SOURCE: NYMET Holdings Inc.

NYMET Holdings Inc.

August 25, 2009 08:00 ET

NYMET Holdings Inc. (NYMH) Announces the Company Entered Into a Sales Contract With Bayou Steel Incorporated

NEW YORK, NY--(Marketwire - August 25, 2009) - NYMET Holdings Inc. (PINKSHEETS: NYMH) (www.nymetusa.com), an innovative metals and mining company headquartered in Port Jefferson, N.Y., announced the receipt of a Purchase Order for ferrous scrap metal from the C.A. Reed Saw Mill Demolition and Recovery Project with steel processing giant, Bayou Steel Incorporated.

The Purchase Order calls for the sale of 1,000 gross tons of steel to be delivered to the Bayou Steel, LaPlace facility over the next several weeks. NYMET's management has concluded the logistics and organized the necessary requirements to begin loading and shipping the contracted material later this week. Bayou Steel will have the ability to buy more material once this initial sale is completed. The total 1,000 gross tons of material will start being delivered this week and represents only a fraction of the overall $2,000,000 in gross sales anticipated from the C.A. Reed Saw Mill Demolition and Recovery Project.

About Purchaser

Bayou Steel Inc. is a producer of structural steel products with facilities in LaPlace, Louisiana, and Harriman, Tennessee which have been recently acquired by ArcelorMittal in June 2008 for US$475 million. ArcelorMittal is the world's number one steel company, present in more than 60 countries. They have led the consolidation of the world steel industry and today rank as a top global steel maker. Their industrial presence in Europe, Asia, Africa and America gives the Group exposure to all the key steel markets, from emerging to mature. ArcelorMittal key financials for 2008 show revenue of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10% of world steel output.

Mark Daniel Klok, President of NYMH, stated: "This initial Purchase Order is a significant achievement for the Company and we look forward to and anticipate additional Purchase Orders from Bayou Steel throughout the year."

DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS

The results described herein cannot be guaranteed. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. These expectations and assumptions are subject to risks and uncertainty, which could affect NYMET Holdings Inc.'s future. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of NYMET Holdings Inc. to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. NYMET Holdings Inc. undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in NYMET Holdings Inc.'s expectations.

Contact Information

  • Contact:
    Mark Daniel Klok
    NYMET Holdings Inc.
    (631) 680-8135