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Mittal Steel and ISG Announce Completion of Merger

04/18/2005 - Mittal Steel Co. NV and International Steel Group Inc. (ISG) announce that their merger has now been completed.

 

Pursuant to terms of the merger agreement, ISG stockholders may elect to receive: (1) $42.00 per share in cash, (2) 1.21740 Mittal Steel class A common shares (par value EUR 0.01 per share) or (3) a combination of cash and Mittal Steel class A common shares.

All elections are subject to proration procedures designed to ensure that, in the aggregate, 50% of the shares of ISG common stock will be converted into cash and 50% will be converted into Mittal Steel class A common shares.

As a result, an ISG stockholder may not receive the exact form of consideration elected, and the ability of an ISG stockholder to receive the form of consideration elected will depend on the elections made by other ISG stockholders.

Mittal Steel Co. NV and International Steel Group Inc. (ISG) announce that their merger has now been completed.

   "We expect this combination to create opportunities for both Mittal Steel and ISG's stakeholders,” said Lakshmi N. Mittal, Chairman and Chief Executive of Mittal Steel. “The integration process will begin immediately and we will do our very best to make the transition seamless.

“I would like to take this opportunity to congratulate the ISG management on the impressive business they have built in a short period of time. We very much look forward to working together to further enhance the performance and prospects of the combined business."

"We've had a great run so far," said Wilbur Ross, ISG's Chairman and founder. "We're delighted to be joining forces with Mittal Steel, a global leader in our industry, as we open our next chapter," Ross said. Following the merger, Ross will join the Mittal Steel Board.

Mittal Steel and ISG expect to announce final election results, including consideration to be received by ISG stockholders who elect cash and who elect stock, on Friday, April 22, 2005.

Mittal Steel Co. is the world's most global steel company. Formed from the combination of Ispat International NV and LNM Holdings NV, the company has operations in fourteen countries, on four continents. Mittal Steel encompasses all aspects of modern steelmaking, and serves all major steel consuming sectors, including automotive, appliance, machinery and construction. For 2004, Mittal Steel had revenues of US$22.2 billion and steel shipments of 42.1 million tons.

International Steel Group Inc. is one of the largest steel producers in North America. It ships a variety of steel products from 13 major steel producing and finishing facilities in eight states, including hot-rolled, cold-rolled and coated sheets, tin mill products, carbon and alloy plates, rail products and semi-finished shapes to serve the automotive, construction, pipe and tube, appliance, container and machinery markets.