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BUSINESS/ORGANIZATIONAL BRIEFS

January 2004

Special Metals Exits Bankruptcy

Huntington, WV— Special Metals Corporation announced that the company has consummated its plan of reorganization, thereby effectively emerging from bankruptcy.

“Special Metals Corporation has met a significant number of challenges over the course of the reorganization process, including the ratification of six new collective bargaining agreements, the assumption of the company’s three largest pension plans by the Pension Benefit Guaranty Corporation, and today’s closing of the exit financing, a new $200 million revolving credit facility,” said special metals chief operating and restructuring officer, Dennis L. Wanlass.

Special Metals is a diversified producer of high-performance nickel-based alloys. Through its 10 U.S. and European production facilities and a global distribution network, Special Metals supplies over 5,000 customers with high-performance nickel-based alloys.

Roanoke Electric Steel Reports Improved Fiscal 2003

Roanoke, VA— Roanoke Electric Steel Corporation reported a profit of $700,735 for the fourth quarter ended October 31, 2003, compared to a loss of $315,374 for the same period last year. The results for the quarter represented the first quarterly profit since July 2001, following eight consecutive quarterly losses. Basic earnings per share were $.06, compared to basic loss per share of $.03 last year. Sales for the quarter were $91,600,033, a 27.3% increase from sales of $71,935,383 reported for the 2002 fourth quarter.

For the year ended October 31, 2003, the company reported a loss of $3,224,953, compared to a loss of $6,008,897 for the 2002 fiscal year, or an improvement of 46.3%. Basic loss per share for the year was $.29, compared to basic loss per share of $.55 last year. The 2003 results included a $228,410 charge for the cumulative effect of a change in accounting principle, which amounted to $.02 per share. Sales for fiscal 2003 were $312,090,956, up 18.3% last year.

Donald G. Smith, Chairman and Chief Executive Officer, stated: “Roanoke Electric Steel achieved significantly improved results in a very challenging year, realizing quarterly improvements throughout the 2003 fiscal year. A general upturn in our overall markets led to an increase in the number of tons both produced and shipped during the year, resulting in a sales increase of 18.3% in 2003 over 2002. Selling prices for our products increased initially due to rising scrap costs, which prompted several industry-wide price increases. Recently, demand has improved, further augmenting the rise of selling prices. In fact, selling prices during the year for merchant bar products increased 18.8%, for specialty steel products increased 8.8% and for billets increased 11.3%.

Weirton Steel Imposes Temporary Surcharge

Weirton, WV— Weirton Steel Corp. announced that unprecedented increases in raw material prices have compelled it to implement a $25 per ton surcharge on all steel shipments.

The surcharge, which will apply to all products and customers, will commence December 15 and continue through January 31, 2004.

Weirton Steel said the surcharge is necessary to offset dramatic cost increases on both scrap and raw materials. The company said it will contact its customers no later than January 16 if a continuation of the surcharge through February is required.

Commercial Metals Company Announces Nominations

Dallas, TX— Commercial Metals Company headquartered in Irving, Texas, announced the nomination of Harold L. Adams, Chairman Emeritus of RTKL Associates Inc. and J. David Smith, Chairman, President and Chief Executive Officer of Euramax International, Inc. to its Board of Directors. The CMC board will increase from nine to eleven directors with stockholders to vote on all nominees at the annual meeting scheduled to be held January 22, 2004.

Adams has been associated with RTKL since 1969, having previously served as Chairman since 1987, Chief Executive Officer since 1971 and President from 1969 to 1999.

Smith’s career in the fabricated products industry spans over 30 years beginning with Howmet Aluminum Corp. and Alumax, Inc. prior to Euramax’s organization in 1996.

Wrobleski Joins AF&PA

Washington, DC—  Ann Wrobleski, an international affairs expert with more than 18 years of experience in Washington, DC, will be joining the American Forest & Paper Association as Vice President of its international division. 

Since 1990 Wrobleski has worked with a number of international clients and foreign governments with The Jefferson Group, Jefferson Waterman International, LLC, and for the past 18 months as CEO for Halliday, Inc, an advocacy lobbying assistance firm.  She has worked with major telecommunications and energy clients, representing them and other clients before the U.S. Departments of Treasury, State, Commerce, the USTR, and the White House.

Considered an excellent negotiator and consensus builder, Wrobleski has worked with the World Bank, the U.S. Export-Import Bank, the Overseas Private Investment Corporation, the governments of Indonesia, the Philippines, Japan, Korea, Bulgaria, Romania, Jamaica, and several Latin and South American countries.

LBX Names Vice President

Lexington, KY— Michael Davis has been named vice president marketing and sales of LBX Company, makers of Link-Belt earthmoving, forestry and material handling equipment. Previously, Davis held the title of director of marketing and sales with LBX.

As vice president, Davis is responsible for all North American and international sales and marketing of the company’s full range of construction, forestry and material handling equipment.

Davis has a bachelor’s of science degree in agricultural economics from the University of Missouri in Columbia. Prior to joining LBX he held management positions at Link-Belt Construction Equipment Company in Lexington and Scott Truck and Tractor. He also has worked with the Case Corporation in sales and the Case Credit Corp.

Waste Industries Awarded Municipal Contract

Raleigh, NC— Waste Industries USA, Inc., a regional, non-hazardous solid waste services company, announced that it was awarded a five year municipal contract from the City of Albany, Georgia to provide residential solid waste disposal services to approximately 11,500 homes. The contract, which begins April 1, 2004, represents approximately $2.4 million of annual revenue. Jim A. Waters, vice president of the Georgia Division for Waste Industries stated, “Albany is the home base of our South Georgia operations and we are very proud to have the confidence of the City to be their new service provider.”

Waste Industries USA, Inc. is a regional solid waste services company that provides collection, transfer, disposal and recycling services to over 500,000 commercial, industrial and residential customer locations in the states of North Carolina, South Carolina, Virginia, Tennessee, Mississippi, Georgia and Florida.

RecycleNet Shows Improved Third-Quarter

Salt Lake City, UT— RecycleNet Corporation improved operating results for the third quarter ended September 30.

RecycleNet which operates the leading online trading platform for recyclable industrial materials, reported net earnings of $27,800 on net revenues of $496,600 for the third quarter, compared with a net loss of $3,800 on net revenues of $495,600 for the same period of last year.

For the nine months ended September 30, 2003, the company reported net earnings of $23,600 on net revenues of $1,506,000 compared with net earnings of $9,000 on total net revenues of $1,231,000 for the same period of 2002.

RecycleNet said revenues from the company’s Internet portal product increased 61% this quarter over last year, the second quarter in a row of robust growth. Traffic at the portal also hit an all time high as more than 1.5 million unique users per month visited the online recycling exchange. The growth in the portal had a positive impact on gross profit, which grew by 28% over last year.

As disclosed in the company’s most recent 10-Q filing, RecycleNet hired consultants to help with the company’s corporate branding, marketing and investor relations efforts. As the consultants were paid in stock, the company anticipates a $120,000 non-cash expense for its operating results in the fourth quarter ending December 31, 2003.

SWANA Announces Partnership with Chartwell Information

Silver Spring, MD— The Solid Waste Association of North America (SWANA) and Chartwell Information has begun to offer discounts to SWANA members on certain Chartwell products purchased at SWANAstore.com.

SWANA members can now take advantage of a 10% discount on Chartwell Publications, including: Solid Waste Digest, Solid Waste Industry Yearbook, Solid Waste Industry Review Trends & Forecast, and the Directory & Atlas of Solid Waste Disposal Facilities. 


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