Mittal Steel Company N.V. Reports Record Fourth Quarter 2004 and
Full Year 2004 Results ROTTERDAM, The Netherlands, February 10
/PRNewswire-FirstCall/ -- Mittal Steel Company N.V., ("Mittal
Steel" or "the Company") the world's most global steel company,
today announced results for the twelve months and fourth quarter
ended December 31, 2004. Highlights 12 months ended December 31,
2004: % Change 2004 v 2003 - Shipments: 42.1 million tons 53% -
Revenues: US$22.2 billion 132% - Operating income: US$6.1 billion
373% - Net income: US$4.7 billion 298% - 4 major acquisitions,
including Polska Stal, completed in the year - Announces dividend
policy These are Mittal Steel stand-alone results excluding results
of the transaction with ISG, which is expected to close in Quarter
1 2005. Commenting, Lakshmi N. Mittal, Chairman and CEO, Mittal
Steel Company, said: "2004 was an excellent year for Mittal Steel.
We experienced a strong demand for our products across all markets,
combined with higher selling prices and a substantial rise in our
total shipments due to the completion of a number of key strategic
acquisitions. This resulted in record results for the company. Our
focus has always been to be a low-cost producer and this is
reflected in our operating margin of 27.7%. Mittal Steel has now
built positions of strength across our key three operating regions:
Americas, Europe and the Rest of the World. Looking forward, we are
anticipating stable demand during 2005. Global supply and demand
remains fairly balanced and Mittal Steel is well positioned to take
advantage of the current market dynamics." Fourth Quarter and Full
Year 2004 Earnings Conference Call Lakshmi Mittal, Chairman and
Chief Executive Officer, and Aditya Mittal, President and Chief
Financial Officer, will host a conference call for members of the
investment community to discuss the company's financial results and
general business operations at 10:30 AM New York Time / 3:30 PM
London time today. The conference call will include a brief
question and answer session with senior management. The conference
call information is as follows: Date: Thursday, February 10, 2005
Time: 10:30 AM New York Time / 3:30 PM London Time Dial-In Number
from within the U.S.: 1-877-780-2271 Dial-In Number from outside
the U.S.: 001-973-582-2737 For individuals unable to participate in
the conference call, a telephone replay will be available from 1:00
PM New York Time / 6:00 PM London Time on February 10, 2005 until
midnight / 5:00 AM London Time on February 18, 2005 at: Replay
Number from within the U.S.: 1-877-519-4471 Replay Number from
outside the U.S.: 001-973-341-3080 Passcode: 5637135 A webcast of
the conference call can also be accessed via
http://www.mittalsteel.com/ and will be available for one week.
RealPlayer or Windows Media Player will be required in order to
access the webcast. MITTAL STEEL COMPANY N.V. REPORTS RECORD FOURTH
QUARTER 2004 and FULL YEAR 2004 RESULTS Mittal Steel Company N.V.
(NYSE:MT)(AEX:MT), net income for the twelve months ended December
31, 2004 was $4.7 billion or $7.31 per share, as compared to net
income of $1.2 billion or $1.83 per share for the twelve months
ended December 31, 2003. Consolidated sales and operating income
for the twelve months ended December 31, 2004 were $22.2 billion
and $6.1 billion, respectively, compared to $9.6 billion and $1.3
billion, respectively, for the twelve months ended December 31,
2003. Total steel shipments for the year 2004 were 42.1 million
tons as compared to 27.4 million tons in 2003. Mittal Steel Company
N.V. net income for the fourth quarter of 2004 was $1.6 billion or
$2.42 per share as compared to net income of $1.3 billion or $2.07
per share for the third quarter of 2004. Consolidated sales and
operating income for the fourth quarter of 2004 were $6.2 billion
and $1.7 billion, respectively, as compared to $6.3 billion and
$1.9 billion, respectively, for the third quarter of 2004. Total
steel shipments were 10.1 million tons in the fourth quarter 2004
as compared to 11.0 million tons in the third quarter 2004. This is
Mittal Steel's first earnings release after the completion of the
acquisition by the former Ispat International N.V. of the former
LNM Holdings N.V. On December 17, 2004, Ispat International N.V.
