant and equipment, net	$	1,986.2		$	2,014.4

Goodwill

Changes in goodwill for the years ended December 31, 2017, 2016 and 2015 are presented below:

	2017		2016		2015
Balance at beginning of year	$	32.8	$	32.8	$	32.8
Acquisition	221.0		—		—
Balance at end of year	$	253.8	$	32.8	$	32.8

Intangible assets

Intangible assets at December 31, 2017, consist of:

	Gross Amount		Accumulated Amortization			Net Amount
Customer relationships	$	36.6	$	(2.2	)	$	34.4
Technology	19.3		(1.4		)	17.9
Other	1.0		(0.4		)	0.6
Intangible assets	$	56.9	$	(4.0	)	$	52.9

Other non-current assets

Other non-current assets as of December 31, 2017 and 2016, consist of:

	2017		2016
Investments in affiliates	$	77.5	$	76.7
Other	33.3		35.4
Other non-current assets	$	110.8	$	112.1

Accrued liabilities

Accrued liabilities as of December 31, 2017 and 2016, consist of:

	2017		2016
Salaries, wages and benefits	$	101.3	$	105.6
Interest	35.0		35.2
Other	134.2		93.3
Accrued liabilities	$	270.5	$	234.1

Facility idling

The supplemental unemployment and other employee benefit costs were recorded as accrued liabilities, and the activity for the years ended December 31, 2017 and 2016 was as follows:

	2017			2016
Balance at beginning of year	$	6.1		$	22.1
Payments	(5.3		)	(20.1		)
Additions to the reserve	0.6			4.1
Balance at end of year	$	1.4		$	6.1

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Acquisition of Precision Partners Schedule of business acquisitions, by acquisition (Tables)

12 Months Ended

Dec. 31, 2017

Precision Partners Holding Company [Member]

Business Acquisition [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

A summary of the preliminary purchase price allocation for the fair value of the assets acquired and the obligations assumed at the date of the acquisition is presented below. The purchase price allocation is preliminary and is subject to the completion of several items, including the final net working capital adjustment under the purchase agreement governing the terms of the acquisition.

Accounts receivable	$	34.9
Inventory	54.2
Other current assets	2.2
Property, plant and equipment	94.0
Amortizable intangible assets	56.9
Goodwill	221.0
Other non-current assets	0.7
Total assets acquired	463.9
Accounts payable	(37.8		)
Accrued liabilities	(35.4		)
Other non-current liabilities	(31.9		)
Total liabilities assumed	(105.1		)
Preliminary purchase price, net of cash acquired (including estimated net working capital adjustment)	$	358.8

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Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments [Table Text Block]

Summarized financial statement data for all investees is presented below. The financial results for Magnetation are only included through March 31, 2015, since it was unlikely after that date that we would retain our equity interest as a result of Magnetation’s bankruptcy.

	2017		2016		2015
Revenue	$	292.7	$	286.4	$	356.4
Gross profit	88.9		96.3		68.3
Net income (loss)	20.7		31.8		(9.8		)

	2017		2016
Current assets	$	115.2	$	94.1
Noncurrent assets	73.5		66.0
Current liabilities	16.2		14.4
Noncurrent liabilities	58.9		44.8

Investees and equity ownership percentages are presented below:

	Equity Ownership %
Combined Metals of Chicago, LLC	40.0%
Delaco Processing, LLC	49.0%
Rockport Roll Shop LLC	50.0%
Spartan Steel Coating, LLC	48.0%

Schedule of Related Party Transactions [Table Text Block]

Transactions with all equity investees, including Magnetation, for the years indicated are presented below:

	2017		2016		2015
Sales to equity investees	$	80.6	$	69.2	$	61.4
Purchases from equity investees	33.0		213.5		251.0

Outstanding receivables and payables with all equity investees as of the end of the year indicated are presented below:

	2017		2016
Accounts receivable from equity investees	$	0.7	$	2.6
Accounts payable to equity investees	4.1		4.1

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Components of income (loss) before income taxes for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017		2016			2015
United States	$	91.6	$	(40.4	)	$	(665.1	)
Foreign	9.7		6.7			6.5
Noncontrolling interests	61.4		66.0			62.8
Income (loss) before income taxes	$	162.7	$	32.3		$	(595.8	)

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities at December 31, 2017 and 2016 are presented below:

	2017			2016
Deferred tax assets:
Net operating and capital loss and tax credit carryforwards	$	619.5		$	835.2
Postretirement benefits	92.5			142.6
Pension benefits	117.5			260.3
Inventories	47.9			60.5
Other assets	71.6			146.9
Valuation allowance	(735.7		)	(1,189.7		)
Total deferred tax assets	213.3			255.8
Deferred tax liabilities:
Depreciable assets	(121.9		)	(213.3		)
Other liabilities	(118.3		)	(48.7		)
Total deferred tax liabilities	(240.2		)	(262.0		)
Net deferred tax liabilities	$	(26.9	)	$	(6.2	)

Summary of Valuation Allowance

Changes in the valuation allowance for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017			2016			2015
Balance at beginning of year	$	1,189.7		$	1,232.3		$	1,005.3
Change in valuation allowance:
Included in income tax expense (benefit)	(62.3		)	11.0			235.3
Change in deferred assets in other comprehensive income	8.5			(53.6		)	(8.3		)
Effect of tax rate changes	(400.2		)	—			—
Balance at end of year	$	735.7		$	1,189.7		$	1,232.3

Schedule of Components of Income Tax Expense (Benefit)

Significant components of income tax expense are presented below:

	2017			2016			2015
Current:
Federal	$	(4.5	)	$	(3.7	)	$	—
State	0.3			0.2			0.2
Foreign	2.4			1.7			1.8
Deferred:
Federal	0.7			15.1			0.4
State	0.1			1.4			—
Foreign	(0.4		)	—			—
Benefits of operating loss carryforwards	—			(16.1		)	—
Amount allocated to other comprehensive income	—			(15.5		)	(8.0		)
Change in valuation allowance on beginning-of-the-year deferred tax assets	(0.8		)	—			(0.7		)
Income tax expense (benefit)	$	(2.2	)	$	(16.9	)	$	(6.3	)

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax on income (loss) before income taxes computed at the U.S. federal statutory tax rates to actual income tax expense is presented below:

	2017			2016			2015
Income tax expense (benefit) at U.S. federal statutory rate	$	57.2		$	11.3		$	(208.6	)
Income tax expense calculated on noncontrolling interests	(21.5		)	(23.1		)	(22.0		)
State and foreign tax expense, net of federal tax	6.3			0.2			(7.9		)
Increase (decrease) in deferred tax asset valuation allowance	(51.8		)	11.0			235.3
Amount allocated to other comprehensive income	—			(15.5		)	(8.0		)
Credit for U.S. tax legislation	(4.3		)	—			—
Transition tax on foreign earnings	7.9			—			—
Other differences	4.0			(0.8		)	4.9
Income tax expense (benefit)	$	(2.2	)	$	(16.9	)	$	(6.3	)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the change in unrecognized tax benefits for 2017, 2016 and 2015 is presented below:

	2017			2016			2015
Balance at beginning of year	$	124.2		$	130.3		$	59.9
Decreases for prior year tax positions	(0.5		)	(4.5		)	(0.3		)
Increases (decreases) for current year tax positions	0.3			(1.6		)	70.7
Increases (decreases) related to tax rate changes (a)	(34.6		)	—			—
Balance at end of year	$	89.4		$	124.2		$	130.3

(a) As a result of the Tax Act, the value of unrecognized tax benefits associated with NOL carryforwards and other temporary differences was reduced to reflect the lower tax rates that will apply if the uncertainties related to these deferred tax assets materialize in the future.

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Long-term Debt and Other Financing (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt balances at December 31, 2017 and 2016, are presented below:

	2017			2016
Credit Facility	$	450.0		$	—
7.50% Senior Secured Notes due July 2023 (effective rate of 8.3%)	380.0			380.0
5.00% Exchangeable Senior Notes due November 2019 (effective rate of 10.8%)	150.0			150.0
7.625% Senior Notes due May 2020	—			529.8
7.625% Senior Notes due October 2021	406.2			406.2
8.375% Senior Notes due April 2022	—			279.8
6.375% Senior Notes due October 2025 (effective rate of 7.1%)	280.0			—
7.00% Senior Notes due March 2027	400.0			—
Industrial Revenue Bonds due 2020 through 2028	99.3			99.3
Capital lease for Research and Innovation Center	—			25.2
Unamortized debt discount and issuance costs	(55.4		)	(53.7		)
Total long-term debt	$	2,110.1		$	1,816.6

Schedule of Maturities of Long-term Debt

Maturities of long-term debt for the next five years, at December 31, 2017, are presented below:

Year	Debt Maturities
2018	$	—
2019	150.0
2020	7.3
2021	406.2
2022	450.0

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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits, Description [Abstract]

Schedule of Defined Benefit Plans Disclosures

Amounts presented below are calculated based on benefit obligation and asset valuation measurement dates of December 31, 2017 and 2016:

	Pension Benefits						Other Benefits
	2017			2016			2017			2016
Change in benefit obligations:
Benefit obligations at beginning of year	$	2,874.8		$	3,247.4		$	443.7		$	488.6
Service cost	2.8			3.0			4.7			4.9
Interest cost	108.2			120.4			17.3			19.9
Plan participants’ contributions	—			—			23.3			25.6
Actuarial loss (gain)	91.0			45.1			27.1			(35.1		)
Amendments	—			8.4			(4.7		)	—
Benefits paid	(269.0		)	(339.1		)	(65.5		)	(65.6		)
Annuity settlement	—			(210.3		)	—			—
Medicare subsidy reimbursement received	—			—			2.6			5.4
Foreign currency exchange rate changes	0.2			(0.1		)	—			—
Benefit obligations at end of year	$	2,808.0		$	2,874.8		$	448.5		$	443.7
Change in plan assets:
Fair value of plan assets at beginning of year	$	2,183.5		$	2,511.4		$	—		$	—
Actual gain on plan assets	362.4			193.3			—			—
Employer contributions	45.3			33.1			39.6			34.6
Plan participants’ contributions	—			—			23.3			25.6
Benefits paid	(269.0		)	(339.1		)	(65.5		)	(65.6		)
Annuity settlement	—			(215.2		)	—			—
Medicare subsidy reimbursement received	—			—			2.6			5.4
Fair value of plan assets at end of year	$	2,322.2		$	2,183.5		$	—		$	—
Funded status	$	(485.8	)	$	(691.3	)	$	(448.5	)	$	(443.7	)
Amounts recognized in the consolidated balance sheets:
Current liabilities	$	(1.3	)	$	(1.3	)	$	(38.8	)	$	(40.0	)
Noncurrent liabilities	(484.5		)	(690.0		)	(409.7		)	(403.7		)
Total	$	(485.8	)	$	(691.3	)	$	(448.5	)	$	(443.7	)
Amounts recognized in accumulated other comprehensive loss, before taxes:
Actuarial loss (gain)	$	77.6		$	209.7		$	(13.0	)	$	(44.4	)
Prior service cost (credit)	23.2			27.9			(84.9		)	(138.7		)
Total	$	100.8		$	237.6		$	(97.9	)	$	(183.1	)

Schedule of Assumptions Used

Assumptions used to value benefit obligations and determine pension and OPEB expense (income) are presented below:

	Pension Benefits						Other Benefits
	2017		2016		2015		2017		2016		2015
Assumptions used to determine benefit obligations at December 31:
Discount rate	3.54	%	3.93	%	4.15	%	3.59	%	4.04	%	4.22	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%
Subsequent year healthcare cost trend rate							6.65	%	7.00	%	7.00	%
Ultimate healthcare cost trend rate							4.50	%	4.50	%	4.50	%
Year ultimate healthcare cost trend rate begins							2025		2025		2024
Assumptions used to determine pension and OPEB expense (income) for the year ended December 31:
Discount rate	3.93	%	3.95	%	3.82	%	4.04	%	4.22	%	3.90	%
Expected return on plan assets	7.25	%	7.25	%	7.25	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%	4.00	%

Schedule of Change in Assumed Health Care Cost Trend Rates

As of December 31, 2017, a one-percentage-point change in the assumed healthcare cost trend rates would have the following effects:

	One Percentage Point
	Increase		Decrease
Effect on total service cost and interest cost components	$	—	$	—
Effect on postretirement benefit obligation	1.1		(1.1		)

Schedule of Expected Benefit Payments

Estimated future benefit payments to beneficiaries are presented below:

	Pension Plans		Other Benefits		Medicare Subsidy
2018	$	262.8	$	39.8	$	(1.0	)
2019	254.6		38.1		(1.1		)
2020	243.3		36.3		(1.1		)
2021	231.3		34.7		(1.1		)
2022	227.0		33.2		(1.1		)
2023 through 2027	988.4		145.8		(6.3		)

Schedule of Plan Assets

Master pension trust investments measured at fair value on a recurring basis at December 31, 2017 and 2016 are presented below, with certain assets presented by level within the fair value hierarchy. As a practical expedient, we estimate the value of common/collective trusts, equity mutual funds and certain other assets by using the net asset value (“NAV”) per share multiplied by the number of shares of the trust investment held as of the measurement date. If we have the ability to redeem our investment in the respective alternative investment at the NAV with no significant restrictions on the redemption at the consolidated balance sheet date, excluding equity mutual funds, we categorized the alternative investment as a reconciliation of pension investments reported in the fair value hierarchy to the master pension trust’s balance. See Note 16 for more information on the determination of fair value.

	Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs
	(Level 1)				(Level 2)				Total
	2017		2016		2017		2016		2017		2016
Investments in fair value hierarchy
Equity investments:
U.S. securities	$	46.6	$	169.4	$	—	$	—	$	46.6	$	169.4
Global securities	—		—		327.9		191.0		327.9		191.0
Fixed-income investments:
High-yield U.S. securities	—		—		111.8		0.4		111.8		0.4
Other U.S. securities	—		—		524.6		—		524.6		—
Global securities	—		—		—		395.4		—		395.4
Other investments	—		—		30.6		28.9		30.6		28.9
Total pension investments in fair value hierarchy	$	46.6	$	169.4	$	994.9	$	615.7	$	1,041.5	$	785.1
Investments with fair values measured at net asset value
Common/collective trusts:
U.S. equity securities (a)									194.6		728.8
Global equity securities (b)									707.0		381.4
U.S. corporate fixed-income securities (c)									379.1		207.4
U.S. Treasury securities and bonds									—		80.4
Other									—		0.4
Total pension assets at fair value									$	2,322.2	$	2,183.5

(a) Investments primarily in domestic equity securities, which may include common stocks, options and futures.

(b) Investments primarily in global equity securities, which may include common stocks, options and futures.

(c) Investments primarily in domestic fixed income investments, which may include investment-grade and high-yield corporate bonds, interest rate swaps, options and futures.

Schedule of Net Benefit Costs

Components of pension and OPEB expense (income) for the years 2017, 2016 and 2015 are presented below:

	Pension Benefits									Other Benefits
	2017			2016			2015			2017			2016			2015
Components of pension and OPEB expense (income):
Service cost	$	2.8		$	3.0		$	2.2		$	4.7		$	4.9		$	7.1
Interest cost	108.2			120.4			130.0			17.3			19.9			22.5
Expected return on plan assets	(149.9		)	(167.1		)	(198.4		)	—			—			—
Amortization of prior service cost (credit)	4.7			5.6			4.4			(58.5		)	(60.4		)	(64.6		)
Recognized net actuarial loss (gain):
Annual amortization	10.5			29.2			31.2			(4.2		)	(4.3		)	1.6
Corridor charge (credit)	—			78.4			144.3			—			(35.3		)	(13.1		)
Settlement loss	—			29.9			1.0			—			—			—
Pension and OPEB expense (income)	$	(23.7	)	$	99.4		$	114.7		$	(40.7	)	$	(75.2	)	$	(46.5	)

Schedule of Multiemployer Plans

Our participation in these multiemployer plans for the years ended December 31, 2017, 2016 and 2015, is presented below. We do not provide more than five percent of the total contributions to any multiemployer plan. Forms 5500 are not yet available for plan years ending in 2017.

Pension Fund	EIN/Pension Plan Number	Pension Protection Act Zone Status (a)		FIP/RP Status Pending/Implemented (b)	Contributions						Surcharge Imposed (c)	Expiration Date of Collective Bargaining Agreement
		2017	2016		2017		2016		2015
Steelworkers Pension Trust	23-6648508/499	Green	Green	No	$	6.3	$	6.8	$	7.3	No	9/1/2018 to 3/31/2021 (d)
IAM National Pension Fund’s National Pension Plan	51-6031295/002	Green	Green	No	18.4		18.0		16.0		No	3/15/2018 to 5/31/2019 (e)
					$	24.7	$	24.8	$	23.3

(a) The most recent Pension Protection Act zone status available in 2017 and 2016 is for each plan’s year-end at December 31, 2016 and 2015. The plan’s actuary certifies the zone status. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. The Steelworkers Pension Trust and IAM National Pension Fund’s National Pension Plan elected funding relief under section 431(b)(8) of the Internal Revenue Code and section 304(b)(8) of the Employment Retirement Income Security Act of 1974 (ERISA). This election allows those plans’ investment losses for the plan year ended December 31, 2008, to be amortized over 29 years for funding purposes.

(b) The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented, as defined by ERISA.

(c) The surcharge represents an additional required contribution due as a result of the critical funding status of the plan.

(d) We are a party to three collective bargaining agreements at our Ashland Works, Mansfield Works and at the AK Tube Walbridge plant that require contributions to the Steelworkers Pension Trust. The labor contract for approximately 305 hourly employees at the Ashland Works expires on September 1, 2018. The labor contract for approximately 90 hourly employees at the AK Tube Walbridge plant expires January 22, 2021. The labor contract for approximately 305 hourly employees at Mansfield Works expires on March 31, 2021.

(e) We are a party to three collective bargaining agreements at our Butler Works, Middletown Works and Zanesville Works that require contributions to the IAM National Pension Fund’s National Pension Plan. The labor contract for approximately 1,725 hourly employees at Middletown Works expires on March 15, 2018. The labor contract for approximately 1,155 hourly employees at Butler Works expires on April 1, 2019. The labor contract for approximately 115 hourly employees at Zanesville Works expires on May 31, 2019.

