Paul and/or Ken,
The following is a summary of AK Steel's credit related comments:

1. Delete Part 1(g) of the Schedule which amends the Credit Event Upon Merger 
provisions.

2. Delete the reference to "affiliates" in setoff.

3. Delete the exclusion of consequential, punitive etc.  damages from the 
Limitation of Liability section.

4. Delete clause (ii) of the definition of Credit Support Amount which refers 
to Independent Amounts.

5. Delete the Material Adverse Change and Potential Event of Default triggers 
from the definition of Threshold.  Delete the concept of Material Adverse 
Change.

6. Change the "and" to an "or" in the definition of Letter of Credit where it 
refers to the required credit rating for the Issuer.

7. Lengthen the time for delivery of collateral from 2 days to 5 days.

8. Delete the Guaranty from AK Steel Holding Corp.


There are some additional legal points but looks like their major points are 
credit related.



Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com