EXHIBIT NO. 99

                                  News Release
[LOGO]
AK Steel


Contacts:  Media - Alan H. McCoy, Vice President, Public Affairs (513) 425-2826
           Investors - James L. Wainscott, Senior Vice President & CFO
           (513) 425-5392



      AK Steel Offers $1.025 Billion for National Steel Corporation Assets

MIDDLETOWN, OH, January 23, 2003--AK Steel Corporation (NYSE: AKS) said it
submitted today a proposal to acquire substantially all of the steelmaking and
finishing assets of National Steel Corporation for $1.025 billion, of which $200
million consists of the assumption of certain liabilities. The remaining $825
million would be payable to National in cash, with $450 million of that amount
for net working capital.

         National has been operating since March of 2002 as a
debtor-in-possession under Chapter 11 of the Bankruptcy Code. AK Steel said it
will seek, in a hearing on January 30, to have the bankruptcy court declare it
the lead bidder in the competitive bidding process for National's assets. AK
Steel said its offer is contingent upon regulatory and bankruptcy court
approvals. In addition, the bid contemplates negotiation of a new contract with
the United Steelworkers of America, which represents most of National's hourly
employees. AK Steel said its bid does not include the assumption of pension and
other post-retirement employee benefits, which consist primarily of retiree
health care liabilities.

         "This represents a superior bid for the assets of National Steel and a
strategic acquisition for AK Steel," said Richard M. Wardrop, Jr., chairman and
CEO of AK Steel. "The National operations would further diversify AK Steel's
rich product mix to include tin mill and construction market products, and
presents the opportunity for significant cost-based synergies. It also presents
an opportunity for AK Steel and the USWA to forge a constructive new labor
agreement that helps insure that a consolidated U.S. steel industry remains
competitive with steelmakers worldwide," Mr. Wardrop said.

         AK Steel employees have established numerous world productivity
records, including for blast furnace operations, carbon and stainless continuous
casting, cold rolling and coating. Headquartered in Middletown, Ohio, AK Steel
produces flat-rolled carbon, stainless and electrical steel products for
automotive, appliance, construction and manufacturing markets, as well as
tubular steel products. The company operates steel producing and finishing
facilities in Ohio, Kentucky, Pennsylvania and Indiana. Additional information
about AK Steel is available on the company's web site at www.aksteel.com.

         National Steel, headquartered in Mishawaka, Indiana, filed a voluntary
petition under Chapter 11 of the Bankruptcy Code in March of 2002, but has
continued to operate its facilities. National operates steel producing and
finishing facilities in Indiana, Illinois and Michigan. More information is
available on the company's web site at www.nationalsteel.com.

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