PLTE Claymont Steel Hlds (MM)

On October 23, 2007, David Clark notified Claymont Steel Holdings, Inc. (the “Company”) of his resignation from his position as the Company’s Chief Financial Officer. Mr. Clark will remain with the Company to assist with the transition of his duties until November 21, 2007.

Allen Egner, the Company’s Vice President, Finance, was appointed on October 24, 2007 to serve as the Company’s interim Chief Financial Officer effective immediately. Mr. Egner will serve in this position while the Company completes a search for a new Chief Financial Officer. Mr. Egner, 54, has served as the Company’s Vice President, Finance since 2005. From 2001 to 2005, Mr. Egner served as the Company’s Controller, from 1998 to 2001 he served as the Company’s Manager of Accounting, and from 1989 to 1998 he served as the Company’s Manager of Cost Accounting. Before joining the Company, Mr. Egner was employed by Bethlehem Steel from 1974 to 1989, first as a General Foreman and then as a Senior Cost Analyst.

There is no arrangement or understanding between Mr. Egner and any other person, pursuant to which Mr. Egner is to be selected as an officer of the Company that would require disclosure under Item 401(b) of Regulation S-K. Additionally, there is no family relationship between Mr. Egner and any other person that would require disclosure under Item 401(d) of Regulation S-K. Mr. Egner is not a party to any transactions that would require disclosure under Item 404(a) of Regulation S-K. Mr. Egner’s base salary increased to $225,000 per year and he will be eligible for an annual cash bonus and an annual equity award of up to $112,500, respectively.

On October 24, 2007, the Company issued a press release announcing the resignation of Mr. Clark and the appointment of Mr. Egner. A copy of the press release is attached hereto as Exhibit 99.1.