Oxbow Carbon LLC Completes the Acquisition of SSM Coal

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

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

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

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

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

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

Callisto Partners LLC served as financial advisor to Oxbow on theacquisition. 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 tosuccessfully defend the America's Cup. The company was founded by Mr. Koch in1984. Under his leadership, the company has become the world's largestmarketer of petroleum coke, a by product of the oil refinery process.Petroleum coke is used in power generation, cement kilns, sugar mills andaluminum manufacturing. The company trades in other carbon and industrialproducts such as coal, gypsum, bauxite, and clinker. Oxbow also owns one ofthe most productive underground coal mines in the nation, producing 6.5million tons of super-compliant coal annually, and is developing an extensivenatural gas reserve.

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

For further information

Oxbow Corporation, West Palm Beach BradGoldstein, 561-697-4300