| FOR IMMEDIATE RELEASE | 5/2/2003 |
| Renaissance Partners Close Carbide/Graphite Acquisition | |
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PITTSBURGH and ST. MARYS, PA? May 2, 2003 ? Nathan Milikowsky, Chairman and CEO of C/G Electrodes LLC, announced today that C/G Electrodes completed the purchase and will restart the graphite electrode manufacturing business in St. Marys, Pennsylvania. Mr. Milikowsky stated that more than 100 manufacturing jobs will remain in St. Marys as a result of the acquisition. The process of reopening the plant will begin immediately, production will ramp up over the next several months, and it is anticipated that shipments will commence in July. Mr. Milikowsky, of Chestnut Hill, Massachusetts, is a 40-year veteran of the metals industry. Mr. Milikowsky thanked the "federal, state, and local officials of both political parties who rallied to support our purchase. They recognized the value this transaction will contribute to St. Marys, to Pennsylvania and to the competitiveness of the American steel industry." Renaissance Partners, LLC, a subsidiary of DKW Law Group, PC, and chaired by Leo A. Keevican, Jr., was engaged by C/G Electrodes to facilitate all aspects of the transaction, including debt and equity financing and was instrumental in reaching a successful beginning. Renaissance Partners provides an innovative, turnkey approach to leverage buyout transactions. Visit Renaissance Partners or DKW Law Group LLC for more information. The following financial institutions and investors are also thanked for their participation and assistance: * First Commonwealth Bank * Northwest Bank * County National Bank * PNC Leasing, LLC * LaSalle Business Credit, LLC * Eureka Capital Partners * PNC Bank, N.A. The following officials all lent support to the effort led by Milikowsky: * U.S. Senator Arlen Specter * U.S. Congressman John Peterson * PA Governor Ed Rendell * PA Attorney General Mike Fisher * PA Secretary of Community and Economic Development Dennis Yablonsky * PA Secretary of Banking William Schenck * State Senator Joe Scarnati * State Representative Dan Surra * Elk County Commissioners June Sorg, Christine Gavazzi and Joe Koch * St. Marys Mayor David Meier and City Manager Maurice Azain * St. Marys School District, Superintendent Paul Robertson * International Union of Electrical Workers (IUE/CWA) Local 502 * North Central Pennsylvania Regional Development Commission |
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