C O R R E C T I O N JMC Stee

In the news release, John Maneely Company Completes Restructuring, Positioning Firm for Growth Through Acquisition, New Hiring and Improved Customer Service, issued Oct. 7 by JMC Steel Group over PR Newswire, we are advised by the company that the second paragraph, first sentence, should read "reduce costs" rather than "reduce prices" as originally issued inadvertently. The complete, corrected release follows:

John Maneely Company Completes Restructuring, Positioning Firm for Growth Through Acquisition, New Hiring and Improved Customer Service

BEACHWOOD, Ohio, Oct. 7 /PRNewswire/ -- John Maneely Company announced today that it has completed an organizational restructuring that will position it to grow through acquisition, hire new employees and improve customer service. As part of the restructuring, the company's name will change to JMC Steel Group, a reflection of the company's core steel pipe and tubular products business.

Frank A. Riddick, III, chief executive officer of JMC Steel Group, said, "We are now in a position to grow, hire new people, reduce costs and provide career advancement opportunities for our colleagues. The restructuring enables us to take full advantage of the synergies that existed within our pipe and tubular companies. We were able to consolidate along functional lines -- purchasing, production planning and business development, for example -- to make us more cost efficient and responsive."

He added, "Our new name more clearly defines our core business -- we produce steel pipe and tubular products, primarily for the non-residential construction, transportation and energy markets. We plan to add new groups of brands or companies that complement the businesses in our steel group."

David Seeger, president of JMC Steel Group, said that the restructuring and name change will better define the company's brand in the marketplace. "The recent acquisitions and mergers by the John Maneely Company, including the addition of several new products, has been beneficial to our customers but the marketplace may not be fully aware of our full product lines and capabilities. The name change and restructuring will clearly define who we are."

Mr. Seeger added, "There were some areas within our companies that overlapped and others Abercrombie & fitch that provided us the opportunity for natural marketing combinations -- pipe and piling for example -- or the marketing of DOM and HSS products, both of which are primarily sold through metal service centers. This change will help us better focus our sales and marketing efforts. At the same time, our new structure still gives us the flexibility to continue to serve distinct market segments and customers."

Mr. Seeger explained that the broad-based capabilities of the firm can also save its customers money. "The wide breadth of products produced by the divisions of JMC Steel Group will allow us to deliver complete pipe and tube solutions across multiple applications. Being a total source provider will help our customers recognize cost savings in a number of areas."

Mr. Riddick concluded, "Our majority owners, The Carlyle Group, a global alternative asset manager, and the Zekelman family, have supported our growth plans by providing financial stability, capital, business opportunities and expertise in several areas."

About JMC Steel Group

The JMC Steel Group is the largest independent steel tubular manufacturer in North America, producing more than 2 million tons of pipe and tubular products a year and employing more than 1,750 people. It operates 11 manufacturing facilities in the U.S. and CanaReplica Watches
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