Ispat International NV shareholders have approved the company’s acquisition of LNM Holdings NV to form Mittal Steel Co. NV. Approval was granted during an Extraordinary General Meeting of Shareholders held Wednesday in Rotterdam. The transaction is expected to close on December 17, 2004.

The newly combined Mittal Steel will be one of the world’s largest steel companies, with pro forma revenues of approximately $16 billion and steel shipments of 32 million tons for the nine months ending September 30, 2004. The company will employ 168,000 employees with operations in 14 countries, across four continents.

At the Extraordinary Meeting, Ispat shareholders also approved the appointment of Ms. Vanisha Mittal Bhatia to the Board of Directors of Mittal Steel. All other proposals were also approved by a large majority of shareholders.

With steelmaking operations in six countries, Ispat International is the world’s eleventh largest steel producer, with operations including integrated minimill and blast furnace processes. Its steel shipments have increased from 1.5 million tonnes in 1992 to 15.2 million tonnes in 2003 and were 12.4 million tons for the first nine months of 2004. In 2003, Ispat International’s consolidated sales, operating income and net income were $5,441 million, $151 million and $66 million, respectively. For the nine months ended September 30, 2004, Ispat International’s consolidated sales, operating income and net income were $6,320 million, $1,243 million and $887 million, respectively.

With steelmaking and processing facilities in eight countries, LNM Holdings is one of the world’s largest steel producers. LNM Holdings has in recent years significantly increased its production and shipments of steel products, primarily through the acquisition of additional steel producing assets. LNM Holdings shipped a total of 12.3 million tonnes of steel and steel products in 2003 and 19 million tonnes for the first nine months of 2004. The company has acquired several steelmaking businesses over the past three years, notably in Poland, the Czech Republic, Romania and South Africa. The company has an integrated business model with steelmaking facilities in six countries providing a diversified portfolio of flat and long products.