SIFCO Industries, Inc. Plans to Discontinue Operations at its Facility in Tampa, Florida

    CLEVELAND--March 27, 2003--SIFCO Industries (AMEX:SIF) announced today that it would be discontinuing operations at its jet engine turbine component repair facility in Tampa, Florida. The facility was primarily involved in the repair and remanufacture of turbine blades and vanes used in jet engines (aerospace). These repairs will be relocated to SIFCO facilities in Minneapolis, Minnesota and Cork, Ireland. The relocation plan is intended to ensure that all customers continue to receive first class service during and after this rationalization process. SIFCO is focused on maintaining a competitive cost base as well as prompt service for each and every customer. SIFCO will continue to offer its extensive range of services for Rolls-Royce, GE, CFMI, and Pratt and Whitney engine components.
    The current downturn in the commercial aviation industry has reduced the demand for third party component repair services, such as those provided by the Company. Hence the planned business volume for the previously announced joint venture with Rolls-Royce plc will not be achieved. It is for that reason that the joint venture discussions between Rolls-Royce plc and SIFCO have currently been suspended. Nevertheless, SIFCO will continue to service its long term agreements with all Rolls-Royce facilities. In addition to discontinuing operations at its Tampa, Florida facility, the Company will continue to optimize its remaining component repair capacity through consolidation of operations and other productivity improvement efforts.

    Forward-Looking Language

    Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.

    SIFCO Industries, Inc. is dedicated to meeting the technical needs of the aerospace industry in the production, repair, coatings, machining, and marketing of jet engine and other aerospace components. SIFCO serves the world's aerospace industry through a network of manufacturing service and distribution centers in the United States, Europe and the Far East.