First Quarter MetalsIQ. Summary of Metals Industry M&A and Capital Markets Activity. AmherstPartners.com

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1 First Quarter 2015 MetalsIQ Summary of Metals Industry M&A and Capital Markets Activity

2 Recent Deal Activity 1Q 2015 January 2, 2015 Oil States Industries, Inc. (NYSE:OIS), based in Arlington, Texas, acquired Houston, Texas-based Montgomery Machine Company. Montgomery combines machining and proprietary cladding technology to service and manufacture highspecification components for the offshore capital equipment industry. Oil States management cited the opportunity to strengthen their offshore products segment as a key driver for the acquisition. January 5, 2015 Chicago, Illinois-based Ryerson Holding Corporation (NYSE:RYI) acquired Strongsville, Ohio-based Fay Industries, Inc. Fay operates as a steel service center. Ryerson management cited opportunities to improve their long products division and saw cutting processing capabilities as the main drivers for the acquisition. The financial terms of the transaction were not disclosed. January 13, 2015 Coeur Mining, Inc. (NYSE:CDE), based in Chicago, Illinois, acquired Lead, South Dakota-based Wharf Resources U.S.A. Inc. from Goldcorp Inc. (NYSE:GG). Wharf is an open-pit gold mine located in the Black Hills mining district. Coeur management cited opportunities to increase production of silver and gold as the key driver for the acquisition. The announced transaction value was $105 million. January 14, 2015 Columbus, Ohio-based Worthington Industries, Inc. (NYSE:WOR) acquired Rome, New York-based Rome Strip Steel Company, Inc. Rome manufactures precision cold rolled strip steel products. Worthington management cited expanded services and geographical reach as the main drivers for the acquisition. The announced transaction value was $55 million. January 22, 2015 Dielectric Corporation, based in Menomonee Falls, Wisconsin, acquired Waupaca, Wisconsin-based Centerline Machine, Inc. Centerline specializes in the machining and fabrication of parts and products composed of steel, composites and exotic alloys. Dielectric management cited wider machining, fabrication and prototyping offerings as the key drivers for the acquisition. January 30, 2015 East Troy, Wisconsin-based Wisconsin Precision Casting Corporation acquired Lake Geneva, Wisconsinbased Northern Precision Casting Co. Inc. Northern Precision provides precision casting services. Wisconsin Precision management cited synergies and expanded service offerings as the main drivers for the acquisition. The financial terms of the transaction were not disclosed. February 9, 2015 Private equity group New Page Capital, LLC acquired Sophia, North Carolina-based Engineered Steel Products, Inc. Engineered Steel manufactures and provides fabricated structural steel and complementary products to the commercial building industry. New Page management cited growth opportunities as the key driver for the acquisition. The financial terms of the transaction were not disclosed. February 13, 2015 ElringKlinger AG (DB:ZIL2), based in Germany, acquired Cedar Rapids, Iowa-based M&W Manufacturing Co., Inc. M&W designs and manufactures custom hydraulic manifolds for the automotive industry. ElringKlinger management cited market position expansion as the main driver for the acquisition. The financial terms of the transaction were not disclosed. February 23, 2015 Spain-based Grupo FerroAtlantica S.A. acquired Miami, Florida based Globe Speciality Metals, Inc. (NasdaqGS:GSM) from investment groups BAMCO, Inc. and Blue Harbour Group, LP. Globe is a low-cost silicon metal and silicon-based alloy producer. Grupo FerroAtlantica management cited global expansion and consolidation as the key drivers for the acquisition. The financial terms of the transaction were not disclosed. February 24, 2015 Mitek USA, Inc., based in Chesterfield, Missouri, acquired Forth Worth, Texas-based M&M Manufacturing Company, Inc. from private equity group BlackRock Kelso Capital Advisors. M&M produces sheet metal products, primarily servicing the air distribution and ventilation markets. Mitek management cited growth opportunities as the main driver for the acquisition. March 9, 2015 New York, New York-based Alcoa Inc. (NYSE:AA), acquired Pittsburgh, Pennsylvania-based RTI International Metals, Inc. (NYSE:RTI) from private equity group The Carlyle Group LP. RTI produces and supplies titanium mill products and manufactures fabricated titanium and specialty metal components for the aerospace industry. Alcoa management cited increased titanium and high-tech machinery opportunities as the key drivers behind the acquisition. The announced transaction value of $1.8 billion implies an EBITDA multiple of 12.9x. March 13, 2015 K&K Industries, Inc. based in Bellingham, Washington, acquired Redmond, Washington-based Automated Metal Technologies, Inc (AMT). AMT manufactures fabricated components, precision parts and assemblies. K&K management cited manufacturing facility expansion as the main driver for the acquisition. March 16, 2015 Charlotte, North Carolina-based Curtiss-Wright Corporation (NYSE:CW) acquired Phoenix, Arizona-based Bolt s Metallizing. Bolt s provides thermal sprayed coating and brazing services to customers in the aerospace and industrial markets. Curtiss-Wright management cited synergies to their existing engineered coating operations as the key driver for the acquisition. March 23, 2015 Private equity group Atlas Holdings, LLC acquired Atlanta, Georgia-based Merchants Metals, Inc. from Oldcastle, Inc. Merchants Metals manufactures and distributes ornamental steel and aluminum fence systems for industrial, commercial and residential applications. Atlas management cited growth opportunities as the main driver for the acquisition. The financial terms of the transaction were not disclosed.

