Release of Letter to Central Steel & Wire Company

MILWAUKEE, Oct. 17, 2011 /PRNewswire/ -- Edelman & Co., Ltd. ("Edelman") today released a letter to Michael Cronin, Chairman and Chief Executive Officer of Central Steel & Wire Company ("Central Steel"). Edelman is financial adviser to certain shareholders of Central Steel (OTC Pink: CSTW). The letter expressed concern about the Central Steel Board of Directors' rejection of a proposal by Samuel, Son & Co., Limited, to negotiate an agreement to acquire Central Steel for $1,000 per share in cash (subject to certain contingencies), and about the Board's approach to its fiduciary duties to shareholders.

The Edelman letter was dated September 14. A reply from Ronald Kazmar, Vice President, Chief Financial Officer, and Director of Central Steel, was dated October 5. On October 14, Samuel, Son advised Edelman that in light of Central Steel's rejection of Samuel's proposal, Samuel had withdrawn the proposal and did not intend to take any further steps to acquire Central Steel. The Edelman letter of September 14 and the Central Steel letter of October 5, together with a third document referred to in the Edelman letter (Second Restatement of James R. Lowenstine Trust Dated August 17, 1981) are available at:

https://www.transferbigfiles.com/bc08cf1a-5409-42bc-ba90-31d2884e8956?rid=_nwtZJihv4Vke08A0AnYWQ2

As stated in the September 14 letter, Edelman expresses no opinion on the value of Central Steel or on the likelihood that any transaction involving its stock will or will not occur. Nothing herein or in the letter should be construed as expressing any such opinion.

Edelman, a broker-dealer registered with the Financial Industry Regulatory Authority, is an investment banking firm located in Milwaukee, Wisconsin.

Central Steel, headquartered in Chicago, Illinois, is a service center enterprise engaged in the distribution and processing of ferrous and non-ferrous metal products.

Robert H. Edelman, president of Edelman & Co., is available at 414 228-9314 and at [email protected]

SOURCE Edelman & Co., Ltd.