Investor Press Release
Quanex Corporation Approves Capital Project for MACSTEEL
HOUSTON, March 22, 2005 (PRIMEZONE) -- Quanex Corporation (NYSE:NX), an industry-leading manufacturer of value added engineered materials and components for the vehicular products and building products markets, announced today that its Board of Directors approved Phase 9, a $38 million value added capital improvement project for its MACSTEEL Monroe facility.
Phase 9 will include a MACPLUS(r) bar turning line, straightening and testing lines, and heat treat furnaces, all housed in a new building. The expansion, consistent with Quanex's 2005 capital budget, is expected to be completed by December 2006 and will result in improved productivity and enhanced customer service.
"Customer demand, for additional value added products and services produced specifically by MACSTEEL, continues to grow," said Raymond Jean, Quanex's chairman and chief executive officer. "This project will allow us to better serve customers by providing them with the highest quality product produced by state-of-the-art equipment and delivered on a more timely basis."
Quanex is listed on the New York Stock Exchange under the symbol NX. For additional information, visit our websites at www.quanex.com and www.macsteel.com.
Statements that use the words "expect," "should," "believe," "will," "might," or similar words reflecting future expectations or beliefs are forward-looking statements. The statements found above are based on current expectations. Actual results or events may differ materially from this release. Factors that could impact future results may include, without limitation, the effect of both domestic and global economic conditions, the impact of competitive products and pricing, and the availability and cost of raw materials. For a more complete discussion of factors that may affect the Company's future performance, please refer to the Company's most recent 10-K filing (December 21, 2004) under the Securities Exchange Act of 1934, in particular the sections titled, "Private Securities Litigation Reform Act" contained therein.
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CONTACT: Quanex Corporation