Fourth Quarter Results

For the fourth quarter ended October 31, 2002, the Company had revenues of $173.3 million, an increase of $15.1 million or 9.6% from the same period in fiscal 2001. Reported operating loss for the quarter was $9.4 million, which included a non-cash pretax asset impairment charge of $10.0 million related to a facility leased to Valley City Steel, LLC. Charges of $4.2 million were also taken in the fourth quarter of fiscal 2002 to reflect the increase in defined benefit plan expenses stemming from curtailment charges. The operating loss for the comparable quarter in fiscal 2001 was $39.6 million. Net loss for the fourth quarter ended October 31, 2002 was $18.9 million or $1.28 net loss per share. The $18.9 million net loss includes $21.6 million of pretax non-cash charges as a result of Valley City Steel, LLC filing for protection under Chapter 11 of the United States Bankruptcy Code on November 27, 2002. The fourth quarter 2001 reported net loss per share was $2.12.

Year End Results

For the year ended October 31, 2002, the Company had revenues of $625.6 million, a decrease of $36.9 million or 5.6% from the prior year, which is primarily due to operations that were divested or closed during the fiscal year. Operating loss for the fiscal year 2002 decreased by $22.4 million to $6.9 million from an operating loss of $29.3 million for the prior year ended October 31, 2001. Net loss for the year improved by $8.7 million to $26.8 million, or a net loss of $1.81 per basic and diluted share, compared to a net loss of $35.5 million, or a net loss of $2.40 per basic and diluted share in fiscal 2001.

Changes in Revenues

The increase in revenue for the fourth quarter of fiscal 2002 is primarily due to an increase in industry volumes in automotive and heavy truck compared to the fourth quarter of fiscal 2001. The decrease in annual revenues was primarily the result of the Valley City Steel Division transaction in July 2001 and the closures of the Romulus Blanking Division, Wellington Die Division and Canton Die Division during the first quarter of fiscal 2002.

Operating Results

The operating loss, including the $10.0 million asset impairment charge, improved by $30.1 million for the fourth quarter and by $22.4 million for the year when compared to the similar periods in fiscal 2001. The improvements are a result of continuing operational improvements and cost reductions. "The Company is continuing to identify cost reductions and improve operational efficiencies using our '6 Sigma' disciplines and process characterization/process optimization practices," said Theodore K. Zampetis, President and CEO. Mr. Zampetis added, "Excluding the impact of the Valley City Steel non-cash pretax charges of $21.6 million and defined benefit plan curtailment pretax charges of $4.2 million, the Company has shown significant progress and exceeded our business plan for the year."

Impact of Bankruptcy Filing by Valley City Steel, LLC

The controlling owner of Valley City Steel, LLC unilaterally filed a voluntary petition for protection under Chapter 11 of the United States Bankruptcy Code on behalf of Valley City Steel, LLC on November 27, 2002. The bankruptcy filing resulted in the Company recording $21.6 million of pretax non-cash fourth quarter charges. The Company recorded a $11.6 million charge to recognize the losses associated with the minority equity investment in Valley City Steel, LLC which is reflected in the Equity in net earnings (losses) of affiliated company line in the Condensed Consolidated Statements of Operations. In addition, a $10.0 million charge was recorded for Shiloh owned land and building that is leased by Valley City Steel, LLC and is encumbered as a result of debt incurred by Valley City Steel, LLC. The $10.0 million is included in the Asset impairment charge (recovery) line in the Condensed Consolidated Statements of Operations. Liquidity

The Company ended the year with $209.1 million of borrowings under the revolving line of credit, a reduction of $55.4 million from the $264.5 million outstanding at October 31, 2001. Availability at October 31, 2002 was $47.8 million. "We continue to execute our plan to generate cash from operations and by managing working capital, capital spending and tooling costs," Mr. Zampetis said, "and debt reduction is a priority for the Company." Mr. Zampetis added, "The operating results for the quarter and fiscal year were better than our expectations. We improved our gross margins throughout the year, finishing at 7.4% of revenues compared to 5.1% in fiscal year 2001. We lowered our administrative costs for fiscal 2002 as compared to fiscal 2001 by 2.6% of revenues and reduced our interest expense by $3.9 million. As we look to the future, we continue our focus on cost reductions, process optimization, improving our balance sheet and our commitment to strategically position Shiloh to differentiate ourselves by offering product and process innovation through Leadership, Technology and Process Ownership."

