July 3, 2006 — Trimaran Capital Partners has completed its acquisition of Standard Steel, LLC from Citicorp Mezzanine Partners LP and certain members of management. Terms were not disclosed.

"Standard Steel is uniquely positioned within the railcar wheel and axle industry to capitalize on the continuing strength in the demand for railcars and railcar components," said Jay Bloom, a co-founder and Managing Partner at Trimaran Capital Partners. "We are experienced investors in the railcar industry, having recently exited our successful investment in FreightCar America, and Standard Steel represents an exciting opportunity to enhance that track record."

Standard Steel's senior management team, headed by CEO and President Michael Farrell and Chief Operating Officer Tom Reinecke, will continue in their current positions and will be investors in the transaction.

The fundamentals driving demand for aftermarket and new railcar components have made the long-term competitive dynamic in North America highly attractive. Strong demand for rail transport services, an aging railcar fleet, inefficient railroad equipment, increased global trade and the diminished ability of trucking companies to compete with railroads will provide sustainable long-term demand for Standard Steel's products.

Mark Dalton, Trimaran Managing Director, added, "Standard Steel's management team has an excellent track record of developing customer relationships, improving the profitability of the company and positioning it for future expansion. We look forward to partnering with them to continue the company's long tradition of being a key supplier to one of the country's oldest industries."

"We look forward to working with Trimaran to take the company to the next level," said Mr. Farrell. "They have an excellent track record of investing in the railcar industry and their operating experience and relationships with key players will complement our team's capabilities."

Standard Steel, Inc. is a leading integrated manufacturer of steel wheels and axles for use in freight railcars, locomotives and passenger railcars. The company's customers include Class I railroads, freight railcar builders, railcar and locomotive maintenance shops, Amtrak, locomotive builders and regional transit authorities, among others. The company, together with its predecessors, has been operating since 1795 and has its manufacturing facility in Burnham, Pa.

Trimaran Capital Partners is a private asset management firm, headquartered in New York, with assets under management and committed capital in excess of $3 billion. Since 1995, Trimaran has completed 61 private equity investments totaling over $1.5 billion of equity capital. Trimaran partners with outstanding management teams with the objective of creating long-term value. Trimaran's portfolio companies include: El Pollo Loco, a leading quick-service restaurant chain; International Transmission Company, an independently owned-and-operated electric transmission company; and Reddy Ice Group, Inc., the nation's largest manufacturer of packaged ice. Trimaran was also a lead investor in FreightCar America, Inc., a leading manufacturer of railcars, as well as one of Standard's largest customers.