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Starmet Corporation Announces Second Quarter Fiscal 2000 Results

24 May 2000

Starmet Corporation, a Massachusetts based manufacturer of specialized metal products, today announced financial results for the second quarter which ended April 2, 2000. The Company continues its financial turnaround with another consecutive quarter of profitability. In this quarter, Starmet generated net income of $31,000 on revenue in excess of $5.6 million. Net income improved by $2.1 million over the same quarter in fiscal 1999, on $246,000 less in sales. This reflects the Company's success in reengineering its cost structure to meet current revenues and enables it to meet research and development goals. Metal Matrix Composite Materials ("MMC") appear to have the greatest potential for dynamic growth. Prototype orders, led by the requirements of a prominent manufacturer of semiconductor assembly equipment, have become production orders, enabling Starmet to double production of precision investment castings in the second quarter. Four new production prototype parts for the next generation of semiconductor assembly equipment are scheduled for production in the first quarter of 2001. Starmet continues to aggressively pursue other revenue enhancement opportunities in data storage, medical, space, defense and military applications where Beralcast(R) provides a technological and cost advantage. The Company continues to pursue potential expansion of its titanium powder business; development of its Beralcast(R) investment casting and MGA extrudable MMC technologies.