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NEW YORK, NY, July 24, 2007 — Ryerson Inc. announced today that it has entered into a definitive merger agreement to be acquired by Platinum Equity, a leading private equity firm, in a transaction valued at approximately $2 billion. Under the terms of the agreement, an affiliate of Platinum Equity will acquire all of the outstanding shares of Ryerson common and convertible preferred stock for $34.50 per share in cash. Covington & Burling LLP advised UBS Investment Bank, financial advisor to Ryerson, on the transaction. Ryerson is a leading distributor and processor of metals in North America, with 2006 revenues of $5.9 billion. Platinum Equity is a global private equity 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, industrials, logistics, manufacturing, and entertainment distribution. UBS provides investment banking and securities, wealth management, asset management, and retail and corporate banking services worldwide.
The Covington corporate team, based in New York, included partner J. D. Weinberg, associate Frank London, and summer associate Jenna Steinhauer.