June 2, 2006 — Bayou Steel Corp. announced that the acquisition of Bayou Steel by an entity managed by Black Diamond Capital Management, LLC had been completed.

After taking into account certain adjustments at closing, including an adjustment for working capital, the total per-share purchase price for the Bayou Steel shares is $78.31 in cash. Payment of the purchase price is expected to be made to Bayou Steel stockholders promptly.

Bayou Steel Corp. manufactures light structural and merchant bar products in LaPlace, La., and Harriman, Tenn. The company also operates stocking locations along the inland waterway system near Pittsburgh, Chicago, and Tulsa.

Black Diamond Capital Management, LLC is an alternative asset management firm with in excess of $8 billion under management in a combination of private equity, hedge funds and structured vehicles. It was founded in 1995 by its principals, James Zenni and Stephen Deckoff. Its investors are largely comprised of leading institutional investors, including pension funds, endowments and insurance companies. Black Diamond has offices in Lake Forest, Ill., Greenwich, Conn., and London, England.