Steel Technologies Inc. Increases Semi-annual Dividend 25% to $0.10 Per Share

Business Wire, Nov 8, 2002

Business Editors

LOUISVILLE, Ky.--(BUSINESS WIRE)--Nov. 8, 2002

Steel Technologies Inc. (Nasdaq/NM:STTX) today announced that its Board of Directors has voted to increase the Company's semi-annual cash dividend 25% to $0.10 per share from the previous rate of $0.08 per share. The dividend is payable on December 6, 2002, to shareholders of record as of November 22, 2002. Steel Technologies has increased its semi-annual dividend rate three times in the last five years, with the last increase occurring in November 2001.

"The decision to increase Steel Technologies' semi-annual dividend payments reflects the Board's confidence in our market position and prospects for the future," said Bradford T. Ray, Chairman and Chief Executive Officer. "Through higher regular dividend payments, our shareholders will participate more directly in the Company's prosperity."

Steel Technologies processes flat-rolled steel to specified thickness, width, temper, finish and shape requirements for automotive, appliance, lawn and garden, agricultural, recreational, office equipment and railcar industries among others. The Company operates 15 production facilities located throughout the United States and Mexico, including two at Mi-Tech Steel, Inc. For the most recent fiscal year ended September 30, 2002, Steel Technologies reported record sales of $475.4 million and record net income of $15.8 million or $1.60 per diluted share. More information about the Company may be found on the World Wide Web at www.steeltechnologies.com.

Statements contained in this release which are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (contained in the Company's SEC filings), which could cause actual results to differ materially from those projected. SEC filings may be obtained from the SEC or by contacting the Company.