Oxbow Carbon LLC Completes the Acquisition of SSM Coal

Oxbow Carbon LLC ("Oxbow") announced today that it has completed
its acquisition of SSM Coal B.V. ("SSM"). Terms of the transaction
were not publicly disclosed.

Oxbow Carbon specializes in calcined coke production, coal mining
and marketing, petroleum coke distribution, and related services.
Oxbow Carbon is the world's largest marketer of petroleum coke, a
source of fuel for the cement and power industries, and one of the
world's leading producers of calcined coke, a key ingredient in the
aluminum process.

Oxbow is one of the largest privately held companies in Florida.
With the SSM purchase, combined with the recent acquisition of Great
Lakes Carbon, Oxbow Carbon now has approximately $3.4 billion in
annual revenue, $1.7 billion in assets, markets more than 47 million
tons of carbon annually and has over 1,200 employees in 20 countries
worldwide.

"We believe this acquisition makes sense for a number of reasons,"
said Bill Koch, Chief Executive Officer and founder of Oxbow Carbon.
"First, the companies share similar philosophies. They hire talented
people who work well collectively and who continually strive to
improve service for our customers. Second, we now have a broader
spectrum of products and the ability to reach every market in the
world for our customers and suppliers."

SSM is a 110-year old company headquartered in Rotterdam,
Netherlands. It has a long and respected history of delivering coal,
petroleum coke and other carbon products both in Europe and worldwide.
With the acquisition of SSM, Oxbow has greatly expanded its presence
in Europe, broadened its overall product offering and enhanced its
ability to service its diverse global customer base.

"We believe that with this acquisition we can build upon the
talent and teamwork that is already in place to truly become a global
player in the carbon market," said Brian Acton, President and Chief
Operating Officer of Oxbow Carbon.

Morgan Manley, a managing partner at SSM and one of the leaders of
the management team who acquired the company in 2005, said he was
pleased with the acquisition. "In a period of rapid industry
consolidation we are delighted to join a top-class global group whose
customer-oriented strategic vision we strongly share," Manley added.

Callisto Partners LLC served as financial advisor to Oxbow on the
acquisition. Greenberg Traurig, LLP served as legal counsel to Oxbow.

About The Oxbow Group

Oxbow Carbon is a private energy company based in West Palm Beach,
Florida. It is owned and operated by Mr. Koch, the last American to
successfully defend the America's Cup. The company was founded by Mr.
Koch in 1984. Under his leadership, the company has become the world's
largest marketer of petroleum coke, a by product of the oil refinery
process. Petroleum coke is used in power generation, cement kilns,
sugar mills and aluminum manufacturing. The company trades in other
carbon and industrial products such as coal, gypsum, bauxite, and
clinker. Oxbow also owns one of the most productive underground coal
mines in the nation, producing 6.5 million tons of super-compliant
coal annually, and is developing an extensive natural gas reserve.

For further information about Oxbow, please contact: Brad
Goldstein, Oxbow Corporation at 561-697-4300.