Metal Management Completes Acquisition of East Chicago, Indiana Recycling Facility; Highly Complementary Addition to Metal Mana

Metal Management, Inc. (NASDAQ:MTLM), one of the
nation's largest full service scrap metal recyclers, today announced
that it has acquired a recycling facility in East Chicago, Indiana
from OmniSource Corporation. The financial details of the transaction
were not disclosed.
   Under the terms of the agreement, Metal Management has acquired
the property, buildings and equipment of OmniSource's East Chicago
facility, including a 29 acre yard, an automobile shredder, two balers
and a shear. The facility handles approximately 430,000 tons of
ferrous scrap metal and approximately 10 million pounds of non-ferrous
scrap metal per annum.
   Metal Management has a leading presence in the greater Chicago
area and with this addition the Company now operates 15 processing
facilities in that market. The transaction is expected to be
immediately accretive to Metal Management's earnings per share.

   About Metal Management, Inc.

   Metal Management is one of the largest full service metal
recyclers in the United States, with approximately 50 recycling
facilities in 16 states. For more information about Metal Management,
Inc., visit the Company's website at www.mtlm.com.

   Forward Looking Statements

   All of the statements in this release, other than historical
facts, are forward-looking statements made in reliance upon the Safe
Harbor Provisions of the Private Securities Litigation Reform Act of
1995. As such, they involve risks and uncertainties and are subject to
change at any time. These statements reflect our current expectations
regarding the future profitability of the Company and its
subsidiaries. As discussed in our annual report on Form 10-K for the
fiscal year ended March 31, 2005, and in other periodic filings filed
by the Company with the U.S. Securities and Exchange Commission, some
of the factors that could affect our performance include, among other
things: cyclicality and competitiveness of the metals recycling
industry, commodity price fluctuations, debt covenants that restrict
our ability to engage in certain transactions, compliance with
environmental, health, safety and other regulatory requirements
applicable to the Company, potential environmental liability, risk of
deterioration of relations with labor unions, dependence on key
management, dependence on suppliers of scrap metal, concentration of
customer risk, impact of export and other market conditions on the
business, availability of scrap alternatives, and under funded defined
benefit pension plans.