Document:

Registration Rights Agreement dated March 22, 2004

 EXHIBIT 10.19 
  
 EXECUTION COPY 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 by and among 
  
 California Steel Industries, Inc. 
  
 and 
  
 Banc of America
Securities LLC 
 Goldman, Sachs & Co. 
 CIBC World Markets Corp. 
 Deutsche Bank Securities Inc.  
  
 Dated as of March 22, 2004 

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is made and entered into as of March 22, 2004, by and among
California Steel Industries, Inc., a Delaware corporation (the “Company”), and Banc of America Securities LLC, Goldman, Sachs & Co., CIBC World Markets Corp. and Deutsche Bank Securities Inc. (each an “Initial Purchaser” and,
collectively, the “Initial Purchasers”), each of whom has agreed to purchase the Company’s 6 1/8%
Senior Notes due 2014 (the “Initial Notes”) pursuant to the Purchase Agreement (as defined below). 
  
 This Agreement is made pursuant to the Purchase Agreement, dated as of March 9, 2004 (the “Purchase Agreement”), by and among the Company and
the Initial Purchasers (i) for your benefit and for the benefit of each other Initial Purchaser and (ii) for the benefit of the holders from time to time of the Notes (including you and each other Initial Purchaser). In order to induce the Initial
Purchasers to purchase the Initial Notes, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in
Section 5(h) of the Purchase Agreement. 
  
 The parties hereby
agree as follows: 
  
 SECTION 1. Definitions.
As used in this Agreement, the following capitalized terms shall have the following meanings: 
  
 Additional Interest Payment Date: With respect to the Initial Notes, each Interest Payment Date. 
  
 Broker-Dealer: Any broker or dealer registered under the Exchange Act.

  
 Closing Date: The date of this Agreement. 

 
 Commission: The Securities and Exchange Commission. 
  
 Consummate: A Registered Exchange Offer shall be deemed
“Consummated” for purposes of this Agreement upon the occurrence of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer,
(ii) the maintenance of such Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to
the Registrar under the Indenture of Exchange Notes in the same aggregate principal amount as the aggregate principal amount of Initial Notes that were tendered by Holders thereof pursuant to the Exchange Offer. 
  
 Effectiveness Target Date: As defined in Section 5. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended.

 Exchange Notes: The 6 1/8% Senior Notes due 2014, of the same series under the Indenture as the Initial Notes, to be issued to Holders in exchange for Transfer Restricted Securities pursuant to this
Agreement. 
  
 Exchange Offer: The registration by
the Company under the Securities Act of the Exchange Notes pursuant to a Registration Statement pursuant to which the Company offers the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding
Transfer Restricted Securities held by such Holders for Exchange Notes in an aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders. 
  
 Exchange Offer Registration Statement: The Registration Statement
relating to the Exchange Offer, including the related Prospectus. 
  
 Exempt Resales: The transactions in which the Initial Purchasers propose to sell the Initial Notes to certain “qualified institutional buyers,” as such term is defined in Rule 144A under the Securities Act, and to certain
institutional “accredited investors,” as such term is defined in Rule 501(a)(1), (2), (3) and (7) of Regulation D under the Securities Act (“Accredited Institutions”). 
  
 Holders: As defined in Section 2(b) hereof. 
  
 Indemnified Holder: As defined in Section 8(a) hereof. 
  
 Indenture: The Indenture, dated as of March 22, 2004, among the Company and U.S. Bank National Association, as
trustee (the “Trustee”), pursuant to which the Notes are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the terms thereof. 
  
 Initial Purchaser: As defined in the preamble hereto. 
  
 Initial Notes: The 6 1/8% Senior Notes due 2014, of the same series under the Indenture as the Exchange Notes, for so long as such securities constitute Transfer Restricted Securities. 
  
 Initial Placement: The issuance and sale by the Company of the Initial
Notes to the Initial Purchasers pursuant to the Purchase Agreement. 
  
 Interest Payment Date: As defined in the Indenture and the Notes. 
  
 NASD: National Association of Securities Dealers, Inc. 
  
 Notes: The Initial Notes and the Exchange Notes. 
  
 Person: An individual, partnership, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. 
  

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 Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by any
prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 
  

Record Holder: With respect to any Damages Payment Date relating to the Notes, each Person who is a Holder of Notes on the record date with
respect to the Interest Payment Date on which such Damages Payment Date shall occur. 
  
 Registration Default: As defined in Section 5 hereof. 
  
 Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Notes pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities
pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all
exhibits and material incorporated by reference therein. 
  
 Securities Act: The Securities Act of 1933, as amended. 
  
 Shelf Filing Deadline: As defined in Section 4 hereof. 
  
 Shelf Registration Statement: As defined in Section 4 hereof. 
  
 Trust Indenture Act: The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa 77bbbb) as in effect on the date of the Indenture. 
  
 Transfer Restricted Securities: Each Note, until the earliest to occur of (a) the date on which such Note is
exchanged in the Exchange Offer and entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (b) the date on which such Note has been effectively registered under
the Securities Act and disposed of in accordance with a Shelf Registration Statement and (c) the date on which such Note is distributed to the public pursuant to Rule 144 under the Securities Act or by a Broker-Dealer pursuant to the “Plan of
Distribution” contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein). 
  
 Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for reoffering to
the public. 
  
 SECTION 2. Securities Subject to
this Agreement. 
  
 (a) Transfer Restricted Securities.
The securities entitled to the benefits of this Agreement are the Transfer Restricted Securities. 
  
 (b) Holders of Transfer Restricted Securities. A Person is deemed to be a holder of Transfer Restricted Securities (each, a “Holder”)
whenever such Person owns Transfer Restricted Securities. 
  

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 SECTION 3. Registered Exchange Offer. 
  
 (a) Unless the Exchange Offer shall not be permissible under applicable law
or Commission policy (after the procedures set forth in Section 6(a) below have been complied with), the Company shall (i) cause to be filed with the Commission as soon as practicable after the date of issuance of the Notes, but in no event later
than 45 days after the date of issuance of the Notes, a Registration Statement under the Securities Act relating to the Exchange Notes and the Exchange Offer, (ii) use its best efforts to cause such Registration Statement to become effective at the
earliest possible time, but in no event later than 120 days after the date of issuance of the Notes, (iii) in connection with the foregoing, file (A) all pre-effective amendments to such Registration Statement as may be necessary in order to cause
such Registration Statement to become effective, (B) if applicable, a post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in connection with the registration and
qualification of the Exchange Notes to be made under the Blue Sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of such Registration Statement, commence the Exchange Offer.
The Exchange Offer shall be on the appropriate form permitting registration of the Exchange Notes to be offered in exchange for the Transfer Restricted Securities and to permit resales of Notes held by Broker-Dealers as contemplated by Section 3(c)
below. 
  
