Management Team

WEST PALM BEACH, FL - Oxbow Carbon LLC ("Oxbow") announced today that it has completed its acquisition of SSM Coal B.V. ("SSM"). Terms of the transaction were not publicly disclosed.

Oxbow Carbon specializes in calcined coke production, coal mining and marketing, petroleum coke distribution, and related services. Oxbow Carbon is the world's largest marketer of petroleum coke, a source of fuel for the cement and power industries, and one of the world's leading producers of calcined coke, a key ingredient in the aluminum process.

Oxbow is one of the largest privately held companies in Florida. With the SSM purchase, combined with the recent acquisition of Great Lakes Carbon, Oxbow Carbon now has approximately $3.4 billion in annual revenue, $1.7 billion in assets, markets more than 47 million tons of carbon annually and has over 1,200 employees in 20 countries worldwide.

"We believe this acquisition makes sense for a number of reasons," said Bill Koch, Chief Executive Officer and founder of Oxbow Carbon. "First, the companies share similar philosophies. They hire talented people who work well collectively and who continually strive to improve service for our customers. Second, we now have a broader spectrum of products and the ability to reach every market in the world for our customers and suppliers."

SSM is a 110-year old company headquartered in Rotterdam, Netherlands. It has a long and respected history of delivering coal, petroleum coke and other carbon products both in Europe and worldwide. With the acquisition of SSM, Oxbow has greatly expanded its presence in Europe, broadened its overall product offering and enhanced its ability to service its diverse global customer base.

"We believe that with this acquisition we can build upon the talent and teamwork that is already in place to truly become a global player in the carbon market," said Brian Acton, President and Chief Operating Officer of Oxbow Carbon.

Morgan Manley, a managing partner at SSM and one of the leaders of the management team who acquired the company in 2005, said he was pleased with the acquisition. "In a period of rapid industry consolidation we are delighted to join a top-class global group whose customer-oriented strategic vision we strongly share," Manley added.

Callisto Partners LLC served as financial advisor to Oxbow on the acquisition. Greenberg Traurig, LLP served as legal counsel to Oxbow.

About The Oxbow Group

Oxbow Carbon is a private energy company based in West Palm Beach, Florida. It is owned and operated by Mr. Koch, the last American to successfully defend the America's Cup. The company was founded by Mr. Koch in 1984. Under his leadership, the company has become the world's largest marketer of petroleum coke, a by product of the oil refinery process. Petroleum coke is used in power generation, cement kilns, sugar mills and aluminum manufacturing. The company trades in other carbon and industrial products such as coal, gypsum, bauxite, and clinker. Oxbow also owns one of the most productive underground coal mines in the nation, producing 6.5 million tons of super-compliant coal annually, and is developing an extensive natural gas reserve.

For further information about Oxbow, please contact: Brad Goldstein, Oxbow Corporation at 561-697-4300.

Contacts: Oxbow Corporation www.oxbow.com Brad Goldstein 561-697-4300