Alloy Steel Inc. (fka AYSI)

[MikeDDKing]

Alloy Steel International Announces Appointment of New Board Members and Chief Executive Officer

PERTH, Australia, Feb. 25, 2011

PERTH, Australia, Feb. 25, 2011 /PRNewswire/ -- Alloy Steel International, Inc. (Pink Sheets: AYSI) announced today the appointment of three new Board Members and a new Chief Executive Officer (CEO). The new Board Members are Michael Minosora, David Mofflin and Brian McMaster. Mr. Minosora has been appointed as Chairman and replaces Mr. Gene Kostecki. Mr. Kostecki has resigned as Chairman of the Board and CEO, but remains as a member of the Board and Technical Director. Mr. John Cleland has been appointed as CEO. Descriptions of the new Board Members and new CEO are outlined below.

Mr. Kostecki stated, "The Company is cautiously optimistic of its growth prospects in the wear plate market with its range of Arcoplate products. We have identified these new Board Members and CEO to help grow the Company and become a significant supplier in the world market for wear plate and anti hang-up material. These talented individuals provide a mix of technical and commercial resources, as well as experienced governance skills. I look forward to my new role in the Company and working with the new Board and CEO.

"The Alloy Steel International Team has done an excellent job to date and the new Board and CEO will provide independent guidance for the Company's future development."

Mr. Minosora, age 52, has more than 20 years experience in providing corporate advice to some of Australia's largest companies. He was previously the Chief Financial Officer of Fortescue Metals Group, Managing Director of Azure Capital, and Chairman of the Ernst & Young Global Business Advisory Services' service line and member of the Ernst & Young Global Audit Executive Committee. Mr. Minosora has extensive experience in advising on significant corporate transactions both in Australia and overseas and in particular in the resources sector. Prior to that, he had senior roles with Ernst & Young in Australia and the Oceania region.

Dr. Mofflin, age 53, has extensive experience in the successful growth and management of businesses, both within Australia and internationally. He has spent over 30 years in the engineering sector, covering areas including overall business management, strategic planning, technology commercialization, project management, construction, research, and design. Before joining Evans and Peck (a business and project advisory firm) in September 2010, Dr. Mofflin was a Director of WorleyParsons for more than 10 years, playing a key role within the company during its public listing, as well as being a supporter of major new growth initiatives for over 20 years.

Dr. Mofflin's strengths include clear strategic thinking, a strong understanding of the major drivers and new emerging technologies within the engineering sector, and the ability to work with and motivate others. These skills have especially been applied over the last three years working with a major international engineering company as he focused on identifying and capturing business opportunities created by the global trend to enhanced sustainability.

Career achievements of Dr. Mofflin include overseeing the establishment of an infrastructure business in WorleyParsons and growing the business at an average rate of 40 percent per year over a 10-year period. Dr. Mofflin also played a key role in developing the initial strategy for WorleyParsons in the mining sector, leading in the acquisition of a minerals and metals business that acted as a springboard for WorleyParsons in that sector.

Dr. Mofflin is currently the non-executive Director of several firms in the engineering sector that are involved in technology commercialization. Dr. Mofflin has a Ph.D. from the University of Cambridge and a First Class Honours Degree in Civil Engineering from the University of Western Australia. He is actively involved in the broader engineering profession and is currently Chair of the WA Centre for Engineering Leadership and Management, and a WA Division Committee member of Engineers Australia.

Mr. McMaster, age 39, is a Chartered Accountant and has almost 20 years experience in the area of corporate reconstruction, and turnaround performance improvement. Mr. McMaster is currently a partner in the national firm of KordaMentha. Prior to joining KordaMentha, Mr. McMaster was a Partner with Ernst & Young's Corporate Finance practice.

Mr. McMaster's experience includes numerous reorganizations and turnarounds including being instrumental in the recapitalization and listing of 12 Australian exchange-listed companies. Mr. McMaster's experiences include significant periods in the United States, South America, Asia and India.

Mr. McMaster presently holds several executive and non-executive Director roles in a variety of industries including mining and resources, hospitality and funds investment.

Mr. Cleland, age 43, has extensive experience in CEO and other senior management and finance roles in a range of industries in Australia, Indonesia and the United Kingdom. Mr. Cleland was previously CEO of WestNet Infrastructure Group, CEO of WestNet Rail and General Manager Finance of Australian Railroad Group, on secondment from Wesfarmers Limited. During his 11 years with Wesfarmers Limited, Mr. Cleland also spent time in the corporate Business Development division, with Wesfarmers Transport in Perth and Indonesia and with Wesfarmers Landmark.

Before joining Wesfarmers, Mr. Cleland spent three years with KPMG in Sydney and two years with various financial institutions in the United Kingdom. Mr. Cleland has a Bachelor of Economics and a Diploma in Financial Management from the University of New England and is a member of the Institute of Chartered Accountants in Australia, a fellow of the Financial Services Institute of Australasia and a member of the Australian Institute of Company Directors.

Indemnification Agreements entered between the Company and the Board Members will be available at www.alloysteel.net.

Letter from the Chairman and 2010 Annual Financial Statements

As indicated in our year-end earnings release on January 28, 2011, a letter from the former Chairman, audited year-end financial statements and supplemental information are now available for review by shareholders and other interested persons at www.alloysteel.net.

Forward-Looking Statements

This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and Alloy intends that such forward-looking statements will be subject to the safe harbors created thereby. The words "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate" and similar expressions identify these forward-looking statements. These forward-looking statements reflect Alloy's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These risks and uncertainties may cause Alloy's actual results to be materially different from any future results expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and Alloy expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances occurring after this press release.

About Alloy Steel International, Inc.

Alloy manufactures and distributes Arcoplate, a market leading wear-resistant alloy overlay wear plate, through a patented production process. In mining processing industries, wear is the primary cause of down time, the period of time where machinery is not in operation because of the necessity of repairs or refurbishment. The Arcoplate product line substantially lowers down time and the resulting lost production. Arcoplate is widely accepted in the mining and mineral processing industries to protect a host of fixed plant and mobile equipment applications. Alloy boasts major mining companies as its clients and services the global market place from its Australian manufacturing facilities.

SOURCE Alloy Steel International, Inc.


Timestamp:
February 25, 2011 10:14 EST

Contact Information:
Barry Woodhouse, Chief Financial Officer of Alloy Steel International, [phone]

WebSite:
http://www.alloysteel.net