SOURCE: Schuff International

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January 11, 2010 17:25 ET

Schuff Steel Company Qualifies for American Recovery and Reinvestment Act Section 48C Clean Energy Manufacturing Tax Credit

PHOENIX, AZ--(Marketwire - January 11, 2010) - Schuff Steel Company, through its parent, Schuff International, Inc. (PINKSHEETS: SHFK), has qualified for a federal tax credit in the amount of $7,073,316 as part of the American Recovery and Reinvestment Act (ARRA) Section 48C Clean Energy Manufacturing Tax Credit. Schuff Steel, the largest steel fabricator and erector in the United States, was awarded the ARRA tax credit to be used in the potential construction and operation of a new wind tower manufacturing facility in Bismarck, ND.

"We are thrilled to have received the tax credit for the potential wind tower manufacturing facility in North Dakota. This award is a key factor in our decision-making regarding the large capital investment required for this new plant but much work remains to be done," says Robb Waldrep, vice president of Schuff International. "Currently, we are attempting to secure financing for the project and finalize orders from potential customers to manufacture wind towers to ensure the viability of the investment in this new plant if Schuff makes the commitment to proceed with construction."

Schuff is actively pursuing strategic alliances to help increase their presence in the renewable energy sector, particularly in wind and solar technologies. To date, Schuff has provided steel fabrication for several projects in the solar sector but has not yet participated in wind energy.

With thirteen shops in California, Arizona, Kansas, Texas, Georgia and Florida providing over 1.5 million SF of fabrication space under roof, Schuff International and its family of companies is the largest supplier of specialty fabricated steel in the United States. Schuff's broad geographic presence is ideal for fulfilling the growing steel fabrication needs of the renewable energy sector as well as the needs of the traditional energy markets which Schuff has and continues to service.

Schuff International, Inc. is a 33-year old company with projects on-going throughout the country. Major market segments include industrial, public works, bridges, health care, gaming and hospitality, convention centers, stadiums, mixed-use and retail, transportation, solar and other renewable energy projects and international projects. Schuff International, Inc., headquartered in Phoenix, AZ, owns and operates eleven steel fabrication plants and two steel joist manufacturing plants. Companies include Schuff Steel Company located in AZ, NV and CA; Schuff Steel-Midwest Division located in Overland Park, KS, Ottawa, KS, Chicago, IL and Denver, CO; Schuff Steel-Gulf Coast, Inc., located in Houston, TX; Schuff Steel-Atlantic, Inc., located in Orlando, FL, Albany, GA and Atlanta, GA; Schuff Steel Management Company-Southwest, Inc., located in Gilbert, AZ; and Quincy Joist Company located in Quincy, FL and Buckeye, AZ. Schuff employs approximately 1,500 people throughout the country. For more information, visit www.schuff.com.

Certain statements in this news release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. These risks and uncertainties include, but are not limited to, the company's ability to successfully utilize the awarded ARRA Section 48C Clean Energy Manufacturing Tax Credit, the ability to obtain financing and secure orders for the construction of a wind tower manufacturing facility in North Dakota and the company's successful entry into the wind energy sector. Further risks and uncertainties that may impact Schuff's entry into the wind energy sector, include, but are not limited to, the company's ability to successfully and timely complete construction projects; the company's ability to convert backlog into revenue; the potential delay, suspension, termination, or reduction in scope of a construction projects; forecasted regional and end-market growth; the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; the availability of borrowed funds on terms acceptable to the company; the ability to retain certain members of management; the ability to obtain surety bonds to secure its performance under certain construction contracts; possible labor disputes or work stoppages within the construction industry; the ability of project owners to obtain financing for projects; and actions taken or not taken by third parties, including the company's customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

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