Special Committee of Fushi Copperweld, Inc. Provides Update Regarding "Going Private" Proposal

In response to investor inquiries, the Special Committee of the Board of Directors of Fushi Copperweld, Inc. FSIN today provided an update regarding the proposal previously submitted by the Company's Chairman and Co-Chief Executive Officer, 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.