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Michigan's MST To Receive $25M Investment

April 2013 - MST - Seamless Tube & Pipe, a leading manufacturer of high-quality carbon and alloy seamless cold-drawn pipe and tube, today announced that its parent company Optima Specialty Steel, Inc. has committed $25 million in capital to expand MST’s operations and increase production capacity.

As part of the capital improvement project, MST will use $19 million to fund the acquisition of a highly specialized cold pilger mill and the construction of a new facility to house the mill. The 14,400 square foot building will also accommodate all of the related tools and processing equipment required to fully integrate the mill into the production process. As the first of its kind for MST’s product mix, the mill leverages a unique, cost-effective forming process enabling the Company to achieve improved tolerances and longer lengths to meet its clients’ specifications.

The remaining $6 million will be used to purchase a new, 377 foot atmosphere controlled furnace. The state-of-the-art furnace will improve material flow and reduce production time. Together, the new mill and furnace will diversify MST’s product line, allowing it to expand its operational footprint in the markets it serves.

“The introduction of a new cold pilger mill and atmosphere controlled furnace enables us to expand our already robust tube and pipe offerings while simultaneously increasing our capacity by an additional 700 -1300 tons of product each month,” said Les Whitver, Vice President of Operations for MST. “We are deeply committed to growing our presence in South Lyon and are thrilled that this project will allow us to offer a wider selection of products at highly competitive prices, creating jobs for the community in the process.”

The $25 million capital improvement project is the latest in a series of investments OSS has made in MST over the past two years to maintain the Company’s position as an innovative leader in the specialty pipe and tube market. Past upgrades include a $1.5 million addition of oxygen fuel burners to MST’s hot mill, a $6 million investment to construct the Company’s fifth pickle house, and the installation of a new $4.5 million quench and temper line.

Mordechai Korf, Chairman of the Board and Chief Executive Officer of OSS, added, “This capital project underscores the ongoing commitment that Optima has to augmenting MST’s capabilities and bolstering its infrastructure. MST has enjoyed a tremendous history of success over the past 80 years, and under Optima’s oversight, the Company will have the resources to complement its talented staff to ensure sustained success.”

MST anticipates the new furnace will commence operations in April 2014. The cold pilger mill is projected to be fully operational in early 2015.

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