As reviewed and approved on May 22, 2007 METAL MANAGEMENT, INC. AUDIT COMMITTEE CHARTER The Board of Directors (the “Board”) of Metal Management, Inc. (the “Company”) has heretofore constituted and established an Audit Committee (the “Audit Committee”) with authority, responsibility and specific duties as described in the Audit Committee Charter (the “Charter”). This document replaces and supersedes in its entirety the previous Charter of the Audit Committee adopted by the Board. This Charter is intended to be flexible so that the Audit Committee is able to meet changing conditions. The Audit Committee is authorized to take such further actions as are consistent with the following described responsibilities and to perform such other actions as applicable law, the Company’s constituent documents and the Board may require. The Audit Committee, including the Chairman of the Audit Committee, shall be elected by the Board and shall be comprised of not less than three directors. All members of the Audit Committee will, in the judgment of the Board, satisfy the independence and director and audit committee qualification requirements of the New York Stock Exchange, Inc. (the “NYSE”), applicable law and regulations and the Company’s Corporate Governance Guidelines. The Audit Committee, including the composition of its membership, shall at all times be in compliance with the rules and regulations issued from time to time by any authorities having ...