Investor Conference Call April 5, 2005

1. Investor Conference Call April 5, 2005

2. Forward Looking Statements The foregoing discussion may include forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions and are subject to uncertainties and factors relating to the company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the company. These uncertainties and factors could cause actual results of the company to differ materially from those expressed or implied in the forward-looking statements contained in the foregoing discussion. Such uncertainties and factors include: the impact of an adverse result in excess of our insurance coverage in the shareholder class action lawsuits filed against the Company and certain of its executives; the speed and sustainability of price changes in cobalt and nickel; the availability of competitively priced supplies of raw materials, particularly cobalt and nickel; the effect of the restatement, or the effect of our inability to meet our SEC and NYSE filing obligations on a timely basis, upon funding availability under our credit facilities or upon debt obligations outstanding; the effect of the Company not completing the testing of its internal control over financial reporting systems such that management of the Company and its independent auditors are unable to report as to such internal control over financial reporting in a timely fashion for the year 2004; the risk that new or modified internal controls, implemented in response to an investigation by the audit committee of the Company’s board of directors and the Company’s examination of its internal control over financial reporting systems pursuant to Section 404 of the Sarbanes-Oxley Act, are not effective and need to be improved, resulting in additional expense; the demand for metal-based specialty chemicals and products in the Company’s markets; the effect of fluctuations in currency exchange rates on the Company’s international operations; the effect of non-currency risks of investing and conducting operations in foreign countries, including political, social, economic and regulatory factors; the outcome of the previously announced SEC review of the investigation conducted by the Company’s audit committee; and the general level of global economic activity and demand for the company’s products.

3. Agenda • Introduction Frank Butler, Chairman and Interim CEO • Restatement Overview Lou Schneeberger, Chief Financial Officer • Q4/FY 2004 Financial Review Lou Schneeberger, Chief Financial Officer • 2004 Business Overview – Cobalt Steve Dunmead, VP and General Mgr. - Cobalt • 2004 Business Overview - Nickel Mark Bak, VP and General Mgr. - Nickel • Q & A • Concluding Remarks Frank Butler, Chairman and Interim CEO

4. Restatement Impact -Summary of Note B – 2003 Form 10-K ($ in millions) • Increase net income for 9 months ended 9/30/2003 $ 111.3 • Increase 2002 net income 125.1 • Decrease 2001 net income (123.5) • Decrease net income for years prior to 2001 (176.9) • Cumulative net decrease to retained earnings as of 9/30/2003 $ (64.0)

5. Restatement Impact –Review of Adjustments 2002 2001 Pre-2001 Total ($ in millions) Resulting from audit committee investigation $ 56.3 $ (21.5) $ (85.0) $ (50.2) Subsequent to audit committee investigation 16.5 (5.6) (62.8) (51.9) Inventory lower of cost or market 66.6 (99.0) (34.0) (66.4) Pre-tax 139.4 (126.1) (181.8) (168.5)Tax adjustments (16.0) 33.7 36.5 54.2 Continuing operations 123.4 (92.4) (145.3) (114.3) Discontinued operations 1.7 (31.1) (31.6) (61.0) $125.1 $(123.5) $(176.9) $(175.3) For the nine months ended September 30, 2003 111.3 $ (64.0)

6. Significant Changes Since 2003 • Strategy • People • Processes and controls • Systems • SOX

7. Q4-2004 Q4-2003 Q3-2004 Q4 2004 Unaudited Results ($ in millions, except per share amounts) Sales $354.7 $258.4 $311.9 Corporate expenses (11.8) (98.3)* (10.2) Operating profit 39.7 (57.9)* 48.4 Interest expense (10.0) (8.5) (9.9) Income from continuing operations 22.8 (69.3) 27.8 EPS – continuing operations 0.79 (2.44) 0.97 EBITDA $53.6 $(39.9) $58.2 * Includes litigation charge of $84.5 million

8. 2004 Unaudited Results 2004 2003 2002 ($ in millions, except per share amounts) Sales $1,346.9 $912.1 $738.9 Corporate expenses (47.2) (130.3)* (69.9) Operating profit 211.7 (17.0) (87.9) Interest expense (39.7) (41.1) (39.7) Fx gain (loss) (5.5) 3.0 (6.5) Investment income & other 5.2 12.4 1.6 Minority interests 4.9 (0.9) (8.2) Income from continuing operations 122.5 (56.3) (110.7) EPS – continuing operations 4.28 (1.99) (3.95) EBITDA $256.7 $55.7 $(34.5) * Includes litigation charge of $84.5 million

