WOODING AND BAOTOU ENTER TECHNOLOGY AGREEMENT

(February 10, 2006)— Woodings Industrial Corporation announced today that it has entered into a new joint Technology Cooperation Agreement with Baotou Iron and Steel (Group) Co., Ltd, one of China’s most modern and progressive steelmakers. The agreement covers joint technology cooperation which includes providing Woodings with the rights to market, engineer and manufacture the Baotou Hydraulic Charging Unit for blast furnaces.

Baotou has developed an alternative system to bell less charging systems that removes most of the complexities from the existing design. In this design, hydraulics replace the traditional electric mechanical functions of other designs. There are fewer moving components but the unit functions the same.

The system is designed to be reliable, more maintenance friendly and more economical. This system fits within the same area as existing bell less systems. The rotary gearbox has a more compact design and improved protection from furnace gases and heat. The elevating mechanism for tilting of the chute completely eliminates all the gearboxes and electrical motor and is accomplished with hydraulic operation. This gearbox is designed to be interchangeable with existing bell less charging unit gearbox.

“This technology agreement further strengthens Woodings remarkable global capability by giving us exclusive rights to market, manufacture and deliver the new top throughout the world, except in mainland China, where Baotou will retain marketing preference,” said Woodings President, Rob Woodings.

The new top system is currently installed on Baotou’s five existing blast furnaces and will be installed on their new #6 blast furnace, which is scheduled for completion in September.

About Woodings Industrial Corp. The only hot metal equipment supplier offering design, engineering, manufacturing and service from one source, Woodings Industrial Corp. is the oldest continuous family-operated business in North America’s steel industry. A worldwide leader in the manufacture of metals industry equipment, Woodings uses the most current technologies to design, engineer and manufacture an extensive line of traditional and not-so-traditional hot metal equipment, such as tap hole drills, clay guns, blast furnace top hydraulic charging units, tuyere stocks, blast furnace valves and engineering specialty products for continuous casters. Woodings is the exclusive supplier of Grabe overlay components in North America and has plants at its headquarters in Mars and Harmony, Pa., along with offices in Detroit, Mich. and Gary, Ind.