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Operating Leases (Tables)

12 Months Ended

Dec. 31, 2017

Leases [Abstract]

Future minimum lease payments

Obligations to make future minimum lease payments at December 31, 2017, are presented below:

2018	$	18.2
2019	18.8
2020	18.1
2021	18.9
2022	16.6
2023 and thereafter	90.2
Total minimum lease payments	$	180.8

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Environmental and Legal Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of environmental-related capital investments and compliance costs

We have spent the following amounts over the past three years for environmental-related capital investments and environmental compliance:

	2017		2016		2015
Environmental-related capital investments	$	6.8	$	4.9	$	7.1
Environmental compliance costs	129.5		123.9		133.2

Schedule of accrual of liabilities related to environmental loss contingencies

We have recorded the following liabilities for environmental matters on our consolidated balance sheets:

	2017		2016
Accrued liabilities	$	8.5	$	7.3
Other non-current liabilities	35.4		39.9

Schedule of information on pending asbestos cases

The number of asbestos cases pending at December 31, 2017, is presented below:

	Asbestos Cases Pending at
	December 31, 2017
Cases with specific dollar claims for damages:
Claims up to $0.2	135
Claims above $0.2 to $5.0	4
Claims above $5.0 to $20.0	3
Total claims with specific dollar claims for damages (a)	142
Cases without a specific dollar claim for damages	194
Total asbestos cases pending	336

(a) Involve a total of 2,244 plaintiffs and 17,747 defendants

Schedule of number of new asbestos claims filed, number of pending asbestos claims disposed, and amount paid in settlements

Asbestos-related claims information in 2017, 2016 and 2015, is presented below:

	2017		2016		2015
New Claims Filed	58		40		52
Pending Claims Disposed Of	61		84		68
Total Amount Paid in Settlements	$	1.2	$	0.9	$	1.9

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Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of information about share-based compensation expense

Share-based compensation expense for the years ended December 31, 2017, 2016 and 2015, is presented below:

Share-based Compensation Expense	2017		2016		2015
Stock options	$	2.1	$	1.0	$	1.7
Restricted stock	2.9		1.6		3.2
Restricted stock units issued to Directors	1.2		1.3		0.9
Performance shares	1.5		1.5		1.9
Pre-tax share-based compensation expense	$	7.7	$	5.4	$	7.7

Schedule of weighted-average assumptions used in Black-Scholes option calculation

The following weighted-average assumptions are used in the Black-Scholes option pricing model to estimate the fair value of granted options as of the grant date:

	2017	2016	2015
Expected volatility	61.5% – 64.0%	90.3% – 91.5%	67.6% – 75.9%
Weighted-average volatility	62.5%	90.7%	69.4%
Expected term (in years)	3.3 – 6.5	3.3 – 6.7	3.1 – 6.6
Risk-free interest rate	1.6% – 2.2%	1.2% – 1.8%	1.0% – 1.7%
Weighted-average grant-date fair value per share of granted options	$5.33	$1.29	$2.36

Schedule of stock options activity

Option activity for the year ended December 31, 2017, is presented below:

Stock Options	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2016	2,775,565		$	8.12
Granted	513,600		9.78
Exercised	(58,999	)	6.38
Forfeited and expired	(235,960	)	17.66
Outstanding at December 31, 2017	2,994,206		7.69		5.6	$	4.8
Exercisable at December 31, 2017	1,796,958		9.00		4.0	2.4
Unvested at December 31, 2017	1,197,248		5.81		7.7	2.4
Unvested at December 31, 2017 expected to vest	1,137,386		5.81		7.7	2.3

Schedule of nonvested restricted stock units activity

Non-vested restricted stock awards activity for the year ended December 31, 2017, is presented below:

Restricted Stock Awards	Restricted Shares		Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2016	625,025		$	3.11
Granted	355,600		9.78
Vested/restrictions lapsed	(454,741	)	5.70
Canceled	(7,700	)	5.10
Outstanding at December 31, 2017	518,184		5.38

Schedule of weighted-average assumptions used in Monte Carlo simulation

The following weighted-average assumptions are used in a Monte Carlo simulation model to estimate the fair value of performance shares granted:

	2017			2016			2015
Company expected volatility	68.0		%	60.8		%	56.4		%
VanEck Vectors Steel ETF expected volatility	48.9		%	NA			NA
S&P’s MidCap 400 index expected volatility	NA			27.6		%	27.0		%
Risk-free interest rate	1.5		%	1.1		%	0.9		%
Weighted-average grant-date fair value per performance share granted	$	10.78		$	1.74		$	3.09

Schedule of nonvested performance-based units activity

Non-vested performance share awards activity for the year ended December 31, 2017, is presented below:

Performance Share Awards	Performance Shares		Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2016	1,017,856		$	2.48
Granted	263,600		10.78
Earned	—		—
Expired or forfeited	(562,788	)	3.10
Outstanding at December 31, 2017	718,668		5.04

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Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2017

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Accumulated Other Comprehensive Income (Loss), Net of Tax

Other comprehensive income (loss), net of tax, information is presented below:

	2017			2016			2015
Foreign currency translation
Balance at beginning of period	$	(3.6	)	$	(2.1	)	$	1.0
Other comprehensive income (loss)—foreign currency translation gain (loss)	4.7			(1.5		)	(3.1		)
Balance at end of period	$	1.1		$	(3.6	)	$	(2.1	)
Cash flow hedges
Balance at beginning of period	$	39.9		$	(44.8	)	$	(34.5	)
Other comprehensive income (loss):
Gains (losses) arising in period	(11.5		)	56.1			(64.2		)
Income tax expense (benefit)	—			6.2			(25.2		)
Gains (losses) arising in period, net of tax	(11.5		)	49.9			(39.0		)
Reclassification of losses (gains) to net income (loss) (a)	(6.1		)	39.1			47.7
Income tax (expense) benefit (c)	—			4.3			19.0
Net amount of reclassification of losses (gains) to net income (loss)	(6.1		)	34.8			28.7
Total other comprehensive income (loss), net of tax	(17.6		)	84.7			(10.3		)
Balance at end of period	$	22.3		$	39.9		$	(44.8	)
Unrealized holding gains on securities
Balance at beginning of period	$	—		$	—		$	0.4
Reclassification of gains (losses) to net income (loss)—income tax benefit (c)	—			—			0.4
Total other comprehensive income (loss), net of tax	—			—			(0.4		)
Balance at end of period	$	—		$	—		$	—
Pension and OPEB plans
Balance at beginning of period	$	(125.0	)	$	(166.4	)	$	(188.9	)
Other comprehensive income (loss):
Prior service credit (cost) arising in period	4.7			(8.3		)	(7.7		)
Gains (losses) arising in period	94.2			11.6			(60.8		)
Subtotal	98.9			3.3			(68.5		)
Income tax expense (benefit) (c)	—			0.4			(26.0		)
Gains (losses) arising in period, net of tax	98.9			2.9			(42.5		)
Reclassification to net income (loss):
Prior service costs (credits) (b)	(53.8		)	(54.8		)	(60.2		)
Actuarial (gains) losses (b)	6.3			97.9			165.0
Subtotal	(47.5		)	43.1			104.8
Income tax (expense) benefit (c)	—			4.6			39.8
Amount of reclassification to net income (loss), net of tax	(47.5		)	38.5			65.0
Total other comprehensive income (loss), net of tax	51.4			41.4			22.5
Balance at end of period	$	(73.6	)	$	(125.0	)	$	(166.4	)

(a) Included in cost of products sold

(b) Included in pension and OPEB expense (income)

(c) Included in income tax expense (benefit)

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings per share

Reconciliation of the numerators and denominators for basic and diluted EPS computations is presented below:

	2017		2016			2015
Net income (loss) attributable to AK Steel Holding Corporation	$	103.5	$	(16.8	)	$	(652.3	)
Less: distributed earnings to common stockholders and holders of certain stock compensation awards	—		—			—
Undistributed earnings (loss)	$	103.5	$	(16.8	)	$	(652.3	)
Common stockholders earnings—basic and diluted:
Distributed earnings to common stockholders	$	—	$	—		$	—
Undistributed earnings (loss) to common stockholders	103.5		(16.7		)	(650.1		)
Common stockholders earnings (loss)—basic and diluted	$	103.5	$	(16.7	)	$	(650.1	)
Common shares outstanding (weighted-average shares in millions):
Common shares outstanding for basic earnings per share	314.3		230.0			177.2
Effect of Exchangeable Notes	4.5		—			—
Effect of dilutive stock-based compensation	0.9		—			—
Common shares outstanding for diluted earnings per share	319.7		230.0			177.2
Basic earnings per share:
Distributed earnings	$	—	$	—		$	—
Undistributed earnings (loss)	0.33		(0.07		)	(3.67		)
Basic earnings (loss) per share	$	0.33	$	(0.07	)	$	(3.67	)
Diluted earnings per share:
Distributed earnings	$	—	$	—		$	—
Undistributed earnings (loss)	0.32		(0.07		)	(3.67		)
Diluted earnings (loss) per share	$	0.32	$	(0.07	)	$	(3.67	)
Potentially issuable common shares (in millions) excluded from earnings per share calculation due to anti-dilutive effect	1.4		3.0			3.6

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair value assets and liabilities measured on a recurring basis

Assets and liabilities measured at fair value on a recurring basis are presented below:

	2017								2016
	Level 1		Level 2			Total			Level 1		Level 2			Total
Assets measured at fair value
Cash and cash equivalents (a)	$	38.0	$	—		$	38.0		$	48.2	$	125.0		$	173.2
Other current assets:
Foreign exchange contracts	—		0.2			0.2			—		0.1			0.1
Commodity hedge contracts	—		35.2			35.2			—		47.0			47.0
Other non-current assets:
Foreign exchange contracts	—		1.7			1.7			—		—			—
Commodity hedge contracts	—		10.6			10.6			—		15.3			15.3
Assets measured at fair value	$	38.0	$	47.7		$	85.7		$	48.2	$	187.4		$	235.6
Liabilities measured at fair value
Accrued liabilities:
Foreign exchange contracts	$	—	$	(0.3	)	$	(0.3	)	$	—	$	—		$	—
Commodity hedge contracts	—		(4.9		)	(4.9		)	—		(1.8		)	(1.8		)
Other non-current liabilities—commodity hedge contracts	—		(0.5		)	(0.5		)	—		(0.6		)	(0.6		)
Liabilities measured at fair value	$	—	$	(5.7	)	$	(5.7	)	$	—	$	(2.4	)	$	(2.4	)
Liabilities measured at other than fair value
Long-term debt, including current portions:
Fair value	$	—	$	(2,273.4	)	$	(2,273.4	)	$	—	$	(2,123.2	)	$	(2,123.2	)
Carrying amount	—		(2,110.1		)	(2,110.1		)	—		(1,816.6		)	(1,816.6		)

(a) Level 2 assets include money market mutual funds invested in U.S. Treasury obligations.

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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding commodity price swaps and options and forward foreign exchange contracts

Outstanding commodity price swaps and options and forward foreign exchange and currency option contracts as of December 31, 2017 and 2016, are presented below:

Hedge Contracts	2017		2016
Commodity contracts:
Nickel (in lbs)	500,000		—
Natural gas (in MMBTUs)	41,338,000		43,865,000
Zinc (in lbs)	50,350,000		58,750,000
Iron ore (in metric tons)	2,340,000		2,555,000
Electricity (in MWHs)	1,553,000		1,578,821
Foreign exchange contracts:
Euros	€	26,000,000	€	5,000,000
Canadian dollars	C$	148,080,000	C$	—

Fair value of derivative instruments in the condensed consolidated balance sheets

The fair value of derivative instruments as of December 31, 2017 and 2016, is presented below:

Asset (liability)	2017			2016
Derivatives designated as hedging instruments:
Other current assets:
Foreign exchange contracts	$	0.2		$	—
Commodity contracts	9.0			18.5
Other non-current assets:
Foreign exchange contracts	1.7			—
Commodity contracts	2.3			5.2
Other current liabilities:
Foreign exchange contracts	(0.2		)	—
Commodity contracts	(4.6		)	(1.8		)
Other non-current liabilities—commodity contracts	(0.5		)	(0.1		)
Derivatives not designated as hedging instruments:
Other current assets:
Foreign exchange contracts	—			0.1
Commodity contracts	26.2			28.5
Other non-current assets—commodity contracts	8.3			10.1
Accrued liabilities:
Foreign exchange contracts	(0.1		)	—
Commodity contracts	(0.3		)	—
Other non-current liabilities—commodity contracts	—			(0.5		)

Gains (losses) on derivative instruments included in the condensed consolidated statements of operations

Gains (losses) on derivative instruments for the years ended December 31, 2017, 2016 and 2015, are presented below:

Gain (loss)	2017			2016			2015
Derivatives designated as cash flow hedges—
Commodity contracts:
Reclassified from accumulated other comprehensive income into cost of products sold (effective portion)	$	6.1		$	(39.1	)	$	(47.7	)
Recorded in cost of products sold (ineffective portion and amount excluded from effectiveness testing)	0.7			(13.3		)	(23.6		)
Derivatives not designated as hedging instruments:
Foreign exchange contracts—recognized in other income (expense)	(1.6		)	(0.9		)	(0.1		)
Commodity contracts:
Recognized in net sales	—			—			2.2
Recognized in cost of products sold	31.6			38.6			(2.0		)

Amount of gains (losses) expected to be reclassified into earnings within the next twelve months

Gains (losses) before tax expected to be reclassified into cost of products sold within the next twelve months for our existing commodity contracts that qualify for hedge accounting, as well as the period over which we are hedging our exposure to the volatility in future cash flows, are presented below:

Hedge	Settlement Dates	Gains (losses)
Natural gas	January 2018 to December 2019	$	(0.2	)
Electricity	January 2018 to December 2019	1.1
Zinc	January 2018 to December 2019	11.3
Canadian dollars	January 2018 to December 2020	(0.8		)

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Supplementary Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Information [Abstract]

Schedule of cash flow, supplemental disclosures

Net cash paid (received) during the period for interest, net of capitalized interest, and income taxes are presented below:

	2017		2016			2015
Net cash paid (received) during the period for:
Interest, net of capitalized interest	$	130.5	$	137.1		$	161.3
Income taxes	0.1		(2.6		)	0.7

Schedule of non-cash investing and financing activities

Non-cash investing and financing activities for the years ended December 31, 2017, 2016 and 2015, are presented below:

	2017		2016		2015
Capital investments	$	37.3	$	33.2	$	34.4
Research and Innovation Center capital lease	1.1		25.2		—
Issuance of restricted stock and restricted stock units	4.6		2.3		4.1

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Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Earnings per share for each quarter and the year are calculated individually and may not sum to the total for the year.

	2017
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter			Year
Net sales	$	1,533.4		$	1,557.2	$	1,494.3	$	1,495.6		$	6,080.5
Operating profit (loss)	129.7			116.5		66.3		(52.3		)	260.2
Net income (loss) attributable to AK Holding	84.4			77.2		22.3		(80.4		)	103.5
Basic earnings (loss) per share	$	0.27		$	0.25	$	0.07	$	(0.26	)	$	0.33
Diluted earnings (loss) per share	0.26			0.24		0.07		(0.26		)	0.32
	2016
	First Quarter			Second Quarter		Third Quarter		Fourth Quarter			Year
Net sales	$	1,518.8		$	1,492.2	$	1,452.9	$	1,418.6		$	5,882.5
Operating profit (loss)	16.7			69.0		89.6		42.3			217.6
Net income (loss) attributable to AK Holding	(25.7		)	27.8		27.8		(46.7		)	(16.8		)
Basic and diluted earnings (loss) per share	$	(0.14	)	$	0.13	$	0.12	$	(0.16	)	$	(0.07	)

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Supplementary Guarantor Information (Tables)

12 Months Ended

Dec. 31, 2017

Supplemental Guarantor Information [Abstract]

Condensed Statements of Comprehensive Income (Loss)

Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2017
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes		Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net sales	$	—		$	5,755.1		$	285.9	$	496.3		$	(456.8	)	$	6,080.5
Cost of products sold (exclusive of items shown separately below)	—			5,082.0			197.7		387.2			(413.8		)	5,253.1
Selling and administrative expenses (exclusive of items shown separately below)	3.7			285.5			13.5		26.9			(44.7		)	284.9
Depreciation	—			189.3			7.5		29.2			—			226.0
Charge (credit) for termination of pellet agreement and related transportation costs	—			(19.3		)	—		—			—			(19.3		)
Asset impairment charge	—			75.6			—		—			—			75.6
Total operating costs	3.7			5,613.1			218.7		443.3			(458.5		)	5,820.3
Operating profit (loss)	(3.7		)	142.0			67.2		53.0			1.7			260.2
Pension and OPEB expense (income)	—			(71.9		)	—		—			—			(71.9		)
Interest expense	—			150.3			—		2.0			—			152.3
Other income (expense)	—			(30.1		)	11.4		5.4			(3.8		)	(17.1		)
Income (loss) before income taxes	(3.7		)	33.5			78.6		56.4			(2.1		)	162.7
Income tax expense (benefit)	—			(29.4		)	29.9		(1.8		)	(0.9		)	(2.2		)
Equity in net income (loss) of subsidiaries	107.2			44.3			—		—			(151.5		)	—
Net income (loss)	103.5			107.2			48.7		58.2			(152.7		)	164.9
Less: Net income attributable to noncontrolling interests	—			—			—		61.4			—			61.4
Net income (loss) attributable to AK Steel Holding Corporation	103.5			107.2			48.7		(3.2		)	(152.7		)	103.5
Other comprehensive income (loss)	38.5			38.5			—		4.7			(43.2		)	38.5
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$	142.0		$	145.7		$	48.7	$	1.5		$	(195.9	)	$	142.0

Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2016
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes		Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net sales	$	—		$	5,681.0		$	250.9	$	411.5		$	(460.9	)	$	5,882.5
Cost of products sold (exclusive of items shown separately below)	—			5,044.8			171.7		299.4			(416.2		)	5,099.7
Selling and administrative expenses (exclusive of items shown separately below)	4.4			282.7			12.7		22.6			(43.3		)	279.1
Depreciation	—			187.8			7.0		21.8			—			216.6
Charge (credit) for termination of pellet agreement and related transportation costs	—			69.5			—		—			—			69.5
Total operating costs	4.4			5,584.8			191.4		343.8			(459.5		)	5,664.9
Operating profit (loss)	(4.4		)	96.2			59.5		67.7			(1.4		)	217.6
Interest expense	—			162.3			—		1.6			—			163.9
Pension and OPEB expense (income)	—			16.5			—		—			—			16.5
Other income (expense)	—			(16.4		)	8.1		8.6			(5.2		)	(4.9		)
Income (loss) before income taxes	(4.4		)	(99.0		)	67.6		74.7			(6.6		)	32.3
Income tax expense (benefit)	—			(43.7		)	25.7		3.6			(2.5		)	(16.9		)
Equity in net income (loss) of subsidiaries	(12.4		)	42.9			—		(0.7		)	(29.8		)	—
Net income (loss)	(16.8		)	(12.4		)	41.9		70.4			(33.9		)	49.2
Less: Net income attributable to noncontrolling interests	—			—			—		66.0			—			66.0
Net income (loss) attributable to AK Steel Holding Corporation	(16.8		)	(12.4		)	41.9		4.4			(33.9		)	(16.8		)
Other comprehensive income (loss)	124.6			124.6			—		(1.5		)	(123.1		)	124.6
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$	107.8		$	112.2		$	41.9	$	2.9		$	(157.0	)	$	107.8

