RESC Roanoke Electric Steel (MM)

Roanoke Electric Steel Corporation Raises Dividend Rate and Declares 184th Consecutive Quarterly Cash Dividend ROANOKE, Va., Oct. 19 /PRNewswire-FirstCall/ -- Roanoke Electric Steel Corporation (NASDAQ:RESC) today reported that its Board of Directors, at a regular meeting held on October 19, 2004, declared the 184th consecutive quarterly common stock cash dividend in the amount of 11 cents per share. The dividend represents an increase of 10% from the prior dividend of 10 cents per share, and is payable on November 24, 2004, to shareholders of record as of the close of business on November 5, 2004. Donald G. Smith, Chairman and Chief Executive Officer, and T. Joe Crawford, President and Chief Operating Officer, stated: "Today's announcement reflects not only the improvements in 2004 in the Company's operations and the metals industry, but also the confidence the Board of Directors has in the Company's financial strength and long-term outlook. We appreciate the continued loyalty of our shareholders and are pleased that our shareholders will continue to benefit from the Company's success." Roanoke Electric Steel Corporation has steel manufacturing facilities in Roanoke, Virginia, and Huntington, West Virginia, producing angles, rounds, flats, channels, beams, special sections and billets, which are sold to steel service centers, fabricators, original equipment manufacturers and other steel producers. Five subsidiaries are involved in various steel-related activities, consisting of scrap processing and bar joist, reinforcing bar and truck trailer beam fabrication. This release contains various forward looking statements which represent the Company's expectations or beliefs concerning future events. In accordance with the safe harbor provisions of the securities laws regarding such statements, the Company notes that a variety of factors, including economic and industry conditions, availability and prices of utilities, supplies and raw materials, prices of steel products, foreign and domestic competition, trade policies affecting imports and exports, governmental regulations, interest rates, inflation, labor relations, environmental concerns and compliance issues and other maters, could cause actual results and experience to differ materially from those expressed in the forward-looking statements. DATASOURCE: Roanoke Electric Steel Corporation CONTACT: Mark G. Meikle or William M. Watson, Jr. of Roanoke Electric Steel Corporation, +1-540-342-1831 Web site: http://www.roanokesteel.com/

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