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Worthington Announces $200 Million Increase in Credit Facility; Amendment Boosts Existing Line by 85%


COLUMBUS, Ohio--(BUSINESS WIRE)--July 23, 2004--Worthington Industries, Inc., (NYSE:WOR) today announced that it has increased its long-term revolving credit facility with a consortium of banks led by Scotia Capital and PNC Bank. The amendment provides, among other things, an increase in the facility commitments from $235 million to $435 million and eliminates certain covenants. The maturity date of the facility is May 9, 2007. Pricing is unchanged.

"The availability of this additional committed capital provides the Company with even greater flexibility to aggressively pursue our initiatives for continued growth and profitability," John McConnell, Chairman and CEO said. "Our financial strength continues to be a competitive advantage for us in the marketplace."

"We continue to evaluate opportunities to enhance shareholder value while preserving our investment grade rating. This increase in our committed capital base is a cornerstone of that strategy," added John Christie, President and CFO. Christie continued, "We have worked hard to build strong, mutually beneficial relationships throughout our bank group and we appreciate their continued confidence and support."

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 automotive past model service stampings, pressure cylinders, metal framing, metal ceiling grid systems and laser welded blanks. Worthington employs more than 8,000 people and operates 61 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.

CONTACT: Worthington Industries, Inc.
Corporate Communications
Cathy Mayne Lyttle, 614-438-3077
Worthington Industries, Inc.
Investor Relations
Allison McFerren Sanders, 614-840-3133

SOURCE: Worthington Industries, Inc.

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