1. 1 Investor Conference Call April 5, 2005

2. 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. 3 Agenda IntroductionFrank Butler, Chairman and Interim CEO Restatement OverviewLou Schneeberger, Chief Financial Officer Q4/FY 2004 Financial ReviewLou Schneeberger, Chief Financial Officer 2004 Business Overview – CobaltSteve Dunmead, VP and General Mgr. - Cobalt 2004 Business Overview - NickelMark Bak, VP and General Mgr. - Nickel Q & A Concluding RemarksFrank Butler, Chairman and Interim CEO

4. 4 Increase net income for 9 months ended 9/30/2003$ 111.3 Increase 2002 net income125.1 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) Restatement Impact - Summary of Note B – 2003 Form 10-K ($ in millions)

5. 5 Restatement Impact – Review of Adjustments Resulting from audit committee investigation$ 56.3$ (21.5)$ (85.0)$ (50.2) Subsequent to audit committee investigation16.5(5.6)(62.8)(51.9) Inventory lower of cost or market66.6(99.0)(34.0)(66.4) Pre-tax139.4(126.1)(181.8)(168.5) Tax adjustments(16.0)33.736.554.2 Continuing operations123.4(92.4)(145.3)(114.3) Discontinued operations1.7(31.1)(31.6)(61.0) $125.1$(123.5)$(176.9)$(175.3) For the nine months ended September 30, 2003111.3 $ (64.0) 20022001TotalPre-2001 ($ in millions)

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

7. 7 Q4 2004 Unaudited Results Sales$354.7$258.4$311.9 Corporate expenses(11.8)(98.3)*(10.2) Operating profit39.7(57.9)*48.4 Interest expense(10.0)(8.5)(9.9) Income from continuing operations22.8(69.3)27.8 EPS – continuing operations0.79(2.44)0.97 EBITDA$53.6$(39.9)$58.2 ($ in millions, except per share amounts) Q4-2004Q4-2003Q3-2004 *Includes litigation charge of $84.5 million

8. 8 2004 Unaudited Results Sales$1,346.9$912.1$738.9 Corporate expenses(47.2)(130.3)*(69.9) Operating profit211.7(17.0)(87.9) Interest expense(39.7)(41.1)(39.7) Fx gain (loss)(5.5)3.0(6.5) Investment income & other5.212.41.6 Minority interests4.9(0.9)(8.2) Income from continuing operations122.5(56.3)(110.7) EPS – continuing operations4.28(1.99)(3.95) EBITDA$256.7$55.7$(34.5) 200420032002 ($ in millions, except per share amounts) *Includes litigation charge of $84.5 million

9. 9 2004 Balance Sheet Items and CapX Cash$ 26.8$ 54.7 Inventory415.4269.2 Accounts receivable160.2136.7 Accounts payable and other accrued expenses245.2245.1 Litigation accrual 84.5 84.5 (class action lawsuit) Total debt431.1430.5 CapX 18.4 10.9 20042003

10. 10 Q4 – Supplemental Information – Cobalt Group 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) Sales Comparison – by end market (% of sales $) ($ in millions) Sales$150.3$99.7$163.3 Operating profit20.114.937.5 Q4-2004Q4-2003Q3-2004 Batteries33%31%40% Catalysts141513 Hard Metal131011 Tires121010 Coatings & Inks9109 Others192417 Q4-2004Q4-2003Q3-2004

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

12. 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. 13 Q4 – Supplemental Information – Nickel Group ’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) Sales Comparison – by end market (% of sales $) Sales$222.1$170.5$170.5 Operating profit31.425.521.1 Q4-2004Q4-2003Q3-2004 Stainless334329 Alloy292326 Plating242229 Electronics666 Catalyst324 Other546 Q4-2004Q4-2003Q3-2004 ($ in millions)

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

15. 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