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Steel Technologies Announces Plans for New Steel Processing Facility in Mexico

Posted on: Friday, 14 October 2005, 09:01 CDT

Steel Technologies Inc. (NASDAQ/NM: STTX) today announced it has signed a formal letter of intent to secure land as part of its plan to construct and operate a new steel processing facility in Juarez, Mexico. The initial $8.5 million facility will be strategically located to serve the fast-growing manufacturing base in the Juarez area. The new operation is expected to start up in the latter half of 2006 and will include world-class steel processing equipment and rail capabilities.

This announcement was made jointly at a recent press conference by Alejandro Cano, Secretary of Industrial Development for the state of Chihuahua, and Carlos von Rossum G., General Director for Steel Technologies de Mexico.

"The addition of the Juarez location adds to the network of operations Steel Technologies has in Mexico," said Mr. von Rossum. "In addition to the Juarez facility, we have processing centers in Monterrey and Matamoros, complemented by distribution centers in Puebla and Querertaro. Since our original investment in Mexico in 1994, we have developed a leadership position in value-added steel processing in this growing market."

"We are extremely pleased to announce this new facility in Mexico as we continue strategically to build our North American platform," said Bradford T. Ray, Chairman and Chief Executive Officer of Steel Technologies.

Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for automotive, appliance, lawn and garden, office furniture, agriculture, railcar, construction, hardware, and consumer goods. The Company has 20 facilities, including its joint-venture operations, located throughout the United States and Mexico. More information about the Company may be found on the World Wide Web at www.steeltechnologies.com.

Statements contained in this release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (contained in the Company's SEC filings), which could cause actual results to differ materially from those projected. SEC filings may be obtained from the SEC or by contacting the Company.

Source: Business Wire

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