Alflex and General Cable Form Strategic Alliance.

LOUISVILLE and HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--Sept. 17, 1998--Alflex Corporation, a business unit of Commonwealth Industries, Inc. (Nasdaq/NM:CMIN), and General Cable Corporation (NYSE:GCN) today announced the formation of a long-term strategic alliance that includes a series of agreements that greatly strengthen the competitive position of both companies. The alliance brings together Alflex's metal forming skills and vertical integration in aluminum coil products with General Cable's manufacturing expertise in copper building wire, data communications and telecommunications products. In the future, General Cable will supply all of Alflex's wire needs for its armored cable and prefabricated products in addition to wire and cable for new products jointly developed.

"This is a very important strategic alliance for both General Cable and Alflex," said Stephen Rabinowitz, Chairman, President and Chief Executive Officer of General Cable Corporation. "It allows each of us to optimize and fully leverage our core strengths, which are highly complementary. General Cable is one of the largest and most diversified manufacturers of electrical and communications wire and cable, and we see Alflex as having the best technology and cost position in the armored cable industry. By joining together, we create a truly best-in-class capability for our respective customers."

Mark V. Kaminski, President and Chief Executive Officer of Commonwealth Industries, added, "The General Cable alliance will allow Alflex to expand its armored cable manufacturing capacity more rapidly to capture, with a high level of customer service, the growth now forecasted in this market. It also supports Commonwealth Industries' strategy to grow Alflex as a worldwide manufacturer under its new leadership. Our relationship with General Cable expands our reach into new markets, increases our overall share of the rapidly evolving electrical distribution market, and brings to Alflex the resources of one of the largest wire and cable companies in the world."

In addition, Alflex and General Cable also announced their intent to form a joint venture to develop new and innovative composite cables for use in such applications as the "office of the future," security systems and for factory communication and industrial automation. Use of the new composite cables will save on jobsite installation costs for many applications and provide superior performance in many demanding environments. The new products will be sold by both the General Cable and Alflex direct sales and agent teams. The formation of the joint venture is subject to execution of definitive agreements by Alflex and General Cable.

"The new joint venture goes beyond our present buy-sell arrangement," said Gregory B. Kenny, Executive Vice President and Chief Operating Officer of General Cable. "We intend to use the outstanding resources of both companies to develop innovative new products. General Cable brings to the joint venture a strong knowledge of communications and low-voltage control cable markets, as well as a leadership position in the development of high-performance networking cables. In addition, General Cable makes available to the venture low-cost assembly capabilities to build prefabricated electrical and composite cables for original equipment manufacturers and jobsite-specific applications." Alflex will supply General Cable with an expanded range of armored cable products to support general Cable's highly successful Power of One strategy to the professional contractor market served through both distribution and the "do-it-yourself" market through retailers.

"Since working with General Cable, we have found that not only do we work well together, but we also have the potential to create a best-cost and best-quality position in this rapidly growing market," said Roddy Macdonald, Chief Operating Officer of Alflex. "By aligning our respective core skills, we will reduce costs, enhance customer service and profitably grow each company's market share."

The companies currently utilize the same business software and will be integrating certain applications to reduce response times and better meet customer needs. General Cable and Alflex also will support each other and share computing and communications technology in areas such as electronic commerce.

Commonwealth Industries, headquartered in Louisville, Kentucky, is one of North America's leading manufacturers of aluminum sheet for distributors and the transportation, construction, and consumer durables end-use markets. The Company has direct-chill casting facilities in Kentucky -- one of the largest multi-purpose aluminum rolling mills in North America -- and continuous casting mini-mills in Ohio and California. Commonwealth also is a leading manufacturer of innovative electrical wiring products through its Alflex operations in California. Alflex manufactures electrical conduit and pre-wired armored cable used for mechanical protection of electrical wiring assemblies. The products are used primarily in commercial and residential construction and remodeling.

General Cable Corporation, based in Highland Heights, Kentucky, is a leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the communications and electrical markets. Communications wire and cable transmit low voltage signals for voice, data, video and control applications. Electrical wire and cable conduct electrical current for power and control applications. General Cable, which became a public company in May 1997, has 18 manufacturing facilities and five regional distribution centers and offers competitive strengths in such areas as breadth of product line, brand recognition, distribution and logistics, sales and service, and operating efficiency.

Forward-looking statements in this press release are made by Commonwealth Industries pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties that could render them materially different, including, but not limited to, the effect of global economic conditions, the impact of competitive products and pricing, product development and commercialization, availability and cost of critical raw materials, the rate of technology change, product demand and market acceptance risks, capacity and supply constraints or difficulties and other risks as detailed in Commonwealth's various filings with the Securities and Exchange Commission.

Statements in the press release made by General Cable Corporation, other than historical facts, are forward-looking statements, including without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures and the company's or management's beliefs, expectations or opinions. Actual results may differ from those statements as a result of factors, risks and uncertainties over which General Cable has no control. Such factors include price competition, particularly in certain segments of the building wire and cordset markets, and other competitive pressures; general economic conditions, particularly in non-residential construction; General Cable's ability to increase manufacturing capacity; the cost of raw materials, including copper; the impact of technological changes; General Cable's ability to achieve productivity improvements; and other factors which are discussed in General Cable's Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 1998, as well as periodic reports filed with the Commission.