Birmingham Steel Corporation Completes Sale to Nucor.

Business Editors

BIRMINGHAM, Ala.--(BUSINESS WIRE)--Dec. 9, 2002

Today, Birmingham Steel Corporation (OTCBB:BIRS) announced that it has completed the sale of substantially all of its assets to Nucor Corporation (NYSE:NUE) for a purchase price of approximately $615,000,000. Upon the closing of the transaction, Birmingham Steel's plan of reorganization under Chapter 11 became effective. Pursuant to the plan of reorganization, the holders of record of the company's stock will receive approximately $.47 per share, and the shares of stock in the company are canceled.

Except for historical information, the matters described in the press release are forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including economic conditions, market demand factors, equipment breakdowns or failures, the Company's continued compliance with its financing arrangements and its principal debt agreements, as well as other risks described from time to time in the Company's periodic and special filings with the Securities and Exchange Commission. Any forward-looking statements contained in this document speak only as of the date hereof, and the Company disclaims any intent or obligation to update such forward-looking statements.