Presentation for conference of Nowy Przemysł, Mittal Steel Poland Vijay Bhatnagar – Chief Executive Officer Conference of Nowy Przemysł Katowice, 21 November 2005

Presentation at conference of Nowy Przemsł, November 21, WHY POLAND Poland - R&D centre „Silicon Valley” of CEE Poland - centre of automotive sector suppliers Poland - white goods centre Poland - best agricultural products Poland - health tourism destination Poland - financial centre of the CEE Industrial output - construction sector High Growth Big and Young Population Skilled employees Well-educated people Biggest Area in CEE Big internal market

Presentation at conference of Nowy Przemsł, November 21, Foreign Investment in Poland Poland's entry into the European Union on 1 May 2004 was the culmination of wide-ranging political and economic transformation initiated in As a part of the Single European Market, Poland is still undergoing economic and social changes. With economic growth at 5.4% (2004), a young, well-educated and ambitious labour force, location at the very heart of the continent and low corporate income tax (19%), Poland has become an exciting place for investors from around the world Poles are one of Europe’s youngest societies (half of the nation is below the age of 35). The country also holds the second place in Europe in terms of the number of students.

Presentation at conference of Nowy Przemsł, November 21, Foreign Investment in Poland The inflow of foreign capital to Poland (mln USD)

Presentation at conference of Nowy Przemsł, November 21, GDP Poland vs Chosen Countries (%) – 2006 f source: IMF

Presentation at conference of Nowy Przemsł, November 21, Significant demand growth Polish steel demand, metric tonnes 000’s – 2009 and 2014 CAGR 03 – 09 7% Source: IISI 2004; EuroStrategy Consultants, 2005 CAGR 09 – %

Presentation at conference of Nowy Przemsł, November 21, Scope for growth Apparent annual steel consumption – EU15 vs Poland – kg crude steel per capita Source: IISI 2004 EU 15 Average Significant Growth potential

Presentation at conference of Nowy Przemsł, November 21, Mittal Steel Poland –At a glance Represents about 70% of steel production capacity in Poland Groups four of the largest Polish steel plants Production capacity: –7.6m tonnes of crude steel –6.6m tonnes of rolled products One of the largest steel products exporters in Poland, reaching over 60 foreign markets The largest coke producer within Mittal Steel operations and throughout CEE

Presentation at conference of Nowy Przemsł, November 21, Domestic Market share Market share of Mittal Steel Poland in 2004

Presentation at conference of Nowy Przemsł, November 21, Mittal Steel Poland: The future Utilization of global sales and marketing network of Mittal Steel Move product mix towards higher value products (for automotive and white goods industry) Increasing domestic presence in Poland Coming close to end customers New investments to reduce cost, improve quality and reliability, and to increase range of products

Presentation at conference of Nowy Przemsł, November 21, Some Specific Investments 1.New Hot Strip Mill at Kraków 2.New Slab Caster at Dąbrowa Górnicza 3.New Colour Coating Line at Świętochłowice 4.Wire Rod Mill modernization and expansion 5.Modernization of Blast Furnace No.2 at Dąbrowa Górnicza 6.Pulverised Coal Injection System 7.Laddle Furnace 8.Hot Metal Desulpharization Station Total investments in excess of PLN 2.5 Billion

Presentation at conference of Nowy Przemsł, November 21, Conclusions Support of world-class R&D Centres in USA & France will play a key role Quick knowledge transfer (technical, operational and commercial) through Mittal Steel worldwide KMP will be its Cornerstone Proactively address issues of its Stakeholders It is our plan to make the Polish operations to be one of the most competitive and admired in Europe