Edgen/Murray, L.P. and Its Subsidiaries, a Jefferies Capital Partners Portfolio Company, Announces Recapitalization and Refinancing of Debt

Edgen/Murray, L.P. ("Edgen Murray" or the "Company") announced
today the proposed recapitalization of the Company and refinancing of
certain Company debt. The transactions, which are subject to entry
into definitive documentation and customary closing conditions, are
expected to close later this month.

On April 10, 2007, Edgen Murray II, L.P., a new holding company
formed by Jefferies Capital Partners IV, L.P. and its general partner
to recapitalize and refinance the Company, entered into a commitment
letter with Lehman Brothers and Jefferies Finance LLC to provide $500
million in debt financing. A portion of the net cash proceeds from the
financing is expected to be used to retire the long-term debt of the
Company's subsidiaries, including all $136 million of Edgen Murray
Corporation's 9 7/8% Senior Secured Notes due 2011, all $130 million
of Pipe Acquisition Finance Limited's Senior Secured Floating Rate
Notes due 2010 and any amounts outstanding under the senior credit
facilities of the Company's subsidiaries.

Jefferies Capital Partners IV, L.P., other funds managed by
Jefferies Capital Partners, other institutional co-investors, and
Edgen Murray management, through subsidiaries of Edgen Murray II,
L.P., are expected to purchase the Company's subsidiaries from its
existing partners, using cash from a portion of the refinancing
proceeds and equity financing proceeds. The remainder of the net cash
proceeds are expected to be used to for general corporate purposes.

About Edgen Murray

Edgen Murray is a global distributor of high performance carbon
and alloy steel products for use primarily in specialized applications
in the energy infrastructure market, including the oil and gas,
processing and power generation industries. The products Edgen Murray
distributes are highly engineered prime carbon or alloy steel pipe,
pipe components and high grade structural sections and plates, which
are designed to withstand the effects of corrosive or abrasive
material and possess performance characteristics required in extreme
operating conditions, including high pressure and high/low temperature
environments. Edgen Murray currently serves customers in more than 50
countries worldwide through 23 locations internationally, including 15
in the United States, two in Canada, three in Europe/West Africa, two
in Asia/Pacific, and one in the Middle East. Additional information
may be obtained from Edgen Murray's website at www.edgenmurray.com.

About Jefferies Capital Partners

Jefferies Capital Partners is a New York-based private equity
investment firm with over US $1.0 billion in equity commitments under
management. Since 1994, the professionals of Jefferies Capital
Partners have invested in over 45 companies in industries where
Jefferies Capital Partners has expertise. Jefferies Capital Partners
invests in management buyouts, recapitalizations, industry
consolidations and growth capital. Additional information may be
obtained from Jefferies Capital Partners' website at www.jefcap.com.

Forward-Looking Statements: This press release contains
forward-looking statements. The forward-looking statements are based
on Edgen Murray's current expectations and beliefs concerning future
developments and their potential effects on Edgen Murray. There can be
no assurance that future developments affecting Edgen Murray will be
those anticipated by Edgen Murray. These forward-looking statements
involve a number of risks, uncertainties and other factors that may
cause actual results to be materially different from those expressed
or implied in the forward-looking statements. Important factors that
could cause the statements made to differ include that the
transactions are subject to the entry into definitive documentation
and a number of conditions and approvals. Other important factors are
discussed under the captions "Risk Factors" and "Forward-Looking
Statements" in Edgen Murray Corporation's Annual Report on Form 10-K
for the year ended December 31, 2006, and in subsequent filings with
the Securities and Exchange Commission made prior to or after the date
hereof. Edgen Murray undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.