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Mittal Steel Proposes to Refund Outstanding Revenue Bonds

11/11/2005 - Mittal Steel Co. NV has proposed the refunding of some or all of the following outstanding revenue bonds:

Mittal Steel Co. NV has proposed the refunding of some or all of the following outstanding revenue bonds:

  1. The City of East Chicago, Indiana Pollution Control Revenue Bonds (Inland Steel Co. Project No. 5) Series 1977, which are currently outstanding in the aggregate principal amount of $17,000,000. (1977 Bonds)
  2. The City of East Chicago, Ind., Pollution Control Refunding Revenue Bonds (Inland Steel Co. Project No. 10) Series 1993, which are currently outstanding in the aggregate principal amount of $23,145,000. (1993 Bonds)
  3. Indiana Development Finance Authority Pollution Control Refunding Revenue Bonds (Inland Steel Co. Project No. 12) Series 1995, which are currently outstanding in the aggregate principal amount of $11,335,000. (1995 Bonds)

Under the proposal, the 1993 Bonds and the 1995 Bonds will be redeemed on December 28, 2005 and the 1977 Bonds will be redeemed on February 1, 2006.

The Outstanding Bonds would be refunded with a loan from the Indiana Finance Authority to be made from the proceeds of its approximately $51,480,000 Environmental Improvement Revenue Refunding Bonds, Series 2005 (Ispat Inland Inc. Projects).

Refunding and redemption of any or all of the Outstanding Bonds are subject to final approval of Mittal Steel and the Issuer and the issuance of the Proposed 2005 Bonds.

Mittal Steel Co. NV is the world's largest and most global steel company. The company has operations in 14 countries, on four continents. Mittal Steel encompasses all aspects of modern steelmaking, to produce a comprehensive portfolio of both flat and long steel products to meet a wide range of customer needs. It serves all the major steel-consuming sectors, including automotive, appliance, machinery and construction.

Mittal Steel USA is North America's largest steelmaker and serves a broad U.S. manufacturing base. The company was formed in April 2005 and consists of Ispat Inland Inc. and Mittal Steel USA ISG Inc., formerly International Steel Group. It has operations in 12 states of the United States. For 2004, Mittal Steel had revenues of US$22.2 billion and steel shipments of 42.1 million tons.