Platinum Equity Completes Acquisition of Ryerson Inc.

Takes Company Private in Transaction Valued at Approximately $2 Billion

LOS ANGELES (October 19, 2007) – Platinum Equity announced today that it has completed the acquisition of Ryerson Inc., one of the largest metal service centers in North America with annual revenue of approximately $6 billion.

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 future.”

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 revenue. “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 (www.platinumequity.com) is a global M&A&O® 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 75 acquisitions with more than $23 billion in aggregate annual revenue at the time of acquisition.

Contact:

Mark Barnhill, Platinum Equity

(310) 228-9514

mbarnhill@platinumequity.com