The special committee appointed by Sheffield Steel Corp.’s Board of Directors has completed its consideration of the two unsolicited indications of interest in acquiring Sheffield Steel. The committee has determined not to pursue either proposal as presented.

Sheffield Steel stated that the special committee, in consultation with Lane, Berry & Co. International, LLC, its financial and strategic advisor, was continuing to explore strategic alternatives to enhance shareholder value, including the possible sale or merger of Sheffield.

Sheffield cautioned, however, that no decision has been made to pursue any strategic alternative and that there can be no assurance that the exploration of strategic alternatives would result in any definitive agreement or transaction.

Sheffield Steel is a minimill producer of SBQ and MBQ hot-rolled bar products, concrete reinforcing bar and fabricated products, including fabricated rebar, steel fence posts and railroad track spikes. The company's headquarters and largest manufacturing facility is located in Sand Springs, Okla., where it has an annual billet-making capacity of 650,000 tons. It also has a rolling mill in Joliet, Ill.; two fabrication shops in the Kansas City area; and a railroad spike producer in Sand Springs, Okla. Sheffield also owns the Sand Springs Railway, which connects the Sand Springs industrial corridor to Tulsa, Okla.