I am delighted to invite you to attend the 2005 MSCI Carbon Conference Thursday and Friday, February 17 and 18, 2005, at the warm and beautiful La Quinta Resort & Club, nestled at the base of the majestic Santa Rosa Mountains in California. We have assembled an outstanding program for the members of our Flat Rolled, Bar Products, and Plates & Shapes divisions.

The schedule includes ample time for each product division to meet with its own specific program. At the same time, however, we've recruited an outstanding series of speakers and panelists who will address important issues of common concern.

Our keynote speakers include:

• Keith E. Busse, president and chief executive officer of Steel Dynamics, Inc.
• Eli S. Lustgarten, arguably the top industrial sector equities analyst and director of equity research for J.B. Hanauer & Company
• Mark L. Feldman, Ph.D., an author and expert in mergers and acquisitions and the impact of industry consolidations
• Todd Buchholz, an outstanding economist, analyst, author, and a former White House economic policy director

But that's far from all. William Peluchiwiski, managing director of Houlihan Lokey, the investment bank, will give a metals industry overview and update. Each product division includes panels of experts on the most important topics of the day, including the supply outlook for each product category.

We'll take time off on Friday for our annual golf tournament, reception, and awards dinner.

The 2005 MSCI Carbon Conference will be fact filled, intellectually stimulating and energizing. Please plan now to be there.

Best regards,

Bob Weidner

President and Chief Executive Officer

Metals Service Center Institute