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Gibraltar Initiates Quarterly Cash Dividend, Sets Special Payout

10 February 1999

Gibraltar Initiates Quarterly Cash Dividend, Sets Special Payout

            Company Will Pay an Annual Dividend of $.10 Per Share,
                      Special Dividend is $.05 Per Share

    BUFFALO, N.Y., Feb. 9 -- Gibraltar Steel Corporation
today announced that its Board of Directors has declared a
special cash dividend and instituted a regular quarterly cash dividend.
    A special dividend of $.05 per share was declared on February 9 and will
be payable on March 10 to shareholders of record on February 24.  At its
meeting today, the Board also indicated its intention to commence the payment
of an annual dividend of $.10 per share, payable at the rate of $.025 per
quarter.  The first quarterly dividend of $.025 is expected to be paid
subsequent to the close of the first quarter.
    "The initiation of a regular cash dividend recognizes the solid financial
position of our company and our positive outlook for the future.  It gives us
a way to recognize and reward our loyal shareholders, many of whom have held
our stock since our initial public offering in 1993, as we continue to build
the longer-term value of our company," said Brian J. Lipke, Chairman and Chief
Executive Officer.
    "Since many institutions and individuals specifically invest in companies
that pay dividends, we also expect to broaden and diversify our shareholder
base as a result of this announcement," said Mr. Lipke.
    On January 26, Gibraltar announced record sales and earnings for 1998,
with sales up 24 percent to $558 million and net income climbing by 21 percent
to $19.8 million, or $1.57 per share.
    In the five years since its initial public offering (1994-1998),
Gibraltar's sales have increased by 27 percent a year, and net income has
advanced by 22 percent a year.  The Company is committed to generating annual
sales of $1 billion or more and net income of at least $45 million by 2003, or
sooner, by growing its top and bottom lines by at least 20 percent a year.  At
the midpoint of its ten-year plan, Gibraltar is nearly two years ahead of
schedule, and believes it can further accelerate its progress.
    Information contained in this release, other than historical information,
should be considered forward-looking, and may be subject to a number of risk
factors, including: the impact of changing steel prices on the Company's
results of operations; changing demand for the Company's products; the impact
of the Year 2000 issue; and changes in interest or tax rates.
    Gibraltar is a growth-oriented company, with expanding operations in the
building products, metal processing, and commercial heat-treating markets.
The Company serves more than 9,000 customers in a variety of industries.

    Gibraltar's news releases are available by calling 800-758-5804,
ext. 103722, or on the Internet at
http://www.prnewswire.com/gh/cnoc/comp/103722.html