Conway Manufacturer Announces Significant Expansion

July 29, 2008

Conway, SC – Monday, July 28 – The Myrtle Beach Regional Economic Development Corporation and the South Carolina Department of Commerce announce that Metglas, Inc, a subsidiary of Hitachi Metals America, Ltd., is expanding their operations with approximately $20 million capital investment that will create 25 new jobs over the next three years.

Metglas, located, within the Atlantic Industrial Center in Conway, is the world pioneer in the development and commercialization of amorphous metal. Metglas
currently exports over 90% of the materials manufactured in the Conway plant for applications that include transformers, medical equipment, automotive emission reduction and anti-theft devices.

Amorphous metal distribution transformers are the globally accepted method of maximizing electricity distribution energy efficiency and minimizing greenhouse gas emissions from generation while providing measurable economic value to utilities. The October 2007 US Department of Energy regulation Energy Conservation Program for Commercial Equipment: Distribution Transformers Energy Conservation Standards, effective January 1st 2010, mandates energy efficiency that is easily achievable with Metglas amorphous electrical steel.

“This project will have a global impact on energy efficiency issues that are extremely relevant in our world right now. And I am so proud that this product is
manufactured in Horry County,” said Hugh Owens, President and CEO of the Myrtle Beach Regional Economic Development Corporation. “Metglas has always been a leader in our county’s industrial community. The jobs that will be created as a result of this expansion will impact Horry County, and their products
will impact the world”, said Owens.


The State House,  Rick Kamoshita, V.P. & International Business Coord. Metglas Inc.; Hugh Owens, Pres. & CEO MBREDC; Dodd Smith, Pres. & COO Metglas Inc.; Hironori Nakanishi, Pres. Soft Magnetic Materials Co. Hitachi Metals Inc.; Mark Sanford, Gov. South Carolina; Dave Millure, Sr. V.P. Sales & Marketing Metglas Inc.

“This expansion will allow Metglas to better serve the electricity transmission and distribution market by allowing for the manufacture of more ultra-efficient
Metglas-based transformers. Both utilities and electricity consumers will benefit by saving money over the life of the transformer due to lower energy losses” saysDave Millure, Senior Vice President of Sales and Marketing at Metglas, Inc. “A significant share of the new transformers in India, China and other Asian
countries already includes Metglas. Now, with the ability to supply more to the Americas and European markets, the entire world will be able to take advantage
of this important technology.”

The expansion of the casting operations at the Conway facility will increase the supply of Metglas electrical steel for transformers by over 50% allowing the
company to better supply the growing North and South American markets with energy efficient solutions to electricity distribution. If similar expansionselsewhere in the world are included, Hitachi Metals will have increased capacity by over 300% by the time the Conway expansion is complete.

“This investment in eco-friendly Metglas further demonstrates Hitachi Metals’ overarching desire to provide solutions to the world that lower greenhouse gas emissions in a cost effective manner for customers.” says Dodd Smith, President and Chief Operating Officer, Metglas, Inc.

“Metglas stands ready to work with transformer makers to ensure that they make the best use of the extraordinary properties that Metglas provides. We also look forward to any opportunity to talk with utilities to explain the value that a Metglas-based transformer can bring to them and their customers.” says Millure.

The Myrtle Beach Regional Economic Development Corporation is a public-private partnership with a mission to promote diverse economic growth in Horry County. Serving on the MBREDC Executive Committee is Chairman Jimmy Yahnis, Mike Brown, Franklin Daniels, Richard Singleton, John Laymon, Carl Schwartzkopf, Dodd Smith, Neyle Wilson, and Adam Parness.