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Dofasco Adjusts First Quarter
Earnings Expectations

April 14, 2004 — Dofasco Inc. expects its consolidated earnings for the first quarter of 2004 to be approximately $0.70 per common share. Steel industry analysts had previously projected earnings in the range of $0.30 to $0.60.

Don Pether, President and CEO said, "The quarter's results will be better than expected as a result of record shipments and higher selling prices at both Hamilton operations and Gallatin Steel reflecting the current strong demand for steel. Higher consolidated revenues were offset by rapidly rising material costs, which were partially recovered by surcharges."

Dofasco's first quarter financial results will be released at 10:00 a.m. on Wednesday April 28, 2004.

Dofasco is a leading North American steel solutions provider. Product lines include hot rolled, cold rolled, galvanized, Extragal^(TM), Galvalume^(TM) and tinplate flat rolled steels, as well as tubular products, laser welded blanks and Zyplex^(TM), a proprietary laminate. Dofasco's wide range of steel products is sold to customers in the automotive, construction, energy, manufacturing, pipe and tube, appliance, packaging and steel distribution
industries.

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