 (b) The Company shall cause the Exchange Offer
Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer;
provided, however, that in no event shall such period be less than 30 days after the date notice of the Exchange Offer is mailed to the Holders. The Company shall cause the Exchange Offer to comply with all applicable federal and state
securities laws. No securities other than the Notes shall be included in the Exchange Offer Registration Statement. The Company shall use its best efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the
Exchange Offer Registration Statement has become effective, but in no event later than 150 days after the date of issuance of the Notes. 
  
 (c) The Company shall indicate in a “Plan of Distribution” section contained in the Prospectus forming a part of the Exchange Offer Registration
Statement that any Broker-Dealer who holds Initial Notes that are Transfer Restricted Securities and that were acquired for its own account as a result of market-making activities or other trading activities (other than Transfer Restricted
Securities acquired directly from the Company), may exchange such Initial Notes pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore,
deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Notes received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by
such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other information with respect to such resales by Broker-Dealers that the Commission
may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Notes held by any such Broker-Dealer except to the extent required by the
Commission as a result of a change in policy after the date of this Agreement. 
  

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 The Company shall use its best efforts to keep the Exchange Offer Registration Statement continuously
effective, supplemented and amended as required by the provisions of Section 6(c) below to the extent necessary to ensure that it is available for resales of Notes acquired by Broker-Dealers for their own accounts as a result of market-making
activities or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period ending on the
earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading
activities. 
  
 The Company shall provide sufficient copies of the
latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such 180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales. 
  
 SECTION 4. Shelf Registration. 
  
 (a) Shelf Registration. If (i) the Company is not required to file an
Exchange Offer Registration Statement or to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a) below have been complied with), (ii) for any
reason the Exchange Offer is not Consummated within 150 days after the date of issuance of the Notes, or (iii) with respect to any Holder of Transfer Restricted Securities (A) such Holder is prohibited by applicable law or Commission policy from
participating in the Exchange Offer, or (B) such Holder may not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Notes acquired directly from the Company or one of its affiliates, then, upon such Holder’s request, the Company
shall: 
  
 (x) cause to be filed a shelf
registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”) as soon as practicable but in any event on
or prior to 45 days after such obligation arises, which Shelf Registration Statement shall provide for resales of all Transfer Restricted Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof;
and 
  
 (y) use their best efforts to cause such
Shelf Registration Statement to be declared effective by the Commission on or before the 90th day after such obligation arises. 
  
 The Company shall use its best efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the
provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Notes by the Holders of Transfer Restricted Securities entitled to the benefit of this Section 4(a), and to ensure 
  

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 that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of
the Commission as announced from time to time, for a period of at least two years following the effective date of such Shelf Registration Statement (or shorter period that will terminate when all the Notes covered by such Shelf Registration
Statement have been sold pursuant to such Shelf Registration Statement). 
  
 (b) Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any
Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 20 business days after receipt of a request therefor, such information as the Company may reasonably request for use in
connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required
to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading. 
  
 SECTION 5. Additional Interest. If (i) any of the Registration Statements required by this Agreement is not filed with the
Commission on or prior to the date specified for such filing in this Agreement, (ii) any of such Registration Statements has not been declared effective by the Commission on or prior to the date specified for such effectiveness in this Agreement
(the “Effectiveness Target Date”), (iii) the Exchange Offer has not been Consummated within 30 business days after the Effectiveness Target Date with respect to the Exchange Offer Registration Statement or (iv) any Registration Statement
required by this Agreement is filed and declared effective but shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded immediately by a post-effective amendment to such Registration Statement that
cures such failure and that is itself immediately declared effective (each such event referred to in clauses (i) through (iv), a “Registration Default”), the Company hereby agrees that the interest rate borne by the Transfer Restricted
Securities shall be increased by 0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default and shall increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event shall such
increase exceed 1.00% per annum. Following the cure of all Registration Defaults relating to any particular Transfer Restricted Securities, the interest rate borne by the relevant Transfer Restricted Securities will be reduced to the original
interest rate borne by such Transfer Restricted Securities; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Securities shall
again be increased pursuant to the foregoing provisions. 
  
 All
obligations of the Company set forth in the preceding paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such
obligations with respect to such Note shall have been satisfied in full. 
  
 SECTION 6. Registration Procedures. 
  
 (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company shall comply with all of the provisions of Section 6(c) below, shall use its best efforts 
  

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 to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with the intended
method or methods of distribution thereof, and shall comply with all of the following provisions: 
  
 (i) If in the reasonable opinion of counsel to the Company there is a question as to whether the Exchange Offer is permitted by applicable
law, the Company hereby agrees to seek a no-action letter or other favorable decision from the Commission allowing the Company to Consummate an Exchange Offer for such Initial Notes. The Company hereby agrees to pursue the issuance of such a
decision to the Commission staff level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. The Company hereby agrees, however, to (A) participate in telephonic conferences with the Commission,
(B) deliver to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and (C) diligently pursue a favorable
resolution by the Commission staff of such submission. 
  
 (ii) As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a
written representation to the Company (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does
not intend to engage in, and has no arrangement or understanding with any person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer and (C) it is acquiring the Exchange Notes in its ordinary course of
business. In addition, all such Holders of Transfer Restricted Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder
using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in
Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which
may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary
resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Notes obtained by such Holder
in exchange for Initial Notes acquired by such Holder directly from the Company. 
  
 (b) Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company shall comply with all the provisions of Section 6(c) below and shall use its best efforts to effect such
registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and pursuant thereto the Company will as expeditiously as possible prepare and file with the
Commission a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance with the intended method or methods of
distribution thereof. 
  

