Nick:
Thanks.  Just a few questions for Carol and Ken:

1. Will there still be a MAC trigger and if so, will it remain at the parent 
level?

2. I am assuming that we still want to receive Holdings" financials.

3. Sounds like what we want AK Steel to say is that  it will remain as the 
only subsidiary of Holdings.  Is that the concept that you want them to 
covenant about in the ISDA?  I would suggest doing it as a covenant so that 
it would lead to an Event of Default if it is violated.  Does anyone have any 
thoughts on this?

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



	Nick Ernst/ENRON@enronXgate
	05/29/2001 07:24 PM
		 
		 To: Carol St Clair/HOU/ECT@ECT
		 cc: 
		 Subject: AK steel

Credit said that they will wave the parent guarantee.  The provision will be 
waved if AK Steel states, whether in financial documents or by written 
letter, that every entity within AK Steel Holding is also every entity within 
AK Steel Corp.  I have passed this on my contact in AK Steel's Treasury and 
they are going to get back to me.  I will be on the road tomorrow but you can 
leave me a voicemail with any questions.  

Nick