Steel Partners Rescinds Proposal to Acquire Noritz Corporation

Business Wire, March 24, 2009

TOKYO -- Steel Partners Japan Strategic Fund (Offshore), L.P. (“Steel Partners”) announced today that it has sent a letter to Noritz Corporation (5943.JP) (“Noritz” or the “Company”) rescinding its earlier proposal to acquire all outstanding shares of the Company.

On September 11, 2008, Steel Partners submitted a proposal to acquire all of the outstanding shares of the Company for ¥1,025 per share, which represented a premium of approximately 7.6% to the market price of ¥953 per share as of September 9, 2008.

Steel Partners said it was withdrawing the proposal because Noritz’s share price has consistently traded above the offer price since the proposal was made.

Steel Partners is Noritz’s largest shareholder, holding 9,500,000 shares, or approximately 18.7% of the outstanding capital stock of the Company.

About SPJSF

Steel Partners Japan Strategic Fund (Offshore), L.P. is a long-term relationship/active value investor that seeks to work with the management of its portfolio companies to increase corporate value for all stakeholders and shareholders.