FOUR STEEL COMPANY EXECUTIVES AND TIPPEES SETTLE INSIDER TRADING CHARGES

FROM: U.S. SECURITIES AND EXCHANGE COMMISSION

February 5, 2013 — The Securities and Exchange Commission today announced that four steel company executives and two of their tippees have agreed to pay $639,260 to settle insider trading charges against them.

The SEC filed a civil action on March 17, 2011, against eight individuals, alleging that they traded on the basis of material, nonpublic information about the forthcoming acquisition of Steel Technologies, Inc. by Mitsui & Co. (USA). Specifically, the SEC alleged that four executives traded based on inside information and that three of them tipped others who also traded in advance of the upcoming acquisition. The six settling defendants collectively earned $268,805 from their trades.

Without admitting or denying the SEC’s allegations, each of the settling defendants consented to final judgments that have been entered by the court. The final judgments order: (i) Patrick M. Carroll to disgorge $34,279 plus pay prejudgment interest of $10,412 and a penalty of $34,279; (ii) James P. Carroll to disgorge $3,020 plus pay prejudgment interest of $917 and a penalty of $3,020; (iii) William T. Carroll to disgorge $54,163 plus pay prejudgment interest of $16,452 and a penalty of $54,163; (iv) David Mark Calcutt to disgorge $150,297 plus pay prejudgment interest of $45,652 and a penalty of $150,297; (v) Christopher T. Calcutt to disgorge $4,250 plus pay prejudgment interest of $1,291 and a penalty of $4,250; and (vi) David Stitt to disgorge $22,796 plus pay prejudgment interest of $6,924 and a penalty of $42,796. They are also permanently enjoined from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

The SEC’s charges against the other traders, John Monroe and Stephen Somers, remain pending.