Horsehead Expects Noncash Charges Related to Hedging Transactions; Adjustment of $0.23/Share

Horsehead Holding Corp.

indicated that it expects to record non-cash mark-to-market charges for the quarter ended June 30, 2011 related to the recently announced hedging transactions for 2012 and 2013. The mark-to-market adjustment is estimated to be $10 million, after taxes, or $0.23 per diluted share, resulting primarily from a higher zinc price on June 30 compared to the average market price during the period that the hedges were put in place. Mark-to-market adjustments, such as this one, which were made at zinc prices which fall within the range of the “cashless collar” that the Company announced previously will net to zero over the term of the hedges if held until maturity.