Fushi Copperweld (FSIN) Provides Update Regarding "Going Private" Proposal

Fushi Copperweld, Inc. (Nasdaq: FSIN) Board of Directors today provided an update regarding the proposal previously submitted by the Company's Chairman and Co-CEO, Mr. Li Fu and Abax Global Capital Limited on behalf of funds managed by it and its affiliates, for the acquisition of all of the outstanding shares of Common Stock of Fushi not currently owned by Mr. Fu and his affiliates in a going private transaction for $11.50 per share in cash, subject to certain conditions.

The Special Committee and its independent financial and legal advisors are currently facilitating the due diligence investigation of the Company by Mr. Fu and Abax so that they can be in a position to submit a firm, fully financed offer to the Special Committee.

The Special Committee is also considering other strategic alternatives to Mr. Fu's proposal, including any other acquisition proposal that may be submitted to the Company or to the Special Committee or remaining an independent public company.

There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The Special Committee does not intend to disclose developments regarding these matters unless and until it deems disclosure appropriate.

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