UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __)
AK Steel Holding Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
001547108
(CUSIP Number)
December 31, 2005
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[x] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
CUSIP No. 001547108 SCHEDULE 13G Page 2 of 9
1 Name of Reporting Person STEELHEAD PARTNERS, LLC
IRS Identification No. of Above Person 91-1740598
2 Check the Appropriate Box if a member of a Group (a) [ ]
(b) [ ]
3 SEC USE ONLY
4 Citizenship or Place of Organization DELAWARE
NUMBER OF 5 Sole Voting Power 5,951,038
SHARES
BENEFICIALLY 6 Shared Voting Power 0
OWNED BY EACH
REPORTING 7 Sole Dispositive Power 5,951,038
PERSON WITH
8 Shared Dispositive Power 0
9 Aggregate Amount Beneficially Owned by Each
Reporting Person 5,951,038
10 Check Box if the Aggregate Amount in Row (9) Excludes
Certain Shares [ ]
11 Percent of Class Represented by Amount in Row 9 5.4%
12 Type of Reporting Person IA
CUSIP No. 001547108 SCHEDULE 13G Page 3 of 9
1 Name of Reporting Person JAMES MICHAEL JOHNSTON
IRS Identification No. of Above Person
2 Check the Appropriate Box if a member of a Group (a) [ ]
(b) [ ]
3 SEC USE ONLY
4 Citizenship or Place of Organization UNITED STATES
NUMBER OF 5 Sole Voting Power 5,951,038
SHARES
BENEFICIALLY 6 Shared Voting Power 0
OWNED BY EACH
REPORTING 7 Sole Dispositive Power 5,951,038
PERSON WITH
8 Shared Dispositive Power 0
9 Aggregate Amount Beneficially Owned by Each
Reporting Person 5,951,038
10 Check Box if the Aggregate Amount in Row (9) Excludes
Certain Shares [ ]
11 Percent of Class Represented by Amount in Row 9 5.4%
12 Type of Reporting Person IN/HC
CUSIP No. 001547108 SCHEDULE 13G Page 4 of 9
1 Name of Reporting Person BRIAN KATZ KLEIN
IRS Identification No. of Above Person
2 Check the Appropriate Box if a member of a Group (a) [ ]
(b) [ ]
3 SEC USE ONLY
4 Citizenship or Place of Organization UNITED STATES
NUMBER OF 5 Sole Voting Power 5,951,038
SHARES
BENEFICIALLY 6 Shared Voting Power 0
OWNED BY EACH
REPORTING 7 Sole Dispositive Power 5,951,038
PERSON WITH
8 Shared Dispositive Power 0
9 Aggregate Amount Beneficially Owned by Each
Reporting Person 5,951,038
10 Check Box if the Aggregate Amount in Row (9) Excludes
Certain Shares [ ]
11 Percent of Class Represented by Amount in Row 9 5.4%
12 Type of Reporting Person IN/HC
CUSIP No. 001547108 SCHEDULE 13G Page 5 of 9
Item 1(a). Name of Issuer:
AK Steel Holding Corporation
Item 1(b). Address of Issuer's Principal Executive Offices:
703 Curtis Street
Middletown, OH 45043
Item 2(a). Names of Persons Filing:
Steelhead Partners, LLC ("Steelhead")
James Michael Johnston
Brian Katz Klein
Item 2(b). Address of Principal Business Office or, if none, Residence:
The business address of each reporting person is 1301 First
Avenue, Suite 201, Seattle, WA 98101.
Item 2(c). Citizenship:
Reference is made to Item 4 of pages 2, 3, and 4 of this
Schedule 13G, which Items are incorporated by reference herein.
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
001547108
Item 3. If this statement is filed pursuant to 240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the
Act (15 U.S.C. 78o);
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15
U.S.C. 78c);
(c) [ ] Insurance company as defined in section 3(a)(19) of
the Act (15 U.S.C. 78c);
(d) [ ] Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e) [x] An investment adviser in accordance with Section
240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in
accordance with Section 240.13d-1(b)(1)(ii)(F);
CUSIP No. 001547108 SCHEDULE 13G Page 6 of 9
(g) [x] A parent holding company or control person in
accordance with Section 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of
the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of
an investment company under section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Reference is hereby made to Items 5-9 and 11 of pages 2, 3, and
4, of this Schedule 13G (this "Schedule"), which Items are incorporated by
reference herein.
Neither the filing of this Schedule nor any of its contents shall
be deemed to constitute an admission that any of Steelhead, Mr. Johnston or
Mr. Klein is, for any purpose, the beneficial owner of any the securities to
which this Schedule relates (the "Securities"), and Steelhead, Mr. Johnston
and Mr. Klein disclaim beneficial ownership as to the Securities, except to
the extent of their respective pecuniary interests therein.
Under the definition of "beneficial ownership" in Rule 13d-3
under the Securities Exchange Act of 1934, it is also possible that the
individual general partners, executive officers, and members of the foregoing
entities might be deemed the "beneficial owners" of some or all of the
Securities insofar as they may be deemed to share the power to direct the
voting or disposition of such securities. Neither the filing of this Schedule
nor any of its contents shall be deemed to constitute an admission that any of
such individuals is, for any purpose, the beneficial owner of any of the
Securities, and such beneficial ownership is expressly disclaimed.
The calculation of percentage of beneficial ownership in item 11
of pages 2, 3 and 4 was derived from the Issuer's Form 10- Q filed with the
Securities and Exchange Commission on November 1, 2005, in which the Issuer
stated that the number of shares of Common Stock outstanding as of October 31,
2006 was 109,807,431.
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Steelhead is filing this Schedule because, as investment manager
for certain accounts in which the Securities are held, Steelhead has been
granted the authority to dispose of and vote those Securities. Each entity
that owns an account has the right to receive or the power to direct the
receipt of, dividend from, or the proceeds from the sale of, the Securities
held in the account.
CUSIP No. 001547108 SCHEDULE 13G Page 7 of 9
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certifications.
By signing below the undersigned certify that, to the best of
their knowledge and belief, the securities referred to above were acquired
and are held in the ordinary course of business and were not acquired and
are not held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and are not
held in connection with or as a participant in any transaction having that
purpose or effect.
Signature
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Dated: February 10, 2006 STEELHEAD PARTNERS, LLC
By:/s/ James Michael Johnston
__________________________
James Michael Johnston
Its Member-Manager
JAMES MICHAEL JOHNSTON
/s/ James Michael Johnston
__________________________
James Michael Johnston
BRIAN KATZ KLEIN
/s/ Brian Katz Klein
__________________________
Brian Katz Klein
CUSIP No. 001547108 SCHEDULE 13G Page 8 of 9
EXHIBIT INDEX
Exhibit A Joint Filing Undertaking Page 9
CUSIP No. 001547108 SCHEDULE 13G Page 9 of 9
EXHIBIT A
JOINT FILING UNDERTAKING
The undersigned, being authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13G to evidence the agreement of the
below-named parties, in accordance with rules promulgated pursuant to the
Securities Exchange Act of 1934, to file this Schedule, as it may be amended,
jointly on behalf of each of such parties.
Dated: February 10, 2006 STEELHEAD PARTNERS, LLC
By:/s/ James Michael Johnston
__________________________
James Michael Johnston
Its Member-Manager
JAMES MICHAEL JOHNSTON
/s/ James Michael Johnston
__________________________
James Michael Johnston
BRIAN KATZ KLEIN
/s/ Brian Katz Klein
__________________________
Brian Katz Klein