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PRESS RELEASE
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Date: June 30, 2000
Contact: Robert Schaal, Gulf States Steel, Inc. (256/543-6105)
GADSDEN, ALABAMA-- Gulf States Steel, Inc. of Alabama was advised today by the
Executive Director of the Emergency Steel Loan Guarantee Board that no action
was taken on its application for a loan guarantee; however, the Company was
informed that some of the other applicants were being notified that their
applications had been approved. The Company has requested the opportunity to
submit additional information to the Board and is arranging to meet with the
Board's staff to answer any questions they might have before a final decision is
made.
In a separate development, the Company's debtor-in-possession lenders have
agreed to a three-month extension of the maturity date of their loans to
September 30, 2000. The extension is conditioned upon the payment of certain
fees and court approval.
