FOR IMMEDIATE RELEASE:
November 21, 2000

(Washington, DC) -- The latest available data released today by the Specialty Steel Industry of North America (SSINA) reflect that specialty steel imports continued to capture 29% of the U.S. market in the first eight months of this year, a 3 percentage point increase over the same period last year. Specialty steel imports, which include stainless, alloy tool and electrical steel, reached 657,460 tons, a 25% increase over last year's eight-month total of 524,745 tons.

Imports of stainless steel, the industry's largest product line, increased 30% in the first eight months of this year compared to the same 1999 period. The 523,320 tons of off-shore product captured 29% of the U.S. market, a 4 percentage point increase over the January/August 1999 period when total stainless steel imports were 401,350 tons.

"Imports continue to capture a huge chunk of the U.S. market," said H.L. Kephart, SSINA Chairman and President and Chief Executive Officer of G.O. Carlson, Inc., a specialty steel producer in Thorndale, PA. "We face record levels of imports for all product lines, both in terms of volume and import penetration. Once the election finally is decided, our industry will immediately begin working with the new Administration and Congress to devise a comprehensive remedy that will restrain or reverse this surge of imported specialty steel."

Stainless steel imports increased sharply across all product lines during the first eight months of 2000 with increases ranging from 17% to 76% compared to 1999. Year-to-date import penetration during 2000 also has continued to rise in all product categories. Specifically, stainless steel bar imports increased to 91,128 from 51,866 tons, a 76% increase; rod increased to 59,774 from 40,029 tons, a 49% increase; wire increased to 21,453 from 15,660 tons, a 37% increase; plate increased to 52,244 from 38,294 tons, a 36% increase; and sheet/strip increased to 298,720 from 255,501 tons, a 17% increase.

Electrical steel imports increased 14% to 83,037 tons with eight-month import penetration at 22%. While alloy tool steel imports for January/August 2000 vs. the same 1999 period remained virtually the same at 51,103 tons (versus 50,853 tons in interim 1999), they continue to capture two-thirds of the U.S. market.

SSINA is a Washington, DC-based trade association representing virtually all continental specialty steel producers. Specialty steels are high technology, high value stainless and other specialty alloy products. While shipments of specialty steel account for only 2% of all steel shipped in North America, annual revenues of approximately $8 billion account for over 14% of the total value of all steel shipped.

David A. Hartquist, an international trade attorney with the Washington, D.C. law firm of Collier Shannon Scott, PLLC, serves as lead counsel to SSINA.

Note to Editors: See attached tables for more information on U.S. imports, consumption and market penetration data; and bar chart reflecting the 15-month trend of specialty steel imports between June 1999 and August 2000.