Platinum Equity Completes Acquisition of Ryerson Inc.

    Takes Company Private in Transaction Valued at Approximately $2 Billion

    LOS ANGELES, October 19 /CNW/ - Platinum Equity announced today that it
has completed the acquisition of Ryerson Inc. (NYSE:  RYI), one of the largest
metal service centers in North America with annual revenue of approximately $6

    The acquisition was a public-to-private transaction in which Platinum
acquired all outstanding shares of Ryerson stock for $34.50 per share. The
company previously traded on the New York Stock Exchange under the ticker
symbol RYI.

    "Ryerson has a great history and also great potential," said Tom Gores,
chairman and chief executive officer of Platinum Equity. "Over the last
several months our operations team has been working with Ryerson personnel on
a renewal plan to help the company build value. We are very excited about its

    Founded in 1842, Ryerson provides its 40,000 customers with a diverse
array of products including carbon, stainless and aluminum. It has facilities
in the U.S. and Canada and joint ventures in China, India and Mexico. The
company, formerly known as Ryerson Tull Inc., generated $5.9 billion of
revenue in 2006, shipping more than 3.5 million tons of product throughout
North America.

    Ryerson shareholders approved the acquisition on Wednesday. Platinum
executives said they would launch an immediate transition focused on
operational improvements that will improve customer service and the overall
performance of the business.

    Platinum also owns PNA Group, another metals service center group in the
North American metal services market with more than $1.5 billion in annual

    "We have a good understanding of the metals service center sector, and
are very confident that Ryerson will continue to thrive and grow as a leader
in this space," said Jacob Kotzubei, the partner who led the deal team.

    "We are looking forward to working together with the team at Ryerson, as
well as its customers and vendors, to create additional value through
Platinum's unique operations-focused approach," Mr. Kotzubei said.

    About Platinum Equity

    Platinum Equity ( is a global M&A&O(R) firm
specializing in the merger, acquisition and operation of companies that
provide services and solutions to customers in a broad range of business
markets, including information technology, telecommunications, logistics,
manufacturing, and entertainment distribution. Since its founding in 1995 by
Tom Gores, Platinum Equity has completed more than 70 acquisitions with more
than $17 billion in aggregate annual revenue at the time of acquisition.

For further information:

For further information: Platinum Equity Mark Barnhill, (310) 228-9514

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