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AK STEEL ANNOUNCEMENT OF NEW FACILITY "TAKE THE MONEY AND RUN".

MIDDLETOWN, Ohio--(BUSINESS WIRE)--Nov. 21, 1996--Today AK Steel announced its decision to build a new, $1.1 billion facility in Rockport, Indiana. This announcement marks the acknowledgment by AK Steel that it has abandoned its historic commitment to Middletown, Ohio, the surrounding communities and the thousands of employees who have often literally given their lives for the company. AK Steel has announced it will take the money and run.

Since first learning of AK Steel's intent to expand, and perhaps build a new facility, the AEIF has tirelessly sought to open a dialogue with AK Steel management to discuss these issues. "We have repeatedly requested AK Steel conduct an independent study of the feasibility of expanding at the Middletown Works. We continue to believe any decision to proceed before the feasibility study is conducted is not a wise business decision," AEIF President Michael Bailey remarked. "To date, AK Steel has refused to conduct that study."

Bailey continued, "We were available all day yesterday at the hotel where the board met and offered to meet to review the independent feasibility study concept. Obviously, the board chose to forego this opportunity to discuss expansion concerns of the AEIF and the feasibility concept."

The AEIF has learned from reliable sources that AK Steel's announcement today will be followed shortly after the first of the year by an announcement that it may relocate its headquarters from Middletown, Ohio.

AK Steel's decision shows a willingness to abandon the community that has supported it throughout its 96-year history, and to abandon and indeed discard the dedicated steelworkers who helped earn the company over $500 million in profits in the last two years alone. They paid for these profits with their blood, and in too many cases, with their lives. AK Steel will take the money and run.

AEIF President Michael Bailey concluded, "The AEIF cannot predict the reaction of our members to this announcement. We do not know how they will respond to the prospect of a slow, painful death to the mill that has been their livelihood. Our members are scared -- scared for their families, for their jobs and their communities. They have told us loud and clear: fight for our futures. We intend to redouble our efforts to keep the company in Middletown. Our members told us, "Don't let AK Steel take the money and run." This fight has just begun.

CONTACT: Michael Bailey, president of AEIF, 513-423-6573
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Publication:Business Wire
Date:Nov 21, 1996
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