Shiloh Industries Completes New Credit Agreement

CLEVELAND, Jan. 16, 2004 -- Shiloh Industries, Inc. today announced the completion of their new Credit and Security Agreement with a syndication of lenders led by LaSalle National Bank Association as lead arranger and administrative agent, National City Corporation as co-lead arranger and syndication agent and KeyBank National Association as documentation agent. The agreement provides the Company with a borrowing capacity of $185,000,000 in the form of a three year $60,000,000 Revolving Credit facility maturing January, 2007 and two five year term loans of $75,000,000 and $50,000,000 maturing January, 2009.

The proceeds of the new agreement will repay borrowings under the Company's existing credit agreement of approximately $155,000,000, pay for related fees and expenses, and provide working capital needs and liquidity for the Company.

Theodore K. Zampetis, President and CEO of Shiloh stated that, "Completion of this agreement is a significant achievement for the Company and demonstrates a commitment of a new group of lenders to Shiloh's business strategy for the next several years".

Headquartered in Cleveland, Ohio, Shiloh Industries is a leading manufacturer of first operation blanks, engineered welded blanks, complex stampings and modular assemblies for the automotive and heavy truck industries. The Company has 11 operating locations in Ohio, Georgia, Michigan, Tennessee and Mexico, and employs approximately 2,450.