FERROUS PROCESSING & TRADING COMPANY ANNOUNCES ACQUISITION OF
M. WEINGOLD & COMPANY

Move reinforces Ferrous’ regional growth strategy

DETROIT, MICH. (January 8, 2007) – Ferrous Processing and Trading Company, one of the nation’s leading scrap metal processors, today announced the acquisition of the assets of Cleveland, Ohio-based scrap processor and dealer, M. Weingold & Co. The terms of the transaction were not disclosed.

In making the announcement, Howard Sherman, President and CEO of Ferrous Processing and Trading Company, stated, “When Ferrous Processing and Trading Company was made aware of the opportunity to acquire the assets of M. Weingold & Co., we recognized that this leader in the Cleveland marketplace would be an excellent fit with our Ohio business platform.”

The acquisition of the M. Weingold & Co. assets underscores Ferrous Processing and Trading Company’s growth strategy in the Great Lakes region, both through acquisition and organic means.

“This move strengthens Ferrous Processing and Trading Company’s ability to serve its customers throughout the region, and opens the door to new opportunities for us in Cleveland and surrounding markets,” added Sherman.

M. Weingold & Co. has operated a scrap metal processing facility in the Cleveland market for more than 100 years. Weingold operates one of the most modern and efficient baling operations in the district.

Ferrous Processing and Trading Company, which is known for its high quality ferrous scrap, pioneered the use of sophisticated SPC-based systems in scrap processing, permitting the company to deliver scrap products consistent with a genuine program of total quality management.

Ferrous Processing and Trading Company operates 12 scrap metal processing facilities in the United States and Canada. Ferrous Processing and Trading Company processes more than 2.5 million tons of scrap annually. A leader in scrap recycling for more than 100 years, Ferrous Processing and Trading Company has a proven track record of value-added process design, product quality, and environmental consciousness. Ferrous Processing and Trading Company has been awarded ISO 9001 designation.