According to the Complaint, AK Steel is a leading producer of flat-rolled carbon, stainless, and electrical steel
products, primarily for the automotive, infrastructure and manufacturing, including electrical power, and distributors and converters markets.

This action stems from a proposed transaction announced on December 3, 2019, 2019, pursuant to which AK Steel Holding Corporation will be acquired by Cleveland-Cliffs Inc.

On December 2, 2019, AK Steel’s Board of Directors caused the Company to enter into an agreement and plan of merger with Cleveland-Cliffs. Pursuant to the terms of the Merger Agreement, AK Steel’s stockholders will receive 0.40 shares of Parent common stock for each share of AK Steel common stock they own.

On January 8, 2020, Defendants filed a Form S-4 Registration Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Registration Statement omits material information with respect to the Proposed Transaction, which renders the Registration Statement false and misleading.