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May 14, 2014

GBC Sees Solid First Quarter

Global Brass and Copper Holdings, Inc., Schaumburg, Ill., reported net income of $9.7 million on net sales of $443.8 million in the first quarter, both down modestly from first quarter 2013. GBC's volume increased 2.1 percent year-over-year to 134.2 million pounds.

The increase in volume was the result of higher demand in the building and housing, automotive, coinage and munitions end markets, partially offset by lower demand in electronics/electrical components. By segment, Olin Brass, Chase Brass, and A.J. Oster volume increased 1.7 percent, 1.6 percent, and 1.2 percent, respectively.

"Increasing volumes across the business coupled with ongoing momentum in Eco Brass, our lead-free product portfolio, drove first-quarter performance," said John Wasz, GBC’s president and CEO. "We continue to make disciplined investments to bolster our future growth, strengthen our industry-leading product portfolio, optimize efficiencies in our supply chain and drive our continuous improvement initiatives. While we did experience some short-term weather-related disruptions and sub-par operational performance during the first quarter, we have great confidence in our business and the strategy we are executing to create shareholder value."

GBC is a value-added converter, fabricator, distributor and processor of specialized copper and brass products in North America. Its products include a wide range of sheet, strip, foil, rod, tube and fabricated metal component products sold under the Olin Brass, Chase Brass and A.J. Oster brand names.

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