Shiloh Industries Completes New Credit Agreement

CLEVELAND, Jan. 19, 2005 -- Shiloh Industries, Inc. today announced the completion of their new Amended and Restated Credit and Security Agreement with a syndication of lenders led by LaSalle Bank National Association as lead arranger and administrative agent, National City Bank and KeyBank National Association as co-syndication agents and Citizens Bank of Pennsylvania and U.S. Bank National Association as co- documentation agents. The agreement provides the Company with a borrowing capacity of $175,000,000 in the form of a five year $125,000,000 Revolving Credit facility and a five year $50,000,000 term loan both maturing January 2010.

The proceeds of the new agreement will repay borrowings under the Company's existing credit agreement of approximately $120,000,000, 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 revision to our credit agreement provides the Company with greater flexibility in managing our liquidity and the opportunity to reduce our financing and interest costs. This agreement demonstrates our banking group's recognition of the financial improvements that Shiloh has achieved in the last three years, and their commitment 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 2,100.