March 1, 2007 — Mitsui & Co. (USA), Inc. and Steel Technologies Inc. have signed a definitive agreement in which Mitsui USA will acquire all outstanding shares of Steel Technologies for $30 per share.

This per-share offer represents a 63% premium over the previous day’s closing price. The transaction is valued at approximately $532 million, including retained debt of $136 million.

“As a result of our 20-year strategic partnership, Mitsui USA and Steel Technologies know each other’s strengths quite well,” said Ichizo Kutsukake, Senior Vice President of Mitsui USA’s Iron and Steel Products Division. Steel Technologies and Mitsui have been 50/50 joint-venture partners for 20 years in Mi-Tech Steel, a company that processes flat rolled steel with a focus on “new domestic” automotive customers.

The merger will significantly expand Steel Technologies’ North American platform and will create one of the leading steel processing companies in North America. “We intend to leverage Mitsui USA’s investment and logistics capabilities to position Steel Technologies as an important element in implementing our North American business strategy and to enhance our upstream/downstream value chain,” said Mr. Kutsukake. “Steel Technologies will enable us to efficiently meet our customers’ ever-increasing demands and expectations.”

Mitsui USA said that upon completion of the merger, Steel Technologies would operate as a separate, wholly owned subsidiary with the current management team maintaining responsibility for the company’s performance and growth strategies. “We are also delighted that the current management team, which has been so successful in growing the business and creating value for customers, will remain in place to build on our long-term relationship,” Mr. Kutsukake added. “Mitsui USA is committed to supporting the Steel Technologies team in its ongoing initiative to broaden and deepen the company’s penetration in existing markets and in developing opportunities in new markets.”

Mitsui USA said it plans to finance this transaction through its existing capital resources. The all-cash transaction is expected to close by the end of June.

Headquartered in Louisville, Ky., Steel Technologies processes flat-rolled steel to specified thickness, width, temper, finish and shape requirements for automotive, appliance, lawn and garden, agricultural, recreational and office equipment industries, among others. The company, including its joint ventures, operates 25 production facilities located throughout the United States, Canada and Mexico. A leading North American steel processor, Steel Technologies leverages its broad geographic network of facilities to deliver processing capabilities and value-added services to customers in a variety of industries.

Mitsui USA is the largest wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global trading, investment and service enterprise. Mitsui USA has operations in iron and steel products and raw materials, infrastructure projects, machinery, information technology, chemicals, plastics, energy and consumer products, among others.