Condensed Statements of Comprehensive Income (Loss)
Year Ended December 31, 2015
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes		Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net sales	$	—		$	6,498.2		$	256.2	$	533.0		$	(594.5	)	$	6,692.9
Cost of products sold (exclusive of items shown separately below)	—			6,205.7			166.2		425.1			(543.7		)	6,253.3
Selling and administrative expenses (exclusive of items shown separately below)	4.9			271.4			13.1		22.6			(49.1		)	262.9
Depreciation	—			187.7			7.4		20.9			—			216.0
Charge for facility idling	—			28.1			—		—			—			28.1
Total operating costs	4.9			6,692.9			186.7		468.6			(592.8		)	6,760.3
Operating profit (loss)	(4.9		)	(194.7		)	69.5		64.4			(1.7		)	(67.4		)
Interest expense	—			171.0			—		2.0			—			173.0
Pension and OPEB expense (income)	—			58.9			—		—			—			58.9
Impairment of Magnetation investment	—			—			—		(256.3		)	—			(256.3		)
Impairment of AFSG investment	—			—			—		(41.6		)	—			(41.6		)
Other income (expense)	—			6.4			6.6		(11.6		)	—			1.4
Income (loss) before income taxes	(4.9		)	(418.2		)	76.1		(247.1		)	(1.7		)	(595.8		)
Income tax expense (benefit)	—			(29.9		)	28.9		(4.6		)	(0.7		)	(6.3		)
Equity in net income (loss) of subsidiaries	(647.4		)	(259.1		)	—		0.6			905.9			—
Net income (loss)	(652.3		)	(647.4		)	47.2		(241.9		)	904.9			(589.5		)
Less: Net income attributable to noncontrolling interests	—			—			—		62.8			—			62.8
Net income (loss) attributable to AK Steel Holding Corporation	(652.3		)	(647.4		)	47.2		(304.7		)	904.9			(652.3		)
Other comprehensive income (loss)	8.7			8.7			—		(3.1		)	(5.6		)	8.7
Comprehensive income (loss) attributable to AK Steel Holding Corporation	$	(643.6	)	$	(638.7	)	$	47.2	$	(307.8	)	$	899.3		$	(643.6	)

Condensed Balance Sheets

Condensed Balance Sheets
December 31, 2017
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	14.5		$	7.2		$	16.3		$	—		$	38.0
Accounts receivable, net	—			432.4			33.2			65.4			(13.2		)	517.8
Inventory, net	—			1,231.5			55.1			108.3			(9.9		)	1,385.0
Other current assets	—			124.7			0.2			5.4			—			130.3
Total current assets	—			1,803.1			95.7			195.4			(23.1		)	2,071.1
Property, plant and equipment	—			6,004.0			181.5			646.3			—			6,831.8
Accumulated depreciation	—			(4,620.8		)	(94.8		)	(130.0		)	—			(4,845.6		)
Property, plant and equipment, net	—			1,383.2			86.7			516.3			—			1,986.2
Other non-current assets:
Investment in subsidiaries	(3,127.4		)	1,844.9			—			67.5			1,215.0			—
Inter-company accounts	3,082.8			—			1,523.1			—			(4,605.9		)	—
Goodwill and intangible assets	—			—			32.8			273.9			—			306.7
Other non-current assets	—			66.3			0.2			44.3			—			110.8
TOTAL ASSETS	$	(44.6	)	$	5,097.5		$	1,738.5		$	1,097.4		$	(3,414.0	)	$	4,474.8
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	—		$	623.3		$	17.9		$	50.9		$	(1.7	)	$	690.4
Accrued liabilities	—			228.2			7.8			34.5			—			270.5
Current portion of pension and other postretirement benefit obligations	—			39.7			—			0.4			—			40.1
Total current liabilities	—			891.2			25.7			85.8			(1.7		)	1,001.0
Non-current liabilities:
Long-term debt	—			2,110.1			—			—			—			2,110.1
Pension and other postretirement benefit obligations	—			890.8			—			3.4			—			894.2
Inter-company accounts	—			4,199.6			—			489.1			(4,688.7		)	—
Other non-current liabilities	—			133.2			1.0			34.7			—			168.9
TOTAL LIABILITIES	—			8,224.9			26.7			613.0			(4,690.4		)	4,174.2
Equity (deficit):
Total stockholders’ equity (deficit)	(44.6		)	(3,127.4		)	1,711.8			139.2			1,276.4			(44.6		)
Noncontrolling interests	—			—			—			345.2			—			345.2
TOTAL EQUITY (DEFICIT)	(44.6		)	(3,127.4		)	1,711.8			484.4			1,276.4			300.6
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	(44.6	)	$	5,097.5		$	1,738.5		$	1,097.4		$	(3,414.0	)	$	4,474.8

Condensed Balance Sheets
December 31, 2016
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
ASSETS
Current assets:
Cash and cash equivalents	$	—		$	147.9		$	4.4		$	20.9		$	—		$	173.2
Accounts receivable, net	—			400.4			30.3			19.6			(8.3		)	442.0
Inventory, net	—			1,158.4			43.7			42.0			(11.5		)	1,232.6
Other current assets	—			91.5			0.2			2.9			—			94.6
Total current assets	—			1,798.2			78.6			85.4			(19.8		)	1,942.4
Property, plant and equipment	—			5,857.9			175.9			535.2			—			6,569.0
Accumulated depreciation	—			(4,365.8		)	(87.2		)	(101.6		)	—			(4,554.6		)
Property, plant and equipment, net	—			1,492.1			88.7			433.6			—			2,014.4
Other non-current assets:
Investment in subsidiaries	(3,164.7		)	1,402.9			—			67.5			1,694.3			—
Inter-company accounts	2,951.6			—			1,462.3			—			(4,413.9		)	—
Goodwill and intangible assets	—			—			32.8			—			—			32.8
Other non-current assets	—			73.0			0.2			38.9			—			112.1
TOTAL ASSETS	$	(213.1	)	$	4,766.2		$	1,662.6		$	625.4		$	(2,739.4	)	$	4,101.7
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	—		$	557.7		$	16.7		$	15.0		$	0.5		$	589.9
Accrued liabilities	—			213.7			7.0			13.4			—			234.1
Current portion of pension and other postretirement benefit obligations	—			41.0			—			0.3			—			41.3
Total current liabilities	—			812.4			23.7			28.7			0.5			865.3
Non-current liabilities:
Long-term debt	—			1,816.6			—			—			—			1,816.6
Pension and other postretirement benefit obligations	—			1,090.4			—			3.3			—			1,093.7
Inter-company accounts	—			4,036.9			—			458.4			(4,495.3		)	—
Other non-current liabilities	—			153.3			1.6			0.1			—			155.0
TOTAL LIABILITIES	—			7,909.6			25.3			490.5			(4,494.8		)	3,930.6
EXCHANGEABLE NOTES EXCHANGE FEATURE	—			21.3			—			—			—			21.3
Equity (deficit):
Total stockholders’ equity (deficit)	(213.1		)	(3,164.7		)	1,637.3			(228.0		)	1,755.4			(213.1		)
Noncontrolling interests	—			—			—			362.9			—			362.9
TOTAL EQUITY (DEFICIT)	(213.1		)	(3,164.7		)	1,637.3			134.9			1,755.4			149.8
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	(213.1	)	$	4,766.2		$	1,662.6		$	625.4		$	(2,739.4	)	$	4,101.7

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows
Year Ended December 31, 2017
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net cash flows from operating activities	$	(2.5	)	$	67.3		$	73.3		$	61.7		$	(1.0	)	$	198.8
Cash flows from investing activities:
Capital investments	—			(131.8		)	(5.6		)	(15.1		)	—			(152.5		)
Investment in acquired business, net of cash acquired	—			(360.4		)	—			—			—			(360.4		)
Other investing items, net	—			4.0			—			0.2			—			4.2
Net cash flows from investing activities	—			(488.2		)	(5.6		)	(14.9		)	—			(508.7		)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	—			450.0			—			—			—			450.0
Proceeds from issuance of long-term debt	—			680.0			—			—			—			680.0
Redemption of long-term debt	—			(848.4		)	—			—			—			(848.4		)
Debt issuance costs	—			(25.3		)	—			—			—			(25.3		)
Inter-company activity	5.0			31.2			(64.9		)	27.7			1.0			—
SunCoke Middletown distributions to noncontrolling interest owners	—			—			—			(79.1		)	—			(79.1		)
Other financing items, net	(2.5		)	—			—			—			—			(2.5		)
Net cash flows from financing activities	2.5			287.5			(64.9		)	(51.4		)	1.0			174.7
Net increase (decrease) in cash and cash equivalents	—			(133.4		)	2.8			(4.6		)	—			(135.2		)
Cash and equivalents, beginning of year	—			147.9			4.4			20.9			—			173.2
Cash and equivalents, end of year	$	—		$	14.5		$	7.2		$	16.3		$	—		$	38.0

Condensed Statements of Cash Flows
Year Ended December 31, 2016
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net cash flows from operating activities	$	(3.1	)	$	186.5		$	44.3		$	92.2		$	(15.3	)	$	304.6
Cash flows from investing activities:
Capital investments	—			(116.0		)	(8.8		)	(2.8		)	—			(127.6		)
Other investing items, net	—			3.0			—			(0.7		)	—			2.3
Net cash flows from investing activities	—			(113.0		)	(8.8		)	(3.5		)	—			(125.3		)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	—			(550.0		)	—			—			—			(550.0		)
Proceeds from issuance of long-term debt	—			380.0			—			—			—			380.0
Redemption of long-term debt	—			(392.8		)	—			—			—			(392.8		)
Proceeds from issuance of common stock	600.4			—			—			—			—			600.4
Debt issuance costs	—			(20.4		)	—			—			—			(20.4		)
Inter-company activity	(602.4		)	630.5			(36.8		)	(6.6		)	15.3			—
SunCoke Middletown distributions to noncontrolling interest owners	—			—			—			(85.1		)	—			(85.1		)
Other financing items, net	5.1			0.1			—			—			—			5.2
Net cash flows from financing activities	3.1			47.4			(36.8		)	(91.7		)	15.3			(62.7		)
Net increase (decrease) in cash and cash equivalents	—			120.9			(1.3		)	(3.0		)	—			116.6
Cash and equivalents, beginning of year	—			27.0			5.7			23.9			—			56.6
Cash and equivalents, end of year	$	—		$	147.9		$	4.4		$	20.9		$	—		$	173.2

Condensed Statements of Cash Flows
Year Ended December 31, 2015
	AK Holding			AK Steel			Guarantor Subsidiaries of the Senior Notes			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Company
Net cash flows from operating activities	$	(3.7	)	$	49.0		$	50.6		$	108.1		$	(3.7	)	$	200.3
Cash flows from investing activities:
Capital investments	—			(85.0		)	(9.0		)	(5.0		)	—			(99.0		)
Proceeds from sale of equity investee	—			25.0			—			—			—			25.0
Proceeds from AFSG Holdings, Inc. distribution	—			—			—			14.0			—			14.0
Other investing items, net	—			12.5			—			—			—			12.5
Net cash flows from investing activities	—			(47.5		)	(9.0		)	9.0			—			(47.5		)
Cash flows from financing activities:
Net borrowings (repayments) under credit facility	—			(55.0		)	—			—			—			(55.0		)
Redemption of long-term debt	—			(14.1		)	—			—			—			(14.1		)
Inter-company activity	4.7			66.1			(40.4		)	(34.1		)	3.7			—
SunCoke Middletown distributions to noncontrolling interest owners	—			—			—			(96.3		)	—			(96.3		)
Other financing items, net	(1.0		)	—			—			—			—			(1.0		)
Net cash flows from financing activities	3.7			(3.0		)	(40.4		)	(130.4		)	3.7			(166.4		)
Net increase (decrease) in cash and cash equivalents	—			(1.5		)	1.2			(13.3		)	—			(13.6		)
Cash and equivalents, beginning of year	—			28.5			4.5			37.2			—			70.2
Cash and equivalents, end of year	$	—		$	27.0		$	5.7		$	23.9		$	—		$	56.6

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Summary of Significant Accounting Policies - Property Plant and Equipment Useful Lives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Goodwill, Impairment Loss	$ 0.0	$ 0.0	$ 0.0
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Minimum [Member] | Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Maximum [Member] | Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Weighted Average [Member] | Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	14 years

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Summary of Significant Accounting Policies (Details2) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017 USD ($) employees	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) employees	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Concentration Of Risk [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost | $									$ (71.9)	$ 16.5	$ 58.9
Net sales | $	$ 1,495.6	$ 1,494.3	$ 1,557.2	$ 1,533.4	$ 1,418.6	$ 1,452.9	$ 1,492.2	$ 1,518.8	$ 6,080.5	$ 5,882.5	$ 6,692.9
Number of Employees	9,200								9,200
Workforce Subject to Collective Bargaining Arrangements [Member]
Concentration Of Risk [Line Items]
Number of Employees	5,700								5,700
Workforce Subject to Collective Bargaining Arrangements [Member] | Dearborn Works [Member]
Concentration Of Risk [Line Items]
Number of Employees	1,170								1,170
Workforce Subject to Collective Bargaining Arrangements [Member] | Rockport Works [Member]
Concentration Of Risk [Line Items]
Number of Employees	330								330
Customer Concentration Risk [Member] | Automotive Market [Member] | Sales Revenue, Goods, Net [Member]
Concentration Of Risk [Line Items]
Percentage of total (in hundredths)									65.00%	66.00%	60.00%
Customer Concentration Risk [Member] | Infrastructure and Manufacturing Market [Member] | Sales Revenue, Goods, Net [Member]
Concentration Of Risk [Line Items]
Percentage of total (in hundredths)									16.00%	16.00%	16.00%
Customer Concentration Risk [Member] | Distributors and Converters Market [Member] | Sales Revenue, Goods, Net [Member]
Concentration Of Risk [Line Items]
Percentage of total (in hundredths)									19.00%	18.00%	24.00%
Customer Concentration Risk [Member] | Foreign Customers [Member] | Sales Revenue, Goods, Net [Member]
Concentration Of Risk [Line Items]
Net sales | $									$ 627.1	$ 655.6	$ 855.7
Customer Concentration Risk [Member] | Major Customer A [Member] | Sales Revenue, Goods, Net [Member]
Concentration Of Risk [Line Items]
Percentage of total (in hundredths)									12.00%	12.00%	12.00%
Customer Concentration Risk [Member] | Major Customer A [Member] | Accounts Receivable [Member]
Concentration Of Risk [Line Items]
Percentage of total (in hundredths)									18.00%	16.00%
Customer Concentration Risk [Member] | Major Customer B [Member] | Sales Revenue, Goods, Net [Member]
Concentration Of Risk [Line Items]
Percentage of total (in hundredths)										11.00%	11.00%
Credit Concentration Risk [Member] | Automotive Market [Member] | Accounts Receivable [Member]
Concentration Of Risk [Line Items]
Percentage of total (in hundredths)									55.00%	57.00%
Carbon [Member]
Concentration Of Risk [Line Items]
Net sales | $									$ 4,034.5	$ 4,014.5	$ 4,746.8
Stainless And Electrical [Member]
Concentration Of Risk [Line Items]
Net sales | $									1,687.6	1,654.1	1,733.0
Other Product Lines [Member]
Concentration Of Risk [Line Items]
Net sales | $									$ 358.4	$ 213.9	$ 213.1
Maximum [Member] | Commodity [Member]
Concentration Of Risk [Line Items]
Derivative contracts duration (in months)									3 years
Maximum [Member] | Forward Contracts [Member]
Concentration Of Risk [Line Items]
Derivative contracts duration (in months)									36 months
Steelworkers Pension Trust [Member] | Workforce Subject to Collective Bargaining Arrangements [Member] | Mansfield Works [Member]
Concentration Of Risk [Line Items]
Number of Employees	305								305
Steelworkers Pension Trust [Member] | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Ashland Works [Member]
Concentration Of Risk [Line Items]
Number of Employees	305								305
Steelworkers Pension Trust [Member] | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Walbridge Tube [Member]
Concentration Of Risk [Line Items]
Number of Employees	90								90
IAM National Pension Fund's National Pension Plan [Member] | Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Middletown Works [Member]
Concentration Of Risk [Line Items]
Number of Employees	1,725								1,725

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Supplementary Financial Statement Information - Research & Development (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplementary Financial Statement Information [Abstract]
Research and development costs	$ 28.1	$ 28.3	$ 27.6

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Supplementary Financial Statement Information - Allowance for Doubtful Accounts (Details2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance For Doubtful Accounts
Balance at beginning of year	$ 7.8	$ 6.0	$ 9.0
Increase (decrease) in allowance	(1.0)	2.4	(3.0)
Receivables written off	0.0	(0.6)	0.0
Balance at end of year	$ 6.8	$ 7.8	$ 6.0

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Supplementary Financial Statement Information - Inventory (Details3) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Finished and semi-finished	$ 996.7	$ 842.3
Raw materials	388.3	390.3
Inventory, net	$ 1,385.0	$ 1,232.6

