Exhibit 99.1
Claymont Steel Announces Extension of Expiration Date in Tender Offer for its
Outstanding 8.875% Senior Notes due 2015
CLAYMONT, DE – July 23, 2008 – Claymont Steel, Inc. (the “Company”) today announced that the expiration date for its previously announced cash tender offer for any and all of its outstanding 8.875% Senior Notes due 2015 (the “Notes”) has been extended to 5:00 p.m., New York City time, on August 1, 2008. The early tender date of 5:00 p.m., New York City time, on July 24, 2008, remains unchanged. The Company has elected to forego its option to settle Notes validly tendered prior to the early tender date on an early settlement date.
Except as described above, all other terms and conditions of the tender offer remain in full force and effect. Consummation of the tender offer is subject to the satisfaction or waiver of certain conditions, including but not limited to a financing condition. Consummation of the tender offer is not conditioned upon receipt of any minimum principal amount of the Notes.
RBS Greenwich Capital is acting as dealer manager for the tender offer. The information agent and depositary for the tender offer is D.F. King & Co., Inc. Requests for documentation should be directed to at D.F. King & Co., Inc. at (800) 967-7921. Questions regarding the terms of the tender offer should be directed to RBS Greenwich Capital at (203) 618-6145 or (877) 297-9832.
This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. The tender offer is being made only pursuant to the Company’s Offer to Purchase dated July 2, 2008 and the related Letter of Transmittal.
Safe Harbor Statement
Certain statements in this press release may contain forward-looking statements concerning the tender offer. These statements are based on the Company’s current expectations and the Company can give no assurance that such expectations will prove to be correct. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
