Steel Technologies Inc. has entered into a five-year, $135 million Unsecured Revolving Credit Facility with its existing syndicated banking group. The new credit facility replaces a $151 million unsecured credit facility that was scheduled to mature on August 31, 2005. The transaction became effective September 2, 2004, and will mature on September 2, 2009.

"We are extremely pleased to announce this new credit facility and believe it reflects the excellent working relationship we have developed with our syndicated banking group," said Bradford T. Ray, Chairman and CEO of Steel Technologies. "This new line, and the opportunity to expand it up to $200 million under certain circumstances, provides significant borrowing capacity to execute our business plan and complements the additional capital we raised in a successful secondary stock offering last March. Importantly, it will allow us to continue to pursue strategic initiatives and promote profitable growth with our expanding customer base. Additionally, it supports our goal to explore business strategies that leverage Steel Technologies' broad range of value-added resources and grow our market presence."

Steel Technologies Inc. processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for automotive, appliance, lawn and garden, office furniture, agriculture, railcar, construction, hardware, and consumer goods. The company has 21 facilities, including its joint-venture operations, located throughout the United States and Mexico.