completed its acquisition of LNM Holdings N.V. and changed its name
to Mittal Steel Company N.V. As Ispat International N.V. and LNM
Holdings N.V. are affiliates under common control, the acquisition
of LNM Holdings N.V. is accounted for on the basis of common
control accounting, which is similar to the method of accounting
formerly known as a "pooling-of-interests'. These consolidated
financial statements reflect the financial position and results of
operations for Mittal Steel as though the former Ispat
International N.V. and the former LNM Holdings N.V., were part of
the combined Mittal Steel Company N.V. during all the periods
presented herein. Intercompany balances and transactions have been
eliminated in consolidation. On a pro-forma basis Mittal Steel
Company N.V. including ISG, achieved shipments of 57.6 million
tons, sales of $31.2 billion, operating income of $7.0 billion and
net income of $5.7 billion or $8.13 per share for the twelve months
ended December 31, 2004. All pro-forma numbers assume the maximum
issuance of shares and figures do not include any purchase
accounting adjustments. (Refer to ISG's recent press release for
their financial information). Analysis of operations Mittal Steel's
consolidated financial statements for the year ended December 31,
2004 include the results of the following operations, the results
of which were not, or were not fully, included in the year ended
December 31, 2003. - The results of Ispat Polska were included from
March 5, 2004, the date of its acquisition by Mittal Steel. - Iscor
was consolidated from January 1, 2004, following the increase of
Mittal Steel's shareholding in this company to a majority. - Mittal
Steel acquired Ispat Nova Hut on January 31, 2003. Therefore the
relevant results of operations of Ispat Nova Hut for 2003 are
included only for the eleven months ended December 31, 2003. -
Mittal Steel acquired controlling interests in Ispat Tepro in July
2003, Ispat Petrotub in December 2003 and Ispat Siderurgica in
April 2004. - Mittal Steel acquired RZ Valavnica Z.A. Lenti AD and
RZ Ladna Valavnica AD (the "Macedonian Operations") in May 2004.
Due to these acquisitions the comparison of 2004 with past periods
may not be meaningful. Average price realization in the fourth
quarter of 2004 improved by 9% compared to the third quarter of
2004, driven by higher base selling prices, raw material surcharges
and improved product mix. For the year 2004, average price
realization was 54% higher than 2003. Steel shipments were lower by
8% in the fourth quarter 2004 as compared to the third quarter 2004
due to a combination of shipping delays and outages. Due to the
increases in the cost of key inputs, such as iron ore, scrap,
electricity, natural gas and transportation, cost of goods sold per
ton during the fourth quarter 2004 was higher by 8% compared to the
third quarter of 2004. Cost of goods sold per ton during the year
2004 was higher by 31% compared to 2003. Selling, general and
administrative expenses in the fourth quarter of 2004 increased by
61% compared to the third quarter of 2004. Selling, general and
administrative expenses were 118% higher for the year 2004 as
compared to the year 2003 due to higher levels of sales activity,
as well as higher costs of logistics. Other income included
one-time cash gain of $109 million in Europe in the fourth quarter
2004. The relatively low rate of tax cost both in the fourth
quarter 2004 and the full year 2004 was primarily due to the
release of certain tax valuation allowances (FAS 109) of $375
million in certain subsidiaries due to the improvement in outlook.
Mittal Steel has decided to divide its operations into three
geographical regions, viz. Americas, Europe and Rest of the World.
