GOVERNOR ERNIE FLETCHER ANNOUNCES NORTH AMERICAN STAINLESS TO EXPAND OPERATIONS IN CARROLL COUNTY

NAS represents the largest Spanish investment in the United States

Frankfort, Ky. - Following discussions with Governor Ernie Fletcher and Economic Development Cabinet Secretary Gene Strong in Madrid, officials from North American Stainless announced today the company's intention to expand operations at its Ghent facility hiring an additional 175 employees.

"When I embarked on the economic development trip to Europe, I committed to bringing more jobs home to Kentucky.  This expansion reflects my continuing efforts to create more jobs and opportunities for each and every Kentuckian," said Governor Fletcher.  "One hundred seventy-five new jobs in Carroll County will enable hundreds of families in that area to enjoy a better quality of life.  This expansion also signals North American Stainless will remain a significant part of the community for generations."

North American Stainless, as part of the Acerinox Group, is owned by Acerinox, S.A. of Madrid, Spain.  Since 1990, Acerinox, S.A. has invested more than $1.2 billion in its Kentucky facility and currently employs 995.  The Acerinox Group is the third largest stainless steel producer in the world and consists of factories and service centers across the globe.

"We are extremely pleased that Governor Fletcher met with top management of our parent, Acerinox, S.A., in Madrid to discuss the future of NAS and to demonstrate the new Governor's support of our employees as they continue to build the finest stainless steel mill in the western hemisphere," said José M. Cornejo, President of North American Stainless. "The Madrid meeting was very important in securing the support of our parent company for our production plans which will increase our workforce by more than 17 percent."

Situated on 1,400 acres in Carroll County, the initial facility and the carefully planned expansion phases that have followed are all part of a coordinated and comprehensive plan to create the premier facility of its kind.  Construction of the current expansion is expected to be complete by the end of 2005.  For more information on North American Stainless, please visit their website at www.northamericanstainless.com.

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2003 totaled more than $1.56 billion with the creation of just over 13,800 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at http://www.thinkkentucky.com/.