Ms. Nancy Davies reports

TREE ISLAND COMPLETES RENEWAL OF ITS BANKING FACILITY

Tree Island Steel Ltd. has successfully renewed its senior banking facility with current lender Wells Fargo Capital Finance Corp. Canada.

Under the terms of the facility, interest is charged at variable rates based on the applicable Canadian and United States benchmark interbank rate. For the revolving facility, up to $30-million may be borrowed in Canadian and/or U.S. dollars, less certain reserves. In addition, up to $10-million may be borrowed as term debt, in Canadian and/or U.S. dollars.

The facility is secured by a first charge over company's assets supported by guarantees and pledges and requires that certain covenants be met by Tree Island.

"We value Wells Fargo's long-standing partnership and appreciate their continued support in helping address our evolving financial requirements," said Nancy Davies, chief operating officer of Tree Island Steel.

About Tree Island Steel Ltd.

Tree Island Steel, headquartered in Richmond, B.C., since 1964, through its operating facilities in Canada and the United States, produces wire products for a diverse range of industrial, residential construction, commercial construction and agricultural applications. Its products include galvanized wire, bright wire; a broad array of fasteners, including packaged, collated and bulk nails; stucco reinforcing products; concrete reinforcing mesh; fencing and other fabricated wire products. The company markets these products under the Tree Island, Halsteel, K-Lath, TI Wire, Tough Strand and ToughPanel brand names.