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Dietrich Metal Framing Announces Joint Venture; Worthington Industries Company Partners with Pacific Steel Construction


COLUMBUS, Ohio, Sep 28, 2004 (BUSINESS WIRE) -- Dietrich Metal Framing, a Worthington Industries company (NYSE:WOR), today announced that it has formed a joint venture with Pacific Steel Construction.

The joint venture, Dietrich Residential Construction, is a limited liability corporation with 50 percent ownership by each company. Its headquarters will be located in Franklin, Tenn.

This new joint venture will focus on the residential construction market, combining Dietrich's leadership in residential steel framing with Pacific Steel Construction's experience in military housing construction. Dietrich Metal Framing, long a leader in the commercial construction industry, also provides expertise in mid-rise construction, blending a systems-integration approach with design/build methodology.

"Dietrich Residential Construction will focus on and maximize key strengths of each of our companies," said Ed Ponko, president, Dietrich Metal Framing. "This joint venture will further our mission to contribute to the growth of the residential steel framing market and the use of light-gauge steel. It will also prove helpful in our mid-rise construction efforts."

Operations are scheduled to begin immediately.

Since 2000, Pacific Steel has framed over 1,000 military homes out of steel framing members and is recognized as the leader in residential steel framing for U.S. military housing projects. Pacific has completed steel framing projects for each branch of the U.S. military with a focus on military construction and privatized housing projects.

Worthington Industries is a leading diversified metal processing company with annual sales of more than $2 billion. The Columbus, Ohio, based company is North America's premier value-added steel processor and a leader in manufactured metal products such as metal framing, pressure cylinders, automotive past model service stampings, metal ceiling grid systems and laser welded blanks. Worthington employs more than 8,000 people and operates 63 facilities in 10 countries.

Founded in 1955, the company operates under a long-standing corporate philosophy rooted in the golden rule, with earning money for its shareholders as the first corporate goal. This philosophy, an unwavering commitment to the customer, and one of the strongest employee/employer partnerships in American industry serve as the company's foundation.

Safe Harbor Statement

The company wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 ("the Act"). Statements by the company, which are not historical information constitute "forward looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks described from time to time in the company's filings with the Securities and Exchange Commission.

SOURCE: Worthington Industries

Worthington Industries
Cathy Mayne Lyttle, 614-438-3077
Allison McFerren Sanders, 614-840-3133

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