July 09, 1998

Lila White
(804) 692-3110

Jill Lawrence
(804) 371-0049
Olympic Mill Services to Create 50 Jobs
-- Governor Announces contract with Chaparral Virginia Steel Recycling - -

Richmond - Virginia Governor Jim Gilmore today announced that Olympic Mill Services has signed a long-term contract with Chaparral Virginia Steel Recycling. Olympic Mill Services, a division of Tube City, Inc., will provide a variety of services to Chaparral's new $400 million structural steel mill in Dinwiddie County. This new contract will create 50 new jobs.

"This is an excellent example of how large investments have a ripple effect on Virginia's economy," said Governor Gilmore. "Olympic's innovative services will help to place Chaparral at the top of its industry."

Olympic Mill Services will provide slag handling with pot carriers, ladle and charge bucket transportation, slag processing, metal reclamation, on-site scrap processing, refractory brick recycling, vacuum truck cleaning services, and mobile equipment rental for Chaparral's new world-class structural beam facility. Production at the facility is scheduled to begin in 1999. Tube City, Inc., is a full-service steel mill service company that provides, in addition to its Olympic Mill Services operations, scrap metal processing and brokerage, steel laboratory services, and mill by-product reclamation services to steel mills and foundries throughout North America. Tube City was named one of the 500 largest privately held companies in the United States in 1997.

"Olympic winning this contract reaffirms the fact that we have changed the steel mill service industry," said James Fiore, Chief Operating Officer of Olympic Mills Services. "In a highly competitive international marketplace, where low cost production without sacrificing quality is the key to profitability, no steel mill should be satisfied with the status quo."

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