Steel Technologies Inc. reported that it is filing its Annual Report on Form 10-K for fiscal 2005, which reflects a non-cash adjustment from its November 1, 2005 preliminary release to increase deferred tax liabilities as of September 30, 2005.

The adjustment, which resulted in a corresponding increase in the company's provision for taxes for the fiscal year, reflected a non-routine timing difference encountered in the course of the Steel Technologies' year-end audit. The adjustment did not affect the company's operating income or profit before taxes. However, it did reduce the previously reported income by $766,000 ($0.06 per diluted share). With the adjustment, the company is reporting net income of $36.3 million ($2.77 per diluted share) in its Annual Report on Form 10-K for fiscal 2005.

Commenting on the announcement, Bradford T. Ray, Chairman and CEO, said, "We are pleased that as part of our Annual Report on Form 10-K, our independent registered public accounting firm expressed their opinion that the Company maintained, in all material respects, effective internal control over financial reporting as of September 30, 2005."

Steel Technologies 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 20 facilities, including its joint-venture operations, located throughout the United States and Mexico.