Exhibit 99.1

AGY Holding Corp. Announces 2009 First Quarter Results and Bondholder

and Investor Conference Call

AIKEN, SOUTH CAROLINA – (May 12, 2009) – AGY Holding Corp. (“AGY” or the “Company”) reports its 2009 first quarter results.

Summary Financial Performance

($ in millions)

See Appendix D where EBITDA and Adjusted EBITDA are defined and reconciled from net income (loss) determined under GAAP.

Net sales in the first quarter of 2009 were $39.6 million, which reflects a decrease of $18.4 million, or 31.7%, when compared to the first quarter of 2008. The global economic downturn and the necessity to lower inventory levels by our customers were the primary drivers of this decrease. The electronics, construction and industrial market revenues were down 67%, 49% and 33%, respectively, as a result of the soft demand and inventory adjustments within the supply chain. Aerospace sales decreased by 22% compared to the first quarter of 2008 reflecting lower volumes and decreased retrofit activity. Defense revenue remained strong and increased by 46% when compared to the first quarter of 2008.

Income from operations for the first quarter of 2009 decreased $4.0 million to $0.3 million, or 0.7% of net sales, compared to $4.3 million, or 7.4% of net sales, reported in the first quarter of 2008. This decrease was primarily due to lower volumes and the impact of adopting the new accounting standard related to business combinations. This standard (FASB Statement No. 141R) required the Company to expense $1.7 million of acquisition related costs, a significant portion of which was deferred as of December 31, 2008. AGY reported a net loss of $2.7 million and $1.3 million for the first quarter of 2009 and 2008, respectively.

Adjusted EBITDA, a measurement management uses to measure operating results, was $8.8 million, or 22.2% of net sales for the first quarter of 2009, compared to $10.7 million, or 18.4% of net sales, reported in 2008. Results in the first quarter of 2009 were negatively impacted by lower volumes across a number of market segments. A more favorable product mix associated with defense shipments, selected price increases, improved manufacturing efficiencies and a continued focus on cost reduction initiatives resulted in higher Adjusted EBITDA margin for the quarter.

The Company’s cash balance as of March 31, 2009 was $2.6 million and total liquidity was $21.0 million. Operating activities used $0.1 million during the first quarter of 2009 compared to cash provided by operations of $5.3 million during the comparable period of 2008. Lower net income and an increase in inventory, as a result of soft demand, impacted the 2009 first quarter results. Investing activities for the first quarter of 2009 used $4.5 million compared to $19.9 million for the first quarter of 2008, when AGY purchased $17.3 million of alloy metals related to defense programs. Cash borrowings under the Company’s revolving credit facility were $20.7 million as of March 31, 2009.

“As with many companies, AGY is facing a challenging business environment. In the first quarter of 2009, we experienced soft demand across most of our markets and regions and a necessity by our customers to reduce inventory levels. The weak economy and market uncertainty have led to shorter order cycles, which limits our view of the future,” said Doug Mattscheck, Chief Executive Officer. “We expect current conditions will prevail at least into the second half of the year. As discussed during the last earnings release conference call, we have already taken a number of steps to reduce our cost structure and adjust production levels in light of current market demand. We will continue to focus on free cash flow generation to ensure adequate liquidity in 2009,” commented Doug Mattscheck.

AGY is a leading global producer of fiberglass yarns and high-strength fiberglass reinforcements used in a variety of composites applications. AGY serves a diverse range of markets including aerospace, defense, electronics, construction and industrial. Headquartered in Aiken, South Carolina, AGY has a European office in Lyon, France and manufacturing facilities in the U.S. in Aiken, South Carolina and Huntingdon, Pennsylvania. Additional information and a copy of this press release may be found at the Investor Relations section of the Company’s website, www.agy.com or by email at info@agy.com.

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Certain statements contained in this release are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Among these risks and uncertainties are general economic and business conditions; the Company’s substantial debt and ability to generate cash flows to service its debt; the Company’s compliance with the financial covenants contained in its various debt agreements; changes in market conditions or product demand (including whether or not the Company is awarded certain new defense contracts that it has sought to obtain); the level of cost reduction achieved through restructuring and capital expenditure programs; changes in energy and raw material costs and availability; downward selling price movements; currency and interest rate fluctuations; increases in the Company’s leverage; the Company’s ability to effectively integrate acquisitions; changes in the Company’s business strategy or development plans; the timing and cost of plant closures; the success of new technology; and increases in the cost of compliance with laws and regulations. Factors that could cause actual results to differ materially from these forward-looking statements include but are not limited to those risk factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. AGY does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The Company will hold a conference call to discuss the first quarter 2009 results and respond to questions. The details for the call are as follows:

Date: May 13, 2009

Time: 1:00pm EST

Dial-in number: 866-939-3921

International: 678-302-3550

Conference ID: N/A (Operator Assisted)

Please dial in 10-15 minutes prior to the start time. An operator will request your name and organization and ask you to wait until the call begins.

Rebroadcast of this conference will be available two hours after it is complete. Parties who are interested in listening to the rebroadcast may dial 866-939-0581 or 678-302-3540 and when prompted enter pin – 4804300#. At system prompt dial ‘4’ to listen to a previously recorded conference. When prompted, enter confirmation number – 20090505413641#. The rebroadcast will be available through July 13, 2009.

Appendix A.

AGY Holding Corp. and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands except share and per share data)

Appendix B.

AGY Holding Corp. and Subsidiaries

Consolidated Statements of Operations

(Dollars in thousands, unless otherwise noted)

Appendix C.

AGY Holding Corp. and Subsidiaries

Consolidated Statements of Cash Flows

(Dollars in thousands, unless otherwise noted)

Appendix D.

AGY Holding Corp. and Subsidiaries

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

The Company’s management uses EBITDA and Adjusted EBITDA, which are non-GAAP financial measures, to measure operating performance. The most directly comparable financial measure determined under GAAP is net income (loss), the calculation of which for the three months ended March 31, 2009 and 2008 is set forth on Appendix B.

EBITDA and Adjusted EBITDA (which are defined below) are reconciled from net income (loss) determined under GAAP as follows (dollars in millions):

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is a non-GAAP financial measure used by management to measure operating performance. EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, EBITDA is not intended to be a measure of free cash flow available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Management believes EBITDA is helpful in highlighting trends because EBITDA excludes the result of decisions that are outside the control of operating management and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. In addition, management believes EBITDA provides more comparability between AGY’s historical results and results that reflect purchase accounting and changes in AGY’s capital structure. Management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, these presentations of EBITDA may not be comparable to other similarly titled measures of other companies.

Adjusted EBITDA is a non-GAAP financial measure which is defined as EBITDA further adjusted to exclude unusual items and other adjustments permitted and calculated in the same manner as consolidated cash flow under the indenture governing the Company’s senior second lien notes, which is used in calculating its Fixed Charge Coverage Ratio under the indenture, which is in turn used in certain calculations, including but not limited to, restricted payments and incurrence of additional indebtedness.