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 (c) General Provisions. In connection with any Registration Statement and any Prospectus required
by this Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Notes by Broker-Dealers), the Company shall:

  
 (i) use its best efforts to keep such
Registration Statement continuously effective and provide all requisite financial statements for the period specified in Section 3 or 4 of this Agreement, as applicable; upon the occurrence of any event that would cause any such Registration
Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company shall file
promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use its best efforts to cause such amendment to be declared
effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 
  
 (ii) prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement as may be necessary
to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have
been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A
under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended
method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 
  
 (iii) advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, to confirm such advice in
writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request
by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any
of the preceding purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document
incorporated by reference therein untrue, or that requires the making of any 
  

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 additions to or changes in the Registration Statement or the Prospectus in order to make the statements
therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the
qualification or exemption from qualification of the Transfer Restricted Securities under state securities or Blue Sky laws, the Company shall use its best efforts to obtain the withdrawal or lifting of such order at the earliest possible time;

  
 (iv) furnish without charge to each of the
Initial Purchasers, each selling Holder named in any Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or
supplements to any such Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review of such Holders and
underwriter(s) in connection with such sale, if any, for a period of at least five business days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or
Prospectus (including all such documents incorporated by reference) to which an Initial Purchaser of Transfer Restricted Securities covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing within five
business days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of an Initial Purchaser or underwriter, if any, shall be deemed to be reasonable if such
Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission; 
  
 (v) promptly prior to the filing of any document that is to be incorporated by reference into a Registration Statement or Prospectus,
provide copies of such document to the Initial Purchasers, each selling Holder named in any Registration Statement, and to the underwriter(s), if any, make the Company’s representatives available for discussion of such document and other
customary due diligence matters, and include such information in such document prior to the filing thereof as such selling Holders or underwriter(s), if any, reasonably may request; 
  
 (vi) make available at reasonable times for inspection by the Initial Purchasers, any managing underwriter
participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by such Initial Purchasers or any of the underwriter(s), all financial and other records, pertinent corporate documents and properties
of the Company and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Registration Statement subsequent to the
filing thereof and prior to its effectiveness; 
  
 (vii) if requested by any selling Holders or the underwriter(s), if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling
Holders and underwriter(s), if any, may reasonably request to have included therein, including, 
  

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 without limitation, information relating to the “Plan of Distribution” of the Transfer
Restricted Securities, information with respect to the principal amount of Transfer Restricted Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted
Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or
post-effective amendment; 
  
 (viii) cause the
Transfer Restricted Securities covered by the Registration Statement to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of Notes covered thereby or the underwriter(s), if any;

  
 (ix) furnish to each selling Holder and each
of the underwriter(s), if any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, all documents incorporated by reference
therein and all exhibits (including exhibits incorporated therein by reference); 
  
 (x) deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus (including
each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Company hereby consents to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of
the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto; 
  
 (xi) enter into such agreements (including an underwriting agreement), and make such representations and
warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Registration Statement contemplated by this Agreement, all to such extent as
may be requested by any Initial Purchaser or by any Holder of Transfer Restricted Securities or underwriter in connection with any sale or resale pursuant to any Registration Statement contemplated by this Agreement; and whether or not an
underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, the Company shall: 
  
 (A) furnish to each Initial Purchaser, each selling Holder and each underwriter, if any, in such substance and scope as they may request
and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the Consummation of the Exchange Offer and, if applicable, the effectiveness of the Shelf Registration Statement: 
  
 (1) a certificate, dated the date of Consummation of the
Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, signed by (y) the President or any Vice President and (z) a principal financial or accounting officer of the Company, confirming, as 

  

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of the date thereof, the matters set forth in paragraphs (i), (ii) and (iii) of Section 5 (e) of the Purchase Agreement and such other matters as such
parties may reasonably request; 
  
 (2) an
opinion, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, of counsel for the Company, covering the matters set forth in paragraph (c) of Section 5 of the
Purchase Agreement and such other matter as such parties may reasonably request, and in any event including a statement to the effect that such counsel has participated in conferences with officers and other representatives of the Company,
representatives of the independent public accountants for the Company, the Initial Purchasers’ representatives and the Initial Purchasers’ counsel in connection with the preparation of such Registration Statement and the related Prospectus
and have considered the matters required to be stated therein and the statements contained therein, although such counsel has not independently verified the accuracy, completeness or fairness of such statements; and that such counsel advises that,
on the basis of the foregoing (relying as to materiality to a large extent upon facts provided to such counsel by officers and other representatives of the Company and without independent check or verification), no facts came to such counsel’s
attention that caused such counsel to believe that the applicable Registration Statement, at the time such Registration Statement or any post-effective amendment thereto became effective, and, in the case of the Exchange Offer Registration
Statement, as of the date of Consummation, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or that the Prospectus
contained in such Registration Statement as of its date and, in the case of the opinion dated the date of Consummation of the Exchange Offer, as of the date of Consummation, contained an untrue statement of a material fact or omitted to state a
material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Without limiting the foregoing, such counsel may state further that such counsel assumes no responsibility
for, and has not independently verified, the accuracy, completeness or fairness of the financial statements, notes and schedules and other financial data included in any Registration Statement contemplated by this Agreement or the related
Prospectus; and 
  
 (3) a customary comfort
letter, dated as of the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration Statement, as the case may be, from the Company’s independent accountants, in the customary form and covering matters of
the type customarily covered in comfort letters by underwriters in connection with primary underwritten offerings, and affirming the matters set forth in the comfort letters delivered pursuant to Section 5(a) of the Purchase Agreement, without
exception; 
  

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 (B) set forth in full or incorporate by reference in the underwriting agreement, if any,
the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 
  
 (C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with clause (A)
above and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company pursuant to this clause (xi), if any. 
  
