Amcast Concludes Study of Strategic Alternatives

    DAYTON, Ohio--March 7, 2001--Amcast Industrial Corporation, announced today its intention to pursue its strategic growth plan as an independent company and to conclude the strategic alternatives review undertaken with the assistance of Lehman Brothers, according to Byron O. Pond, Jr., President and Chief Executive Officer.
    "For a substantial period of time, the Board of Directors reviewed numerous strategic alternatives to improve the value of Amcast shares. This campaign included evaluating the possible sale of the business, various business combinations, and several break-up scenarios. After careful consideration, the Board decided that, even in the currently weakened market environment, a stronger pursuit of the company's fundamental strategy will, over the long term, better serve the shareholders, employees, and the many communities where Amcast is located. This will include a focused effort to improve the company's financial performance. In the near term, the company has a sound business plan aimed at correcting current weaknesses. Rigorous, timely execution and close cost control are essential for success," according to Mr. Pond.
    The recent announcement of senior management changes has set Amcast on that course. Mr. Byron O. Pond, Jr., a seasoned chief executive is the company's new President and CEO. He has been teamed with Leo W. Ladehoff, Amcast's former Chairman, to provide the depth of leadership needed to move the company forward. Both leaders are experienced and committed to meeting the challenge, the company said.
    "As an independent company, Amcast is well positioned for the future in both of its business segments. The company's technology is strong, its human resources and plants and equipment are solid. It is a leader in aluminum casting technology and is well positioned to serve the growing aluminum content in today's vehicles. The company's flow control business remains a leader in the production and distribution of flow products for construction and industrial markets," Mr. Ladehoff concluded.
    Amcast Industrial Corporation is a leading manufacturer of technology-intensive metal products. Its two business segments are brand name Flow Control Products marketed through national distribution channels, and Engineered Components for original equipment manufacturers. The company serves the automotive, construction, and industrial sectors of the economy.
    This release includes "forward-looking statements" which are subject to change based on various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors include, among others; general economic conditions less favorable than expected, fluctuating demand in the automotive and housing industries, price pressures in the company's automotive and flow control businesses, effectiveness of production improvement plans, inherent uncertainties in connection with international operations and foreign currency fluctuations, and labor availability and relations at the company and its customers.