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Kobe Steel and Midrex terminate agreements with ZincOx

December 6, 2010

Tokyo, Japan and Charlotte, North Carolina, December 6, 2010 - Kobe Steel, Ltd. (Tokyo Stock Exchange, First Section) ("Kobe Steel") and its wholly owned subsidiary based in Charlotte, North Carolina, Midrex Technologies Inc. ("Midrex"), announced that they had terminated their Alliance Agreement with ZincOx Resources plc ("ZincOx"), pursuant to which the parties were to collaborate on the process, equipment design and engineering for electric arc furnace dust ("EAFD") recycling plans using the FASTMET® and FASTMELT® Process jointly owned by Kobe Steel and Midrex.

Midrex further announced that it had terminated its License Agreement with Zinc and Iron Recycling of Ohio, Inc., a wholly owned subsidiary of ZincOx. The License Agreement granted the ZincOx subsidiary the license to use technology related to the FASTMET® Process.

"We have completely terminated the relationship with ZincOx," Mr. James D. McClaskey, President and CEO of Midrex said. "This will free us to pursue opportunities to use our FASTMET® and FASTMELT® Process to recycle EAFD with other partners. We believe our technology provides a superior solution for recycling EAFD, and we are excited about discussing how we can assist EAFD recyclers."