3 U.S. Metals Company Trading Multiples ($s in millions) Exchange/ 03/31/15 Price Market Total LTM Gross EBITDA Net Debt/ Enterprise Value/LTM Company Ticker Stock Price Change Cap. EV (1) Revenue EBITDA Margin Margin EBITDA Revenue EBITDA Service Centers 5.50x 30.00x A. M. Castle & Co. NYSE:CAS $ 3.65 (75.3%) $ 86 $ 388 $ 949 $ (18) 9.5% (1.9%) NM 0.4x NM Olympic Steel Inc. NasdaqGS:ZEUS (53.6%) , % 2.2% 7.4x 0.3x 12.4x Reliance Steel & Aluminum Co. NYSE:RS (19.5%) 4,737 6,976 10, % 8.2% 2.6x 0.7x 8.1x Median (2) 18.8% 2.2% 5.0x 0.4x 10.3x Mean 17.8% 2.8% 5.0x 0.4x 10.3x Integrated/Mills 4.0x 30.0x AK Steel Holding Corporation NYSE:AKS $ 4.47 (45.5%) $ 795 $ 3,592 $ 6,873 $ % 6.6% 5.4x 0.5x 8.0x Commercial Metals Company NYSE:CMC (20.4%) 1,937 3,166 6, % 6.5% 2.8x 0.5x 7.1x Nucor Corporation NYSE:NUE (11.0%) 15,168 19,062 20,396 2, % 9.9% 1.7x 0.9x 9.4x Steel Dynamics Inc. NasdaqGS:STLD % 4,857 7,529 8, % 9.7% 2.9x 0.8x 8.6x United States Steel Corp. NYSE:X (17.3%) 3,554 5,699 16,331 1, % 8.4% 1.6x 0.3x 4.2x Median (2) 11.0% 8.4% 2.2x 0.5x 8.0x Mean 10.3% 8.2% 2.9x 0.6x 7.5x Specialty Metals 5.5x 30.0x Allegheny Technologies Inc. NYSE:ATI $ (15.8%) $ 3,277 $ 4,658 $ 4,362 $ % 7.5% 3.9x 1.1x NM Carpenter Technology Corp. NYSE:CRS (37.5%) 2,045 2,659 2, % 12.0% 2.1x 1.2x 9.8x Haynes International, Inc. NasdaqGS:HAYN (19.2%) % 7.9% NM 1.1x NM RTI International Metals, Inc. NYSE:RTI % 1,073 1, % 16.0% 0.9x 1.5x 9.2x Universal Stainless & Alloy Products Inc. NasdaqGS:USAP (27.3%) % 12.1% 3.5x 1.3x NM Median (2) 14.7% 12.0% 2.1x 1.2x 9.5x Mean 14.9% 11.1% 2.6x 1.2x 9.5x Scrap 5.5x 30.0x Industrial Services of America, Inc. NasdaqCM:IDSA $ % $ 37 $ 53 $ 117 $ (3) 0.6% NM NM 0.5x NM Metalico Inc. AMEX:MEA 0.37 (82.2%) % 2.8% 5.6x 0.3x 10.4x Schnitzer Steel Industries, Inc. NasdaqGS:SCHN (51.5%) , % 3.6% 3.7x 0.3x 9.0x Sims Metal Management Limited ASX:SGM % 2,533 2,421 6, % 2.4% NM 0.3x NM Median (2) 7.5% 2.8% 4.6x 0.3x 9.7x Mean 6.4% 3.0% 4.6x 0.4x 9.7x Fabricators 5.5x 30.0x RBC Bearings Inc. NasdaqGS:ROLL $ % $ 1,784 $ 1,674 $ 446 $ % 25.1% NM 3.8x 14.9x Shiloh Industries Inc. NasdaqGS:SHLO (28.0%) % 6.4% 4.4x 0.5x 8.4x The Timken Company NYSE:TKR (23.5%) 3,697 3,952 3, % 16.3% 0.7x 1.3x 7.9x Worthington Industries, Inc. NYSE:WOR (36.8%) 1,732 2,480 3, % 7.8% 2.5x 0.7x 9.3x Median (2) 21.7% 12.1% 2.5x 1.0x 8.8x Mean 22.8% 13.9% 2.5x 1.6x 10.1x (as of March 31, 2015). (1) EV ( Enterprise Value ) is defined as market capitalization plus net debt, preferred equity, and minority interest. (2) Median and mean values exclude all non-meaningful values. Amherst Partners Metals Indices 300% 250% The recent slump in oil prices has had an impact on industry performance Index Value 200% 150% 100% 50% 0% 2015 Service Centers Integrated/Mills Specialty Metals Scrap Fabricators S&P 500 Stock Index