 If at any time the representations and warranties of the Company contemplated in clause (A)(1) above cease
to be true and correct, the Company shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing; 
  
 (xii) prior to any public offering of Transfer Restricted
Securities, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the securities or Blue Sky laws of such
jurisdictions as the selling Holders or underwriter(s) may request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the Shelf Registration
Statement; provided, however, that the Company shall not be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of process in suits or to
taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject; 
  
 (xiii) shall issue, upon the request of any Holder of Initial Notes covered by the Shelf Registration Statement, Exchange Notes, having an
aggregate principal amount equal to the aggregate principal amount of Initial Notes surrendered to the Company by such Holder in exchange therefor or being sold by such Holder; such Exchange Notes to be registered in the name of such Holder or in
the name of the purchaser(s) of such Notes, as the case may be; in return, the Initial Notes held by such Holder shall be surrendered to the Company for cancellation; 
  
 (xiv) cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely
preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the
Holders or the underwriter(s), if any, may request at least two business days prior to any sale of Transfer Restricted Securities made by such underwriter(s); 
  

(xv) use its best efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Transfer Restricted Securities, subject to the proviso
contained in clause (viii) above; 
  

 12 

 (xvi) if any fact or event contemplated by clause (c)(iii)(D) above shall exist or have
occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers
of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading; 
  
 (xvii) provide a CUSIP number for all Transfer Restricted
Securities not later than the effective date of the Registration Statement and provide the Trustee under the Indenture with printed certificates for the Transfer Restricted Securities which are in a form eligible for deposit with the Depositary
Trust Company; 
  
 (xviii) cooperate and assist
in any filings required to be made with the NASD and in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules
and regulations of the NASD, and use its reasonable best efforts to cause such Registration Statement to become effective and approved by such governmental agencies or authorities as may be necessary to enable the Holders selling Transfer Restricted
Securities to consummate the disposition of such Transfer Restricted Securities; 
  
 (xix) otherwise use its best efforts to comply with all applicable rules and regulations of the Commission, and make generally available
to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer
Restricted Securities are sold to underwriters in a firm or best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s first fiscal quarter commencing after the
effective date of the Registration Statement; 
  
 (xx) cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the
Holders of Notes to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its best efforts to cause the Trustee to execute, all
documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner; 
  
 (xxi) cause all Transfer Restricted Securities covered by
the Registration Statement to be listed on each securities exchange on which similar securities issued by the Company are then listed if requested by the Holders of a majority in aggregate principal amount of Initial Notes or the managing
underwriter(s), if any; and 
  

 13 

 (xxii) provide promptly to each Holder upon request each document filed with the
Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act. 
  
 Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will
forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof,
or until it is advised in writing (the “Advice”) by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so
directed by the Company, each Holder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that
was current at the time of receipt of such notice. In the event the Company shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended
by the number of days during the period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received
the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received the Advice; however, no such extension shall be taken into account in determining whether Additional Interest is due pursuant to
Section 5 hereof or the amount of such Additional Interest, it being agreed that the Company’s option to suspend use of a Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5.

  
 SECTION 7. Registration Expenses.

  
 (a) All expenses incident to the Company’s performance
of or compliance with this Agreement will be borne by the Company, regardless of whether a Registration Statement becomes effective, including without limitation: (i) all registration and filing fees and expenses (including filings made by any
Holder with the NASD (and, if applicable, the fees and expenses of any Holder and its counsel that may be required by the rules and regulations of the NASD); (ii) all fees and expenses of compliance with federal securities and state Blue Sky or
securities laws; (iii) all expenses of printing (including printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements
of counsel for the Company and, subject to Section 7(b) below, the Holders of Transfer Restricted Securities; (v) all application and filing fees in connection with listing the Exchange Notes on a national securities exchange or automated quotation
system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such
performance). 
  
 The Company will, in any event, bear its
internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts,
retained by the Company. 
  

 14 

 (b) In connection with any Registration Statement required by this Agreement (including, without
limitation, the Exchange Offer Registration Statement and the Shelf Registration Statement), the Company will reimburse the Holders of Transfer Restricted Securities being tendered in the Exchange Offer and/or resold pursuant to the “Plan of
Distribution” contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, who shall be Shearman &
Sterling LLP or such other counsel as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared. 
  
 SECTION 8. Indemnification.  
  
 (a) The Company agrees to indemnify and hold harmless (i) each Holder and
(ii) each person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the persons referred to in this clause (ii) being hereinafter referred to as a “controlling
person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an
“Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including without limitation and as incurred, reimbursement of all reasonable costs of
investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of
counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such
losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any of the Holders furnished in
writing to the Company by any of the Holders expressly for use therein. This indemnity agreement shall be in addition to any liability which the Company may otherwise have. 
  
 In case any action or proceeding (including any governmental or regulatory investigation or proceeding) shall be brought or
asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company, such Indemnified Holder (or the Indemnified Holder controlled by such controlling person) shall promptly notify the Company in writing
(provided, that the failure to give such notice shall not relieve the Company of its obligations pursuant to this Agreement). Such Indemnified Holder shall have the right to employ its own counsel in any such action and the fees and expenses
of such counsel shall be paid, as incurred, by the Company (regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to indemnification hereunder). The Company shall not, in connection with any one such action or
proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm
of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which firm shall be 
  

 15 

 designated by the Holders. The Company shall be liable for any settlement of any such action or proceeding effected with
the Company’s prior written consent, which consent shall not be withheld unreasonably, and the Company agrees to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by reason of any
settlement of any action effected with the written consent of the Company. The Company shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to
terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise,
consent or termination includes an unconditional release of each Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding. 
  
 (b) Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold harmless the
Company and its directors, officers of the Company who sign a Registration Statement, and any person controlling (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company, and the respective offices,
directors, partners, employees, representatives and agents of each such person, to the same extent as the foregoing indemnity from the Company to each of the Indemnified Holders, but only with respect to claims and actions based on information
relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be brought against the Company or its directors or officers or any such controlling person in respect
of which indemnity may be sought against a Holder of Transfer Restricted Securities, such Holder shall have the rights and duties given the Company and the Company or its directors or officers or such controlling person shall have the rights and
duties given to each Holder by the preceding paragraph. 
  
 (c) If
the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section 8(a) or Section 8(b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages,
liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the
Company shall be deemed to be equal to the total gross proceeds from the Initial Placement as set forth on the cover page of the Offering Memorandum), the amount of Additional Interest which did not become payable as a result of the filing of the
Registration Statement resulting in such losses, claims, damages, liabilities, judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Company, on the one
hand, and of the Indemnified Holder, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative
fault of the Company on the one hand and of the Indemnified Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company or by the Indemnified Holder and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or
payable by a 
  

 16 

 party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include,
subject to the limitations set forth in the second paragraph of Section 8(a), any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 
  
 The Company and each Holder of Transfer Restricted Securities agree that it
would not be just and equitable if contribution pursuant to this Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 8, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the
Initial Notes exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are several in
proportion to the respective principal amount of Initial Notes held by each of the Holders hereunder and not joint. 
  
 SECTION 9. Rule 144A. The Company hereby agrees with each Holder, for so long as any Transfer Restricted Securities remain
outstanding, to make available to any Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities from such Holder or beneficial owner, the
information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A. 
  
