EMJ Announces Exchange Offer For Its 9 1/2% Senior Notes.

BREA, Calif.--(BUSINESS WIRE)--Aug. 12, 1998--The Earle M. Jorgensen Co. ("EMJ") Wednesday announced the commencement of its offer to exchange $105 million of its Series B 9 1/2% Senior Notes due 2005 for an equal amount of its outstanding Series A 9 1/2% Senior Notes due 2005.

The exchange offer expires at 5:00 p.m. Eastern Time on Thursday, Sept. 10, 1998, unless extended by EMJ. The Series A notes were originally issued in a private placement on March 24, 1998. The terms of the Series B notes are identical to the terms of the Series A notes, except that the Series A notes were sold in reliance upon certain exemptions from registration under the Securities Act of 1933, as amended, whereas the Series B notes have been registered with the Securities and Exchange Commission. The Series B notes will not bear any legends restricting their transfer.

The proceeds from the $105 million offering of the Series A notes in March, together with the proceeds of other simultaneous financing transactions, were used to redeem $155 million in aggregate principal amount of EMJ's outstanding 10-3/4% Senior Notes due 2000, to prepay $5.1 million of purchase money indebtedness, to pay $45.4 million of parent company indebtedness and to refinance EMJ's existing credit facility.

EMJ, with headquarters in Brea, is one of the largest independently owned distributors of metal in the United States with 25 North American service centers and six processing centers. EMJ inventories more than 40,000 sizes, shapes and grades of bar, sheet, plate, structurals, expanded metals, tubing and pipe in carbon, alloy steel, stainless and specialty aluminum and steel.

    CONTACT:  EMJ, Brea
               Charles Gallopo, 714/579-8823
               Fax: [phone]