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J&L Specialty Steel
Announces Price Increase

Jan. 21, 2004 — J&L Specialty Steel, LLC announced that it would increase prices on all grades of its stainless steel products effective with shipments on Sunday, January 25, 2004.

Discounts will be reduced by 2 percentage points, which will cause a price increase of approximately 6%. Sales from floor stock will be subject to an additional increase of approximately 3% through a 1% discount reduction. Polished prices will be increased through a 10% reduction of the polish extra discount.

Freight charges are being updated to reflect current industry rates. Freight equalization points have also been updated and the schedule is posted on J&L's website.

The current raw material and fuel surcharge mechanisms, as well as J&L's latest price schedule dated September 2, 2001, will remain in effect. Prices continue to be based upon the date promised on J&L's order confirmation.

J&L Specialty Steel is headquartered in Coraopolis, Pa., with plants located in Midland, Pa., and Louisville, Ohio. J&L is a wholly owned subsidiary of Arcelor of Luxembourg, the world's largest producer of steel.

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