The Americas region consists of the Company's subsidiaries in
United States, Canada, Mexico and Trinidad and Tobago. The European
region consists of the Company's subsidiaries in Bosnia, Czech
Republic, France, Germany, Macedonia, Poland and Romania. The Rest
of the World region consists of the Company's subsidiaries in all
other countries, currently mainly Kazakhstan, Algeria and South
Africa. These regions will be the basis for all the analysis the
Company will present in the future. Americas Total steel shipments
of the Americas region were 2.8 million tons in the fourth quarter
2004, as against 3.2 million tons for the third quarter 2004. For
the full year 2004 total steel shipments were 12.1 million tons as
compared to 11.6 million tons for the year 2003. Sales were
marginally lower at $1.8 billion in the fourth quarter 2004, as
against $1.9 billion for the third quarter of 2004. For the full
year 2004 sales were $6.6 billion as compared to $4.1 billion for
the year 2003. The operating income was $483 million for the fourth
quarter 2004 as compared to $580 million for the third quarter of
2004. For the full year 2004 operating income was $1.6 billion as
compared to $136 million for the year 2003. Europe Our European
region achieved total steel shipments of 4.5 million tons in the
fourth quarter 2004, as compared to 4.7 million tons for the third
quarter 2004. For the year 2004 shipments were 18.0 million tons as
against 10.7 million tons for the year 2003. Sales were flat at
$2.8 billion in the fourth quarter 2004, as compared to the third
quarter of 2004. Sales for the year 2004 increased to $9.9 billion
as compared to $3.8 billion for the year 2003. The operating income
was $480 million for the fourth quarter 2004 as compared to $644
million for the third quarter of 2004. Operating income for the
year 2004 was $2.0 billion as compared to $317 million for the year
2003. Rest of the World Our Rest of the World region achieved total
steel shipments of 2.8 million tons in the fourth quarter 2004, as
compared to 3.1 million tons for the third quarter 2004. For the
year 2004 shipments were 11.9 million tons as against 5.1 million
tons for the year 2003. Sales increased to $2.2 billion in the
fourth quarter 2004, as compared to $2.0 billion in the third
quarter of 2004. Sales for the year 2004 increased to $7.6 billion
as compared to $2.3 billion for the year 2003. The operating income
remained relatively flat at $688 million for the fourth quarter
2004 as compared to $668 million for the third quarter of 2004.
Operating income for the year 2004 was $2.4 billion as compared to
$707 million for the year 2003. Liquidity The Company's liquidity
is strong. As at December 31, 2004, the Company's cash and cash
equivalents including restricted cash were $2.6 billion ($900
million at December 31, 2003 and $2.3 billion at September 30,
2004). In addition, the Company's operating subsidiaries had
available borrowing capacity of $1.5 billion as at December 31,
2004.[1] Total debt at the end of 2004, which includes long-term
debt, short-term debt, loan from shareholder and including dividend
payable, as well as borrowings under working capital credit
facilities, was $3.6 billion, as compared to $3.1 billion at the
end of 2003. Net Debt (which is total debt including loan from
shareholder and dividend payable less cash and cash equivalents and
restricted cash) at the end of 2004 was $996 million and $486
million at September 30, 2004. During the fourth quarter of 2004,
working capital decreased by $226 million, mainly due to decreased
receivables at year-end, although inventories were higher. During
the year 2004, working capital increased by $1.1 billion largely
due to higher level of inventory and accounts receivables, partly
offset by increased trade payables and increased accrued expenses
and other liabilities. Capital expenditures during the fourth
quarter 2004 were $376 million and for the year 2004 were $898
million. Depreciation during the year 2004 was $553 million. During
the year ended December 31, 2004, the Company purchased 5.3 million
of its own shares for $54 million (at an average price of $10.25
per share). The last such purchase was made in the second quarter
2004. On a pro-forma basis Mittal Steel Company N.V., including ISG
had a net debt (which includes total debt including dividend
payable and transaction consideration payable to ISG, less cash and
cash equivalents and restricted cash) of $3.4 billion at the end of
2004.[2] Dividend policy The Company proposes a dividend policy for
the fiscal year 2005. The board of directors approved 10 U.S. cents
per share per quarter. This proposal has to be approved by the
shareholders of the Company. Recent Developments On February 1,
2005, Moody's Investor Services Ltd. assigned a "Baa3' senior
implied rating to Mittal Steel and upgraded Mittal Steel's senior
unsecured issuer rating to "Ba1'. In addition, Moody's Investor
Services Ltd. upgraded the senior notes of Ispat Europe Group
("IEG") and Ispat Inland to "Ba1'. On January 25, 2005, Mittal
Steel announced that it had arranged commitments, subject to
customary conditions, from a group of arrangers for a $3.2 billion
unsecured revolving credit facility, the proceeds of which it
expects to utilize to finance the cash portion of the merger with
ISG, to refinance certain existing indebtedness and for general
corporate purposes. On January 24, 2005, Standard & Poor's
Ratings Services raised its long-term corporate credit rating of
the Company to BBB from BB-, and raised its senior secured debt
ratings on Ispat Inland to "BBB-" from "BB-". On January 14, 2005,
Mittal Steel signed a share purchase agreement with Hunan Valin
Iron & Steel Group Co., Ltd., or the Valin Group, to acquire
37.17% of the outstanding shares of Hunan Valin Steel Tube &
Wire Co., Ltd., or Valin, a listed subsidiary of the Valin Group.