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Supplementary Financial Statement Information Supplementary Financial Statement Information - Inventory Accounting Change (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statement of Operations [Abstract]
Cost of products sold (a)										$ 5,253.1	$ 5,099.7	$ 6,253.3
Income tax expense (benefit)										(2.2)	(16.9)	(6.3)
Net income (loss)										164.9	49.2	(589.5)
Net income (loss) attributable to AK Steel Holding Corporation		$ (80.4)	$ 22.3	$ 77.2	$ 84.4	$ (46.7)	$ 27.8	$ 27.8	$ (25.7)	$ 103.5	$ (16.8)	$ (652.3)
Basic		$ (0.26)	$ 0.07	$ 0.25	$ 0.27					$ 0.33	$ (0.07)	$ (3.67)
Diluted		$ (0.26)	$ 0.07	$ 0.24	$ 0.26					$ 0.32	$ (0.07)	$ (3.67)
Consolidated Statement of Comprehensive Income (Loss) [Abstract]
Reclassification of losses (gains) to net income (loss)										$ (6.1)	$ 39.1	$ 47.7
Comprehensive income (loss)										203.4	173.8	(580.8)
Comprehensive income (loss) attributable to AK Steel Holding Corporation										142.0	107.8	(643.6)
Consolidated Balance Sheet [Abstract]
Inventory		$ 1,385.0				1,232.6				1,385.0	1,232.6
Other non-current assets		110.8				112.1				110.8	112.1
Other non-current liabilities		168.9				155.0				168.9	155.0
Accumulated deficit		(2,877.0)				(2,980.5)				(2,877.0)	(2,980.5)
Accumulated other comprehensive loss		(50.2)				(88.7)				(50.2)	(88.7)
Consolidated Statement of Cash Flows [Abstract]
Net income (loss)										164.9	49.2	(589.5)
Deferred income taxes										(9.0)	(4.1)	(12.8)
Inventories										(116.7)	129.6	172.9
Other operating items, net										23.6	9.0	(19.5)
Scenario, Previously Reported [Member]
Consolidated Statement of Operations [Abstract]
Cost of products sold (a)	[1]									5,365.2	5,070.6	6,040.3
Income tax expense (benefit)										(17.0)	3.2	63.4
Net income (loss)										67.6	58.2	(446.2)
Net income (loss) attributable to AK Steel Holding Corporation										$ 6.2	$ (7.8)	$ (509.0)
Basic										$ 0.02	$ (0.03)	$ (2.86)
Diluted										$ 0.02	$ (0.03)	$ (2.86)
Consolidated Statement of Comprehensive Income (Loss) [Abstract]
Reclassification of losses (gains) to net income (loss)										$ (12.5)	$ 27.2	$ 61.4
Comprehensive income (loss)										91.1	181.9	(429.0)
Comprehensive income (loss) attributable to AK Steel Holding Corporation										29.7	115.9	(491.8)
Consolidated Balance Sheet [Abstract]
Inventory		1,147.8				1,113.9				1,147.8	1,113.9
Other non-current assets		169.3				165.1				169.3	165.1
Other non-current liabilities		161.6				148.4				161.6	148.4
Accumulated deficit		(3,058.6)				(3,064.8)				(3,058.6)	(3,064.8)
Accumulated other comprehensive loss		(40.0)				(63.5)				(40.0)	(63.5)
Consolidated Statement of Cash Flows [Abstract]
Net income (loss)										67.6	58.2	(446.2)
Deferred income taxes										(15.2)	5.0	62.1
Inventories										1.8	112.4	(53.8)
Other operating items, net										8.6	8.1	(11.0)
Restatement Adjustment [Member]
Consolidated Statement of Operations [Abstract]
Cost of products sold (a)										(112.1)	29.1	213.0
Income tax expense (benefit)										14.8	(20.1)	(69.7)
Net income (loss)										97.3	(9.0)	(143.3)
Net income (loss) attributable to AK Steel Holding Corporation										$ 97.3	$ (9.0)	$ (143.3)
Basic										$ 0.31	$ (0.04)	$ (0.81)
Diluted										$ 0.30	$ (0.04)	$ (0.81)
Consolidated Statement of Comprehensive Income (Loss) [Abstract]
Reclassification of losses (gains) to net income (loss)										$ 6.4	$ 11.9	$ (13.7)
Comprehensive income (loss)										112.3	(8.1)	(151.8)
Comprehensive income (loss) attributable to AK Steel Holding Corporation										112.3	(8.1)	(151.8)
Consolidated Balance Sheet [Abstract]
Inventory		237.2				118.7				237.2	118.7
Other non-current assets		(58.5)				(53.0)				(58.5)	(53.0)
Other non-current liabilities		7.3				6.6				7.3	6.6
Accumulated deficit		181.6				84.3				181.6	84.3
Accumulated other comprehensive loss		$ (10.2)				$ (25.2)				(10.2)	(25.2)
Consolidated Statement of Cash Flows [Abstract]
Net income (loss)										97.3	(9.0)	(143.3)
Deferred income taxes										6.2	(9.1)	(74.9)
Inventories										(118.5)	17.2	226.7
Other operating items, net										$ 15.0	$ 0.9	$ (8.5)

[1] (a)Cost of products sold as originally reported reflects the change in presentation of pension and OPEB (income) expense further described in Note 1.

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Supplementary Financial Statement Information - Property, Plant and Equipment (Details5) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 6,831.8	$ 6,569.0
Less accumulated depreciation	(4,845.6)	(4,554.6)
Property, plant and equipment, net	1,986.2	2,014.4
Capitalized interest on capital projects	1.9	3.1	$ 2.1
Asset retirement obligations	7.8	7.2
Land, land improvements and leaseholds [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	275.3	272.6
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	509.0	489.6
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	5,958.2	5,714.0
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 89.3	$ 92.8

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Supplementary Financial Statement Information Supplementary Financial Statement Information - Goodwill (Details 6) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of year	$ 32.8	$ 32.8	$ 32.8
Acquisition	221.0	0.0	0.0
Balance at end of year	$ 253.8	$ 32.8	$ 32.8

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Supplementary Financial Statement Information Supplementary Financial Statement Information - Intangibles (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 56.9
Finite-Lived Intangible Assets, Accumulated Amortization	(4.0)
Finite-Lived Intangible Assets, Net	52.9
Amortization of Intangible Assets	4.0
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	9.0
Finite-Lived Intangible Assets, Amortization Expense, Year Two	8.4
Finite-Lived Intangible Assets, Amortization Expense, Year Three	8.4
Finite-Lived Intangible Assets, Amortization Expense, Year Four	8.4
Finite-Lived Intangible Assets, Amortization Expense, Year Five	8.4
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	36.6
Finite-Lived Intangible Assets, Accumulated Amortization	(2.2)
Finite-Lived Intangible Assets, Net	$ 34.4
Finite-Lived Intangible Assets, Remaining Amortization Period	6 years 7 months
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 19.3
Finite-Lived Intangible Assets, Accumulated Amortization	(1.4)
Finite-Lived Intangible Assets, Net	$ 17.9
Finite-Lived Intangible Assets, Remaining Amortization Period	5 years 7 months
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 1.0
Finite-Lived Intangible Assets, Accumulated Amortization	(0.4)
Finite-Lived Intangible Assets, Net	$ 0.6

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Supplementary Financial Statement Information - Other Non-current Assets (Details6) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Assets, Noncurrent [Abstract]
Investments in affiliates	$ 77.5	$ 76.7
Other Assets, Miscellaneous, Noncurrent	33.3	35.4
Other non-current assets	110.8	112.1
Investment [Line Items]
Proceeds from AFSG Holdings, Inc. distribution	0.0	0.0	$ 14.0
Impairment of AFSG investment	$ 0.0	$ 0.0	41.6
AFSG Holdings Inc [Member]
Investment [Line Items]
Proceeds from AFSG Holdings, Inc. distribution			14.0
Impairment of AFSG investment			$ 41.6
Impairment Effect on Earnings Per Share, Pretax			$ 0.23

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Supplementary Financial Statement Information - Accrued Liabilities (Details7) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Supplementary Financial Statement Information [Abstract]
Salaries, wages and benefits	$ 101.3	$ 105.6
Interest	35.0	35.2
Other accrued liabilities	134.2	93.3
Accrued liabilities	$ 270.5	$ 234.1

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Supplementary Financial Statement Information - Facility Idling (Details8) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Reserve [Roll Forward]
Charge For Facility Idling			$ 0.0	$ 0.0	$ 28.1
Asset impairment charge			75.6	0.0	0.0
Ashland Works Hot End [Member]
Restructuring Reserve [Roll Forward]
Balance at beginning of year			6.1	22.1
Payments for restructuring			(5.3)	(20.1)
Additions to the reserve			0.6	4.1
Balance at end of year	$ 1.4	$ 22.1	1.4	6.1	$ 22.1
Charge For Facility Idling		28.1
Costs For Temporarily Idled Operations			21.2	$ 22.1
Asset impairment charge	75.6		75.6
Ashland Works Hot End [Member] | Supplemental Unemployment Benefits [Member]
Restructuring Reserve [Roll Forward]
Charge For Facility Idling		22.2
Ashland Works Hot End [Member] | Equipment Idling And Other Costs [Member]
Restructuring Reserve [Roll Forward]
Charge For Facility Idling		$ 5.9
Maximum [Member] | Ashland Works Hot End [Member]
Restructuring Reserve [Roll Forward]
Estimated Monthly Ongoing Costs	$ 2.0		$ 2.0

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Acquisition of Precision Partners (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) employees	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Aug. 04, 2017 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Number of Employees | employees	9,200
Investments in acquired business, net of cash acquired	$ 360.4	$ 0.0	$ 0.0
Goodwill	$ 253.8	$ 32.8	$ 32.8		$ 32.8
Precision Partners Holding Company [Member]
Business Acquisition [Line Items]
Number of Employees | employees	1,000
Entity Number Of Engineers And Skilled Workers | employees	300
Entity Number Of Plants	8
Investments in acquired business, net of cash acquired	$ 360.4
Accounts receivable				$ 34.9
Inventory				54.2
Other current assets				2.2
Property, plant and equipment				94.0
Amortizable intangible assets				56.9
Goodwill				221.0
Other non-current assets				0.7
Total assets acquired				463.9
Accounts payable				(37.8)
Accrued liabilities				(35.4)
Other non-current liabilities				(31.9)
Total liabilities assumed				(105.1)
Preliminary purchase price, net of cash acquired (including estimated net working capital adjustment)				$ 358.8
Selling, General and Administrative Expenses [Member] | Precision Partners Holding Company [Member]
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs	$ 6.2

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Investments in Affiliates (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
	Oct. 07, 2016	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Other than Temporary Impairment					$ 0.0	$ 0.0	$ 256.3
Gain on termination of pellet agreement and related transportation costs					$ 19.3	(69.5)	0.0
Combined Metals of Chicago, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (in hundredths)		40.00%			40.00%
Delaco Processing, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (in hundredths)		49.00%			49.00%
Rockport Roll Shop LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (in hundredths)		50.00%			50.00%
Spartan Steel Coating, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (in hundredths)		48.00%			48.00%
Difference between carrying amount and underlying equity		$ 10.8			$ 10.8
Magnetation LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (in hundredths)				49.90%
Equity Method Investment, Other than Temporary Impairment				$ 256.3
Other Income (Expense) [Member] | Magnetation LLC [Member]
Schedule of Equity Method Investments [Line Items]
Share of income (loss) from equity method investments							(16.3)
Cost of Products Sold [Member]
Schedule of Equity Method Investments [Line Items]
Share of income (loss) from equity method investments					7.0	12.3	$ 6.7
Global Settlement Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Payments for Legal Settlements	$ 36.6
Iron Ore Pellets Agreements [Member]
Schedule of Equity Method Investments [Line Items]
Loss on Contracts			$ 32.9
Gain on termination of pellet agreement and related transportation costs		$ 19.3	$ (69.5)		$ 19.3	$ (69.5)

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Investments in Affiliates Equity Investee Summarized Financial Information (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue	$ 292.7	$ 286.4	$ 356.4
Gross profit	88.9	96.3	68.3
Net income (loss)	20.7	31.8	$ (9.8)
Current assets	115.2	94.1
Noncurrent assets	73.5	66.0
Current liabilities	16.2	14.4
Noncurrent liabilities	$ 58.9	$ 44.8

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Investments in Affiliates Related Party Transactions (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transactions [Abstract]
Sales to equity investees	$ 80.6	$ 69.2	$ 61.4
Purchases from equity investees	33.0	213.5	$ 251.0
Accounts receivable from equity investees	0.7	2.6
Accounts payable to equity investees	$ 4.1	$ 4.1

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Income Taxes - Detail of Income (Loss) before Taxes by Geography (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest [Abstract]
United States	$ 91.6	$ (40.4)	$ (665.1)
Foreign	9.7	6.7	6.5
Noncontrolling interests	61.4	66.0	62.8
Income (loss) before income taxes	$ 162.7	$ 32.3	$ (595.8)

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Income Taxes - Detail of Deferred Tax Assets and Liabilities (Details 2) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Net operating and capital loss and tax credit carryforwards	$ 619.5	$ 835.2
Postretirement benefits	92.5	142.6
Pension benefits	117.5	260.3
Inventories	47.9	60.5
Other assets	71.6	146.9
Valuation allowance	(735.7)	(1,189.7)	$ (1,232.3)	$ (1,005.3)
Total deferred tax assets	213.3	255.8
Deferred tax liabilities:
Depreciable assets	(121.9)	(213.3)
Other liabilities	(118.3)	(48.7)
Total deferred tax liabilities	(240.2)	(262.0)
Net deferred tax liabilities	(26.9)	$ (6.2)
Undistributed earnings of foreign subsidiaries	$ 0.0

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Income Taxes - Valuation Allowance (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of year	$ 1,189.7	$ 1,232.3	$ 1,005.3
Balance at end of year	735.7	1,189.7	1,232.3
Included in income tax expense (benefit) [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Change in valuation allowance	(62.3)	11.0	235.3
Change in deferred assets in other comprehensive income [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Change in valuation allowance	8.5	(53.6)	(8.3)
Effect of tax rate changes [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Change in valuation allowance	$ (400.2)	$ 0.0	$ 0.0

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Income Taxes - Loss Carryforwards (Details 4) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Domestic Tax Authority [Member]
Tax Credit Carryforward [Line Items]
Operating Loss Carryforwards	$ 2,634.0
Domestic Tax Authority [Member] | Research [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Amount	1.2
State and Local Jurisdiction [Member] | Operating Loss and Tax Credit Carryforwards [Member]
Tax Credit Carryforward [Line Items]
Deferred tax assets from operating loss and tax credit carryforwards	$ 96.6
Earliest Tax Year [Member] | Domestic Tax Authority [Member]
Tax Credit Carryforward [Line Items]
Open Tax Year	2013
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | Research [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Expiration Date	Dec. 31, 2027
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | Operating Loss and Tax Credit Carryforwards [Member]
Tax Credit Carryforward [Line Items]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2023
Earliest Tax Year [Member] | State and Local Jurisdiction [Member]
Tax Credit Carryforward [Line Items]
Open Tax Year	2007
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | Operating Loss and Tax Credit Carryforwards [Member]
Tax Credit Carryforward [Line Items]
Operating Loss and Tax Credit Carryforwards, Expiration Date	Dec. 31, 2018
Latest Tax Year [Member] | Domestic Tax Authority [Member] | Research [Member]
Tax Credit Carryforward [Line Items]
Tax Credit Carryforward, Expiration Date	Dec. 31, 2028
Latest Tax Year [Member] | Domestic Tax Authority [Member] | Operating Loss and Tax Credit Carryforwards [Member]
Tax Credit Carryforward [Line Items]
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2037

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Income Taxes - Components of Income Tax Expense (Details 5) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal		$ (4.5)	$ (3.7)	$ 0.0
State		0.3	0.2	0.2
Foreign		2.4	1.7	1.8
Deferred:
Federal		0.7	15.1	0.4
State		0.1	1.4	0.0
Deferred Foreign Income Tax Expense (Benefit)		(0.4)	0.0	0.0
Benefit Of Operating Loss Carryforwards		0.0	(16.1)	0.0
Amount allocated to other comprehensive income		0.0	(15.5)	(8.0)
Change in valuation allowance on beginning-of-the-year deferred tax assets		(0.8)	0.0	(0.7)
Income tax expense (benefit)		(2.2)	(16.9)	(6.3)
Credit for U.S. tax legislation		$ (4.3)	$ 0.0	$ 0.0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

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Income Taxes - Effective Tax Rate Reconciliation (Details 6) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense (benefit) at U.S. federal statutory rate	$ 57.2	$ 11.3	$ (208.6)
Income tax expense calculated on noncontrolling interests	(21.5)	(23.1)	(22.0)
State and foreign tax expense, net of federal tax	6.3	0.2	(7.9)
Increase (decrease) in deferred tax asset valuation allowance	(51.8)	11.0	235.3
Amount allocated to other comprehensive income	0.0	(15.5)	(8.0)
Credit for U.S. tax legislation	(4.3)	0.0	0.0
Transition tax on foreign earnings	7.9	0.0	0.0
Other differences	4.0	(0.8)	4.9
Income tax expense (benefit)	$ (2.2)	$ (16.9)	$ (6.3)

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Income Taxes - Unrecognized Tax Benefits (Details 7) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits
Balance at beginning of year	$ 124.2	$ 130.3	$ 59.9
Decreases for prior year tax positions	(0.5)	(4.5)	(0.3)
Increases (decreases) for current year tax positions	0.3	(1.6)	70.7
Increases (decreases) related to tax rate changes (a)	(34.6)	0.0	0.0
Balance at end of year	89.4	124.2	$ 130.3
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	0.0
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	75.0	107.4
Unrecognized tax benefits that would result in adjustments to other tax accounts	$ 14.4	$ 16.8
Earliest Tax Year [Member] | Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2013
Earliest Tax Year [Member] | State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Open Tax Year	2007

