Dec 04, 2003

Oxbow Carbon and Minerals Completes Acquisition of AIMCOR

WEST PALM BEACH, FL – December 4th, 2003 – Oxbow Carbon and Minerals LLC (“OCM”) announced today that it has completed its acquisition of Applied Industrial Materials Corporation (“AIMCOR”) for $127.8 million.

The acquisition makes OCM the world’s leading distribution and logistics company serving the $5.9 billion petroleum coke industry. The new company combines AIMCOR’s strength in bulk shipping terminals and in-refinery services with OCM’s strength in petroleum coke and other bulk materials distribution to create the only global full service provider in the industry.

With 24 offices in 12 countries, OCM distributes petroleum coke to more than 500 customers worldwide, primarily in the cement, utilities, steel and home heating industries. OCM operates five bulk shipping terminals, located in the Gulf Coast, the West Coast, the Caribbean and Latin America, and also provides chartering and agency services to its suppliers in those areas.

The company also offers chartering and agency services to its suppliers and customers. OCM is also a major distributor of green calcineable coke, coal, metallurgical coke, steel, gypsum and other bulk materials.

“We believe this acquisition makes sense for a number of reasons,” said Bill Koch, Chief Executive Officer and founder of Oxbow Corporation. “First, the companies share similar philosophies. They hire talented people who work well collectively and who continually strive to improve service for our customers. Second, we now are able to offer more to the people we service.”

“We feel with this acquisition we now have the talent and teamwork in place to compete effectively in the global market place,” added Brian Acton, President and Chief Operating Officer of OCM.

Financing for the acquisition was provided by Societe Generale and The Blackstone Group. Oxbow received financial assistance from Callisto Partners LLC and legal advice from Steel Hector & Davis LLP and Latham & Watkins LLP.