Davis Polk advised the joint book-running managers and representatives of the several underwriters of an SEC-registered offering by AK Steel Corporation, a wholly owned subsidiary of AK Steel Holding Corporation, of $400 million principal amount of its 7.00% senior notes due 2027, guaranteed on a senior unsecured basis by AK Steel Holding Corporation, AK Steel Properties, Inc., AK Tube LLC and Mountain State Carbon, LLC.

Davis Polk is also advising the dealer manager in connection with AK Steel Corporation’s tender offer to purchase any and all of its $529.7 million aggregate principal amount of 7.625% senior notes due 2020.

Headquartered in West Chester, Ohio, AK Steel Holding Corporation is a publicly traded company that produces flat-rolled carbon, stainless and electrical steel products and carbon and stainless tubular products primarily for automotive, infrastructure and manufacturing, construction and electrical power generation and distribution markets. The company operates eight steel plants, two coke plants and two tube manufacturing plants across six states–Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia–and a tube manufacturing plant in Mexico.

The Davis Polk corporate team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associate Jennifer (Yujia) Jiang. Partner David H. Schnabel and associate Mahalia S. Burford provided tax advice. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice. All members of the Davis Polk team are based in the New York office.

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