Special Metals and Daido Steel Announce Expansion of Joint-Venture

    NEW HARTFORD, N.Y.--June 12, 2001--Special Metals Corporation and Daido Steel Co., Ltd. of Japan have announced the renewal of a series of agreements reflecting their participation in Daido-Special Metals, Ltd., a joint-venture marketing and sales organization. Daido-Special Metals, Ltd. markets an extensive range of superalloys and high-performance alloys produced by Special Metals and Daido Steel in Japan.
    In addition, the companies announced that Daido-Special Metals, Ltd. will assume all distribution sales activity in the Pacific Rim from its service/distribution center in Nagoya, Japan. Similarly, Special Metals Corporation will represent Daido Steel and Daido-Special Metals, Ltd. throughout Europe and the Pacific.
    Special Metals Corporation President T. Grant John commented, "Special Metals has enjoyed a 27-year association with Daido Steel. These agreements are an outgrowth of our long-standing relationship and further strengthen an association that has proven to be mutually beneficial."
    Special Metals Corporation is the world's largest and most-diversified producer of high-performance nickel-based alloys. Its specialty metals are used in some of the world's most technically demanding industries and applications, including: aerospace, power generation, chemical processing, and oil exploration. Through its 10 U.S. and European production facilities and a global distribution network, Special Metals supplies over 5,000 customers and every major world market for high-performance nickel-based alloys.