 SECTION 10. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder unless
such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all
reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 
  
 SECTION 11. Selection of Underwriters. The Holders of Transfer Restricted Securities covered by the
Shelf Registration Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker or investment bankers and manager or managers that will administer
the offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, that such investment bankers and managers must be reasonably satisfactory to
the Company. 
  

 17 

 SECTION 12. Miscellaneous. 
  
 (a) Remedies. The Company hereby agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 
  
 (b) No Inconsistent Agreements. The Company will not on or after the
date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The Company has not previously entered
into any agreement granting any registration rights with respect to its securities to any Person. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the
Company’s securities under any agreement in effect on the date hereof. 
  
 (c) Adjustments Affecting the Notes. The Company will not take any action, or permit any change to occur, with respect to the Notes that would materially and adversely affect the ability of the Holders to
Consummate any Exchange Offer. 
  
 (d) Amendments and Waivers.
The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless the Company has obtained the written consent of Holders of a majority of
the outstanding principal amount of Transfer Restricted Securities. Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered
pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal
amount of Transfer Restricted Securities being tendered or registered; provided that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of each
such Initial Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective. 
  
 (e) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail
(registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 
  
 (i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the
Indenture; and 
  
 (ii) if to the Company:

  
 California Steel Industries, Inc. 

14000 San Bernadino Avenue 
 Fontana, California 92335 
 Facsimile No.: (909)-350-6223 
 Attention: Ricardo Bernades 
  

 18 

 With a copy to: 
  
 Best Best & Krieger LLP 
 3750 University Avenue 
 P.O. Box 1028 
 Riverside, California 92502 
 Facsimile No.: (909)-686-3083 
 Attention: George M. Reyes, Esq. 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed; when answered back, if
telexed; when receipt acknowledged, if telecopied; and on the next business day, if timely delivered to an air courier guaranteeing overnight delivery. 
  
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address
specified in the Indenture. 
  
 (f) Successors and Assigns.
This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including without limitation and without the need for an express assignment, subsequent Holders of Transfer Restricted
Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from
such Holder. 
  
 (g) Counterparts. This Agreement may be
executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (h) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF. 
  
 (j) Severability. In the event that any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein
shall not be affected or impaired thereby. 
  
 (k) Entire
Agreement. This Agreement together with the other Operative Documents (as defined in the Purchase Agreement) is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are 
  

 19 

 no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to
the registration rights granted by the Company with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
  

 20 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	 CALIFORNIA STEEL INDUSTRIES, INC.

		
	 By:
	 	 /s/    Vicente B. Wright

	 	 	President and Chief Executive Officer
		
	 By:
	 	 /s/    Ricardo Bernardes

	 	 	Executive Vice President, Finance and CFO

  
 The foregoing
Registration Rights Agreement is hereby confirmed and accepted as of the date first above written: 
  
 BANC OF AMERICA SECURITIES LLC 
 GOLDMAN, SACHS & CO. 
 CIBC WORLD MARKETS CORP. 
 DEUTSCHE BANK SECURITIES INC. 
  

			
	 By: Banc of America Securities LLC

		
	 By:
	 	 /s/    Douglas W. McCurdy

	 	 	Principal

  

 21Executive Minimum and Supplemental Retirement Plan amended and restated 11/25/03

 EXHIBIT 10.1 
  
 AK STEEL CORPORATION 
  
 EXECUTIVE MINIMUM AND SUPPLEMENTAL RETIREMENT PLAN 
  

  
 (as amended and restated
as of November 25, 2003) 
  

 AK STEEL CORPORATION 
 EXECUTIVE MINIMUM AND SUPPLEMENTAL RETIREMENT PLAN 
  
 (as amended and restated as of November 25, 2003) 
  
 ARTICLE 1: INTRODUCTION AND PURPOSE 
  
 AK
Steel Corporation hereby amends and restates the AK Steel Corporation Executive Minimum and Supplemental Retirement Plan (“Plan”), effective as of November 25, 2003. The Plan was last amended and restated as of January 20, 2000. The
purpose of the Plan is to aid the Company and its subsidiaries and affiliates in attracting and retaining key personnel. 
  
 The Plan is an unfunded deferred compensation arrangement maintained by the Company for the purpose of providing supplemental retirement benefits for a select group of
management or highly compensated employees within the meaning of Section 201(2) and 301(a)(3) of the Employee Retirement Income Security Act of 1974, as amended. Any obligations under the Plan shall be the joint and several obligations of AK Steel
Holding Corporation, the Company and each of their respective subsidiaries and affiliates. 
  
 ARTICLE 2: DEFINITIONS 
  
 As used in the
Plan, the following terms, when capitalized, shall have the following meanings, except when otherwise indicated by the context: 
  
 2.1 “Administrator” means the Compensation Committee of the Board, or any successor Committee duly empowered by the Board. 
  
 2.2 “Average Monthly Earnings” means a Member’s average monthly
earnings during the highest three (3) calculation years of the last ten (10) calculation years. For this purpose, earnings includes all compensation for services rendered, including base salary and any bonus under the AK Steel Corporation Annual
Management Incentive Plan and any substitute or successor of such plan (“MIP”), provided however, if during any calculation year, a Member receives more than one bonus under the MIP, only such bonus of the highest amount shall be taken
into account in that calculation year. Earnings shall also include any elective deferrals of base salary or any bonus under the MIP made 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. Compensation attributable to reimbursement of business or relocation expenses; Company contributions after 1991 to any Company-sponsored employee benefit plans
established under sections 401(k) or 125 of the Code; any bonuses under the AK Steel Corporation Long-Term Performance Plan and any substitute or successor of such plan; and income under any stock option, restricted stock or phantom stock plan,
shall be disregarded. The term “calculation years” means fiscal years measured by 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. 
  

 1 

 2.3 “Benefit” means the amount determined under Article 6 of the Plan, or under Article 6 of the Prior
Plan where indicated by the context. 
  
 2.4 “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. 
  
 2.5 “Chairman” means the Chairman of the Board. 
  
 2.6 “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. 
  
 2.7 “Code” means the Internal Revenue Code
of 1986, as amended. 
  
 2.8 “Company” means AK Steel Corporation
and any successor to all or substantially all of the assets or business of AK Steel Corporation. 
  
 2.9 “Effective Date” means November 25, 2003. 
  
