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Steel Technologies Upgrades First Quarter Earnings Expectations

Jan. 6, 2004 — Steel Technologies Inc. increased its earnings expectations for the first fiscal quarter ended December 31, 2003, to reflect the impact of higher company sales and the continued strength of its Mi-Tech Steel corporate joint venture operations. Steel Technologies now expects to report earnings in the range of $0.22 to $0.23 per diluted share for the quarter ended December 31, 2003.

"For the quarter, we expect sales revenue to reach approximately $130 million, as tons shipped increased 5% over last year," said Bradford T. Ray, Chairman and CEO. "As a result of higher sales and continued focus on operating costs, our operating income continued to improve sequentially from the previous two quarters."

Steel Technologies plans to release final results for the first fiscal quarter on Tuesday, January 20, 2004.

Steel Technologies processes flat-rolled steel to specified thickness, width, temper, finish and shape requirements at 16 production facilities located throughout the United States and Mexico, including three at Mi-Tech Steel, Inc. For the fiscal year ended September 30, 2003, Steel Technologies reported sales of $512.7 million and net income of $9.2 million or $0.92 per diluted share.

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