Headquartered in Cleveland, Ohio Shiloh Industries is a leading manufacturer of engineered welded blanks, first operation blanks, stamped components and modular assemblies for the automotive and heavy truck industries. The Company has 16 wholly owned subsidiaries at locations in Ohio, Georgia, Michigan, Tennessee and Mexico, and employs approximately 2,800.

A conference call to discuss fiscal 2002 fourth quarter results will be held on Thursday, January 9, 2003 at 10:30 a.m. (EST). To listen to the conference call, dial (800) 374-0915 approximately 5 minutes prior to the start time and request the Shiloh Industries Fourth Quarter Conference Call. A replay of the conference call will be available from 2 p.m. (EST), Thursday, January 9, 2003, through 5 p.m. (EST) Thursday, January 16, 2003. To access the replay, call (800) 642-1687 and enter conference code 7324092.

The forward-looking statements in this press release involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: the Company's dependence on the automotive and light truck and heavy truck industries, which are highly cyclical; the dependence of the automotive and light truck industry on consumer spending, which is subject to the impact of domestic and international economic conditions and regulations and policies regarding international trade; the ability of the Company to accomplish its strategic objectives with respect to external expansion through selective acquisitions and internal expansion; increases in the price of, or limitations on the availability of steel, the Company's primary raw material, or decreases in the price of scrap steel; risks associated with integrating operations of acquired companies; the ability of the Company to implement its cost savings initiatives; potential disruptions or inefficiencies in operations due to or during facility expansions or start-up facilities; risks related to conducting operations in a foreign country; risks related to labor relations, labor expenses or work stoppages involving the Company, its customers or suppliers; and other risks and uncertainties that may be identified from time to time in the Company's reports to the Securities and Exchange Commission.

                        (Financial Statements Follow)

                           SHILOH INDUSTRIES, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (Unaudited)
                   (Amounts in thousands, except per share)

                             Three months ended            Year ended
                                October 31,                October 31,
                            2002           2001        2002          2001

    Revenues              $173,344      $158,203     $625,577      $662,447
    Cost of sales          160,486       169,503      579,223       628,923
    Gross profit (loss)     12,858      (11,300)       46,354        33,524
    Selling, general and
      administrative
      expenses              12,678        20,523       43,806        63,344
    Asset impairment
      charge (recovery)      9,846         6,772        8,561        (1,918)
    Restructuring (recovery)
      charge                  (222)          981          884         1,411
    Operating loss          (9,444)      (39,576)      (6,897)      (29,313)
    Interest expense         3,752         5,407       17,237        21,186
    Interest income             44            14          115            94
    Other income (expense),
      net                       37        (1,669)         272        (2,369)
    Loss before equity in net
      earnings (losses) of
      affiliated company and
      income taxes         (13,115)      (46,638)     (23,747)      (52,774)
    Equity in net earnings
      (losses) of affiliated
      company              (11,789)           21      (12,468)           21
    Loss before taxes      (24,904)      (46,617)     (36,215)      (52,753)
    Benefit for income
      taxes                 (5,986)      (15,246)      (9,459)      (17,271)
    Net loss              $(18,918)     $(31,371)    $(26,756)     $(35,482)

    Loss per share:
    Basic loss per share    $(1.28)       $(2.12)      $(1.81)       $(2.40)
    Basic weighted average
      number of common
      shares                14,798        14,798       14,798        14,798
    Diluted loss per share  $(1.28)       $(2.12)      $(1.81)       $(2.40)
    Diluted weighted average
      number of common
      shares                14,798        14,798       14,798        14,798