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Long-term Debt and Other Financing Debt Instrument Table (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2012 USD ($)	Jun. 30, 2017	Dec. 31, 2017 USD ($) shares $ / shares	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2017 USD ($)	Mar. 31, 2017
Debt Instrument [Line Items]
Capital Lease Obligations			$ 0.0	$ 25.2
Unamortized discount/premium and debt issuance costs			(55.4)	(53.7)
Total long-term debt			2,110.1	1,816.6
Gains (losses) on retirement of debt			(21.3)	(9.2)	$ 9.8
Payments of Debt Issuance Costs			25.3	20.4	$ 0.0
Senior Secured Notes Due July 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 380.0	$ 380.0
Debt Instrument, Interest Rate, Stated Percentage (in hundredths)			7.50%
Debt Instrument, Maturity Date		Jul. 15, 2023
Assets Pledged as Collateral, Carrying Amount			$ 1,500.0
Debt Instrument, Convertible, Effective Interest Rate			8.30%	8.30%
Senior Secured Notes Due July 2023 [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption, Description			Before July 15, 2019, we may redeem the Secured Notes at a price equal to 100.000% of par plus a make-whole premium and all accrued and unpaid interest to the date of redemption.
Debt Instrument, Redemption Period, End Date			Jul. 14, 2019
Senior Secured Notes Due July 2023 [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			103.75%
Debt Instrument, Redemption Period, Start Date			Jul. 15, 2019
Debt Instrument, Redemption Period, End Date			Jul. 14, 2020
Senior Secured Notes Due July 2023 [Member] | Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			101.875%
Debt Instrument, Redemption Period, Start Date			Jul. 15, 2020
Debt Instrument, Redemption Period, End Date			Jul. 14, 2021
Senior Secured Notes Due July 2023 [Member] | Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			100.00%
Debt Instrument, Redemption Period, Start Date			Jul. 15, 2021
Debt Instrument, Redemption Period, End Date			Jul. 15, 2023
Senior Secured Notes Due December 2018 [Member]
Debt Instrument [Line Items]
Gains (losses) on retirement of debt				$ (12.4)
Exchangeable Senior Notes Due November 2019 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 150.0	$ 150.0
Debt Instrument, Interest Rate, Stated Percentage (in hundredths)			5.00%
Debt Instrument, Maturity Date			Nov. 15, 2019
Debt Instrument, Convertible, Effective Interest Rate			10.80%	10.80%
Debt Instrument, Convertible, Stock Price Trigger | $ / shares			$ 7.02
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger			130.00%
Debt Instrument, Convertible, Threshold Trading Days			20
Debt Instrument, Convertible, Threshold Consecutive Trading Days			30
Exchangeable notes exchange feature				$ 21.3
Debt Instrument, Convertible, Conversion Ratio (in shares per $1,000 principal amount)			185.1852
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares			$ 5.40
Debt Instrument, Convertible, Number Of Equity Instruments (in shares) | shares			27,800,000
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt	$ 38.7
Carrying Value of Long-term Debt			$ 135.3	128.7
Exchangeable Senior Notes Due November 2019 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Convertible, Number Of Equity Instruments (in shares) | shares			37,500,000
Senior Notes Due May 2020 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 0.0	529.8
Debt Instrument, Interest Rate, Stated Percentage (in hundredths)							7.625%
Debt Instrument, Maturity Date			May 15, 2020
Gains (losses) on retirement of debt			$ (13.1)
Senior Notes Due October 2021 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 406.2	406.2
Debt Instrument, Interest Rate, Stated Percentage (in hundredths)			7.625%
Debt Instrument, Maturity Date			Oct. 01, 2021
Senior Notes Due October 2021 [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			103.813%
Debt Instrument, Redemption Period, Start Date			Oct. 01, 2017
Debt Instrument, Redemption Period, End Date			Sep. 30, 2018
Senior Notes Due October 2021 [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			101.906%
Debt Instrument, Redemption Period, Start Date			Oct. 01, 2018
Debt Instrument, Redemption Period, End Date			Sep. 30, 2019
Senior Notes Due October 2021 [Member] | Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			100.00%
Debt Instrument, Redemption Period, Start Date			Oct. 01, 2019
Debt Instrument, Redemption Period, End Date			Sep. 30, 2021
Senior Notes Due April 2022 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 0.0	279.8
Debt Instrument, Interest Rate, Stated Percentage (in hundredths)		8.375%
Debt Instrument, Maturity Date			Apr. 15, 2022
Gains (losses) on retirement of debt			$ (8.4)
Senior Notes Due October 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 280.0	0.0
Debt Instrument, Interest Rate, Stated Percentage (in hundredths)			6.375%
Debt Instrument, Maturity Date			Oct. 15, 2025
Proceeds from Debt, Net of Issuance Costs			$ 275.8
Debt Instrument, Convertible, Effective Interest Rate			7.10%
Payments of Debt Issuance Costs			$ 10.6
Senior Notes Due October 2025 [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Period, End Date			Oct. 14, 2020
Senior Notes Due October 2025 [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			103.188%
Debt Instrument, Redemption Period, Start Date			Oct. 15, 2020
Debt Instrument, Redemption Period, End Date			Oct. 14, 2021
Senior Notes Due October 2025 [Member] | Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			101.594%
Debt Instrument, Redemption Period, Start Date			Oct. 15, 2021
Debt Instrument, Redemption Period, End Date			Oct. 14, 2022
Senior Notes Due October 2025 [Member] | Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			100.00%
Debt Instrument, Redemption Period, Start Date			Oct. 15, 2022
Debt Instrument, Redemption Period, End Date			Oct. 14, 2025
Senior Notes Due March 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 400.0	0.0		$ 400.0
Debt Instrument, Interest Rate, Stated Percentage (in hundredths)			7.00%
Debt Instrument, Maturity Date			Mar. 15, 2027
Proceeds from Debt, Net of Issuance Costs			$ 394.0
Payments of Debt Issuance Costs			$ 7.5
Senior Notes Due March 2027 [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Period, End Date			Mar. 14, 2022
Senior Notes Due March 2027 [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			103.50%
Debt Instrument, Redemption Period, Start Date			Mar. 15, 2022
Debt Instrument, Redemption Period, End Date			Mar. 14, 2023
Senior Notes Due March 2027 [Member] | Debt Instrument, Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			102.333%
Debt Instrument, Redemption Period, Start Date			Mar. 15, 2023
Debt Instrument, Redemption Period, End Date			Mar. 14, 2024
Senior Notes Due March 2027 [Member] | Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			101.167%
Debt Instrument, Redemption Period, Start Date			Mar. 15, 2024
Debt Instrument, Redemption Period, End Date			Mar. 14, 2025
Senior Notes Due March 2027 [Member] | Debt Instrument, Redemption, Period Five [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price Percentage			100.00%
Debt Instrument, Redemption Period, Start Date			Mar. 15, 2025
Debt Instrument, Redemption Period, End Date			Mar. 14, 2027
Unsecured Industrial Revenue Bonds [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 73.3
Long-term Debt, Weighted Average Interest Rate, at Point in Time			6.80%
Secured Industrial Revenue Bonds [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 26.0
Industrial Revenue Bonds [Member]
Debt Instrument [Line Items]
Long-term debt, gross			$ 99.3	99.3
Debt Instrument, Maturity Date Range, Start			Nov. 15, 2019
Debt Instrument, Maturity Date Range, End			Jun. 01, 2028
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit Facility			$ 450.0	$ 0.0

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Long-term Debt and Other Financing Debt Maturities (Details 2) $ in Millions	Dec. 31, 2017 USD ($)
Maturities of Long-term Debt [Abstract]
2018 debt maturities	$ 0.0
2019 debt maturities	150.0
2020 debt maturities	7.3
2021 debt maturities	406.2
2022 debt maturities	$ 450.0

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Credit Facility and Other Financing Information (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2017	Aug. 31, 2017	Dec. 31, 2016
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,350,000,000.00
Line of credit facility, expiration date	Sep. 30, 2022
Debt Instrument, Covenant Description	The Credit Facility contains common restrictions, including limitations on, among other things, distributions and dividends, acquisitions and investments, indebtedness, liens and affiliate transactions. The Credit Facility requires that we maintain a minimum fixed charge coverage ratio of one to one if availability under the Credit Facility is less than $150.0. The Credit Facility’s current availability significantly exceeds $150.0. Availability is calculated as the lesser of the total commitments under the Credit Facility or eligible collateral after advance rates, less outstanding revolver borrowings and letters of credit. We secure our Credit Facility obligations with our inventory and accounts receivable, and the Credit Facility’s availability fluctuates monthly based on the varying levels of eligible collateral.
Minimum amount of borrowing capacity before a fixed charge coverage ratio applies	$ 135,000,000
Line of credit, current borrowing capacity based on eligible collateral	1,328,800,000
Current borrowings on credit facility	450,000,000		$ 0
Letters of credit, outstanding	71,500,000
Line of credit facility, remaining borrowing capacity	$ 807,300,000
Line of credit facility, Weighted Average Interest Rate (in hundredths)	3.27%
Replaced Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,500,000,000.0

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Pension and Other Postretirement Benefits (Details) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2016 USD ($)	Sep. 30, 2016 employees	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Amounts recognized in the consolidated balance sheets:
Current liabilities	$ (41.3)		$ (40.1)	$ (41.3)
Noncurrent liabilities	(1,093.7)		(894.2)	(1,093.7)
Amounts recognized in accumulated other comprehensive loss, before taxes:
Recognized Net Gain (Loss) Due to Pension Settlements			0.0	(25.0)	$ 0.0
Pension and OPEB net corridor charge			0.0	43.1	131.2
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Future pension contributions in next fiscal year			51.0
Defined Benefit Plans, Estimated Future Employer Contributions, Year Two			35.0
Defined Benefit Plans, Estimated Future Employer Contributions, Year Three			10.0
Change in benefit obligations:
Benefit obligations at beginning of year			2,874.8	3,247.4
Service cost			2.8	3.0	2.2
Interest cost			108.2	120.4	130.0
Plan participants’ contributions			0.0	0.0
Actuarial loss (gain)			91.0	45.1
Amendments			0.0	8.4
Settlements			0.0	(210.3)
Benefits paid			(269.0)	(339.1)
Medicare subsidy reimbursement received			0.0	0.0
Foreign currency exchange rate changes			0.2	(0.1)
Benefit obligations at end of year	2,874.8		2,808.0	2,874.8	3,247.4
Change in plan assets:
Fair value of plan assets at beginning of year			2,183.5	2,511.4
Actual gain on plan assets			362.4	193.3
Employer contributions			45.3	33.1
Plan participants’ contributions			0.0	0.0
Benefits paid			(269.0)	(339.1)
Annuity settlement			0.0	(215.2)
Medicare subsidy reimbursement received			0.0	0.0
Fair value of plan assets at end of year	2,183.5		2,322.2	2,183.5	2,511.4
Funded status	(691.3)		(485.8)	(691.3)
Amounts recognized in the consolidated balance sheets:
Current liabilities	(1.3)		(1.3)	(1.3)
Noncurrent liabilities	(690.0)		(484.5)	(690.0)
Net amount recognized	(691.3)		(485.8)	(691.3)
Amounts recognized in accumulated other comprehensive loss, before taxes:
Actuarial loss (gain)	209.7		77.6	209.7
Prior service cost (credit)	27.9		23.2	27.9
Net amount recognized	237.6		100.8	237.6
Aggregate accumulated benefit obligation	2,826.6		2,767.1	2,826.6
Number Of Retirees Beneficiaries Affected By Settlement | employees		10,000
Recognized Net Gain (Loss) Due to Pension Settlements	(25.0)			(25.0)
Pension and OPEB net corridor charge	78.4		0.0	78.4	144.3
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payments Net Of Prescription Drug Subsidy Receipts, Next Twelve Months			38.8
Change in benefit obligations:
Benefit obligations at beginning of year			443.7	488.6
Service cost			4.7	4.9	7.1
Interest cost			17.3	19.9	22.5
Plan participants’ contributions			23.3	25.6
Actuarial loss (gain)			27.1	(35.1)
Amendments			(4.7)	0.0
Settlements			0.0	0.0
Benefits paid			(65.5)	(65.6)
Medicare subsidy reimbursement received			2.6	5.4
Foreign currency exchange rate changes			0.0	0.0
Benefit obligations at end of year	443.7		448.5	443.7	488.6
Change in plan assets:
Fair value of plan assets at beginning of year			0.0	0.0
Actual gain on plan assets			0.0	0.0
Employer contributions			39.6	34.6
Plan participants’ contributions			23.3	25.6
Benefits paid			(65.5)	(65.6)
Annuity settlement			0.0	0.0
Medicare subsidy reimbursement received			2.6	5.4
Fair value of plan assets at end of year	0.0		0.0	0.0	0.0
Funded status	(443.7)		(448.5)	(443.7)
Amounts recognized in the consolidated balance sheets:
Current liabilities	(40.0)		(38.8)	(40.0)
Noncurrent liabilities	(403.7)		(409.7)	(403.7)
Net amount recognized	(443.7)		(448.5)	(443.7)
Amounts recognized in accumulated other comprehensive loss, before taxes:
Actuarial loss (gain)	(44.4)		(13.0)	(44.4)
Prior service cost (credit)	(138.7)		(84.9)	(138.7)
Net amount recognized	$ (183.1)		(97.9)	(183.1)
Pension and OPEB net corridor charge			0.0	(35.3)	$ (13.1)
Change in Assumptions for Defined Benefit Plans [Member] | Pension Plans, Defined Benefit [Member]
Change in benefit obligations:
Actuarial loss (gain)			(14.3)	(33.8)
Change in Assumptions for Defined Benefit Plans [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member]
Change in benefit obligations:
Actuarial loss (gain)			$ (2.9)	$ (4.5)

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Pension and Other Postretirement Benefits - Assumptions (Details 2) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension Plans, Defined Benefit [Member]
Assumptions used to determine benefit obligations at December 31:
Discount rate		3.54%	3.93%	4.15%
Rate of compensation increase		4.00%	4.00%	4.00%
Assumptions used to determine pension and OPEB expense (income) for the year ended December 31:
Discount rate		3.93%	3.95%	3.82%
Expected return on plan assets	7.00%	7.25%	7.25%	7.25%
Rate of compensation increase		4.00%	4.00%	4.00%
Other Postretirement Benefit Plans, Defined Benefit [Member]
Assumptions used to determine benefit obligations at December 31:
Discount rate		3.59%	4.04%	4.22%
Rate of compensation increase		4.00%	4.00%	4.00%
Subsequent year healthcare cost trend rate		6.65%	7.00%	7.00%
Ultimate healthcare cost trend rate		4.50%	4.50%	4.50%
Year ultimate healthcare cost trend rate begins		2025	2025	2024
Assumptions used to determine pension and OPEB expense (income) for the year ended December 31:
Discount rate		4.04%	4.22%	3.90%
Rate of compensation increase		4.00%	4.00%	4.00%
Effect of one percentage point increase on total service and interest cost components		$ 0.0
Effect of one percentage point decrease on total service and interest cost components		0.0
Effect of one percentage point increase on postretirement benefit obligation		1.1
Effect of one percentage point decrease on postretirement benefit obligation		$ (1.1)

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Pension and Other Postretirement Benefits - Expected Benefit Payments (Details 3) $ in Millions	Dec. 31, 2017 USD ($)
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected Future Benefit Payments in 2017	$ 262.8
Expected Future Benefit Payments in 2018	254.6
Expected Future Benefit Payments in 2019	243.3
Expected Future Benefit Payments in 2020	231.3
Expected Future Benefit Payments in 2021	227.0
Expected Future Benefit Payments in 2022 through 2026	988.4
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected Future Benefit Payments in 2017	39.8
Expected Future Benefit Payments in 2018	38.1
Expected Future Benefit Payments in 2019	36.3
Expected Future Benefit Payments in 2020	34.7
Expected Future Benefit Payments in 2021	33.2
Expected Future Benefit Payments in 2022 through 2026	145.8
Expected Medicare Subsidy Receipts in 2017	(1.0)
Expected Medicare Subsidy Receipts in 2018	(1.1)
Expected Medicare Subsidy Receipts in 2019	(1.1)
Expected Medicare Subsidy Receipts in 2020	(1.1)
Expected Medicare Subsidy Receipts in 2021	(1.1)
Expected Medicare Subsidy Receipts in 2022 through 2026	$ (6.3)

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Pension and Other Postretirement Benefits - Plan Assets (Details 4) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Millions		Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		$ 2,322.2		$ 2,183.5	$ 2,511.4
Fixed Income Securities [Member]
Defined Benefit Plan, Target Allocation, Percentages of Assets [Abstract]
Target plan asset allocations percentage		44.00%
Equity Securities [Member]
Defined Benefit Plan, Target Allocation, Percentages of Assets [Abstract]
Target plan asset allocations percentage		55.00%
Cash and Cash Equivalents [Member]
Defined Benefit Plan, Target Allocation, Percentages of Assets [Abstract]
Target plan asset allocations percentage		1.00%
Fair Value, Measurements, Recurring [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		$ 1,041.5		785.1
Fair Value, Measurements, Recurring [Member] | U.S. Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		46.6		169.4
Fair Value, Measurements, Recurring [Member] | Global Equity Investments [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		327.9		191.0
Fair Value, Measurements, Recurring [Member] | U.S. High-Yield Corporate Fixed Income Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		111.8		0.4
Fair Value, Measurements, Recurring [Member] | Fixed Income Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		524.6		0.0
Fair Value, Measurements, Recurring [Member] | Global Fixed Income Investments [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		0.0		395.4
Fair Value, Measurements, Recurring [Member] | Other Investment Companies [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		30.6		28.9
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		46.6		169.4
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		46.6		169.4
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Global Equity Investments [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		0.0		0.0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. High-Yield Corporate Fixed Income Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		0.0		0.0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Income Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		0.0		0.0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Global Fixed Income Investments [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		0.0		0.0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other Investment Companies [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		0.0		0.0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		994.9		615.7
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		0.0		0.0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Global Equity Investments [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		327.9		191.0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. High-Yield Corporate Fixed Income Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		111.8		0.4
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Income Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		524.6		0.0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Global Fixed Income Investments [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		0.0		395.4
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Investment Companies [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		30.6		28.9
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		2,322.2		2,183.5
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Equity Securities Common/Collective Trusts [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		194.6	[1]	728.8
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | EAFE Equity Securities Common/Collective Trusts [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	[2]	707.0		381.4
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Corporate Fixed-Income Securities Common/Collective Trusts [Member] [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets	[3]	379.1		207.4
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		0.0		80.4
Portion at Other than Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Other Security Investments [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]
Fair value of plan assets		$ 0.0		$ 0.4

[1] Investments primarily in domestic equity securities, which may include common stocks, options and futures.

[2] Investments primarily in global equity securities, which may include common stocks, options and futures.

[3] Investments primarily in domestic fixed income investments, which may include investment-grade and high-yield corporate bonds, interest rate swaps, options and futures.

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Pension and Other Postretirement Benefits - Benefit Costs (Details 5) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Recognized net actuarial loss (gain):
Pension/OPEB corridor charge/credit		$ 0.0	$ 43.1	$ 131.2
Expense for defined contribution plans		24.9	23.1	18.8
Pension Plans, Defined Benefit [Member]
Components of pension and OPEB expense (income):
Service cost		2.8	3.0	2.2
Interest cost		108.2	120.4	130.0
Expected return on plan assets		(149.9)	(167.1)	(198.4)
Amortization of prior service cost (credit)		4.7	5.6	4.4
Recognized net actuarial loss (gain):
Annual amortization		10.5	29.2	31.2
Pension/OPEB corridor charge/credit	$ 78.4	0.0	78.4	144.3
Settlement (gain) loss		0.0	29.9	1.0
Pension and OPEB expense (income)		(23.7)	99.4	114.7
Estimated net loss (gain) expected to be amortized into pension and OPEB expense (income) in the next year		15.9
Estimated net prior service cost (credit) expected to be amortized into pension and OPEB expense (income) in the next year		3.8
Other Postretirement Benefit Plans, Defined Benefit [Member]
Components of pension and OPEB expense (income):
Service cost		4.7	4.9	7.1
Interest cost		17.3	19.9	22.5
Expected return on plan assets		0.0	0.0	0.0
Amortization of prior service cost (credit)		(58.5)	(60.4)	(64.6)
Recognized net actuarial loss (gain):
Annual amortization		(4.2)	(4.3)	1.6
Pension/OPEB corridor charge/credit		0.0	(35.3)	(13.1)
Settlement (gain) loss		0.0	0.0	0.0
Pension and OPEB expense (income)		(40.7)	$ (75.2)	$ (46.5)
Estimated net loss (gain) expected to be amortized into pension and OPEB expense (income) in the next year		(1.3)
Estimated net prior service cost (credit) expected to be amortized into pension and OPEB expense (income) in the next year		$ (13.7)

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Pension and Other Postretirement Benefits - Multiemployer Plans (Details 6) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) employees	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Multiemployer Plans [Line Items]
Contributions to multiemployer plans | $	$ 24.7	$ 24.8	$ 23.3
Number of Employees	9,200
Steelworkers Pension Trust [Member]
Multiemployer Plans [Line Items]
Contributions to multiemployer plans | $	$ 6.3	6.8	7.3
IAM National Pension Fund's National Pension Plan [Member]
Multiemployer Plans [Line Items]
Contributions to multiemployer plans | $	$ 18.4	$ 18.0	$ 16.0
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Walbridge Tube [Member] | Steelworkers Pension Trust [Member]
Multiemployer Plans [Line Items]
Number of Employees	90
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Ashland Works [Member] | Steelworkers Pension Trust [Member]
Multiemployer Plans [Line Items]
Number of Employees	305
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Middletown Works [Member] | IAM National Pension Fund's National Pension Plan [Member]
Multiemployer Plans [Line Items]
Number of Employees	1,725
Workforce Subject to Collective Bargaining Arrangements [Member]
Multiemployer Plans [Line Items]
Number of Employees	5,700
Workforce Subject to Collective Bargaining Arrangements [Member] | Mansfield Works [Member] | Steelworkers Pension Trust [Member]
Multiemployer Plans [Line Items]
Number of Employees	305
Workforce Subject to Collective Bargaining Arrangements [Member] | Butler Works [Member] | IAM National Pension Fund's National Pension Plan [Member]
Multiemployer Plans [Line Items]
Number of Employees	1,155
Workforce Subject to Collective Bargaining Arrangements [Member] | Zanesville Works [Member] | IAM National Pension Fund's National Pension Plan [Member]
Multiemployer Plans [Line Items]
Number of Employees	115