Under the terms of the share purchase agreement, Mittal Steel will
acquire 656,250,000 legal person shares from the Valin Group at a
price of Renminbi, or RMB, 3.96 per share, for a total
consideration of RMB 2,599 million, approximately $314 million. The
consideration is subject to adjustment based on the net asset value
of Valin as at December 31, 2004. Subject to the receipt of all
necessary approvals and waivers from the regulatory authorities in
the Peoples Republic of China, the transaction is expected to close
in the second quarter of 2005. On December 30, 2004, Inland, a
wholly owned subsidiary of Mittal Steel, redeemed $227,500,000
principal amount of its 93/4% senior secured notes due 2014, at a
redemption price equal to 1093/4% of the outstanding principal
amount redeemed, plus accrued and unpaid interest on such amount
to, but excluding, December 30, 2004. Prior to the redemption of
the notes by Ispat Inland ULC, Mittal Steel purchased $256,000,000
of capital stock of Inland. Consistent with the terms of the
indenture with respect to the notes, the cash proceeds from the
stock offering were used to redeem the notes. After giving effect
to this redemption, $422,500,000 principal amount of the 93/4%
senior secured notes due in 2014 remain outstanding. On December
15, 2004, the shareholders of Mittal Steel approved the acquisition
of LNM Holdings and resolved to amend Mittal Steel's articles of
association, which included the change of name of the company from
"Ispat International N.V.' to "Mittal Steel Company N.V.' On
December 17, 2004 the acquisition of LNM Holdings was completed.
Under the terms of the LNM Holdings acquisition agreement an entity
controlled by the controlling shareholder of Mittal Steel received
0.27931958 Mittal Steel class A common shares and 0.77068042 Mittal
Steel class B common shares, for each LNM Holdings common share,
or, in the aggregate, 139,659,790 Mittal Steel class A common
shares and 385,340,210 Mittal Steel class B common shares In
October 2004, Mittal Steel announced that its board of directors
had approved a transaction pursuant to which International Steel
Group ("ISG") will be merged with a wholly owned subsidiary of
Mittal Steel. Mittal Steel is working on various steps required to
complete this transaction and it is currently expected that this
transaction will close in the first quarter of 2005. Outlook for
the year 2005 We expect to complete the ISG merger in the first
quarter 2005. This outlook includes ISG on pro-forma basis. The
Company expects stable demand for its products during the year 2005
and across geographical regions. We expect shipments to increase to
approximately 62 million tons. Both selling prices and costs are
expected to be higher, driven primarily by an increase in cost of
inputs. The Company, however, expects to maintain operating profit
per ton, at a similar level to the year 2004. Capital expenditures
will be approximately $1.5 billion. Effective tax rate for the year
2005 should be substantially higher at approximately 25%-30%.
Outlook for first quarter 2005. For the first quarter 2005, Mittal
Steel Company N.V., expects operating income per ton to be similar
as compared to the fourth quarter 2004. Shipments are expected to
marginally increase, however, effective tax rates are expected to
go up substantially, as stated earlier. Statements in this press
release that are not historical facts, including statements
regarding expectations concerning market growth and development,
expectations and targets for Mittal Steel's results of operations
and expectations regarding the timing of the ISG transaction, and
statements preceded by "believe," "expect," "anticipate," "target"
or similar expressions, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those implied by such
forward-looking statements on account of known and unknown risks
and uncertainties, including, without limitation: (1) changes in
general economic, political and social conditions; (2) adverse
regulatory changes; (3) fluctuations in currency exchange rates;
(4) cyclicality of the steel industry; (5) increased competition;
(5) availability and cost of raw materials, energy and
transportation; (6) Mittal Steel's ability to realize expected cost
savings from recently acquired companies within the expected time
frame; (7) Mittal Steel's ability to integrate recently acquired
companies; (8) labor disputes; (9) the timing of completion of the
various steps needed to consummate the ISG transaction; and (10)
the risks contained in Mittal Steel's Form 20-F and other filings
with the Securities and Exchange Commission. Mittal Steel
undertakes no obligation to publicly update its forward-looking
statements, whether as a result of new information, future events,
or otherwise. Additional information and where to find it Mittal
Steel has filed with the Securities and Exchange Commission a
registration statement on Form F-4 that includes a preliminary
proxy statement of ISG and a preliminary prospectus of Mittal Steel
and other relevant documents in connection with the proposed merger
involving Mittal Steel and ISG. In addition, Mittal Steel will