 2.10 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
  
 2.11 “Grandfathered Average Monthly Earnings” means, with respect to any Member as of the Effective Date whose Vesting Date has not occurred prior to the
Effective Date, the greater of: 
  
 (a) his Average Monthly
Earnings as determined under Section 2.2 with respect to all calculation years; or 
  
 (b) his Average Monthly Earnings under the Prior Plan determined immediately before the Effective Date, times the lesser of: 
  

	 	(1)	 	the percentage obtained by dividing his Service as of the Effective Date by 10; or 

  

	 	(2)	 	the percentage obtained by dividing his Officer Service as of the Effective Date by 5. 

  
 2.12 “Grandfathered Benefit” means, with respect to any Member whose Vesting Date occurred prior to the Effective Date, his
Benefit under the Prior Plan determined immediately before the Effective Date. 
  
 2.13 “Key Management Member” means any key manager of the Company who was a Member as defined under the terms of the Prior Plan. 
  
 2.14 “Key Management Service” means a Key Management Member’s service as a key manager of the Company as identified by the Chairman and approved by
the Administrator. 
  

 2 

 2.15 “Member” means any elected officer of the Company who is selected by the Chairman and who is
approved by the Administrator to be a participant eligible for benefits under this Plan. The term “Member” as used in Articles 8 and 9 shall also include “Key Management Member” as indicated by the context. 
  
 2.16 “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. 
  
 2.17 “Officer Service” means a Member’s Service as an elected officer of the Company. 
  
 2.18 “Prior Plan” means the AK Steel Corporation Executive Minimum and Supplemental Retirement Plan as in effect
immediately prior to the Effective Date. 
  
 2.19 “Qualified DB
Plan” means any tax-qualified defined benefit pension plan in which a Member has an accrued benefit as of his or her Termination Date including the NCPP and the RAPP, or any other tax-qualified defined benefit pension plan sponsored by the
Company or by any previous employer of any Member. 
  
 2.20 “Qualified DC
Plan” means any tax-qualified defined contribution plan offered instead of a Qualified DB Plan as determined by the Administrator. For purposes of this definition, however, the AK Steel Corporation Thrift Plan A and any predecessor,
substitute or successor thrift plan shall not be deemed to be a Qualified DC Plan. 
  
 2.21 “Qualified Plan” means any Qualified DB Plan and any Qualified DC Plan. 
  
 2.22 “RAPP” means the AK Steel Corporation Retirement Accumulation Pension Plan, a component plan of the NCPP. 
  

2.23 “Service” means years of employment with the Company, including years of employment with Armco Steel Company, L.P. or Armco Inc. and including
years of employment with any other predecessor organization approved by the Administrator. 
  
 2.24 “Spouse” means the person to whom a Member is married at the time payment of the Member’s Benefit is to commence under the Plan. 
  
 2.25 “Termination Date” means the date a Member’s employment with the Company terminates for any reason, including
death, on or after the Member’s Vesting Date. 
  
 2.26
“Trust” means the Trust Agreement for the AK Steel Corporation Non-Qualified Supplemental Retirement Plans, as amended, and any successor or replacement trust for such trust. 
  

 3 

 2.27 “Unlimited NCPP Benefit” means for any Member who, as of his 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 earnings used for purposes of determining Average Monthly Earnings under Section 2.2. 
  
 2.28 “Vesting Date” means the earliest of: 
  

	 	(a)	 	the date on which a Member completes both ten (10) years of Service and five (5) years of Officer Service, or with respect to a Key Management Member, the date on which the Key
Management Member completes both ten (10) years of Service and five (5) years of Key Management Service; 

  

	 	(b)	 	the date of a Member’s or Key Management Member’s death provided he has completed at least five (5) years of Service as of his date of death; 

  

	 	(c)	 	the effective date of a Change of Control; or 

  

	 	(d)	 	such other date as determined by the Administrator in its sole discretion. 

  
 ARTICLE 3: ADMINISTRATION OF THE PLAN 
  
 This Plan shall be administered by the Administrator or its delegate as the Administrator may designate from time to time. Except as otherwise provided herein, it is
intended that the Administrator (or such delegate) shall have full discretion to interpret the Plan’s terms and to resolve claims which may arise under the Plan. 
  
 ARTICLE 4: SOURCE OF BENEFITS 
  

	4.1	Source of Benefits 

  
 The Company may pay benefits due under the terms of this Plan directly from its assets or from assets held in the Trust. All assets held by the Trust
shall at all times be assets of the Company. The benefits payable under this Plan shall be unfunded for all purposes of the Code and ERISA. 
  

	4.2	Assets of the Company 

  
 Nothing contained in this Plan shall give or be deemed to give any Member or any other person any interest in any property of the Trust or of the Company
or any right except to receive such payments as are expressly provided hereunder. 
  

 4 

	4.3	Liability of Officers and Directors 

  
 No current or former employee, officer or director of AK Steel Holding Corporation or the Company shall be personally liable to any Member or other person
under any provision of this Plan. 
  

	4.4	Funding upon Change of Control 

  
 In the event of a Change of Control, the Company shall fully fund all benefits then accrued under this Plan by delivering sufficient assets to the trustee
of the Trust in cash or in kind. Such funding obligation may be secured by an irrevocable letter of credit issued to the trustee of the Trust by such bank or other lending institution as approved by the Administrator. 
  
 ARTICLE 5: ELIGIBILITY AND PARTICIPATION 
  

	5.1	Participation 

  

	 	(a)	 	Except to the extent that Key Management Members may be entitled to a Benefit under this Plan due to their participation in the Prior Plan, participation in this Plan shall be
limited to elected officers of the Company who have been selected by the Chief Executive Officer and approved from time to time by the Administrator. Participation shall commence at such time as the Administrator determines after the selected
officer enters into any agreements with the Company as the Administrator may require as a condition to participation in this Plan, and provides to the Administrator any documents or other information required by the Administrator, including but not
limited to information relating to the officer’s participation in any Qualified Plan. 

  

	 	(b)	 	Elected officers of the Company who were Members under the Prior Plan, and attained their Vesting Date before the Effective Date, shall be Members under this Plan as of the
Effective Date. 

  

	 	(c)	 	Elected officers of the Company who were Members under the Prior Plan and had not attained their Vesting Date before the Effective Date, shall be eligible for participation in this
Plan only if again selected by the Chief Executive Officer and approved by the Administrator. 

