Boulder Receives Final Business Plan For Seamless Tube Project

04 June 2007 The Directors of Boulder Steel Ltd (“Boulder”) are pleased to advise that they have received the final version of the business plan for the Boulder’s Seamless Tube Project in Australia (including the finishing plant in the UAE) from British Engineering firm McLellan.

The National Investor (“TNI”), Boulder’s financial advisors based in Abu Dhabi, who had commissioned McLellan with the preparation of the study, are satisfied with the business plan and they are now presenting the document to ten selected equity and strategic investors who have previously expressed their interest in contributing to the project funding.

These investors are now evaluating the results of the business plan.

The business plan has also been delivered to a European bank which previously provided Boulder with a letter of interest to raise the debt finance required. This bank recently re-confirmed its interest and specified a number of documents required from Boulder to make a final commitment. The delivery of the business plan to the bank now completes the list of documents it had requested. The company will keep the market informed on further developments