AK Steel (AKS)

[I-Man]

CLEVELAND & WEST CHESTER, OH - January 14, 2020 -

Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs”) and AK Steel Holding Corporation (NYSE: AKS) (“AK Steel”) today announced that, in connection with the anticipated acquisition of AK Steel by Cliffs, Cliffs has commenced offers to exchange (each an “Exchange Offer” and, collectively, the “Exchange Offers”) any and all outstanding 6.375% Senior Notes due 2025 and 7.00% Senior Notes due 2027 issued by AK Steel Corporation, a wholly owned subsidiary of AK Steel, as set forth in the table below (collectively, the “Existing AK Steel Notes”) for the same aggregate principal amount of new notes to be issued by Cliffs (the “New Cliffs Notes”). In conjunction with the Exchange Offers, AK Steel Corporation is soliciting consents (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the Existing AK Steel Notes to eliminate certain of the covenants, restrictive provisions and events of default from such indentures (the “Proposed Amendments”).