London, 23 June 2010

The London Metal Exchange ( LME) today announced its intention to list New Orleans as the first US delivery location for steel billet, bringing the benefits of price transparency and risk management to the long steel industry in the US for the first time. New Orleans is seen as a key addition to the Exchange’s existing network of steel delivery locations worldwide, which includes South Korea, Malaysia, Belgium, Turkey, the Netherlands and Dubai. Other US and European locations are currently under investigation.

Martin Abbott, LME Chief Executive, said, “The US steel industry – suppliers, mills, merchants and end users -- can now manage their risk as effectively as counterparts abroad. We expect trading volumes in the LME steel billet to continue growing as companies globally use our contract to manage their cash flow and inventories, lock in margins and deal with price volatility.”

Volumes of steel futures traded at the LME have surged dramatically in the first half of 2010, with record monthly volumes in each of the last three months (March – May).

In May, steel trading volumes on the LME totalled 896,220 tonnes with a notional value in excess of US$400million, driven by a broad range of market participants including producers, consumers, traders, stockists and investors.

Market Open Interest (MOI) in the contract has increased 151% since the start of the year, closing at 2856 lots on Friday, 18th June, up from 1,138 lots on 31st December, 2009.

On 28th July, the LME will formally merge its existing regional futures contracts for steel billet covering the Mediterranean and Far East regions to create a single global offering for steel billet and a North American delivery point is central to this initiative.

• New delivery location will make LME steel billet contract easier for US steel industry to use

• First of a series of new locations in USA and Europe

• Will help bolster contract liquidity, already up 151% since the start of the year

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