BUFFALO, NEW YORK (May 23, 2000) - At its Annual Meeting of Stockholders held today in Buffalo, Gibraltar (Nasdaq: ROCK) announced that it has increased its annual dividend by 20 percent, from $.10 per share to $.12 per share. The dividend will be payable at the quarterly rate of $.03 per share, and the higher rate will go into effect with the next payment.

In early 1999, Gibraltar initiated its annual dividend of $.10 per share. At that time, it also declared a special cash dividend of $.05 per share.

"The increase in our dividend reflects the strong and consistent performance of our company, and our continuing confidence about our future," said Brian J. Lipke, Chairman and Chief Executive Officer. "It also underscores our commitment to recognize and reward our loyal shareholders, as we continue to build the longer-term value of our company."

On April 19, Gibraltar announced its best-ever first quarter results (sales up 17 percent to $168 million, and net income up 21 percent to $6 million, or $.47 per diluted share). The Company also said it expects that 2000 will be its ninth consecutive year of sales and earnings growth.

Gibraltar is a growth-oriented company, with expanding operations in the building and construction products, metal processing, and commercial heat-treating markets. The Company serves approximately 9,000 customers in a variety of industries. It has approximately 3,100 employees and operates 49 facilities in 19 states and Mexico. Gibraltar's news releases, along with comprehensive information about the Company, are available on the Internet, at www.gibraltar1.com.

Information contained in this release, other than historical information, should be considered forward-looking, and may be subject to a number of risk factors, including: the impact of changing steel prices on the Company's results of operations; changing demand for the Company's products; risks associated with the integration of acquisitions; and changes in interest or tax rates.