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Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Leases [Abstract]
Rental Expense	$ 43.1	$ 46.7	$ 44.0
Minimum Lease Payments 2018	18.2
Minimum Lease Payments 2019	18.8
Minimum Lease Payments 2020	18.1
Minimum Lease Payments 2021	18.9
Minimum Lease Payments 2022	16.6
Minimum Lease Payments 2023 and thereafter	90.2
Total minimum lease payments	$ 180.8

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Commitments (Details) $ in Millions	Dec. 31, 2017 USD ($)
Capital Investment Commitments [Member]
Long-term Purchase Commitment [Line Items]
Commitments for future capital investments	$ 59.0

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Environmental and Legal Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Environmental-related capital investments	$ 6.8	$ 4.9	$ 7.1
Environmental compliance costs	$ 129.5	$ 123.9	$ 133.2

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Environmental and Legal Contingencies (Details 2) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2014	Dec. 31, 2017	Dec. 31, 2016
Accrued Liabilities [Member]
Accrued liabilities		$ 8.5	$ 7.3
Other Noncurrent Liabilities [Member]
Other non-current liabilities		$ 35.4	$ 39.9
Antitrust Case [Member]
Payments for Legal Settlements	$ 5.8

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Environmental and Legal Contingencies (Details 3) $ in Millions	Dec. 31, 2017 USD ($)
Hamilton Plant [Member]
Site Contingency [Line Items]
Site contingency accrual, undiscounted amount	$ 0.7
Mansfield Works [Member]
Site Contingency [Line Items]
Site contingency accrual, undiscounted amount	1.1
Ashland coke plant [Member]
Site Contingency [Line Items]
Site contingency accrual, undiscounted amount	1.4
Ambridge Works [Member]
Site Contingency [Line Items]
Site contingency accrual, undiscounted amount	5.6
Dicks Creek [Member]
Site Contingency [Line Items]
Site contingency accrual, undiscounted amount	13.6
Zanesville Works RCRA [Member]
Site Contingency [Line Items]
Site contingency accrual, undiscounted amount	0.7
Civil Penalty [Member] | Middletown Works [Member]
Site Contingency [Line Items]
Site contingency accrual, undiscounted amount	$ 0.2

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Environmental and Legal Contingencies (Details 4)	12 Months Ended
	Dec. 31, 2017 USD ($) defendants plaintiffs claims-lawsuits
Asbestos Claims With Specific Dollar Claim For Damages [Member]
Information on pending asbestos cases [Line Items]
Total asbestos cases pending | claims-lawsuits	142	[1]
Claims with specific dollar claims for damages [Abstract]
Asbestos Lawsuits Pending With Dollars Number Of Plaintiffs | plaintiffs	2,244
Asbestos Lawsuits Pending With Dollars Number Of Defendants | defendants	17,747
Asbestos Claims With Specific Dollar Claim For Damages [Member] | Asbestos claims up to $0.2 [Member]
Information on pending asbestos cases [Line Items]
Total asbestos cases pending | claims-lawsuits	135
Claims with specific dollar claims for damages [Abstract]
Asbestos Lawsuits Pending With Dollars Lower Range | $	$ 0
Asbestos Lawsuits Pending With Dollars Upper Range | $	$ 200,000
Asbestos Claims With Specific Dollar Claim For Damages [Member] | Asbestos claims above $0.2 to $5.0 [Member]
Information on pending asbestos cases [Line Items]
Total asbestos cases pending | claims-lawsuits	4
Claims with specific dollar claims for damages [Abstract]
Asbestos Lawsuits Pending With Dollars Lower Range | $	$ 200,000
Asbestos Lawsuits Pending With Dollars Upper Range | $	$ 5,000,000
Asbestos Claims With Specific Dollar Claim For Damages [Member] | Asbestos claims above $5.0 to $20.0 [Member]
Information on pending asbestos cases [Line Items]
Total asbestos cases pending | claims-lawsuits	3
Claims with specific dollar claims for damages [Abstract]
Asbestos Lawsuits Pending With Dollars Lower Range | $	$ 5,000,000
Asbestos Lawsuits Pending With Dollars Upper Range | $	$ 20,000,000
Asbestos Claims Without Specific Dollar Claim For Damages [Member]
Information on pending asbestos cases [Line Items]
Total asbestos cases pending | claims-lawsuits	194
Asbestos Issue [Member]
Information on pending asbestos cases [Line Items]
Total asbestos cases pending | claims-lawsuits	336

[1] Involve a total of 2,244 plaintiffs and 17,747 defendants

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Environmental and Legal Contingencies (Details 5) - Asbestos Issue [Member] $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) claims-lawsuits	Dec. 31, 2016 USD ($) claims-lawsuits	Dec. 31, 2015 USD ($) claims-lawsuits
Loss Contingency, Claims Quantities [Abstract]
New Claims Filed	58	40	52
Pending Claims Disposed Of	61	84	68
Liability for Asbestos and Environmental Claims, Net, Claims Paid | $	$ 1.2	$ 0.9	$ 1.9

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Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2016	May 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 01, 2016	May 04, 2016	Oct. 31, 2008
Summary of Stockholders' Equity Disclosure [Line Items]
Preferred stock authorized (in shares)			25,000,000
Preferred stock issued (in shares)			0
Preferred stock outstanding (in shares)			0
Stock Issued During Period, Shares, New Issues	74,800,000	59,800,000
Shares Issued, Price Per Share						$ 4.90	$ 4.40
Proceeds from issuance of common stock	$ 351.0	$ 249.5	$ 0.0	$ 600.4	$ 0.0
Stock Repurchase Program, Authorized Amount								$ 150.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 125.6
Minimum [Member] | Revolving Credit Facility [Member]
Summary of Stockholders' Equity Disclosure [Line Items]
Amount Of Threshold Under Credit Facility, Dividend Restriction, Unlimited			20.00%
Amount Of Threshold Under Credit Facility, Dividend Restriction, Unlimited with Financial Covenant Compliance			15.00%
Maximum [Member] | Revolving Credit Facility [Member]
Summary of Stockholders' Equity Disclosure [Line Items]
Annual Dividend Restriction Monetary Limit			$ 18.0
Annual Dividend Restriction Rate Limit			0.50%
Aggregate Dividend Restriction Monetary Limit			$ 25.0
Aggregate Dividend Restriction Rate Limit			0.70%

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Share-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum issuable shares under Stock Incentive Plan	28,000,000
Shares available for future grant under Stock Incentive Plan	7,000,000
Share-based Compensation Expense [Abstract]
Share-based Compensation Expense	$ 7.7	$ 5.4	$ 7.7
Stock Options [Member]
Share-based Compensation Expense [Abstract]
Share-based Compensation Expense	$ 2.1	$ 1.0	$ 1.7
Maximum term of stock option awards (in number of years)	10 years
Share based compensation estimated to be forfeited (in hundredths)	5.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected volatility, minimum (in hundredths)	61.50%	90.30%	67.60%
Expected volatility, maximum (in hundredths)	64.00%	91.50%	75.90%
Weighted-average volatility (in hundredths)	62.50%	90.70%	69.40%
Risk-free interest rate, minimum (in hundredths)	1.60%	1.20%	1.00%
Risk-free interest rate, maximum (in hundredths)	2.20%	1.80%	1.70%
Weighted-average grant-date fair value per share of options granted	$ 5.33	$ 1.29	$ 2.36
Summary of changes in shares outstanding under all long-term incentive plans [Rollforward]
Number of options outstanding, beginning balance (in shares)	2,775,565
Number of options granted (in shares)	513,600
Number of options exercised (in shares)	(58,999)
Number of options canceled (in shares)	(235,960)
Number of options outstanding, ending balance (in shares)	2,994,206	2,775,565
Number of exercisable options (in shares)	1,796,958
Number of unvested options (in shares)	1,197,248
Number of unvested options that are expected to vest (in shares)	1,137,385.6
Weighted average exercise price per option, outstanding, beginning of period (dollars per share)	$ 8.12
Weighted average exercise price per option granted (dollars per share)	9.78
Weighted average exercise price per option exercised (dollars per share)	6.38
Weighted average exercise price per option canceled (dollars per share)	17.66
Weighted average exercise price per option, outstanding, end of period (dollars per share)	7.69	$ 8.12
Weighted average exercise price per exercisable option (dollars per share)	9.00
Weighted average exercise price per unvested options (dollars per share)	5.81
Weighted average exercise price per unvested options that expected to vest (dollars per share)	$ 5.81
Remaining average contractual life of options outstanding (in years)	5 years 7 months 20 days
Remaining average contractual life of options exercisable (in years)	3 years 11 months 14 days
Remaining average contractual life of unvested options (in years)	7 years 8 months 23 days
Remaining average contractual life of unvested options that are expected to vest (in years)	7 years 8 months 23 days
Aggregate intrinsic value of options outstanding, outstanding	$ 4.8
Aggregate intrinsic value of options outstanding, exercisable	2.4
Aggregate intrinsic value of options outstanding, unvested	2.4
Aggregate intrinsic value of options outstanding, unvested and expected to vest	2.3
Intrinsic value of stock options exercised	0.2	$ 1.4
Amount of unrecognized compensation costs	$ 1.1
Weighted average period of recognition (in years)	1 year 9 months 20 days
Restricted Stock [Member]
Share-based Compensation Expense [Abstract]
Share-based Compensation Expense	$ 2.9	$ 1.6	$ 3.2
Summary of changes in shares outstanding under all long-term incentive plans [Rollforward]
Amount of unrecognized compensation costs	$ 1.5
Weighted average period of recognition (in years)	1 year 2 months 29 days
Summary of nonvested shares [Roll Forward]
Nonvested, beginning of period (in shares)	625,025
Granted (in shares)	355,600
Vested/restrictions lapsed/earned (in shares)	(454,741)
Canceled (in shares)	(7,700)
Nonvested, end of period (in shares)	518,184	625,025
Weighted average grant date fair value, nonvested, beginning of period (dollars per share)	$ 3.11
Weighted average grant date fair value, granted (dollars per share)	9.78	$ 1.80	$ 4.06
Weighted average grant date fair value, vested/restrictions lapsed/earned (dollars per share)	5.70
Weighted average grant date fair value, canceled (dollars per share)	5.10
Weighted average grant date fair value, nonvested, end of period (dollars per share)	$ 5.38	$ 3.11
Intrinsic value of shares vested/restrictions lapsed during the period	$ 4.1	$ 1.4	$ 2.9
Restricted Stock Units Issued to Directors [Member]
Share-based Compensation Expense [Abstract]
Share-based Compensation Expense	$ 1.2	1.3	0.9
Summary of nonvested shares [Roll Forward]
Share Based Compensation Arrangement By Share Based Payment Award, Award Period Until Settlement	1 year
Deferred Compensation Arrangement With Individual, Period To Defer Settlement Following Termination Of Service	6 months
Deferred Compensation Arrangement with Individual, Maximum Period to Receive Installments	15 years
Performance Share Awards [Member]
Share-based Compensation Expense [Abstract]
Share-based Compensation Expense	$ 1.5	$ 1.5	$ 1.9
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Weighted-average volatility (in hundredths)	68.00%	60.80%	56.40%
Weighted-average volatility VanEck Vectors Steel ETF (in hundredths)	48.90%
Weighted-average volatility S&P MidCap 400 Index (in hundredths)		27.60%	27.00%
Risk-free interest rate (in hundredths)	1.50%	1.10%	0.90%
Summary of changes in shares outstanding under all long-term incentive plans [Rollforward]
Amount of unrecognized compensation costs	$ 2.0
Weighted average period of recognition (in years)	1 year 10 months 18 days
Summary of nonvested shares [Roll Forward]
Nonvested, beginning of period (in shares)	1,017,856
Granted (in shares)	263,600
Vested/restrictions lapsed/earned (in shares)	0
Canceled (in shares)	(562,788)
Nonvested, end of period (in shares)	718,668	1,017,856
Weighted average grant date fair value, nonvested, beginning of period (dollars per share)	$ 2.48
Weighted average grant date fair value, granted (dollars per share)	10.78	$ 1.74	$ 3.09
Weighted average grant date fair value, vested/restrictions lapsed/earned (dollars per share)	0.00
Weighted average grant date fair value, canceled (dollars per share)	3.10
Weighted average grant date fair value, nonvested, end of period (dollars per share)	$ 5.04	$ 2.48
Intrinsic value of shares vested/restrictions lapsed during the period	$ 4.5
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period	3 years
Minimum [Member] | Stock Options [Member]
Share-based Compensation Expense [Abstract]
Minimum vesting period for stock option awards (in number of months)	6 months
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term	3 years 4 months	3 years 3 months	3 years 1 month
Maximum [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term	6 years 6 months	6 years 8 months	6 years 7 months

XML

Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Foreign currency translation
Balance at beginning of period		$ (3.6)	$ (2.1)	$ 1.0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract]
Foreign currency translation gain (loss)		4.7	(1.5)	(3.1)
Balance at end of period		1.1	(3.6)	(2.1)
Cash flow hedges
Balance at beginning of period		39.9	(44.8)	(34.5)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract]
Gains (losses) arising in period		(11.5)	56.1	(64.2)
Income tax expense		0.0	6.2	(25.2)
Gains (losses) arising in period, net of tax		(11.5)	49.9	(39.0)
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax [Abstract]
Reclassification of losses (gains) to net income (loss)		(6.1)	39.1	47.7
Income tax expense	[1]	0.0	4.3	19.0
Net amount of reclassification of losses (gains) to net income (loss)		(6.1)	34.8	28.7
Total other comprehensive income (loss), (Derivatives Qualifying as Hedges), net of tax		(17.6)	84.7	(10.3)
Balance at end of period		22.3	39.9	(44.8)
Unrealized holding gains (losses) on securities
Balance at beginning of period		0.0	0.0	0.4
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax	[1]	0.0	0.0	0.4
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax		0.0	0.0	(0.4)
Balance at end of period		0.0	0.0	0.0
Pension and OPEB Plans
Balance at beginning of period		(125.0)	(166.4)	(188.9)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax [Abstract]
Prior service credit (cost) arising in period		4.7	(8.3)	(7.7)
Gains (losses) arising in period		94.2	11.6	(60.8)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax		98.9	3.3	(68.5)
Income tax expense (benefit)	[1]	0.0	0.4	(26.0)
Gains (losses) arising in period, net of tax		98.9	2.9	(42.5)
Other Comprehensive Income (Loss), Reclassification Adjustment, Pension and Other Postretirement Benefit Plans, Included in Net Income, before Tax [Abstract]
Reclassification of prior service cost (credits) included in net income (loss)		(53.8)	(54.8)	(60.2)
Reclassification of actuarial (gains) losses included in net income (loss)		6.3	97.9	165.0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax		(47.5)	43.1	104.8
Income tax (expense) benefit	[1]	0.0	4.6	39.8
Amount of reclassification to net income (loss), net of tax		(47.5)	38.5	65.0
Total other comprehensive income (loss), net of tax		51.4	41.4	22.5
Balance at end of period		(73.6)	(125.0)	(166.4)
Cost of Products Sold [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax [Abstract]
Reclassification of losses (gains) to net income (loss)	[2]	(6.1)	39.1	47.7
Pension and OPEB Expense (Income) [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment, Pension and Other Postretirement Benefit Plans, Included in Net Income, before Tax [Abstract]
Reclassification of prior service cost (credits) included in net income (loss)	[3]	(53.8)	(54.8)	(60.2)
Reclassification of actuarial (gains) losses included in net income (loss)	[3]	$ 6.3	$ 97.9	$ 165.0

[1] Included in income tax expense (benefit)

[2] Included in cost of products sold

[3] Included in pension and OPEB expense (income)

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net income (loss) attributable to AK Steel Holding Corporation	$ (80.4)	$ 22.3	$ 77.2	$ 84.4	$ (46.7)	$ 27.8	$ 27.8	$ (25.7)	$ 103.5	$ (16.8)	$ (652.3)
Less: distributed earnings to common stockholders and holders of certain stock compensation awards									0.0	0.0	0.0
Undistributed earnings (loss)									103.5	(16.8)	(652.3)
Common stockholders earnings - basic [Abstract]
Distributed earnings to common stockholders									0.0	0.0	0.0
Undistributed earnings (loss) to common stockholders - basic									103.5	(16.7)	(650.1)
Common stockholders earnings (loss) - basic									103.5	(16.7)	(650.1)
Common stockholders earnings - diluted [Abstract]
Distributed earnings to common stockholders									0.0	0.0	0.0
Undistributed earnings to common stockholders - diluted									103.5	(16.7)	(650.1)
Common stockholders earnings - diluted									$ 103.5	$ (16.7)	$ (650.1)
Common shares outstanding (weighted-average shares in millions) [Abstract]
Common shares outstanding for basic earnings per share (in shares)									314.3	230.0	177.2
Effect of exchangeable debt									4.5	0.0	0.0
Effect of dilutive stock-based compensation (in shares)									0.9	0.0	0.0
Common shares outstanding for diluted earnings per share (in shares)									319.7	230.0	177.2
Basic earnings per share [Abstract]
Distributed earnings - basic (in dollars per share)									$ 0.00	$ 0.00	$ 0.00
Undistributed earnings (loss) - basic (in dollars per share)									0.33	(0.07)	(3.67)
Basic earnings (loss) per share (in dollars per share)	$ (0.26)	$ 0.07	$ 0.25	$ 0.27					0.33	(0.07)	(3.67)
Diluted earnings per share [Abstract]
Distributed earnings - diluted (in dollars per share)									0.00	0.00	0.00
Undistributed earnings (loss) - diluted (in dollars per share)									0.32	(0.07)	(3.67)
Diluted earnings (loss) per share (in dollars per share)	$ (0.26)	$ 0.07	$ 0.24	$ 0.26					$ 0.32	$ (0.07)	$ (3.67)
Potentially issuable common shares excluded from earnings per share calculation due to anti-dilutive effect (in millions of shares)									1.4	3.0	3.6

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Variable Interest Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Income before income taxes	$ 162.7	$ 32.3	$ (595.8)
SunCoke Middletown [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	0.00%
Income before income taxes	$ 61.7	$ 66.0	$ 62.6
Vicksmetal Armco Associates [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	50.00%

