A supplemental pension benefit for surviving spouses of Ispat Inland employees who retired before Aug. 1, 1989, has expired as provided in a pension agreement with the United Steelworkers of America.

Terms of the pension agreement, negotiated along with the collective bargaining agreement in 1999, specified the additional benefit for the period beginning Aug. 1, 1999, and ending July 31, 2004.

The company regrets any disruption to surviving spouse benefits caused by this expiration and hopes to conclude the negotiations of new labor agreements resolving all the outstanding issues, including benefits. Contract talks were suspended by the union July 15, and the contract terminated July 31. Plant operations have continued under an extension agreement.

The current labor agreement provides that any unresolved dispute on any issue will be resolved by binding interest arbitration, without strikes or other interruptions in operations.

Ispat Inland Inc., a subsidiary of Ispat International NV, manufactures a broad range of semifinished and finished flat and bar steel products. Ispat International is one of the world’s leading steel companies, with steelmaking facilities in six countries and shipments of 15.2 million tons in 2003. In addition to Ispat Inland in East Chicago, Ind., USA, Ispat International has major steelmaking facilities in Canada, Mexico, Trinidad, France and Germany.

Ispat International is a member of the LNM Group, the world's second-largest and most global steel group, which also operates in Algeria, Czech Republic, Indonesia, Kazakhstan, Poland, Romania and South Africa.