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California Steel Announces New President

May 21, 2004 — California Steel Industries, Inc. announced that JFE Steel Corp. has appointed Mr. Masakazu Kurushima to assume the position of President and Chief Executive Officer of the company, effective August 1, 2004.

The appointment is in accordance with the existing policy of periodically rotating senior management positions between representatives of the company's shareholders -- JFE Steel Corporation and Companhia Vale do Rio Doce -- and is to be confirmed at the company's Board of Directors' meeting in July 2004.

Mr. Kurushima assumes the position currently held by Mr. Vicente Wright.

California Steel Industries is the leading producer of flat rolled steel products in the western United States (the 11 states located west of the Rocky Mountains) based on tonnage billed, with a broad range of products, including hot rolled, cold rolled, electric resistant weld pipe and galvanized coil and sheet.

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