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Fair Value Measurements (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Estimate of Fair Value Measurement [Member] | Long-term Debt [Member]
Liabilities measured at fair value
Long-term debt, including current maturities		$ (2,273.4)	$ (2,123.2)
Estimate of Fair Value Measurement [Member] | Long-term Debt [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities measured at fair value
Long-term debt, including current maturities		0.0	0.0
Estimate of Fair Value Measurement [Member] | Long-term Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities measured at fair value
Long-term debt, including current maturities		(2,273.4)	(2,123.2)
Reported Value Measurement [Member] | Long-term Debt [Member]
Liabilities measured at fair value
Long-term debt, including current maturities		(2,110.1)	(1,816.6)
Reported Value Measurement [Member] | Long-term Debt [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities measured at fair value
Long-term debt, including current maturities		0.0	0.0
Reported Value Measurement [Member] | Long-term Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities measured at fair value
Long-term debt, including current maturities		(2,110.1)	(1,816.6)
Fair Value, Measurements, Recurring [Member]
Assets measured at fair value
Assets measured at fair value		85.7	235.6
Liabilities measured at fair value
Liabilities measured at fair value		(5.7)	(2.4)
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Assets measured at fair value
Assets measured at fair value		38.0	48.2
Liabilities measured at fair value
Liabilities measured at fair value		0.0	0.0
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets measured at fair value
Assets measured at fair value		47.7	187.4
Liabilities measured at fair value
Liabilities measured at fair value		(5.7)	(2.4)
Fair Value, Measurements, Recurring [Member] | Cash and Cash Equivalents [Member]
Assets measured at fair value
Cash and cash equivalents	[1]	38.0	173.2
Fair Value, Measurements, Recurring [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Assets measured at fair value
Cash and cash equivalents	[1]	38.0	48.2
Fair Value, Measurements, Recurring [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Assets measured at fair value
Cash and cash equivalents	[1]	0.0	125.0
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member]
Assets measured at fair value
Derivative assets, current		0.2	0.1
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member]
Assets measured at fair value
Derivative assets, current		0.0	0.0
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Assets measured at fair value
Derivative assets, current		0.2	0.1
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member]
Assets measured at fair value
Derivative Asset, Noncurrent		1.7	0.0
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 1 [Member]
Assets measured at fair value
Derivative Asset, Noncurrent		0.0	0.0
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Assets measured at fair value
Derivative Asset, Noncurrent		1.7	0.0
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member]
Liabilities measured at fair value
Commodity hedge contracts-current		(0.3)	0.0
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities measured at fair value
Commodity hedge contracts-current		0.0	0.0
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities measured at fair value
Commodity hedge contracts-current		(0.3)	0.0
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member]
Assets measured at fair value
Derivative assets, current		35.2	47.0
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member]
Assets measured at fair value
Derivative assets, current		0.0	0.0
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Assets measured at fair value
Derivative assets, current		35.2	47.0
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member]
Assets measured at fair value
Derivative Asset, Noncurrent		10.6	15.3
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 1 [Member]
Assets measured at fair value
Derivative Asset, Noncurrent		0.0	0.0
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member]
Assets measured at fair value
Derivative Asset, Noncurrent		10.6	15.3
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member]
Liabilities measured at fair value
Commodity hedge contracts-current		(4.9)	(1.8)
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities measured at fair value
Commodity hedge contracts-current		0.0	0.0
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities measured at fair value
Commodity hedge contracts-current		(4.9)	(1.8)
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member]
Liabilities measured at fair value
Commodity hedge contracts-noncurrent		(0.5)	(0.6)
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 1 [Member]
Liabilities measured at fair value
Commodity hedge contracts-noncurrent		0.0	0.0
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Liabilities measured at fair value
Commodity hedge contracts-noncurrent		$ (0.5)	$ (0.6)
Liability [Member] | Maximum [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Benchmark interest rates for contracts (in hundredths)		2.60%
Assets [Member] | Maximum [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Benchmark interest rates for contracts (in hundredths)		1.80%

[1] Level 2 assets include money market mutual funds invested in U.S. Treasury obligations.

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Derivative Instruments and Hedging Activities (Details)	Dec. 31, 2017 CAD ($) MMBTU MW t lb	Dec. 31, 2017 EUR (€) MMBTU MW t lb	Dec. 31, 2016 CAD ($) MMBTU MW t lb	Dec. 31, 2016 EUR (€) MMBTU MW t lb
Commodity Contract [Member] | Nickel [Member]
Derivative [Line Items]
Nonmonetary Notional Amount of Derivatives	500,000	500,000	0	0
Commodity Contract [Member] | Natural Gas [Member]
Derivative [Line Items]
Nonmonetary Notional Amount of Derivatives | MMBTU	41,338,000	41,338,000	43,865,000	43,865,000
Commodity Contract [Member] | Zinc [Member]
Derivative [Line Items]
Nonmonetary Notional Amount of Derivatives	50,350,000	50,350,000	58,750,000	58,750,000
Commodity Contract [Member] | Iron Ore [Member]
Derivative [Line Items]
Nonmonetary Notional Amount of Derivatives | t	2,340,000	2,340,000	2,555,000	2,555,000
Commodity Contract [Member] | Electricity [Member]
Derivative [Line Items]
Nonmonetary Notional Amount of Derivatives | MW	1,553,000	1,553,000	1,578,821	1,578,821
Foreign Exchange Contract [Member] | Euro Member Countries, Euro
Derivative [Line Items]
Derivative, Notional Amount | €		€ 26,000,000		€ 5,000,000
Foreign Exchange Contract [Member] | Canada, Dollars
Derivative [Line Items]
Derivative, Notional Amount | $	$ 148,080,000		$ 0

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Derivative Instruments and Hedging Activities (Details 2) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative, Collateral, Right to Reclaim Cash	$ 0.0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, current	0.2	$ 0.0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Noncurrent	1.7	0.0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, current	(0.2)	0.0
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, current	9.0	18.5
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Noncurrent	2.3	5.2
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, current	(4.6)	(1.8)
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, noncurrent	(0.5)	(0.1)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, current	0.0	0.1
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, current	(0.1)	0.0
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, current	26.2	28.5
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Noncurrent	8.3	10.1
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, current	(0.3)	0.0
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, noncurrent	$ 0.0	$ (0.5)

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Derivative Instruments and Hedging Activities (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Foreign Exchange Contract [Member] | Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized gains (losses) in consolidated statement of operations	$ (1.6)	$ (0.9)	$ (0.1)
Commodity Contract [Member] | Natural Gas [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Investment Contract Settlement Date Range Start	Jan. 01, 2018
Investment Contract Settlement Date Range End	Dec. 31, 2019
Gains (losses) before tax expected to be reclassified into earnings within the next twelve months	$ (0.2)
Commodity Contract [Member] | Electricity [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Investment Contract Settlement Date Range Start	Jan. 01, 2018
Investment Contract Settlement Date Range End	Dec. 31, 2019
Gains (losses) before tax expected to be reclassified into earnings within the next twelve months	$ 1.1
Commodity Contract [Member] | Zinc [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Investment Contract Settlement Date Range Start	Jan. 01, 2018
Investment Contract Settlement Date Range End	Dec. 31, 2019
Gains (losses) before tax expected to be reclassified into earnings within the next twelve months	$ 11.3
Commodity Contract [Member] | Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized gains (losses) in consolidated statement of operations	0.0	0.0	2.2
Commodity Contract [Member] | Cost of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized gains (losses) in consolidated statement of operations	31.6	38.6	(2.0)
Cash Flow Hedging [Member] | Commodity Contract [Member] | Cost of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification of losses (gains) from accumulated other comprehensive income to net income (loss)	6.1	(39.1)	(47.7)
Recognized in cost of products sold (ineffective portion and amount excluded from effectiveness testing)	$ 0.7	$ (13.3)	$ (23.6)
Canada, Dollars | Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Investment Contract Settlement Date Range Start	Jan. 01, 2018
Investment Contract Settlement Date Range End	Dec. 31, 2020
Gains (losses) before tax expected to be reclassified into earnings within the next twelve months	$ (0.8)

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Supplementary Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplementary Cash Flow [Line Items]
Net cash flows from operating activities	$ 198.8	$ 304.6	$ 200.3
Cash and Cash Equivalents, at Carrying Value	38.0	173.2	56.6	$ 70.2
Supplementary cash flow, noncash investing and financing activities [Abstract]
Capital investments	37.3	33.2	34.4
Interest, net of capitalized interest	130.5	137.1	161.3
Income taxes	0.1	(2.6)	0.7
Restricted stock and RSUs [Member]
Supplementary cash flow, noncash investing and financing activities [Abstract]
Issuance of restricted stock and restricted stock units	4.6	2.3	4.1
Research And Innovation Center Middletown OH [Member]
Supplementary cash flow, noncash investing and financing activities [Abstract]
Research and innovations center capital lease	1.1	25.2	0.0
SunCoke Middletown [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Supplementary Cash Flow [Line Items]
Net cash flows from operating activities	77.1	83.3	$ 87.4
Cash and Cash Equivalents, at Carrying Value	$ 0.1	$ 5.0

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Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Charge (credit) for termination of pellet agreement and related transportation costs									$ (19.3)	$ 69.5	$ 0.0
Asset impairment charge									75.6	0.0	0.0
Credit for U.S. tax legislation	$ (4.3)								(4.3)
Pension/OPEB corridor charge/credit									0.0	(43.1)	(131.2)
Pension settlement charges									0.0	25.0	0.0
Net sales	1,495.6	$ 1,494.3	$ 1,557.2	$ 1,533.4	$ 1,418.6	$ 1,452.9	$ 1,492.2	$ 1,518.8	6,080.5	5,882.5	6,692.9
Operating profit (loss)	(52.3)	66.3	116.5	129.7	42.3	89.6	69.0	16.7	260.2	217.6	(67.4)
Net income (loss) attributable to AK Holding	$ (80.4)	$ 22.3	$ 77.2	$ 84.4	$ (46.7)	$ 27.8	$ 27.8	$ (25.7)	$ 103.5	$ (16.8)	$ (652.3)
Basic earnings (loss) per share (in dollars per share)	$ (0.26)	$ 0.07	$ 0.25	$ 0.27					$ 0.33	$ (0.07)	$ (3.67)
Earnings Per Share, Diluted (in dollars per share)	$ (0.26)	$ 0.07	$ 0.24	$ 0.26					$ 0.32	$ (0.07)	$ (3.67)
Basic and diluted earnings (loss) per share (in dollars per share)					$ (0.16)	$ 0.12	$ 0.13	$ (0.14)
Pension Plans, Defined Benefit [Member]
Business Acquisition [Line Items]
Pension/OPEB corridor charge/credit					$ (78.4)				$ 0.0	$ (78.4)	$ (144.3)
Pension settlement charges					25.0					25.0
Other Postretirement Benefit Plans, Defined Benefit [Member]
Business Acquisition [Line Items]
Pension/OPEB corridor charge/credit									0.0	35.3	$ 13.1
Ashland Works Hot End [Member]
Business Acquisition [Line Items]
Asset impairment charge	$ 75.6								75.6
Iron Ore Pellets Agreements [Member]
Business Acquisition [Line Items]
Charge (credit) for termination of pellet agreement and related transportation costs	$ (19.3)				$ 69.5				$ (19.3)	$ 69.5

