CITATION CORPORATION
2 Office Park Circle, Suite 204
Birmingham, AL 35223
Contact: Jim Ed Clayton
205-871-5731
Fax: 205-871-5772

August 24, 2001

CITATION ANNOUNCES ACQUISITION OF ITM CORPORATION

BIRMINGHAM, Alabama -- Citation Corporation announced today the acquisition of ITM Corporation of Grand Rapids, Michigan. ITM is a manufacturer of die cast and machined aluminum components for the automotive industry.

"This addition of ITM strengthens our current capabilities and brings us die casting and machining experience that will more than double our current die casting capacity. We are pleased to have ITM with their proven record of quality manufacturing and customer service as part of the Citation team", stated Rick Sommer, Citation's President and CEO. ITM's President Jim Hamelink said, "This move to become a member of a larger organization brings increased opportunities to our company and employees. We are very pleased to be joining the Citation team."

Based in Birmingham, Alabama, Citation Corporation is a metal components supplier to capital and durable goods industries. The company currently operates seventeen manufacturing divisions in nine states with approximately 6,500 employees.