publish and make available to shareholders of Mittal Steel, and
file with Euronext Amsterdam N.V., a prospectus and shareholders
circular. Investors and security holders are urged to carefully
read the prospectus regarding the proposed merger when it becomes
available because it will contain important information and to
exclusively base their investment decision on this prospectus once
available. Investors and security holders of Mittal Steel and ISG
are urged to read the definitive proxy statement and prospectuses
and other relevant materials when they become available because
they will contain important information about Mittal Steel and ISG
and the proposed merger. Investors and security holders may obtain
a free copy of these materials (when they are available) and other
documents filed with the Securities and Exchange Commission at the
SEC's website at http://www.sec.gov/. Mittal Steel and ISG and
their respective executive officers and directors may be deemed to
be participants in the solicitation of proxies from the ISG
stockholders with respect to the proposed merger. Information
regarding the interests of these officers and directors in the
proposed merger is included in the preliminary proxy
statement/prospectus contained in the above-referenced registration
statement on Form F-4 initially filed with the SEC on December 14,
2004, as amended on February 3, 2005. You may obtain documents
filed with the SEC by Mittal Steel free of charge if you request
them in writing from Mittal Steel Company N.V., 15th Floor,
Hofplein 20, 3032 AC Rotterdam, The Netherlands, or by telephone at
+31 10 217 8800. You may also obtain documents filed with the SEC
by ISG free of charge if you request them in writing from Investor
Relations, International Steel Group Inc., 4020 Kinross Lakes
Parkway, Richfield, Ohio 44286-9000, or by telephone at (330)
659-7430. For further information, visit our web site:
http://www.mittalsteel.com/, or call: MITTAL STEEL COMPANY N.V.
CONSOLIDATED BALANCE SHEETS UNDER U.S. GAAP As at December 31,
December 31, In millions of U.S. Dollars 2004 2003 (Unaudited)
(Audited) ASSETS Current Assets Cash and cash equivalents 2,495 760
Restricted cash 138 140 Short-term investments 1 - Trade accounts
receivable - net 2,006 889 Inventories 4,013 1,587 Prepaid expenses
and other 666 275 Deferred tax assets 306 32 Total Current Assets
9,625 3,683 Property, plant and equipment - net 7,562 4,654
Investments in affiliates and joint ventures 667 967 Deferred tax
assets 855 536 Intangible pension assets 106 117 Other assets 338
180 Total Assets 19,153 10,137 LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities Payable to banks and current portion of 341 780
long-term debt Trade accounts payable 1,899 1,015 Dividend payable
1,650 - Accrued expenses and other current liabilities 2,307 796
Deferred tax liabilities 33 28 Total Current Liabilities 6,230
2,619 Long-term debt 1,639 2,193 Loan from shareholder - 94
Deferred tax liabilities 955 263 Deferred employee benefits 1,931
1,933 Other long-term obligations 809 213 Total Liabilities 11,564
7,315 Minority Interest 1,743 261 Shareholders' Equity Common
shares 59 59 Treasury stock (123) (110) Additional paid-up capital
552 584 Retained earnings 4,739 2,423 Cumulative other
comprehensive income 619 (395) Total Shareholders' Equity 5,846
2,561 Total Liabilities, Minority Interest and 19,153 10,137
Shareholders' Equity MITTAL STEEL COMPANY N.V. CONSOLIDATED
FINANCIAL & OTHER INFORMATION AS PER U.S. GAAP For the Fourth
Quarter For the Year Ended Ended December 31, December 31, In
millions of U.S. 2004 2003 2004 2003 Dollars, except share, per
share and other data (Unaudited) (Unaudited) (Unaudited) (Audited)
STATEMENT OF INCOME DATA Sales 6,177 2,448 22,197 9,567 Costs and
expenses: Cost of sales (exclusive 4,017 1,969 14,694 7,568 of
depreciation shown separately) Depreciation 141 88 553 331 Selling,
general and 294 110 804 369 administrative expenses 4,452 2,167
16,051 8,268 Operating income (loss) 1,725 281 6,146 1,299
Operating margin 27.9% 11.5% 27.7% 13.6% Other income (expense) -
104 31 128 70 net Income from equity method 20 60 66 162
investments Financing costs: Interest (expense) (86) (42) (265)
(200) Interest income 36 9 78 25 Net gain (loss) from (29) 33 (20)
44 foreign exchange (79) - (207) (131) Income (loss) before 1,770
372 6,133 1,400 taxes Income tax expense (benefit): Current 266 16
731 43 Deferred (264) 40 86 141 2 56 817 184 Net income (loss)
before 1,768 316 5,316 1,216 minority interest and before
cumulative effect of change in accounting principle Minority
interest (214) 8 (615) (35) Net income before 1,554 324 4,701 1,181
cumulative effect of change in accounting principle Cumulative
effect of - 3 - 1 change in accounting principle - net of tax Net
income 1,554 327 4,701 1,182 Basic and diluted 2.42 0.51 7.31 1.83
earnings per common share Weighted average common 643 647 643 647
shares outstanding (in millions) OTHER DATA Total shipments of
steel products including inter-company shipments 10,097 7,015
42,071 27,446 (thousands of tons) MITTAL STEEL COMPANY N.V.
