Sheffield Steel Corp. announced that its Board of Directors has received two separate and unsolicited indications of interest in acquiring Sheffield Steel.

The company’s Board has established a special committee of three independent directors and delegated to it the responsibility and authority to review and evaluate these proposals. The special committee will also evaluate any other proposals that may be received and, if appropriate, negotiate the terms of any such proposals.

Pursuant to its delegated authority, the special committee has begun its considerations. Special counsel has been engaged, and Lane, Berry & Co. International, LLC has been appointed as the committee’s financial and strategic advisor.

In its most recent quarter ended July 31, 2005, Sheffield Steel reported net income of $6.7 million on sales of $74.2 million.

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 billetmaking 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.