Birmingham Steel Corporation Announces Stock Buyback Program.

BIRMINGHAM, Ala.--(BUSINESS WIRE)--July 14, 1998--Birmingham Steel Corporation (NYSE:BIR) today announced that the Company's Board of Directors has authorized the repurchase of up to 1,000,000 shares of the Company's outstanding stock. The purchases may be made in the open market from time to time, at prices not to exceed $20 per share. The authorization expires July 13, 1999. This new program replaces a repurchase authorization for 200,000 shares, which was announced in January and expired on June 30, under which the Company repurchased 132,800 shares.

Robert A. Garvey, Chairman and Chief Executive Officer, stated, "The Board continues to believe that the stock, at its current valuation, represents an attractive investment opportunity for Birmingham Steel."

Birmingham Steel operates in the mini-mill sector of the steel industry and conducts operations at facilities located across the United States. The Company produces steel reinforcing bar, merchant products and SBQ (special bar quality) bar, rod and wire. The common stock of Birmingham Steel Corporation is traded on the New York Stock Exchange under the symbol "BIR."

    CONTACT: Birmingham Steel Corp., Birmingham
              J. Daniel Garrett, 205/970-1213