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Gibraltar Sells Its Chattanooga Operation to Metals USA

15 February 2000

Gibraltar Sells Its Chattanooga Operation to Metals USA

    BUFFALO, N.Y., Feb. 14 -- Gibraltar today
announced that it sold its operations in Chattanooga, Tennessee, to Metals USA
.  The Chattanooga operation had sales of approximately $17 million
in 1999. While terms of the sale were not disclosed, Gibraltar said it sold
the facility at approximately net book value and would use the proceeds to pay
down debt.
    "As the strategic focus of our company continues to evolve toward higher
value-added, higher-margin processes and services, we concluded that this
operation would be a better fit with another organization," said Brian J.
Lipke, Chairman and Chief Executive Officer.
    "We continue to intensify the focus in every part of our company on
improving our return on investment. We've done that by maximizing asset
utilization, more fully using the capacity in all of our equipment and
facilities, continuing to move upstream into higher value-added and
higher-margin products and services, controlling and reducing our costs, and
divesting those operations that do not meet our return targets. We expect this
process, which is ongoing, to continue enhancing our performance and improving
our profitability," said Mr. Lipke.
    On January 25, Gibraltar announced that its earnings in 1999 grew by 26
percent to $25 million, and its annual sales increased by 11 percent to
$622 million.  The Company said that 1999 was its eighth straight year of
sales and earnings growth, and that it was in an excellent position to
continue building on its record of success.
    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; risks
associated with the integration of acquisitions; and changes in interest or
tax rates.

    Gibraltar is a growth-oriented company, with expanding operations in the
building and construction products, metal processing, and commercial
heat-treating markets.  The Company serves approximately 9,000 customers in a
variety of industries.  It has approximately 3,100 employees and operates 49
facilities in 19 states and Mexico.

    Gibraltar's news releases, along with comprehensive information about the
Company, are available on the Internet at http://www.gibraltar1.com.