JOINT PRESS RELEASE

HG Metal and Novo Group forms JV with subsidary of Korea’s largest steel mill - POSCO

• POSCO is one of the 5 producers of “offshore grade” steel products in the world

• JV forms Singapore’s first vertically integrated supplier of high grade steel product

Singapore, 1 June 2009 – POSCO Steel Service & Sales Co., Ltd. (“Posteel”), HG Metal Manufacturing Limited (“HG Metal”), and Novo Group Ltd. (“Novo Group”) is pleased to announce that they have entered into a Joint Venture (“JV”) agreement to form POS-SEA Pte. Ltd.

(“POS-SEA” or the “Newco”) to sell and market quality “off-shore grade” steel products to the offshore oil & gas and shipping industries. POS-SEA will be Singapore’s first vertically integrated supplier of high tensile steel products and will benefit from the consistent supply from its parent company, POSCO - one of the five producers of “offshore grade” steel products in the world today.

Combined with NOVO Group’s global trading network and HG Metal’s warehousing capabilities and local network, POS-SEA is set to be a leading total solutions sourcing provider of high grade steel to South East Asia market.

The initial issued capital of the Newco is US$2.0 million, with Posteel holding 51% of the equity interest while HG Metal and Novo Group will each hold 24.5% of the equity interest.