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ISG Finalizes Year-End and Fourth-Quarter Earnings (Loss) Per Share

March 12, 2004 — International Steel Group Inc. (ISG) filed its annual report on Form 10-K for the year ended December 31, 2003, with the Securities and Exchange Commission. In its report, ISG revealed its determination that in addition to reflecting a "deemed dividend" within the company's stockholders' equity, it would be appropriate also to reflect it in the calculation of per-share results.

The $73.6 million "deemed dividend" is a one-time, non-cash item arising from the conversion of ISG's Class B common stock into common stock. The Class B shares, which no longer exist, were automatically converted to common stock at the time of the Company's initial public offering.

ISG determined that it is appropriate to include this "deemed dividend" in the calculation of fourth-quarter and full-year 2003 earnings (loss) per share results, previously reported in its February 26, 2004, press release. The "deemed dividend" does not affect net income (loss), cash flow, or shares outstanding for either period.

International Steel Group Inc. is the second-largest integrated steel producer in North America, based on steelmaking capacity. The company has the capacity to cast more than 18 million tons of steel products annually. It ships a variety of steel products from 11 major steel producing and finishing facilities in six states, including hot-rolled, cold-rolled and coated sheets, tin mill products, carbon and alloy plates, rail products and semi-finished shapes serving the automotive, construction, pipe and tube, appliance, container and machinery markets.

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