<PAGE>
                                                                      EXHIBIT 99

                                                                    [LETTERHEAD]

                                                                    NEWS RELEASE
[LOGO]


FOR IMMEDIATE RELEASE



                            EMJ MANAGEMENT TRANSITION


     Brea, CA, January 30, 1997 -- Neven Hulsey, President and Chief Executive
Officer of EMJ (the Earle M. Jorgensen Company), announced today a transition in
executive management with the election of Maurice Sandy Nelson as President,
Chief Executive Officer and Chief Operating Officer of the Company.

The realignment, effective February 1, 1997, was triggered at the request of 
Mr. Hulsey who will become the Chairman of the Company effective February 1, 
1997. Mr. Hulsey is one of the Steel Service Centers' most respected and 
innovative executives with a career of over 35 years of outstanding 
accomplishments in the Industry.

"We are delighted that Mr. Hulsey has agreed to remain available to us as
Chairman during the time ahead, as his experience and commitment to EMJ is
highly valued", said David Roderick, present Chairman of EMJ.

Mr. Roderick will become Chairman of the Executive Committee of the Company also
effective February 1, 1997.

Mr. M. Sandy Nelson, Jr. was elected President and Chief Executive Officer
effective February 1, 1997.  Mr. Nelson's most recent position from 1992 until
April 1996 was President, Chief Executive Officer and Chief Operating Officer of
Inland Steel Company located in Chicago.  Prior to that, Mr. Nelson was with the
Aluminum Company of America (Alcoa), and from 1987 to 1992 was President of the
Aerospace and Commercial division of Alcoa.


                                     -more-

<PAGE>

"This orderly executive transition of EMJ and EMJ's commitment to excellence in
service and quality will continue our strong position in the Industry", said
Hulsey.  "Mr. Nelson has had extensive experience in both the Steel and Aluminum
Industry and is thoroughly knowledgeable with the technology of our Industry as
well as the importance of maintaining our service and quality excellence.  We
are confident this orderly transition will work equally well for our customers
as well as for the shareholders and employees of EMJ".

Mr. Nelson has over 30 years of experience in the Steel and Aluminum Industry.
He is a graduate of the Georgia Institute of Technology with an Industrial
Engineering degree, and the University of Tennessee with a Master's degree in
Industrial Engineering.

Mr. Nelson's career began with the Aluminum Company of America where he held
various positions such as Plate Mill Superintendent and Hot Rolling
Superintendent at Alcoa's Davenport plant.  He joined Consolidated Aluminum
Company in 1973 and held various positions as General Manager of Wire, Rod and
Bar, and Vice President of Flat Rolled Products prior to leaving to rejoin Alcoa
in 1983.  At Alcoa, he held the position of Vice President of Manufacturing,
Vice President of Flat Rolled Products, and from 1987 to 1992 was President of
the Aerospace and Commercial division.

He joined Inland Steel in 1992.  He led the transition of Inland Steel Company
from a series of annual losses returning that Company to profitability in 1994
and 1996.  Mr. Nelson was President, Chief Executive Officer and Chief Operating
Officer of Inland Steel when he resigned in the Spring of 1996.

Mr. Nelson has a reputation as a technological innovator as well as an executive
dedicated to customer service and product excellence.

Mr. Hulsey has been actively involved in the Steel and Aluminum Industry for 35
years.  He is on the Board of Directors and is a National Chapter Director for
the Steel Service Center Institute (SSCI) as well as serving on the Board of
Directors of the National Association of Aluminum Distributors (NAAD), both of
which are trade associations.  Mr. Hulsey is on the Board of Regents of the
University of the Pacific where he played and coached football.  He is a 1957
graduate of that University with a Bachelor of Arts degree in Business
Administration.  Mr. Hulsey directed and completed the merger of the Kilsby-
Roberts Company and the Earle M. Jorgensen Company.  He was President and Chief
Executive Officer of Kilsby-Roberts at the time of the merger and became the
first Chief Executive Officer of the merged entity, EMJ.

Earle M. Jorgensen, the founder of the Company will remain a Director and
Chairman Emeritus.


                                       -2-

<PAGE>

Lonnie Terry, Executive Vice President of EMJ will continue in his executive
role directing the merchandising and other critical staff functions.

EMJ is the largest independently-owned distributor of metals in the United
States.  The Company has approximately 2,500 employees and annual sales of 
$1 Billion.  The Company maintains 29 service centers and six processing 
centers at various locations throughout the United States and is headquartered
in Brea, California.  The Company also maintains five international service 
center facilities through its subsidiaries in Canada, Mexico and the United 
Kingdom.

                                      ####




CONTACT:  Fred Parker
          EMJ
          (714) 579-8823      FAX: (714) 577-3754



                                       -3-