AK STEEL CORPORATION EXECUTIVE RETIREMENT INCOME PLAN _____________________________________ (Effective as of March 20, 2014) AK STEEL CORPORATION EXECUTIVE RETIREMENT INCOME PLAN (Effective as of March 20, 2014) ARTICLE 1: INTRODUCTION AND PURPOSE

“Administrator” means the Management Development and Compensation Committee of the Board, or any successor Committee duly empowered by the Board.

“Average Monthly Earnings” with respect to a Member means: (i) the monthly average of the Member's base salary for the last three (3) consecutive calculation years; plus (ii) the average of any incentive awards received by the Member for the last ten (10) consecutive Performance Periods under the AK Steel Corporation Annual Management Incentive Plan and any substitute or successor of such plan ("MIP"). The calculation of such monthly average base salary and average incentive award shall include any amounts of base salary and/or MIP incentive awards, respectively, that the Member elects to defer with respect to any calendar year under the AK Steel Corporation Thrift Plan, the AK Steel Corporation Executive Deferred Compensation Plan, or under any plan established under section 125 of the Code. With respect to a Member who has partially vested under the Plan but has not yet attained ten years of Service, the average of incentive awards received by such Member shall be calculated using the number of years of Service he or she has with the Company. The term “calculation years” means the twelve (12) consecutive calendar months ending with the last day of the month coincident with or immediately preceding the date of a Member’s Termination Date.

“Benefit Commencement Date” means the date on which a Member’s Benefit becomes payable in accordance with the provisions of Section 8.1.

“Board” means the Board of Directors of AK Steel Holding Corporation or any successor thereto, as the same shall be constituted from time to time.

“Change of Control” has the same meaning under this Plan as under the Trust Agreement for the AK Steel Corporation Non-Qualified Supplemental Retirement Plans.

“Company” means AK Steel Corporation and any successor to all or substantially all of the assets or business of AK Steel Corporation.

“Member” means any officer of the Company who is selected by the Chief Executive Officer and who is approved by the Administrator to be a participant eligible for benefits under this Plan.

“NCPP” means the AK Steel Corporation Noncontributory Pension Plan as amended (excluding the RAPP component of such plan), and any predecessor, substitute or successor Qualified DB Plan.

“Performance Period” means the performance period as defined under the AK Steel Corporation Annual Management Incentive Plan, which is the twelve-month period commencing on January 1 and ending on the following December 31.

“Qualified DB Plan” means any tax‑qualified defined benefit pension plan sponsored by the Company including the NCPP and the RAPP, and any predecessor, substitute or successor of any such plan.

“Qualified DC Plan” means any tax-qualified defined contribution plan sponsored by the Company including the AK Steel Corporation Thrift Plan A and any predecessor, substitute or successor of any such plan.

“RAPP” means the AK Steel Corporation Retirement Accumulation Pension Plan, a component plan of the NCPP.

“Service” means years of employment with the Company, including years of employment with any other predecessor organization approved by the Administrator.

“Spouse” means the person to whom a Member is married at the time payment of the

“Termination Date” means the date on which a Member completely separates from service with the Company for any reason, including death.

“Trust” means the trust established pursuant to the Trust Agreement for the AK Steel Corporation Non-Qualified Supplemental Retirement Plans dated February 21, 1997, as amended, and any successor or replacement trust for such trust.

“Unlimited NCPP Benefit” means for any Member who, as of his or her Termination Date, is entitled to a vested accrued benefit under the NCPP, the Member’s vested accrued benefit under the NCPP, determined without regard to the limitations under sections 401(a)(17) and 415 of the Code (or any substitute or similar provision limiting benefits permitted under the NCPP) and based upon his or her earnings used for purposes of determining Average Monthly Earnings under Section 2.2.

“Vesting Date” means the date on which a Member first becomes entitled to a nonforfeitable right to all or any portion of his or her Benefit in accordance with the provisions of Article 7.

Except as provided in (b) below, a Member’s Regular Benefit is a monthly payment for the Member’s lifetime, commencing on the first day of the month

in the case of a Member hired by the Company prior to January 1, 1992, his or her Unlimited NCPP Benefit; or

except as otherwise provided in any other agreement between the Company and a Member and approved by the Administrator, 40% of the Member’s Average Monthly Earnings.

With respect to any Member who has not attained age 60 as of his or her Termination Date and whose Termination Date occurs on or after the effective date of a Change of Control, such Member’s Regular Benefit shall be determined under (a) above as though the Member had attained age 60 immediately before his or her Termination Date and shall not be reduced for early commencement as otherwise provided in Section 6.3.

Except as otherwise provided in (b) below and in Sections 8.3 and 10.4, a Member’s vested Benefit shall be paid to the Member, or in the case of a Member’s death, to his or her designated beneficiary, in a single lump sum payment determined in accordance with Section 8.2, as soon as administratively feasible after his or her Termination Date, but no later than 30 days after such date.

With respect to a Member who has achieved his or her Vesting Date and whose Termination Date occurs before he or she attains age 55, his or her vested Benefit shall be paid to the Member, or in the event of his or her death prior to such payment, to his or her designated beneficiary, as soon as administratively feasible after his or her 55^th birthday (or his or her date of death, if sooner), but no later than 30 days after such date; provided however, if such Member’s Termination Date is on account of a determination that he or she is Permanently Disabled (as defined in Section 7.2), such Member’s Benefit shall be paid as soon as administratively feasible after his or her Termination Date, but no later than 30 days after such date.

Any designation of beneficiary shall be made by the Member on an election form filed with the Administrator and may be changed by the Member at any time by filing another election form containing the revised instructions. If no beneficiary is designated or no designated beneficiary survives the Member, payment shall be made to his or her estate.

The lump‑sum present value of a Member’s Benefit shall be the actuarial equivalent of his or her Benefit payable as a single life annuity as set forth in Section 6.2 or 6.3, as applicable.

Subject to the provisions of (c) below, the lump-sum present value of a Member’s Benefit shall be determined by the enrolled actuary for the NCPP based upon assumptions approved by the Administrator in its sole discretion. The assumptions may be changed at any time, and from time to time, but any change shall be valid only with respect to Termination Dates occurring twelve or more months after the change is approved.

Unless otherwise directed by the Administrator, the lump sum present value of a Member’s Benefit shall be calculated as of his or her Benefit Commencement Date based upon: (i) the 60-month average of the Pension Benefit Guaranty Corporation immediate annuity interest rate used in computing lump sums as in effect during each of the 60 months preceding the month in which the Benefit Commencement Date occurs; (ii) the age of the Member; (iii) the applicable mortality table in effect under section 417(e)(3) of the Code; and (iv) the equivalent of the amount otherwise payable as a lifetime annuity on the Member’s Benefit Commencement Date. In the case of a payment to the designated beneficiary of a deceased Member who had not attained age 55 at the time of his or her death, the lump sum shall be based on the Member’s age as of the Benefit Commencement Date and the present value of the deferred, actuarially reduced benefit that would have been payable to the Member at age 55.