re: SSX Trading Halt - ASX Notice SMORGON STEEL GROUP LIMITED....

re: SSX Trading Halt - ASX Notice SMORGON STEEL GROUP LIMITED.

Smorgon Steel Group Limited ("Smorgon Steel") advises that it has
today launched an equity raising by way of an accelerated overnight
bookbuild. Smorgon Steel expects the raising will be completed within
24 hours and an announcement providing further details will be made
before the market opens on Friday, 10 May, at which time it expects
the trading halt to be lifted.

The equity raising when combined with the company's debt reduction
program is expected to provide the financial strength and flexibility
necessary to take advantage of potential future growth opportunities.

Salomon Smith Barney Australia Securities Pty Limited will
co-ordinate and act as bookrunner of the raising.

R K Horsburgh
MANAGING DIRECTOR & CEO

ends - AAP