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Steel Technologies Revises
Second Quarter Earnings Forecast

March 25, 2004 — Steel Technologies Inc. expects its results for the second fiscal quarter to reflect substantial increases in volume through its operations.

For the three months ending March 31, 2004, Steel Technologies expects that sales will increase to $175 million on a 34% increase in tons shipped compared with the second quarter last year. Net income for the quarter is expected to be in the range of $0.60 to $0.65 per diluted share.

A portion of the earnings is attributable to an escalating price environment due to rising raw material costs. This benefit will reverse as the full effect of the raw material increases works through inventory.

Steel Technologies processes flat-rolled steel to specific thickness, width, temper, finish and shape requirements for a wide range of products and applications. The company has 21 facilities, including its joint-venture operations, located throughout the United States and Mexico.

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