4 U.S. Metals Indices Median Enterprise Value/LTM EBITDA 16x 14x 12x Despite robust equity markets and positive economic fundamentals, an uptick in commodity price volatility has impacted valuation multiples 10x 8x 6x 4x 2x 2015 Service Centers Integrated/Mills Specialty Metals Scrap Fabricators Index 2015 Service Centers 11.3x 10.3x 7.7x 9.8x 10.4x 8.2x 5.3x 8.0x 8.4x 8.2x 8.8x 9.5x 11.4x 12.5x 11.6x 11.2x 11.2x 10.9x 10.2x 10.6x 10.3x Integrated/Mills 9.5x 5.0x 7.5x 12.4x 11.9x 10.1x 7.6x 7.2x 7.1x 6.9x 7.3x 8.0x 8.4x 9.1x 9.2x 9.9x 9.5x 9.2x 9.1x 9.0x 8.0x Specialty Metals 8.9x 9.2x 13.9x 9.4x 13.5x 11.3x 9.5x 10.2x 9.3x 8.8x 9.1x 9.2x 11.0x 9.4x 10.4x 10.2x 10.5x 10.6x 10.0x 10.6x 10.5x Scrap 10.0x 6.9x 7.8x 8.7x 8.2x 8.4x 6.7x 6.4x 8.7x 7.1x 11.9x 11.5x 10.4x 8.9x 11.3x 13.5x 12.9x 11.4x 8.5x 10.2x 10.4x Fabricators 9.9x 8.3x 7.9x 9.4x 8.7x 8.8x 6.4x 7.1x 7.7x 7.8x 7.5x 8.9x 8.8x 9.9x 12.4x 13.2x 12.5x 12.8x 9.8x 9.0x 8.8x U.S. Metals Indices Median Net Debt/LTM EBITDA 10x 8x 6x Leverage multiples were mixed in 2015, as certain sub-sectors saw an increase in leverage, while others saw a moderate decline 4x 2x 0x 2015 Service Centers Integrated/Mills Specialty Metals Scrap Fabricators Index 2015 Service Centers 2.2x 1.2x 2.3x 2.8x 1.8x 2.0x 2.6x 3.8x 4.8x 5.0x 4.5x 4.2x 4.9x 5.1x 5.0x 4.7x 5.9x 4.1x 4.7x 4.8x 4.76x 5.0x Integrated/Mills 3.1x 2.9x 3.1x 3.7x 5.0x 4.1x 4.1x 3.2x 3.0x 3.0x 3.1x 2.9x 3.2x 3.3x 3.1x 2.8x 2.9x 2.5x 2.7x 3.0x 2.76x 2.8x Specialty Metals 1.8x 2.0x 1.7x 1.1x 1.1x 2.8x 2.1x 1.9x 1.7x 1.9x 2.0x 1.7x 2.3x 2.5x 3.3x 3.5x 4.4x 3.8x 3.1x 2.7x 2.72x 2.8x Scrap 2.1x 1.7x 1.6x 1.5x 1.9x 2.2x 1.8x 2.3x 2.7x 2.0x 4.0x 6.1x 7.3x 11.6x 3.8x 4.0x 5.7x 5.3x 4.0x 4.3x 4.62x 4.6x Fabricators 2.5x 1.3x 1.6x 1.4x 1.1x 1.3x.8x.7x.7x 2.0x.6x 1.3x 1.8x 2.0x 1.6x 1.4x 1.5x 1.8x 1.8x 2.1x 2.47x 2.5x U.S. Metals M&A Activity Total Transactions (Number of Deals) $31 $23 $9 $11 $11 $7 $5 $3 $2 $ Q 1Q 2015 $40 $30 $20 $10 $- Aggregate Trans. Value ($s in Billions) Total Transactions Aggregate Transaction Value Search criteria: (1) Aluminum (Primary) OR Diversified Metal Ores (Primary) OR Smelting and Refining of Diversified Metals (Primary) OR Rolling, Drawing, And Extruding Of Diversified Metals (Primary) OR Fabricated Structural Metal Products (Primary) OR Coating, Engraving, And Allied Services (Primary) OR Gold (Primary) OR Precious Metals and Minerals (Primary) OR Steel (Primary); (2) Acquisition of majority stake; (3) Transactions Announced Date (Including Bids and Letters of Intent)

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