ISG ING Groep NV

International Steel Group Completes Purchase of HBI Raw Materials Facility in Trinidad and Tobago RICHFIELD, Ohio, July 27 /PRNewswire-FirstCall/ -- International Steel Group Inc., (NYSE:ISG) today announced that it has completed the purchase of substantially all of the assets of the Cliffs and Associates Limited (CAL) Hot Briquetted Iron (HBI) facility located in Trinidad and Tobago, for a purchase price of $8 million in cash, plus assumed liabilities. In addition, CAL may receive up to $10 million in future payments contingent upon production and shipments. HBI is a high-quality scrap substitute that can be used as an iron source in steelmaking operations. The facility has the capacity to produce approximately 500,000 metric tons of HBI annually. The HBI process uses natural gas to reduce iron ore fines and yields a low-cost scrap steel substitute that can be used in both electric arc furnace and traditional blast furnace steelmaking. HBI can also be used to increase the efficiency of blast furnaces and thereby reduce the use of coke. The Trinidad and Tobago HBI project began in the mid-1990s as a joint venture among Cleveland Cliffs, Lurgi Metallurgie (now known as Outokumpu Technology GmbH), and LTV Steel. Production began in 2000 but ceased a year later as a result of depressed global scrap iron and HBI prices, changes in the makeup of the joint venture, and other factors. Now that the purchase has been completed, ISG expects to begin HBI production at the facility during the fourth quarter of 2004. "Consistent with our focus on developing our raw materials capabilities, we are committed to restarting and operating the HBI facility in Trinidad and Tobago as soon as possible," said Rodney B. Mott, ISG's President and Chief Executive Officer. "This facility is strategically located near natural gas reserves, which provide an inexpensive source of energy for the production of HBI." About International Steel Group Inc. International Steel Group Inc. is one of the largest steel producers in North America. It produces a variety of steel products 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. For additional information on ISG, visit http://www.intlsteel.com/ . Forward-Looking Statements Statements in this release that are not historical facts, including statements accompanied by words such as "will," "believe," "expect," "estimate," or similar terms, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements involve risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied in such statements. These statements contain time-sensitive information that reflects management's best analysis only as of the date of this release. ISG does not undertake any ongoing obligation, other than that imposed by law, to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Factors that may cause actual results and performance to differ materially from those in the forward-looking statements include, but are not limited to, negative overall economic conditions or conditions in the markets served; competition within the steel industry; changes in U.S. or foreign trade policy affecting steel imports or exports; changes in foreign currencies affecting the strength of the U.S. dollar; actions by domestic and foreign competitors; the inability to achieve the Company's anticipated growth objectives; changes in availability or cost of raw materials, energy or other supplies; labor issues affecting the Company's workforce or the steel industry generally; and the inability to implement the Company's operating culture and philosophy at acquired facilities. Further information concerning issues that could materially affect financial performance related to forward-looking statements can be found in ISG's Prospectus filed on December 12, 2003, and in the Company's subsequent periodic filings with the Securities and Exchange Commission. DATASOURCE: International Steel Group Inc. CONTACT: Len Anthony, Chief Financial Officer of International Steel Group Inc., +1-330-659-9100 Web site: http://www.intlsteel.com/

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