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American Steamship Company Appoints Jerome K. Welsch as President and CEO

BUFFALO, N.Y., Feb 5, 2003 /PRNewswire via COMTEX/ -- American Steamship Company (ASC) today announced that Jerome K. Welsch has been appointed president and chief executive officer. Mr. Welsch has been a key member of ASC's senior management team since joining the company in 1979. Most recently, Mr. Welsch served as vice president-planning and business development, and was integral to the formation of the United Shipping Alliance, which is a pooling agreement between ASC and Oglebay Norton Marine Services.

Mr. Welsch holds a BBA from St. Bonaventure University, a Masters Degree in Finance from Canisius College, and is a Certified Public Accountant. Mr. Welsch started his career with Price Waterhouse & Co.


American Steamship Company, one of the leading Great Lakes shipping companies, is a unit of GATX Financial Corporation, a wholly owned subsidiary of GATX Corporation (NYSE: GMT). GATX is a specialized finance and leasing company combining asset knowledge and services, structuring expertise, partnering and risk capital to serve customers and partners worldwide. GATX specializes in railcar and locomotive leasing, aircraft operating leasing, information technology leasing, and has an established position in the marine operating and finance markets.

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SOURCE GATX Corporation

CONTACT: Robert C. Lyons of GATX Corporation, +1-312-621-6633