Management Team

WEST PALM BEACH, FL - February 20, 2008 - Oxbow Carbon & Minerals Holdings, Inc. ("Oxbow") announced today that it has completed the sale of Oxbow Metals Group LLC ("Metals Group") to a financial buyer. Terms of the transaction were not disclosed.

Metals Group is one of North America's leading producers and marketers of high-purity ferroalloys and other specialty materials used primarily by the steel and foundry industries as alloying agents, fluxing agents and performance improvement additives. Products manufactured by Metals Group include ferrosilicon, ferromolybdenum, ferrovanadium, desulfurizers, slag conditioners and fluorspar, which are produced at is ISO 9001:2000 certified facilities in Bridgeport, Alabama; Aurora, Indiana; and Ottawa, Ontario.

The individual business units comprising Metals Group include Tennessee Alloys Company LLC, Metallurgical Process Materials LLC and Masterloy Products Company, as well as a 49% of all the outstanding shares of Fluorita de Mexico, S.A. de C.V. The transaction is not anticipated to impact any of Metals Group's operations or its ability to provide its customers with the quality products and services they have come to expect.

Oxbow is focused on leveraging its global expertise in the production, marketing and distribution of carbon related products. Accordingly, the Metals Group is no longer core to the Company's business.

Callisto Partners LLC acted as financial advisor to Oxbow. Greenberg Traurig, LLP served as legal counsel to Oxbow. White & Case LLP served as legal counsel to the buyer.

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