  

	5.2	Removal 

  
 The Board may remove any Member or Key Management Member from participation in this Plan. With respect to any removed Member or Key Management Member who
has attained his Vesting Date, such removal shall not directly or indirectly deprive such Member or Key Management Member of all or any portion of his Benefit or any right to receive his Benefit under the terms of the Plan as in effect immediately
before such removal. 
  

 5 

	5.3	Notification 

  
 The Company shall notify in writing those employees selected as Members pursuant to Section 5.1 of their Member status and shall notify in writing any
Member or Key Management Member removed from membership pursuant to Section 5.2. 
  
 ARTICLE 6: BENEFITS 
  

	6.1	Benefit Defined 

  

	 	(a)	 	A Member’s accrued benefit under this Plan is the Member’s Regular Benefit as defined in Section 6.2, reduced as provided in Section 6.4. No Benefit shall be payable under
this Plan if a Member’s employment with the Company terminates for any reason prior to his Vesting Date. 

  

	 	(b)	 	With respect to a Key Management Member who attained his Vesting Date under the Prior Plan before the Effective Date, his accrued benefit under this Plan shall be his Benefit under
the terms of the Prior Plan (after offset for other pensions as provided therein) determined immediately before the Effective Date. With respect to a Key Management Member who has not attained his Vesting Date under the Prior Plan before the
Effective Date, his accrued benefit under this Plan shall be his Regular Benefit under the terms of the Prior Plan (after offset for other pensions as provided therein) determined immediately before the Effective Date, times the lesser of:

  

	 	(1)	 	the percentage obtained by dividing his Service as of the Effective Date by 10; or 

  

	 	(2)	 	the percentage obtained by dividing his Key Management Service as of the Effective Date by 5. 

  
 The Benefit of any Key Management Member as determined above shall not increase after the Effective Date, and shall not be
payable under this Plan if such Key Management Member’s employment with the Company terminates for any reason prior to his Vesting Date. 
  

	6.2	Regular Benefit 

  

	 	(a)	 	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 coinciding with or
next following the later of the Member’s 60th birthday or the Member’s Termination Date and payable in the form provided in Section 7.1, which is in an amount equal to the greater of: 

  

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

  

 6 

	 	(2)	 	except as otherwise provided in any other agreement between the Company and a Member and approved by the Administrator, 50% of the greater of the Member’s Average Monthly
Earnings or his Grandfathered Average Monthly Earnings. 

  

	 	(b)	 	With respect to any Member whose Vesting Date occurred prior to the Effective Date, his Regular Benefit shall be the greater of his Grandfathered Benefit or the amount determined in
(a) above. 

  

	6.3	Early Retirement Benefit 

  
 Any Member (or Key Management Member) whose employment with the Company terminates after he has attained his Vesting Date, may elect, as soon as
administratively feasible after his Termination Date, to commence payment of his Benefit on the first day of the month coinciding with or next following his 55th birthday (or such earlier date as may be approved by the Administrator in its sole discretion). Such Early Retirement Benefit shall be equal to his Regular Benefit provided in Section 6.2 (or, in the
case of a Key Management Member, his Benefit under Section 6.1(b)) reduced to its actuarial equivalent based on his age as of such elected commencement date and on the actuarial assumptions used by the enrolled actuary for the NCPP to determine a
participant’s early retirement benefit under the NCPP. 
  

	6.4	Offset for Other Pensions 

  
 A Member’s Benefit shall be reduced as of the Member’s Termination Date by: (a) any accrued benefit under any employer-provided Qualified DB
Plan, actuarially adjusted as if the benefit under the Qualified DB Plan commenced at the same time as the Member’s Benefit; or (b) the actuarial equivalent of any employer-provided vested benefits accumulated under any Qualified DC Plan.

  

	6.5	Non-Duplication 

  
 A Member shall not be eligible for benefits under any other non-qualified supplemental retirement benefit plan maintained by the Company for the purpose
of providing benefits not permitted to be paid under any Qualified DB Plan. Nothing herein shall prohibit participation by any Member in the AK Steel Corporation Executive Deferred Compensation Plan or the AK Steel Corporation Supplemental Thrift
Plan. 
  

 7 

 ARTICLE 7: PAYMENT 
  

	7.1	Payment of Benefits 

  

	 	(a)	 	Except as provided in (b) below, the basic form of payment of a Member’s Benefit shall be a single life annuity payable in equal monthly installments commencing as of the
applicable date specified in Section 6.2 or 6.3 and continuing until payment of the installment due on the first of the month in which the Member dies. A lump sum form of payment may be available if approved by the Administrator in its sole
discretion. In the case of a Member who is married when payment of his Benefit is to commence, unless the Member’s Spouse consents in writing to the Member’s election of the single life annuity (or the lump sum form of payment, if
available), the automatic form of payment of his Benefit shall be a joint and 50% surviving spouse annuity which shall be the actuarial equivalent of the basic form single life annuity, and which provides a lifetime benefit for the Member and a
lifetime benefit for his Spouse equal to 50% of the benefit payable to the Member. The monthly amount of any annuity shall be determined by the enrolled actuary for the NCPP based on the actuarial assumptions contained in the NCPP.

  

	 	(b)	 	With respect to any Member whose Vesting Date occurred prior to the Effective Date, an amount equal to his Grandfathered Benefit shall be paid in a single lump sum payment, and any
balance of his Benefit shall be paid in accordance with (a) above; provided however, such Member may elect the same form of payment with respect to his entire Benefit in accordance with (a) above, subject to approval by the Administrator.

  

	 	(c)	 	Any lump sum payment to a Member shall be determined in accordance with Section 7.2, and shall be made to the Member, or in the case of the Member’s death, to the Member’s
designated beneficiary, within 30 days following the Member’s Termination 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 the Member’s estate. 

  

	 	(d)	 	A Key Management Member’s Benefit shall be paid in accordance with the terms of the Prior Plan, provided however, with respect to any Key Management Member who has not attained
his Vesting Date under the Prior Plan as of the Effective Date, his Benefit shall be paid in the manner set forth in (a) above. 

  

	7.2	Lump-Sum Valuation 

  

	 	(a)	 	The lump-sum present value of a Member’s Benefit shall be the actuarial equivalent of his Benefit payable as a single life annuity as set forth in Section 7.1(a).

  

 8 

	 	(b)	 	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. 

