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Greif Steel Drum Prices Driven Upward by Steel Cost Hikes

03/10/2008

GREIF STEEL DRUM PRICES DRIVEN UPWARD BY STEEL COST HIKES

DELAWARE, Ohio (March 10, 2008) – Because of escalating steel prices, Greif has raised the price of steel drums. Greif has advised customers of the price increase.

Dan Ronchetto, Greif Vice President – Global Direct Materials, said, “Several factors are driving increased steel costs. From a global perspective, we see demand for steel continuing to increase in 2008. Growth in emerging markets is more than offsetting the slowing economies of the USA and Western Europe.

“The steel industry is also experiencing massive price increases for steel-making raw materials, which are in high demand. The 2008 contract price for iron ore is reported to be increasing by 65 percent, and coking coal contract prices could increase 70 to 80 percent.

“To illustrate the impact, prices reported by CRU Steel Monitor in August 2007 were $600 a ton. In February 2008, prices escalated to $785 a ton, and are still rising.”

Greif is a world leader in industrial packaging products and services. The company produces steel, plastic, fibre, corrugated and multiwall containers, protective packaging and containerboard, and provides blending, filling and packaging services for a wide range of industries. Greif also manages timber properties in North America. The Company is strategically positioned in 47 countries to serve global as well as regional customers.

Contact:

Deb Strohmaier, APR
Vice President, Communications
+1 740-549-6074
debra.strohmaier@greif.com

Contact

Matt Eichmann Vice President,
Investor Relations and Corporate Communications
Greif, Inc.
Office: (740) 549-6067

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