Optima Specialty Steel, Inc. Continues Working toward Consummating a Plan of Reorganization

MIAMI--()--Optima Specialty Steel, Inc. (together with its subsidiaries, collectively the “Company” or “OSS”) announced today that it continues to work on consummating its Plan of Reorganization (“POR”). The Company is actively engaged with its stakeholders in an effort to finalize the necessary documents and emerge from bankruptcy as soon as practicable, and in a manner that maximizes value for its stakeholders.

Michael Salamon, President of OSS, commented, “Although OSS’ emergence from bankruptcy has been delayed, this delay will have no impact on the Company’s ability to continue to operate in the ordinary course. OSS has sufficient liquidity and financing, and its businesses are generating strong EBITDA. Upon emergence from bankruptcy, OSS will have enhanced financial flexibility and be positioned to take advantage of opportunities in the marketplace.”

We are grateful for the continued support of our employees, customers, vendors, and stakeholders throughout this process,” said Salamon.

For more information please visit: http://cases.gardencitygroup.com/oma/key.php

About Optima Specialty Steel, Inc.

Headquartered in Miami, Florida, Optima Specialty Steel, Inc. is one of North America’s leading independent manufacturers of specialty steel products. Operating through its four wholly-owned subsidiaries, Michigan Seamless Tube & Pipe (MST), Niagara LaSalle Corporation, Kentucky Electric Steel and Corey Steel Company, the organization leverages its technical expertise, skilled workforce and sophisticated equipment to produce highly engineered products, including seamless cold drawn pipe and tube, cold finished steel bars and flats and various SBQ and MBQ products.

Contacts

Media:
ICR
John McKenna, 203-682-8200
John.McKenna@icrinc.com

Contacts

Media:
ICR
John McKenna, 203-682-8200
John.McKenna@icrinc.com