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Supplementary Guarantor Information (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended								12 Months Ended
	Nov. 30, 2016	May 31, 2016	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Statements of Operations [Abstract]
Net sales			$ 1,495.6	$ 1,494.3	$ 1,557.2	$ 1,533.4	$ 1,418.6	$ 1,452.9	$ 1,492.2	$ 1,518.8	$ 6,080.5	$ 5,882.5	$ 6,692.9
Cost of products sold (a)											5,253.1	5,099.7	6,253.3
Selling and administrative expenses (exclusive of items shown separately below)											284.9	279.1	262.9
Depreciation											226.0	216.6	216.0
Charge (credit) for termination of pellet agreement and related transportation costs											(19.3)	69.5	0.0
Charge for facility idling											0.0	0.0	28.1
Asset impairment charge											75.6	0.0	0.0
Total operating costs											5,820.3	5,664.9	6,760.3
Operating profit (loss)			(52.3)	66.3	116.5	129.7	42.3	89.6	69.0	16.7	260.2	217.6	(67.4)
Pension and OPEB expense (income)											(71.9)	16.5	58.9
Interest expense											152.3	163.9	173.0
Impairment of Magnetation investment											0.0	0.0	(256.3)
Impairment of AFSG investment											0.0	0.0	(41.6)
Other income (expense)											(17.1)	(4.9)	1.4
Income (loss) before income taxes											162.7	32.3	(595.8)
Income tax expense (benefit)											(2.2)	(16.9)	(6.3)
Equity in net income (loss) of subsidiaries											0.0	0.0	0.0
Net income (loss)											164.9	49.2	(589.5)
Less: Net income attributable to noncontrolling interests											61.4	66.0	62.8
Net income (loss) attributable to AK Steel Holding Corporation			(80.4)	$ 22.3	$ 77.2	84.4	(46.7)	$ 27.8	$ 27.8	(25.7)	103.5	(16.8)	(652.3)
Other comprehensive income (loss)											38.5	124.6	8.7
Comprehensive income (loss) attributable to AK Steel Holding Corporation											142.0	107.8	(643.6)
Current assets:
Cash and cash equivalents			38.0			173.2	173.2			56.6	173.2	56.6	70.2	$ 38.0	$ 173.2	$ 56.6	$ 70.2
Accounts receivable, net														517.8	442.0
Inventory														1,385.0	1,232.6
Other current assets														130.3	94.6
Total current assets														2,071.1	1,942.4
Property, plant and equipment														6,831.8	6,569.0
Accumulated depreciation														(4,845.6)	(4,554.6)
Property, plant and equipment, net														1,986.2	2,014.4
Other non-current assets:
Investment in subsidiaries														0.0	0.0
Inter-company accounts														0.0	0.0
Goodwill and intangible assets														306.7	32.8
Other non-current assets														110.8	112.1
TOTAL ASSETS														4,474.8	4,101.7
Current liabilities:
Accounts payable														690.4	589.9
Accrued liabilities														270.5	234.1
Current portion of pension and other postretirement benefit obligations														40.1	41.3
Total current liabilities														1,001.0	865.3
Non-current liabilities:
Long-term debt														2,110.1	1,816.6
Pension and other postretirement benefit obligations														894.2	1,093.7
Inter-company accounts														0.0	0.0
Other non-current liabilities														168.9	155.0
TOTAL LIABILITIES														4,174.2	3,930.6
EXCHANGEABLE NOTES EXCHANGE FEATURE														0.0	21.3
Equity (deficit):
Total stockholders’ equity (deficit)														(44.6)	(213.1)
Noncontrolling interests														345.2	362.9
TOTAL EQUITY (DEFICIT)														300.6	149.8	(528.4)	142.0
TOTAL LIABILITIES AND EQUITY (DEFICIT)														4,474.8	4,101.7
Condensed Cash Flows [Abstract]
Net cash flows from operating activities											198.8	304.6	200.3
Cash flows from investing activities:
Capital investments											(152.5)	(127.6)	(99.0)
Proceeds from sale of equity investee											0.0	0.0	25.0
Proceeds from AFSG Holdings, Inc. distribution											0.0	0.0	14.0
Investments in acquired business, net of cash acquired											(360.4)	0.0	0.0
Other investing items, net											4.2	2.3	12.5
Net cash flows from investing activities											(508.7)	(125.3)	(47.5)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net borrowings (repayments) under credit facility											450.0	(550.0)	(55.0)
Proceeds from issuance of long-term debt											680.0	380.0	0.0
Redemption of long-term debt											(848.4)	(392.8)	(14.1)
Proceeds from issuance of common stock	$ 351.0	$ 249.5									0.0	600.4	0.0
Debt issuance costs											(25.3)	(20.4)	0.0
Inter-company activity											0.0	0.0	0.0
SunCoke Middletown distributions to noncontrolling interest owners											(79.1)	(85.1)	(96.3)
Other financing items, net											(2.5)	5.2	(1.0)
Net cash flows from financing activities											174.7	(62.7)	(166.4)
Net increase (decrease) in cash and cash equivalents											(135.2)	116.6	(13.6)
Cash and cash equivalents, beginning of year						173.2				56.6	173.2	56.6	70.2
Cash and cash equivalents, end of year			38.0				173.2				38.0	173.2	56.6
Parent Company [Member]
Condensed Statements of Operations [Abstract]
Net sales											0.0	0.0	0.0
Cost of products sold (a)											0.0	0.0	0.0
Selling and administrative expenses (exclusive of items shown separately below)											3.7	4.4	4.9
Depreciation											0.0	0.0	0.0
Charge (credit) for termination of pellet agreement and related transportation costs											0.0	0.0
Charge for facility idling													0.0
Asset impairment charge											0.0
Total operating costs											3.7	4.4	4.9
Operating profit (loss)											(3.7)	(4.4)	(4.9)
Pension and OPEB expense (income)											0.0	0.0	0.0
Interest expense											0.0	0.0	0.0
Impairment of Magnetation investment													0.0
Impairment of AFSG investment													0.0
Other income (expense)											0.0	0.0	0.0
Income (loss) before income taxes											(3.7)	(4.4)	(4.9)
Income tax expense (benefit)											0.0	0.0	0.0
Equity in net income (loss) of subsidiaries											107.2	(12.4)	(647.4)
Net income (loss)											103.5	(16.8)	(652.3)
Less: Net income attributable to noncontrolling interests											0.0	0.0	0.0
Net income (loss) attributable to AK Steel Holding Corporation											103.5	(16.8)	(652.3)
Other comprehensive income (loss)											38.5	124.6	8.7
Comprehensive income (loss) attributable to AK Steel Holding Corporation											142.0	107.8	(643.6)
Current assets:
Cash and cash equivalents			0.0			0.0	0.0			0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Accounts receivable, net														0.0	0.0
Inventory														0.0	0.0
Other current assets														0.0	0.0
Total current assets														0.0	0.0
Property, plant and equipment														0.0	0.0
Accumulated depreciation														0.0	0.0
Property, plant and equipment, net														0.0	0.0
Other non-current assets:
Investment in subsidiaries														(3,127.4)	(3,164.7)
Inter-company accounts														3,082.8	2,951.6
Goodwill and intangible assets														0.0	0.0
Other non-current assets														0.0	0.0
TOTAL ASSETS														(44.6)	(213.1)
Current liabilities:
Accounts payable														0.0	0.0
Accrued liabilities														0.0	0.0
Current portion of pension and other postretirement benefit obligations														0.0	0.0
Total current liabilities														0.0	0.0
Non-current liabilities:
Long-term debt														0.0	0.0
Pension and other postretirement benefit obligations														0.0	0.0
Inter-company accounts														0.0	0.0
Other non-current liabilities														0.0	0.0
TOTAL LIABILITIES														0.0	0.0
EXCHANGEABLE NOTES EXCHANGE FEATURE															0.0
Equity (deficit):
Total stockholders’ equity (deficit)														(44.6)	(213.1)
Noncontrolling interests														0.0	0.0
TOTAL EQUITY (DEFICIT)														(44.6)	(213.1)
TOTAL LIABILITIES AND EQUITY (DEFICIT)														(44.6)	(213.1)
Condensed Cash Flows [Abstract]
Net cash flows from operating activities											(2.5)	(3.1)	(3.7)
Cash flows from investing activities:
Capital investments											0.0	0.0	0.0
Proceeds from sale of equity investee													0.0
Proceeds from AFSG Holdings, Inc. distribution													0.0
Investments in acquired business, net of cash acquired											0.0
Other investing items, net											0.0	0.0	0.0
Net cash flows from investing activities											0.0	0.0	0.0
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net borrowings (repayments) under credit facility											0.0	0.0	0.0
Proceeds from issuance of long-term debt											0.0	0.0
Redemption of long-term debt											0.0	0.0	0.0
Proceeds from issuance of common stock												600.4
Debt issuance costs											0.0	0.0
Inter-company activity											5.0	(602.4)	4.7
SunCoke Middletown distributions to noncontrolling interest owners											0.0	0.0	0.0
Other financing items, net											(2.5)	5.1	(1.0)
Net cash flows from financing activities											2.5	3.1	3.7
Net increase (decrease) in cash and cash equivalents											0.0	0.0	0.0
Cash and cash equivalents, beginning of year						0.0				0.0	0.0	0.0	0.0
Cash and cash equivalents, end of year			0.0				0.0				0.0	0.0	0.0
AK Steel [Member]
Condensed Statements of Operations [Abstract]
Net sales											5,755.1	5,681.0	6,498.2
Cost of products sold (a)											5,082.0	5,044.8	6,205.7
Selling and administrative expenses (exclusive of items shown separately below)											285.5	282.7	271.4
Depreciation											189.3	187.8	187.7
Charge (credit) for termination of pellet agreement and related transportation costs											(19.3)	69.5
Charge for facility idling													28.1
Asset impairment charge											75.6
Total operating costs											5,613.1	5,584.8	6,692.9
Operating profit (loss)											142.0	96.2	(194.7)
Pension and OPEB expense (income)											(71.9)	16.5	58.9
Interest expense											150.3	162.3	171.0
Impairment of Magnetation investment													0.0
Impairment of AFSG investment													0.0
Other income (expense)											(30.1)	(16.4)	6.4
Income (loss) before income taxes											33.5	(99.0)	(418.2)
Income tax expense (benefit)											(29.4)	(43.7)	(29.9)
Equity in net income (loss) of subsidiaries											44.3	42.9	(259.1)
Net income (loss)											107.2	(12.4)	(647.4)
Less: Net income attributable to noncontrolling interests											0.0	0.0	0.0
Net income (loss) attributable to AK Steel Holding Corporation											107.2	(12.4)	(647.4)
Other comprehensive income (loss)											38.5	124.6	8.7
Comprehensive income (loss) attributable to AK Steel Holding Corporation											145.7	112.2	(638.7)
Current assets:
Cash and cash equivalents			14.5			147.9	147.9			27.0	147.9	27.0	28.5	14.5	147.9	27.0	28.5
Accounts receivable, net														432.4	400.4
Inventory														1,231.5	1,158.4
Other current assets														124.7	91.5
Total current assets														1,803.1	1,798.2
Property, plant and equipment														6,004.0	5,857.9
Accumulated depreciation														(4,620.8)	(4,365.8)
Property, plant and equipment, net														1,383.2	1,492.1
Other non-current assets:
Investment in subsidiaries														1,844.9	1,402.9
Inter-company accounts														0.0	0.0
Goodwill and intangible assets														0.0	0.0
Other non-current assets														66.3	73.0
TOTAL ASSETS														5,097.5	4,766.2
Current liabilities:
Accounts payable														623.3	557.7
Accrued liabilities														228.2	213.7
Current portion of pension and other postretirement benefit obligations														39.7	41.0
Total current liabilities														891.2	812.4
Non-current liabilities:
Long-term debt														2,110.1	1,816.6
Pension and other postretirement benefit obligations														890.8	1,090.4
Inter-company accounts														4,199.6	4,036.9
Other non-current liabilities														133.2	153.3
TOTAL LIABILITIES														8,224.9	7,909.6
EXCHANGEABLE NOTES EXCHANGE FEATURE															21.3
Equity (deficit):
Total stockholders’ equity (deficit)														(3,127.4)	(3,164.7)
Noncontrolling interests														0.0	0.0
TOTAL EQUITY (DEFICIT)														(3,127.4)	(3,164.7)
TOTAL LIABILITIES AND EQUITY (DEFICIT)														5,097.5	4,766.2
Condensed Cash Flows [Abstract]
Net cash flows from operating activities											67.3	186.5	49.0
Cash flows from investing activities:
Capital investments											(131.8)	(116.0)	(85.0)
Proceeds from sale of equity investee													25.0
Proceeds from AFSG Holdings, Inc. distribution													0.0
Investments in acquired business, net of cash acquired											(360.4)
Other investing items, net											4.0	3.0	12.5
Net cash flows from investing activities											(488.2)	(113.0)	(47.5)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net borrowings (repayments) under credit facility											450.0	(550.0)	(55.0)
Proceeds from issuance of long-term debt											680.0	380.0
Redemption of long-term debt											(848.4)	(392.8)	(14.1)
Proceeds from issuance of common stock												0.0
Debt issuance costs											(25.3)	(20.4)
Inter-company activity											31.2	630.5	66.1
SunCoke Middletown distributions to noncontrolling interest owners											0.0	0.0	0.0
Other financing items, net											0.0	0.1	0.0
Net cash flows from financing activities											287.5	47.4	(3.0)
Net increase (decrease) in cash and cash equivalents											(133.4)	120.9	(1.5)
Cash and cash equivalents, beginning of year						147.9				27.0	147.9	27.0	28.5
Cash and cash equivalents, end of year			14.5				147.9				14.5	147.9	27.0
Guarantor Subsidiaries of the Senior Notes [Member]
Condensed Statements of Operations [Abstract]
Net sales											285.9	250.9	256.2
Cost of products sold (a)											197.7	171.7	166.2
Selling and administrative expenses (exclusive of items shown separately below)											13.5	12.7	13.1
Depreciation											7.5	7.0	7.4
Charge (credit) for termination of pellet agreement and related transportation costs											0.0	0.0
Charge for facility idling													0.0
Asset impairment charge											0.0
Total operating costs											218.7	191.4	186.7
Operating profit (loss)											67.2	59.5	69.5
Pension and OPEB expense (income)											0.0	0.0	0.0
Interest expense											0.0	0.0	0.0
Impairment of Magnetation investment													0.0
Impairment of AFSG investment													0.0
Other income (expense)											11.4	8.1	6.6
Income (loss) before income taxes											78.6	67.6	76.1
Income tax expense (benefit)											29.9	25.7	28.9
Equity in net income (loss) of subsidiaries											0.0	0.0	0.0
Net income (loss)											48.7	41.9	47.2
Less: Net income attributable to noncontrolling interests											0.0	0.0	0.0
Net income (loss) attributable to AK Steel Holding Corporation											48.7	41.9	47.2
Other comprehensive income (loss)											0.0	0.0	0.0
Comprehensive income (loss) attributable to AK Steel Holding Corporation											48.7	41.9	47.2
Current assets:
Cash and cash equivalents			7.2			4.4	4.4			5.7	4.4	5.7	4.5	7.2	4.4	5.7	4.5
Accounts receivable, net														33.2	30.3
Inventory														55.1	43.7
Other current assets														0.2	0.2
Total current assets														95.7	78.6
Property, plant and equipment														181.5	175.9
Accumulated depreciation														(94.8)	(87.2)
Property, plant and equipment, net														86.7	88.7
Other non-current assets:
Investment in subsidiaries														0.0	0.0
Inter-company accounts														1,523.1	1,462.3
Goodwill and intangible assets														32.8	32.8
Other non-current assets														0.2	0.2
TOTAL ASSETS														1,738.5	1,662.6
Current liabilities:
Accounts payable														17.9	16.7
Accrued liabilities														7.8	7.0
Current portion of pension and other postretirement benefit obligations														0.0	0.0
Total current liabilities														25.7	23.7
Non-current liabilities:
Long-term debt														0.0	0.0
Pension and other postretirement benefit obligations														0.0	0.0
Inter-company accounts														0.0	0.0
Other non-current liabilities														1.0	1.6
TOTAL LIABILITIES														26.7	25.3
EXCHANGEABLE NOTES EXCHANGE FEATURE															0.0
Equity (deficit):
Total stockholders’ equity (deficit)														1,711.8	1,637.3
Noncontrolling interests														0.0	0.0
TOTAL EQUITY (DEFICIT)														1,711.8	1,637.3
TOTAL LIABILITIES AND EQUITY (DEFICIT)														1,738.5	1,662.6
Condensed Cash Flows [Abstract]
Net cash flows from operating activities											73.3	44.3	50.6
Cash flows from investing activities:
Capital investments											(5.6)	(8.8)	(9.0)
Proceeds from sale of equity investee													0.0
Proceeds from AFSG Holdings, Inc. distribution													0.0
Investments in acquired business, net of cash acquired											0.0
Other investing items, net											0.0	0.0	0.0
Net cash flows from investing activities											(5.6)	(8.8)	(9.0)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net borrowings (repayments) under credit facility											0.0	0.0	0.0
Proceeds from issuance of long-term debt											0.0	0.0
Redemption of long-term debt											0.0	0.0	0.0
Proceeds from issuance of common stock												0.0
Debt issuance costs											0.0	0.0
Inter-company activity											(64.9)	(36.8)	(40.4)
SunCoke Middletown distributions to noncontrolling interest owners											0.0	0.0	0.0
Other financing items, net											0.0	0.0	0.0
Net cash flows from financing activities											(64.9)	(36.8)	(40.4)
Net increase (decrease) in cash and cash equivalents											2.8	(1.3)	1.2
Cash and cash equivalents, beginning of year						4.4				5.7	4.4	5.7	4.5
Cash and cash equivalents, end of year			7.2				4.4				7.2	4.4	5.7
Other Non-Guarantor Subsidiaries [Member]
Condensed Statements of Operations [Abstract]
Net sales											496.3	411.5	533.0
Cost of products sold (a)											387.2	299.4	425.1
Selling and administrative expenses (exclusive of items shown separately below)											26.9	22.6	22.6
Depreciation											29.2	21.8	20.9
Charge (credit) for termination of pellet agreement and related transportation costs											0.0	0.0
Charge for facility idling													0.0
Asset impairment charge											0.0
Total operating costs											443.3	343.8	468.6
Operating profit (loss)											53.0	67.7	64.4
Pension and OPEB expense (income)											0.0	0.0	0.0
Interest expense											2.0	1.6	2.0
Impairment of Magnetation investment													(256.3)
Impairment of AFSG investment													(41.6)
Other income (expense)											5.4	8.6	(11.6)
Income (loss) before income taxes											56.4	74.7	(247.1)
Income tax expense (benefit)											(1.8)	3.6	(4.6)
Equity in net income (loss) of subsidiaries											0.0	(0.7)	0.6
Net income (loss)											58.2	70.4	(241.9)
Less: Net income attributable to noncontrolling interests											61.4	66.0	62.8
Net income (loss) attributable to AK Steel Holding Corporation											(3.2)	4.4	(304.7)
Other comprehensive income (loss)											4.7	(1.5)	(3.1)
Comprehensive income (loss) attributable to AK Steel Holding Corporation											1.5	2.9	(307.8)
Current assets:
Cash and cash equivalents			16.3			20.9	20.9			23.9	20.9	23.9	37.2	16.3	20.9	23.9	37.2
Accounts receivable, net														65.4	19.6
Inventory														108.3	42.0
Other current assets														5.4	2.9
Total current assets														195.4	85.4
Property, plant and equipment														646.3	535.2
Accumulated depreciation														(130.0)	(101.6)
Property, plant and equipment, net														516.3	433.6
Other non-current assets:
Investment in subsidiaries														67.5	67.5
Inter-company accounts														0.0	0.0
Goodwill and intangible assets														273.9	0.0
Other non-current assets														44.3	38.9
TOTAL ASSETS														1,097.4	625.4
Current liabilities:
Accounts payable														50.9	15.0
Accrued liabilities														34.5	13.4
Current portion of pension and other postretirement benefit obligations														0.4	0.3
Total current liabilities														85.8	28.7
Non-current liabilities:
Long-term debt														0.0	0.0
Pension and other postretirement benefit obligations														3.4	3.3
Inter-company accounts														489.1	458.4
Other non-current liabilities														34.7	0.1
TOTAL LIABILITIES														613.0	490.5
EXCHANGEABLE NOTES EXCHANGE FEATURE															0.0
Equity (deficit):
Total stockholders’ equity (deficit)														139.2	(228.0)
Noncontrolling interests														345.2	362.9
TOTAL EQUITY (DEFICIT)														484.4	134.9
TOTAL LIABILITIES AND EQUITY (DEFICIT)														1,097.4	625.4
Condensed Cash Flows [Abstract]
Net cash flows from operating activities											61.7	92.2	108.1
Cash flows from investing activities:
Capital investments											(15.1)	(2.8)	(5.0)
Proceeds from sale of equity investee													0.0
Proceeds from AFSG Holdings, Inc. distribution													14.0
Investments in acquired business, net of cash acquired											0.0
Other investing items, net											0.2	(0.7)	0.0
Net cash flows from investing activities											(14.9)	(3.5)	9.0
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net borrowings (repayments) under credit facility											0.0	0.0	0.0
Proceeds from issuance of long-term debt											0.0	0.0
Redemption of long-term debt											0.0	0.0	0.0
Proceeds from issuance of common stock												0.0
Debt issuance costs											0.0	0.0
Inter-company activity											27.7	(6.6)	(34.1)
SunCoke Middletown distributions to noncontrolling interest owners											(79.1)	(85.1)	(96.3)
Other financing items, net											0.0	0.0	0.0
Net cash flows from financing activities											(51.4)	(91.7)	(130.4)
Net increase (decrease) in cash and cash equivalents											(4.6)	(3.0)	(13.3)
Cash and cash equivalents, beginning of year						20.9				23.9	20.9	23.9	37.2
Cash and cash equivalents, end of year			16.3				20.9				16.3	20.9	23.9
Eliminations [Member]
Condensed Statements of Operations [Abstract]
Net sales											(456.8)	(460.9)	(594.5)
Cost of products sold (a)											(413.8)	(416.2)	(543.7)
Selling and administrative expenses (exclusive of items shown separately below)											(44.7)	(43.3)	(49.1)
Depreciation											0.0	0.0	0.0
Charge (credit) for termination of pellet agreement and related transportation costs											0.0	0.0
Charge for facility idling													0.0
Asset impairment charge											0.0
Total operating costs											(458.5)	(459.5)	(592.8)
Operating profit (loss)											1.7	(1.4)	(1.7)
Pension and OPEB expense (income)											0.0	0.0	0.0
Interest expense											0.0	0.0	0.0
Impairment of Magnetation investment													0.0
Impairment of AFSG investment													0.0
Other income (expense)											(3.8)	(5.2)	0.0
Income (loss) before income taxes											(2.1)	(6.6)	(1.7)
Income tax expense (benefit)											(0.9)	(2.5)	(0.7)
Equity in net income (loss) of subsidiaries											(151.5)	(29.8)	905.9
Net income (loss)											(152.7)	(33.9)	904.9
Less: Net income attributable to noncontrolling interests											0.0	0.0	0.0
Net income (loss) attributable to AK Steel Holding Corporation											(152.7)	(33.9)	904.9
Other comprehensive income (loss)											(43.2)	(123.1)	(5.6)
Comprehensive income (loss) attributable to AK Steel Holding Corporation											(195.9)	(157.0)	899.3
Current assets:
Cash and cash equivalents			0.0			0.0	0.0			0.0	0.0	0.0	0.0	0.0	0.0	$ 0.0	$ 0.0
Accounts receivable, net														(13.2)	(8.3)
Inventory														(9.9)	(11.5)
Other current assets														0.0	0.0
Total current assets														(23.1)	(19.8)
Property, plant and equipment														0.0	0.0
Accumulated depreciation														0.0	0.0
Property, plant and equipment, net														0.0	0.0
Other non-current assets:
Investment in subsidiaries														1,215.0	1,694.3
Inter-company accounts														(4,605.9)	(4,413.9)
Goodwill and intangible assets														0.0	0.0
Other non-current assets														0.0	0.0
TOTAL ASSETS														(3,414.0)	(2,739.4)
Current liabilities:
Accounts payable														(1.7)	0.5
Accrued liabilities														0.0	0.0
Current portion of pension and other postretirement benefit obligations														0.0	0.0
Total current liabilities														(1.7)	0.5
Non-current liabilities:
Long-term debt														0.0	0.0
Pension and other postretirement benefit obligations														0.0	0.0
Inter-company accounts														(4,688.7)	(4,495.3)
Other non-current liabilities														0.0	0.0
TOTAL LIABILITIES														(4,690.4)	(4,494.8)
EXCHANGEABLE NOTES EXCHANGE FEATURE															0.0
Equity (deficit):
Total stockholders’ equity (deficit)														1,276.4	1,755.4
Noncontrolling interests														0.0	0.0
TOTAL EQUITY (DEFICIT)														1,276.4	1,755.4
TOTAL LIABILITIES AND EQUITY (DEFICIT)														$ (3,414.0)	$ (2,739.4)
Condensed Cash Flows [Abstract]
Net cash flows from operating activities											(1.0)	(15.3)	(3.7)
Cash flows from investing activities:
Capital investments											0.0	0.0	0.0
Proceeds from sale of equity investee													0.0
Proceeds from AFSG Holdings, Inc. distribution													0.0
Investments in acquired business, net of cash acquired											0.0
Other investing items, net											0.0	0.0	0.0
Net cash flows from investing activities											0.0	0.0	0.0
Net Cash Provided by (Used in) Financing Activities [Abstract]
Net borrowings (repayments) under credit facility											0.0	0.0	0.0
Proceeds from issuance of long-term debt											0.0	0.0
Redemption of long-term debt											0.0	0.0	0.0
Proceeds from issuance of common stock												0.0
Debt issuance costs											0.0	0.0
Inter-company activity											1.0	15.3	3.7
SunCoke Middletown distributions to noncontrolling interest owners											0.0	0.0	0.0
Other financing items, net											0.0	0.0	0.0
Net cash flows from financing activities											1.0	15.3	3.7
Net increase (decrease) in cash and cash equivalents											0.0	0.0	0.0
Cash and cash equivalents, beginning of year						$ 0.0				$ 0.0	0.0	0.0	0.0
Cash and cash equivalents, end of year			$ 0.0				$ 0.0				$ 0.0	$ 0.0	$ 0.0