New Car Company Build-To-Order Inc. (BTO) Closes First Outside Financing

Calif., July 11 Build-To-Order, Inc. (BTO), the world's first automotive company that will deliver true build-to-order vehicles directly to consumers, has raised $5 million in a first round financing, with AK Steel Corporation as the founding investor in BTO, it was announced today by Scott Painter, BTO chairman of the board. BTO was formed in May 2001 through a merger of the former Model E Corporation and Flint Incorporated. In addition to AK Steel, founding shareholders also include Gaffoglio Family Metalcrafters, Inc. a premier concept car builder; SHR Perceptual Management, a brand positioning and identity leader with significant experience in the automotive sector; Sky Dayton, co-founder of Earthlink Networks, and McKinsey and Company, one of the world's leading consulting firms which has also provided strategic counsel and advice to BTO and helped in its business plan development. With investor and partner support, BTO plans to deliver a portfolio of new vehicles by 2004 utilizing a singular modular platform, computer-aided design, contract engineering and manufacturing and a direct distribution channel. In an innovative departure from traditional relationships, BTO will rely on a dozen or so Tier One suppliers as module partners, in ongoing component work that will serve as a model for future BTO alliances. "We are currently in the process of selecting Tier One module partners who will help provide BTO with the resources and expertise we need to meet our long-term goals," Scott Painter said. "This funding will enable us to surpass the first of four major milestones that include the accelerated development of a compelling consumer brand, coupled with breakthrough product design, superior vehicle architecture and engineering and a sound financial and operating platform," Painter said. "The real significance of this round is the quality of the investor/ shareholders, the speed with which we raised the funds and the financial coverage it gives us to focus on our goals and roll-out." BTO's founders include Scott Painter, founder and former chief executive officer of CarsDirect.com, the country's leading online new car retailer, and William Santana Li, founder and former chief executive officer of the former Model E Corporation and a former Ford Motor Company executive. The BTO management team also includes key car and operating/financial management executives from Model E and Flint. "We are enthusiastic about BTO's vision, expertise and prospects," Richard M. Wardrop, Jr., chairman and chief executive officer of AK Steel, said. "Together, we have a great opportunity to develop and deliver customized automobiles to consumers employing new and superior materials, coupled with leading edge design and construction. We share the vision that dramatic and fundamental changes can be made in the automobile industry that will benefit everyone with a stake in it." With a stellar record in serving the automobile industry, AK Steel has worked for several years to develop prototype vehicle components, including a stainless steel space frame that offers superior strength and considerable weight savings to traditional automotive designs. The resulting space frame has the potential to improve ride and crashworthiness while reducing the frame weight by about 50 percent. Approximately half of AK Steel's annual shipments are made directly to the automotive industry. AK Steel has earned numerous quality, service and delivery awards from virtually every foreign and domestic car manufacturer in the United States. "AK Steel is a superior alliance for BTO based on their track record that bridges decades, demonstrated innovation in developing and adapting steel products to the car business and their belief in and commitment to the future of an industry that is being reinvented by people like us," William Santana Li, BTO president and chief executive officer, said. "This investment and relationship is proof that we both have the foresight and resources to build a totally new company that can deliver the build-to-order vehicles that consumers want, will pay for and are coming to expect." About AK Steel AK Steel is headquartered in Middletown, Ohio. It employs about 11,200 men and women in plants and offices in Middletown, Coshocton, Mansfield, Warren and Zanesville, Ohio; Ashland, Kentucky; Rockport, Indiana; and Butler, Sharon and Wheatland, Pennsylvania. AK Steel also produces snow and ice control products, and operates a major industrial park on the Houston, Texas ship channel. Additional information about AK Steel is available on the company's web site at http://www.aksteel.com. About Build-To-Order Incorporated (BTO) BTO is the world's first virtual car company capable of delivering true build-to-order vehicles directly to consumers through the use of computer-aided industrial design, an end-to-end technology infrastructure solution, contract engineering, contract manufacturing and a direct distribution channel. BTO is headquartered in the San Francisco Bay Area and can be reached at http://www.btoauto.com or by calling the company's corporate offices at 800-584-5000.