  

	 	(c)	 	Unless otherwise directed by the Administrator, the lump-sum present value of a Member’s Benefit shall be calculated as of the Member’s Termination Date based upon : (i)
the 60-month average of the Pension Benefit Guaranty Corporation immediate annuity interest rate in effect during each of the 60 months preceding the month in which the Termination Date occurs, (ii) the age of the Member, (iii) the 1984 Unisex
Pension Table (UP84) and (iv) such other actuarial assumptions as would apply under the NCPP. The lump sum present value of any Grandfathered Benefit shall be determined under the applicable provisions of the Prior Plan. 

  
 ARTICLE 8: INTERPRETATION, AMENDMENT AND TERMINATION 
  

	8.1	Interpretation of the Plan 

  
 This document contains the terms of the Plan. However, the Administrator shall have, and the Board expressly reserves to itself and its designate, the
broadest possible power to exercise its discretion to interpret the terms of this Plan and to resolve any question regarding any person’s rights under the Plan. Any such interpretation shall be final and binding upon a Member, the Member’s
spouse and heirs and subject to review only in accordance with Section 8.2. 
  

	8.2	Claims Procedure 

  
 Any Member or other person questioning the rights of any person under the Plan shall submit such question in writing to the Administrator, or its
designate, for resolution. No person shall have any claim or cause of action for any benefit under this Plan until the Administrator, or its designate, has responded to such written claim, which response shall not be unreasonably delayed. Except as
to disputes described in Sections 9.2 and 9.4, it is the intent of the Company, and each Member agrees as a condition of membership, that any judicial review of any decision hereunder shall be limited to a determination of whether the Administrator,
or its designate, acted arbitrarily or capriciously, and that any decision of the Administrator, or its designate shall be enforced unless the action taken is found by a court of competent jurisdiction to have been arbitrary or capricious. Disputes
described in Sections 9.2 and 9.4 may be resolved by binding arbitration, if mutually agreed by the Member and the Administrator, or by litigation; and in either case such action may proceed without the necessity of exhausting any other remedies
that may be available under this Plan. 
  

 9 

	8.3	Amendment or Termination of the Plan 

  
 The Board may, at any time, with or without notice to any person, amend or terminate this Plan. With respect to any Member who has attained his Vesting
Date, and subject to Section 9.4, no such amendment or termination shall directly or indirectly deprive such Member of all or any portion of his Benefit or any right to receive his Benefit under the terms of the Plan as in effect immediately before
such amendment or termination. 
  

	8.4	No Cause of Action 

  
 No Member shall have any right, claim or cause of action against any person or entity to appeal the denial of a benefit by the Administrator except as
provided in Sections 8.1 and 8.2. In addition, no Member, and no person claiming by, through or on behalf of a Member, shall have any claim to or cause of action for any benefit under this Plan which might have been earned but for the amendment or
termination of the Plan, or the termination of the Member’s employment or the removal of the Member from participation under this Plan. 
  
 ARTICLE 9: MISCELLANEOUS 
  

	9.1	Unsecured General Creditor 

  
 Any and all rights created under this Plan shall be unfunded and unsecured contractual rights of the Members against the Company. The Company’s
obligation under this Plan shall be a mere promise by the Company to make the benefit payments described herein. Members shall have no legal or equitable right, interest or other claim in any property or assets of the Company by reason of the
establishment of this Plan. 
  

	9.2	Obligations to the Company 

  
 If a Member becomes entitled to a distribution of benefits under this Plan, and if at such time the Member has any outstanding debt, obligation or other
liability representing an amount certain owed to the Company, then the Company may offset such amount against the amount of benefits otherwise distributable under the Plan. Such determination shall be made by the Administrator. 
  

	9.3	Assignability 

  
 No Member shall have any right to anticipate, alienate, assign, sell, transfer, pledge, encumber, attach, mortgage or otherwise hypothecate or convey in
advance of actual receipt the amounts, if any, payable hereunder. No part of the amounts payable hereunder shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate
maintenance, nor shall any person have any other claim to any benefit payable under this Plan as a result of a divorce or the Member’s, or any other person’s bankruptcy or insolvency. 
  

 10 

	9.4	Forfeiture 

  
 Notwithstanding any provision in the Plan to the contrary, any Member terminated for Cause shall forfeit all rights under this Plan. “Cause”
means a willful engaging in gross misconduct demonstrably injurious to the Company. “Willful” means an act or omission in bad faith and without reasonable belief that such act or omission was in the best interests of the Company. Any such
determination shall be made by the Board. Each Member shall be entitled to a statement of the facts alleged as a basis for the Board’s determination that a Member has been terminated for Cause and shall be permitted an opportunity to present,
in person, for the Board’s consideration, in such manner as the Board shall direct, any facts or arguments on the Member’s behalf as the Member or his representative may determine. 
  

	9.5	Sale of Business 

  
 The sale as a going business of (i) the Company or (ii) substantially all of the assets of the Company shall not be a termination of Service for the
purpose of establishing a Member’s right to receive benefits under this Plan. 
  

	9.6	Employment Not Guaranteed 

  
 The establishment of this Plan, a Member’s appointment as a Member of the Plan, any provision of this Plan, or any action taken hereunder, shall not
be or be construed as a contract of employment for any definite term. The Company may take any action related to a Member’s employment without regard to the effect such action has or may have on a Member’s rights hereunder. 
  

	9.7	Captions 

  
 The captions to the articles, sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of
any of its provisions. 
  

	9.8	Validity 

  
 In the event any provision of this Plan is found by a court of competent jurisdiction to be invalid, void or unenforceable, such provision shall be
stricken and the remaining provisions shall continue in full force and effect. 
  

	9.9	Applicable Law 

  
 This Plan is subject to interpretation under federal law and, to the extent applicable, the law of the State of Ohio. 
  

 11 

			
	 AK STEEL HOLDING CORPORATION
 AK STEEL CORPORATION

		
	By:	 	 
	 	 	

	 	 	David C. Horn, Vice President, General Counsel and Secretary

  
 Adopted December 12, 1989 
 Amended and Restated January 1, 1994 
 Amended and Restated January 1, 1995 
 Amended and Restated January 1, 1996 
 Amended July 17, 1997 
 Amended September 18, 1997 
 Amended and Restated January 20, 2000 
 Amended and Restated November 25, 2003 (as corrected
and superseded on March 4, 2004 retroactive to November 25, 2003) 
  

 12

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