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Metals USA Reports
Profitable 4th Quarter and Year

Feb. 19, 2004 — Metals USA, Inc. announced net income of $2.6 million on sales of $249.5 million for the three months ended December 31, 2003, and net income of $7.5 million on sales of $963.2 million for the full year 2003.

Fourth Quarter Results — Net income was $2.6 million ($0.13 per share). Sales of $249.5 million compare to a combined amount for the successor and predecessor company of $229.2 million for the fourth quarter of 2002. Operating income was $4.0 million, compared to a combined operating loss for the successor and predecessor company of $11.5 million for the fourth quarter of 2002.

Full Year Results — Net income was $7.5 million ($0.37 per share). Sales of $963.2 million compare to a combined amount (for the successor and predecessor company) of $962.0 million for 2002. Operating income for the full year of 2003 was $16.4 million, compared to a combined operating loss for the successor and predecessor company of $3.5 million last year.

Comments — C. Lourenço Gonçalves, President and CEO stated, “I want to thank all Metals USA employees who have supported and adopted our new ways to manage relationships and resources. Despite difficult market conditions, our fourth quarter results represent our third consecutive profitable quarter. At this point, I am completely confident that the stage is set for continuing improved performance going forward.”

Mr. Gonçalves continued, “Metal prices have been increasing dramatically over the last several months and supplies are tight. In such circumstances our primary objective is to keep our customers supplied with competitively priced material. The relationships we have forged with our suppliers have been the key to accomplishing just that. As far as our service center business is concerned, we expect the recent growth in metal consumption to continue its present pace. We are prepared to meet the increased demand.”

On a final note, Mr. Gonçalves stated, “The Metals USA Building Products Group continues to distinguish itself as a premier, value-added business. We have aggressive plans for 2004, with new

product offerings as well as geographic expansion. We look forward to growing this segment of our business.”

Metals USA, Inc. is a leading North American metals processor and distributor, providing a wide range of products and services in the heavy carbon steel, flat-rolled steel, specialty metals, and building products markets.

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