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National-Standard Company Sells Former Manufacturing Site

28 September 1999

National-Standard Company Sells Former Manufacturing Site

    NILES, Mich., Sept. 28 -- National-Standard Company
announced the sale of its former Athenia Steel manufacturing site
located in Clifton, New Jersey to the City of Clifton for $5.5 million.
    National-Standard purchased the Athenia Steel Company in 1937.  The
Company ceased operations at the 35-acre site in 1988.  Following closure of
the Athenia operation, National-Standard demolished all site buildings and
undertook an extensive environmental remediation program under the direction
of the New Jersey Department of Environmental Protection (NJDEP).  National-
Standard expects to complete its site remediation program within the next two
years at an estimated cost of less than $3 million.
    The sale agreement between the City and National-Standard provides for the
payment of $1.25 million upon execution and closing.  Payment of the balance
of the purchase price is linked to completion of the various phases of the
Company's remediation program and notification from the NJDEP that no further
work is required.
    Proceeds from the sale will be used to complete the site cleanup and to
reduce Company debt.  The Company expects to take a charge of approximately
$300,000 in its fourth quarter ending September 30, 1999, to adjust the
carrying value of the property.
    The City had previously announced its plans to use the vacant property for
sports activities and senior citizen housing.
    Founded in 1907, National-Standard is a Niles, Michigan based firm with
annual sales of approximately $200 million.  In eight operating facilities in
the United States and England, the Company manufactures and distributes a
broad range of wire and wire-related products, including tire bead wire and
welding wire, in addition to wire cloth, fabricated filters and inflator
housings for the automotive air bag industry.
    This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 relating to the fourth
quarter charge the Company expects to book, as well as the amount of costs
necessary to complete the remediation program and the timeframe within which
it is expected that the work will be done.  These items depend upon review and
approval by agencies outside the control of the Company and may or may not be
capable of achievement.  The Company does not intend to update these forward-
looking statements.