CONSOLIDATED STATEMENTS OF CASH FLOWS AS PER U.S. GAAP For the
Fourth Quarter For the Year Ended Ended December 31, December 31,
In millions of U.S. 2004 2003 2004 2003 Dollars (Unaudited)
(Unaudited) (Unaudited) (Audited) Operating activities: Net income
1,554 327 4,701 1,182 Adjustments required to reconcile net income
to net cash provided from operations: Depreciation 141 88 553 331
Deferred employee benefit (111) (21) (119) (167) costs Net foreign
exchange loss 31 (24) 28 (32) (gain) Deferred income tax (264) 40
86 141 Loss from early 22 - 22 - extinguishments of debt Income
from equity method (42) (14) (138) (140) investment Distribution
from equity - 30 - 48 method investment (20) - (19) - Loss (gain)
on sale or write-off of Property Plant & Equipment Minority
interest 214 (8) 615 35 Other (4) - (8) 15 Changes in operating
assets and liabilities, net of effects from purchases of
subsidiaries: Trade accounts receivable 449 5 (386) - Short-term
investments 3 (1) - - Inventories (564) (26) (1,374) (18) Prepaid
expenses and 201 (2) (160) (87) other assets Trade accounts payable
(93) 125 160 (51) Accrued expenses and 230 (15) 650 181 other
liabilities Net cash provided by 1,747 504 4,611 1,438 operating
activities Investing activities: Purchase of property, (376) (129)
(898) (421) plant and equipment Proceeds from sale of assets and
investments 61 5 83 26 Including affiliates and joint ventures
Investments in affiliates 12 (54) 34 (280) and joint ventures
Acquisition of net assets (12) (16) (19) (21) of subsidiaries, net
of cash acquired Restricted cash 89 (69) 2 (118) Other (8) (2) (3)
- Net cash provided (used) (234) (265) (801) (814) by investing
activities Financing activities: Proceeds from payable to 91 839
2,258 3,646 banks Proceeds from long-term 197 (18) 1,185 52 debt -
net of debt issuance costs Proceeds from long-term 30 94 76 94 debt
from an affiliate Payments of payable to (362) (910) (2,738)
(3,636) banks Payments of long-term (752) (35) (2,127) (226) debt
Payment of long-term debt (175) - (175) (40) to an affiliate
Capital contribution (3) - (10) - Purchase of treasury - - (54) (8)
stock Sale of treasury stock 2 - 19 - Dividends (351) (110) (763)
(164) Net cash (used) by (1,323) (140) (2,329) (282) financing
activities Net increase in cash and 190 99 1,481 342 cash
equivalents Effect of exchange rate 207 11 254 23 changes on cash
Cash and cash equivalent: At the beginning of the 2,098 650 760 395
period At the end of the period 2,495 760 2,495 760 [1]
Corresponding exercisable/available limits are lower, which are
based on the level of inventory/receivable. [2] All pro-forma
numbers assume the maximum issuance of shares and figures do not
include any purchase accounting adjustments. Refer to ISG's recent
press release for their financial information. DATASOURCE: Mittal
Steel Company N.V. CONTACT: Mittal Steel Company N.V., T.N.
Ramaswamy, Director, Finance +44-20-7543-1174 Mittal Steel Company
N.V., Nicola Davidson, General Manager, +44-20-7543-1162 Mr. Chuck
Burgess, Ms. Gillian Angstadt, Abernathy MacGregor Group,
+1-212-371-5999
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