[BIRMINGHAM STEEL CORP. LOGO]

                    BIRMINGHAM STEEL CORPORATION COMMENTS ON
                        NEW YORK STOCK EXCHANGE DECISION
                               ------------------
         BIRMINGHAM STEEL SHARES TO BEGIN TRADING ON OTC BULLETIN BOARD


BIRMINGHAM, Ala. (November 14, 2001) - Birmingham Steel Corporation today issued
the following statement:

John D. Correnti, Chairman and Chief Executive Officer of Birmingham Steel,
commented, "The New York Stock Exchange today announced that it will initiate
procedures to delist the common stock of Birmingham Steel. The NYSE decision was
reached in view of the fact that the Company has fallen below the following NYSE
continued listing standards: average global market capitalization over a
consecutive 30 trading-day period is less than $50,000,000 and total
stockholders' equity is less than $50,000,000; and the average closing price of
the Company's common stock has been less than $1.00 over a consecutive 30
trading-day period."

Correnti continued, "The NYSE had previously accepted the Company's plan to
reestablish compliance with the minimum listing standards by November 21, 2002.
To date, the financial performance of the Company's core operations have
exceeded the forecast included in the plan filed with the NYSE. However, the
Company's decision to divest certain unprofitable operations has required the
recording of charges for asset writedowns to reflect distressed selling values
for steel assets in today's market. Because of the impact of these writedowns on
the Company's equity, the NYSE has decided to terminate the previously
established timeframe for the Company to re-comply with the minimum listing
standards."

Correnti said, "Since our management team joined Birmingham Steel almost two
years ago, the Company has aggressively pursued a strategy of closing
unprofitable facilities, improving cash flow and reducing debt. Despite severe
economic conditions that have affected the domestic steel industry, the Company
continues to make progress toward a return to profitability. Today, we announced
the signing of a definitive agreement to sell the Cartersville operation to
AmeriSteel, Inc., a transaction that will enable us to significantly reduce debt
and improve cash flow and future financial performance."

Correnti continued, "While the decision to divest certain facilities has had an
adverse impact on our balance sheet equity, we believe these actions are in the
best interests of our shareholders, lenders, vendors and employees, and also
improve the long-term prospects for Birmingham Steel. We believe we have one of
the best workforces and management teams in the industry that, along with an
efficient, low-cost core asset base, has the collective capability to be a
driving force in the anticipated consolidation of the domestic steel industry."

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BIR Comments on Recent Developments
Page 2
November 14, 2001


Correnti concluded, "In a challenging economic environment, we believe we are
taking the steps necessary to improve future financial results and to provide a
means for an eventual improvement in the Company's overall financial structure.
Our goal is to position Birmingham Steel to participate in the industry
consolidation in a manner that will benefit our shareholders, lenders and
employees." Correnti noted that, effective with the market opening on Tuesday,
November 18, 2001, Birmingham Steel's common stock will begin trading on the OTC
Bulletin Board.

Birmingham Steel operates in the mini-mill segment of the steel industry.

Except for historical information, the matters described in the press release
are forward-looking statements within the meaning of the safe-harbor provisions
of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause actual results
to differ materially, including economic conditions, market demand factors,
equipment breakdowns or failures, the Company's continued compliance with its
financing arrangements and its principal debt agreements, as well as other risks
described from time to time in the Company's periodic and special filings with
the Securities and Exchange Commission. Any forward-looking statements contained
in this document speak only as of the date hereof, and the Company disclaims any
intent or obligation to update such forward-looking statements.

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