Mitsui & Co. (U.S.A.), Inc.



Jun. 1, 2007

Main Contents

New York (June 1, 2007) -- Mitsui & Co., Ltd. through its wholly owned subsidiary Mitsui & Co. (U.S.A.), Inc. ("Mitsui USA") today completed the previously announced acquisition of Steel Technologies Inc. ("Steel Technologies"). The all-cash transaction was valued at approximately $534 million, including retained debt of $137 million.

Louisville, KY-based Steel Technologies operates 24 facilities, including joint venture operations, throughout the United States, Canada and Mexico. It is a leading North American steel processor that leverages its broad geographic network of facilities to deliver processing capabilities, including slitting and blanking, and value-added services to customers in a variety of industries.

Steel Technologies will operate as a separate, wholly owned subsidiary with the current management team, led by Chief Executive Officer Bradford T. Ray, maintaining responsibility for the company's performance and growth strategies. Steel Technologies' management will work closely with Mitsui USA's Iron and Steel Products Division to capitalize on business synergies in order to expand the product and service offerings provided to a wide range of industries.

From a sourcing standpoint, the combined purchasing power of both Steel Technologies and Mitsui will provide the foundation to further strengthen and grow strategic initiatives and partnerships with the domestic mills. In addition, the combined purchasing expertise will provide the ability to strategically source both commodity as well as niche items to meet the needs of our customers.

"Steel Technologies becomes an important element in implementing our North American business strategy and enhancing our steel processing value chain," said Ichizo Kutsukake, Senior Vice President of Mitsui USA's Iron and Steel Products Division. "This highly regarded addition to Mitsui USA will enable us to efficiently meet our customers' ever-increasing demands and expectations, as well as provide capacity to pursue new opportunities."

About Steel Technologies

Steel Technologies processes flat-rolled steel to specified thickness, width, temper, finish and shape requirements for automotive, appliance, lawn and garden, agricultural, recreational and office equipment industries, among others. The company, including its joint ventures, operates 24 production facilities located throughout the United States, Canada and Mexico. More information about the company may be found at

About Mitsui USA

Mitsui USA is the largest wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global trading, investment and service enterprise. Mitsui USA has operations in iron and steel products and raw materials, infrastructure projects, machinery, information technology, chemicals, plastics, energy and consumer products, among others. More information on Mitsui USA may be found at

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 Steel Technologies' 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 through its Web site.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release include forward-looking statements about Mitsui & Co., Ltd. These may constitute "forward-looking statements." Actual results could differ materially from those projected or forecast in the forward-looking statements. The factors that could cause actual results to differ materially include the following: the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected time-frames or at all and to successfully integrate Steel Technologies' operations into those of Mitsui & Co., Ltd. or one of its subsidiaries (collectively, "Mitsui"); such integration may be more difficult, time-consuming or costly than expected; revenues following the transaction may be lower than expected; operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the transaction; the retention of certain key employees at Steel Technologies; the conditions to the completion of the transaction may not be satisfied, or the regulatory approvals required for the transaction may not be obtained on the terms expected or on the anticipated schedule; and the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the merger; Mitsui and Steel Technologies are subject to intense competition; risks associated with the recent loss and ongoing replacement of key personnel; changes in economic conditions that may lead to unforeseen developments in markets for products handled by us; fluctuations in currency exchange rates that may cause unexpected deterioration in the value of transactions; adverse political developments in the various jurisdictions where we operate, which among things, may create delays or postponements of transactions and projects; changes in laws, regulations or policies in any of the countries where we conduct our operations; and significant changes in the competitive environment; customer decisions are influenced by general economic conditions; third parties may claim that our products infringe their intellectual property rights; acts of war and terrorism may adversely affect our business; the volatility of the international marketplace; and the other factors discussed in "Risk Factors" in Mitsui & Co., Ltd.'s Annual Report on Form 20-F for the most recently ended fiscal year and Mitsui's other filings with the SEC, which are available at Mitsui assumes no obligation to update the information in the press release, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.


For inquiries on this matter, please contact

Mr. Shinichi Hirabayashi
Director of External Relations
Mitsui & Co. (U.S.A.), Inc.
Tel. (212) 878-4072