Stock Symbol: TSX: OCX Toronto, Ontario January 25, 2007. ONEX COMPLETES ACQUISITION OF TUBE CITY IMS All amounts in Canadian dollars unless otherwise stated TORONTO and NEW YORK - Onex Corporation (TSX: OCX) announced today that it has completed the previously-announced acquisition of Tube City IMS Corporation, a leading provider of outsourced services to steel mills, in a transaction valued at approximately $730 million (US$620 million). “We are delighted to acquire Tube City IMS and are excited to begin working with such a high quality management team,” said Tim Duncanson, Managing Director with Onex, “This business has an abundance of opportunity both in North America and abroad.” “With Onex as our partner, we are ready for our next important stage of development,” said I.Michael Coslov, Chairman and Chief Executive Officer of Tube City IMS. “Together with Onex, we will enhance our market leading position in North America and work to replicate that success globally,” added Mr. Coslov. Tube City IMS, operating at 67 steel mills throughout the U.S., Canada and Europe, through its Tube City and IMS Divisions, provides raw materials procurement, scrap and materials management, and slag processing services. Headquartered in Glassport, PA, Tube City IMS employs approximately 2,400 people. The equity investment of approximately $235 million (US$200 million) was made through Onex Partners II, Onex’ US$3.5 billion private equity fund. Senior management of Tube City IMS also made a significant investment. Onex manages third party private equity investments through the Onex Partners and ONCAP family of funds. It also manages a real estate fund and a public market fund. Through these activities Onex generates annual management fee income and is entitled to a carried interest on approximately $3.5 billion of third party capital. Onex is a diversified company with annual consolidated revenues of approximately $20 billion and consolidated assets of approximately $20 billion. Onex is one of Canada’s largest companies with global operations in service, manufacturing and technology industries. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For further information: Timothy Duncanson – (416) 362-7711 or (212) 582-2211 For more information on Onex, visit its website at www.onex.com. Onex‘ security filings can be accessed at www.sedar.com.