9. 2004 Balance Sheet Items and CapX 2004 2003 Cash $ 26.8 $ 54.7 Inventory 415.4 269.2 Accounts receivable 160.2 136.7Accounts payable and other accrued expenses 245.2 245.1 Litigation accrual 84.5 84.5 (class action lawsuit) Total debt 431.1 430.5 CapX 18.4 10.9

10. Q4 – Supplemental Information – Cobalt Group ($ in millions) • Q4 product sales volume of 13,554 was down 6% versus 2003 • Q4 cobalt refining volume of 1,825 was down 7% versus 2003 • Average cobalt prices per lb.: • $18.38 in Q4-2004 • $16.10 in Q4-2003 • $23.17 in Q3-2004 • (all volumes in metric tons) Q4-2004 Q4-2003 Q3-2004 Sales $150.3 $99.7 $163.3 Operating profit 20.1 14.9 37.5 Sales Comparison – by end market (% of sales $) Q4-2004 Q4-2003 Q3-2004 Batteries 33% 31% 40% Catalysts 14 15 13 Hard Metal 13 10 11 Tires 12 10 10 Coatings & Inks 9 10 9 Others 19 24 17

11. Other 12% Other 18% Batteries 38% Batteries 28% Coatings & Inks 10% Coatings & Inks 12% Hard Metal 11% Hard Metal 10% Tires 10% Ceramics 6% Tires 10% Ceramics 7% Catalysts 13% Catalysts 15% Asia 37% Americas 34% Europe 29% Cobalt Sales Overview - 2004 2004 Revenue by End Markets 2003 Revenue by End Markets 2004 Revenue by Region* 2003 Revenue by Region* Americas 26% Asia 46% Europe 28% *location of customer

12. Cobalt Market Overview - 2004 • Supply / Demand Balance • Overall Demand up 10% • Limited supply increases H1’04 • Price increase from $9.69 in ‘03 to $22.76 per pound in ‘04 • Key Applications (growth over ’03) • Rechargeable Battery – up 20% • Alloys – up >10% • Hardmetal, Tire, Catalyst – up 10% • Raw Materials • China – demand increased 28% over ‘03 • Artisanal mining in DRC increased due to high prices • OMG prepared for 1Q 2005 smelter shutdown – 1,200 MT of feed built during 2004

13. Q4 – Supplemental Information – Nickel Group ($ in millions) • ’04 sales volumes of 13,037 were up 10% versus 2003 • Nickel refining volume of 12,413 was up 7% versus 2003 • Average nickel prices per lb. (LME): • $6.39 in Q4-04 $5.64 in Q4-03$6.35 in Q3-4 (LME) • (all volumes in metric tons) Q4-2004 Q4-2003 Q3-2004 Sales $222.1 $170.5 $170.5 Operating profit 31.4 25.5 21.1 Sales Comparison – by end market (% of sales $) Q4-2004 Q4-2003 Q3-2004 Stainless 33 43 29 Alloy 29 23 26 Plating 24 22 29 Electronics 6 6 6 Catalyst 3 2 4 Other 5 4 6

14. Other 4% Electronic 6% Catalysts 3% Plating 21% Stainless Steel 48% Alloy 18% Asia 12% Americas 21% Europe 67% Nickel Sales Overview - 2004 2004 Revenue by End Markets 2003 Revenue by End Markets Electronic 6% Other 5% Catalysts 3% Plating 25% Stainless Steel 34% Alloy 27% 2004 Revenue by Region* 2003 Revenue by Region* Asia 15% Americas 19% Europe 66% *location of customer

15. Nickel Market Overview - 2004 • Supply / Demand Balance • Supply Deficit in 2004 • Stainless Steel Growth • China Factor • Supply Side • Major 2004 Nickel Group Improvements • Fidelity • Recovery/Cost Improvements • Premium Maximization • Raw Materials • Scrap and Spot Opportunities • Maximization from Owned Resources • Focus on New Opportunities