Institute for Supply Management

Commodity Panel – MetalsMark Lasky, CEO

Sadoff Iron and Metal CompanyNovember 10, 2015

Sadoff Iron & Metal Co. A 68 Year History in 30 Seconds

Edward H. Rudoy – Block Salvage Company, 1947 Sadoff and Rudoy Industries 1964 Sadoff Iron & Metal Company 2015

9 Locations – 240 Employees Fond du Lac, WI (Arndt St. + Scott St) Berlin, WI Green Bay, WI Sheboygan, WI Manitowoc, WI Oshkosh, WI Lincoln, Nebraska Omaha, Nebraska

Ferrous -Nonferrous - Electronic Scrap

A visual depiction of the metal commodity markets:

Key Ferrous Scrap Market Pricing Indexes

Scrap Commodity Price on Oct.1, 2014 Price on Oct.1, 2015 Price Change Percent Change

No. 1 Dealer Bundles $390 per gross ton $199 per gross ton ($191) (49%)

Shredded Scrap $356 per gross ton $200 per gross ton ($156) (44%)

No. 1 Heavy Melt $343 per gross ton $176 per gross ton ($167) (49%)

Source: Scrap Price Bulletin, October 19, 2015

Statistics and Industry Facts

US Scrap Exports• 2011: 24 million tons (US export record)• 2012: 21 million tons• 2013: 18 million tons• 2014: 15 million tons• 2015: 13 million tons (est)

US Steel Mill Operating Rate

2014: 77.8%2015: 71.6%

Why???

Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-152.20

2.30

2.40

2.50

2.60

2.70

2.80

2.90

3.00

3.10

Copper

Copper

Source: American Metal Market, Copper COMEX 1st most active close

Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-150.7

0.75

0.8

0.85

0.9

0.95

Aluminum

Aluminum

Source: American Metal Market, Aluminum LME official 3-month bid

Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-154.45

4.95

5.45

5.95

6.45

6.95

7.45

Nickel

Nickel

Source: American Metal Market, Nickel – LME official 3 month bid

Mark Lasky, CEOSadoff Iron and Metal Company

(920) 906-5601

www.sadoff.com