Amcast Announces Restructuring of Credit Facilities

    DAYTON, Ohio--July 16, 2002--Amcast Industrial Corporation, today announced that the Company has successfully negotiated a restructuring of its credit facilities with its bank-lending group and senior note holders. As restructured, the bank credit facilities have been continued through September 14, 2003, and a required $12.5 million prepayment under the senior notes has been deferred until maturity in November 2003.
    Byron O. Pond, Chairman of the Board and Chief Executive Officer, said, "We are extremely pleased with the confidence and support expressed by our bank-lending group and senior note holders. The restructuring of our credit facilities is an important step in allowing the Company to continue implementing its world class initiatives and return to profitability."
    After restructuring, long-term debt at the end of the fiscal third quarter was $160.4 million. This reduced short-term debt to $25.4 million, or 13.7% of total obligations.
    Mr. Pond added, "I would like to reiterate our appreciation for the understanding and patience shown by Amcast's shareholders, customers, suppliers, lenders, and other stakeholders. Completing this important process permits a stronger focus on the operational improvements we envision for Amcast."
    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, the ability of the Company to negotiate an extension of its waivers with its bank group, fluctuating demand in the automotive and housing industries, price pressures in the company's automotive and flow control businesses, effectiveness of production improvements plans, inherent uncertainties in connection with international operations and foreign currency fluctuations, and labor availability and relations at the company and its customers.