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California Steel Receives
Consents to Amend Indenture

March 23, 2004 — California Steel Industries, Inc. has received the requisite consents required to effect adoption of proposed amendments to the indenture governing its 8-1/2% Senior Notes due 2009. Consents were received pursuant to the company’s previously announced tender offer and consent solicitation for any and all of its $150,000,000 outstanding principal amount of 8-1/2% Senior Notes due 2009 (CUSIP No. 13077QAC7).

As of 5:00 P.M. (EST) on March 19, 2004, holders of $132,140,000 aggregate principal amount of the outstanding Notes (approximately 88.09%) had delivered valid tenders and consents pursuant to the offer.

Adoption of the proposed amendments required the consent of holders of at least a majority of the aggregate principal amount outstanding of Notes. The proposed amendments will eliminate substantially all of the restrictive covenants in the indenture.

Terms and conditions of the Offer, including the company's obligation to accept the Notes tendered and pay the purchase price and consent payment, are set forth in the Offer to Purchase dated March 8, 2004.

The company has engaged Banc of America Securities LLC to act as exclusive dealer manager and solicitation agent in connection with the offer. Questions regarding the offer may be directed to Banc of America Securities LLC High Yield Special Products. Requests for documentation may be directed to Global Bondholder Services, the information agent for the Offer.

California Steel cautions that this announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to any securities. The offer is being made solely by the Offer to Purchase and Consent Solicitation Statement dated March 8, 2004.

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, galvanized coil and sheet and electric resistant weld pipe.

Contact Banc of America Securities LLC High Yield Special Products at (888) 292-0070 (U.S. toll-free) or (704) 388-9217 (collect) with questions regarding the offer. Requests for documentation may be directed to Global Bondholder Services, the information agent for the Offer, at (866) 470-4300 (US toll-free) or (212) 430-3774 (collect).

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