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Slater Steel Completes Sale of Sorel Forge

March 16, 2004 — Slater Steel Inc. has completed its sale of substantially all the assets of Sorel Forge to a subsidiary of A. Finkl & Sons Co. The sale, conducted on a going-concern basis, is valued at approximately $41 million.

Slater once again stated that it does not expect that shareholders will receive any value from the insolvency proceedings.

Located in Sorel-Tracy, Que., Sorel Forge is the largest integrated open-die forging plant in Canada. Sorel produces mold, tool and die steels, custom forgings and forged steel bars and is among the few facilities in the world that is capable of producing large mold blocks of up to 55,000 pounds. Sorel employs approximately 270 hourly and salaried employees.

A. Finkl & Sons Co. of Chicago is a leading North American specialty steel company. With more than 100 patents to its credit, Finkl's steel formulations and steelmaking technologies are worldwide standards. Finkl processes approximately 100,000 tons of steel each year, and distributes its products domestically and to more than 18 countries. The company has been in business 125 years, and has 350 employees.

Slater Steel is a minimill producer of specialty steel products.

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