Roanoke Electric Steel Corp.’s Board of Directors declared the 184th consecutive quarterly common stock cash dividend in the amount of 11 cents per share.

The dividend represents an increase of 10% from the prior dividend of 10 cents per share, and is payable on November 24, 2004, to shareholders of record as of the close of business on November 5, 2004.

Donald G. Smith, Chairman and CEO, and T. Joe Crawford, President and Chief Operating Officer, stated:

"Today's announcement reflects not only the improvements in 2004 in the company's operations and the metals industry, but also the confidence the Board of Directors has in the company's financial strength and long-term outlook. We appreciate the continued loyalty of our shareholders and are pleased that our shareholders will continue to benefit from the company's success."

Roanoke Electric Steel Corp. has steel manufacturing facilities in Roanoke, Va., and Huntington, W.Va., producing angles, rounds, flats, channels, beams, special sections and billets, which are sold to steel service centers, fabricators, original equipment manufacturers and other steel producers. Five subsidiaries are involved in various steel-related activities, consisting of scrap processing and bar joist, reinforcing bar and truck trailer beam fabrication.