Metal Management, Inc. Reclassifies Certain Cash Flows from Joint Ventures in Form 10-Q/A for the Quarter Ended June 30, 2005; R

Metal Management, Inc. (Nasdaq:MTLM), one of the
nation's largest full service scrap metal recyclers, today announced
that it has filed an amendment on Form 10-Q/A for the quarter ended
June 30, 2005. The amendment corrects the classification of certain
distributions the Company received, which is solely related to a
single tax distribution from a joint venture, from the investing
section on the statement of cash flows to the operating section on the
statement of cash flows.
   As a result of the restatement the cash flow from operations in
the first fiscal quarter increased by approximately $2.7 million and
cash flow from investing activities has decreased by $2.7 million
while the net change in cash and cash equivalents is unchanged for the
period. The restatement had no effect on the Company's balance sheets,
statement of stockholders' equity, results of operations or earnings
per share amounts. The restatement only affects the financial
statements for June 30, 2005 and no financial statements for other
periods.

   About Metal Management, Inc.

   Metal Management is one of the largest full service metal
recyclers in the United States, with approximately 40 recycling
facilities in 15 states.
   For more information about Metal Management, Inc., visit the
Company's website at www.mtlm.com.