i n t e r i m r e s u l t s for the six months ended june 2005

D a v i n d e r C h u g h c h i e f e x e c u t i v e o f f i c e r

m a r k e t & o p e r a t i o n s

4 Overview  Record half year earnings of R3 221m - Earnings per share of 723c up 108% - Operating margin of 35% up 66% - Return on equity of 37% up 61% - High international steel prices - Cost increases contained  Delivering on R9bn capital investment programme Note: All comparisons against corresponding period in 2004 Maintaining strong performance

5 Key Result Drivers 8% Strengthening of Rand 11% Increase in HRC Rand cash cost per tonne (7%) Slowdown in domestic sales volume 6% Export sales volume up 35% Increase in HRC US$ export price 1H’05 vs 1H’04 Good performance supported by cost containment 13% Increase in HRC Rand domestic price

6 Export Prices Mittal Steel Invoiced Prices (c&f) US$/t HRC Low Carbon Wire Rod Historical high prices prevailed

7 Global Market Trends  Global steel demand outstripped supply in 2004/2005  Inventory adjustments prompted recent price slide  World economic growth is expected to remain positive  Consolidation amongst steel companies globally continues  Steelmakers’ input costs will remain high  Chinese economy still growing at high rate  In 2004, China accounted for - 30% of world steel production - 32% of world steel consumption Global steel demand driven by China

8 Chinese Market Trends  China a 320kt net importer of finished steel products in June 2005  China a 140kt net exporter, incl billet & slab, in June 2005  Government Policy - Foreign companies not allowed to control domestic mills - Steel and raw material export rebates will be gradually reduced

9 Chinese Market Trends  Domestic Industry Consolidation - 10 largest mills will account for 50% of steel output by Aims to create two industry giants with capacity > 30m tonnes - Government will not ‘in principle’ grant approval for new steel plants - Existing steel makers will be gradually reduced  Technology - Promote production of high end, low cost steel products - By 2010 steel mills to consume < 0.73 tpts of coal & < 8 tpts of water China imposing internal regulations Note: tpts = tonnes per tonne of steel

10 Mittal Steel SA Geographic Sales South Africa Rest of Africa Total Africa Americas Asia Europe Oceania 0%10%20%30%40%50%60%70%80% 1H’05 2H’04 1H’04 Africa focus continues

11 Global Input Cost Cycle Based to 100 Steel prices supported by high input cost Coking coal - Contract Iron ore fines - Contract Jul 2001Jan 2002Jul 2002Jan 2003Jul 2003Jan 2004Jul 2004Jan 2005Jul 2005

12 Global Input Cost Cycle Freight Rates - Spot Coke - Spot Scrap - Spot New capacity taking effect Based to 100 Jul 2001Jan 2002Jul 2002Jan 2003Jul 2003Jan 2004Jul 2004Jan 2005Jul 2005

13 Source: World Steel Dynamics Global Input Cost Trends  Iron ore price increased by 71%  Metallurgical coking coal contracts settled at +120%  Freight rates slightly reduced but still at high levels  Coke prices reduced by 50% after peaking above US$400/t  Scrap prices coming down, still above long-term trend  Input material spot prices softening as new capacity starts to show  Various expansion projects to eliminate logistics chain bottlenecks Further input costs increase expected

14 Key Performance Indicators long 48 49Percentage value-add exports- flat HRC cash cost- R/t 1H’052H’041H’04 (141)396657CI savings (Rm) - incl procurement Number of full-time employees Man hours per ton steel Revenue per head (R’000) excl procurement US$/t Efficiency improvements partially countered high input costs

15 Liquid Steel Production VanderbijlparkSaldanhaLong ProductsTotal 1H’052H’041H’ Half year production record ’000 tonnes

16 Sales Volumes ExportDomestic VanderbijlparkSaldanhaLong ProductsTotal 1H’042H’041H’051H’042H’041H’051H’042H’041H’051H’042H’041H’ Sales impacted by inventory adjustment ’000 tonnes

17 Environmental  Environmental projects > R1bn at different stages  Vanderbijlpark - Zero effluent discharge (MTP) 222 2H’05 - Cleaning of coke ovens gas 306 1H’06 - New sinter plant off-gas system 210 2H’07 - Blast Furnace D Tap floor de-dusting 40 Commissioned  Newcastle - Reverse osmosis plant 50 1H’06  Projects completed - Newcastle Coke oven repair project231 2H’04 Environmental projects on track Planned Completion Cost Rm

18 Other Major Projects  Investment plan of R8bn at different stages  Vanderbijlpark - Blast furnace C interim repair402H’05 - Blast furnace D reline5372H’06 - Blast furnace D – stoves 3182H’06 - 3rd sinter strand2882H’ New DRI kilns4322H’07  Saldanha - Corex reline3102H’07  Newcastle - Pulverised coal injection211Commissioned - Blast furnace N5 reline5902H’08  Mittal Coke & Chemicals - Market coke expansion4552H’06  Asset replacement & ongoing capex  Other downstream projects under investigation  Other reline & value adding projects 655 Planned Completion Cost Rm

19 Other Major Projects  Projects completed - Vanderbijlpark BOF control systems1122H’04 Blast furnace C – throat armour repair 231H’04 Blast furnace D – interim repair 1392H’04 Sinter plant repair and upgrade (Phase 1-3) 422H’04 - Saldanha Third roll grinder 302H’04 - Asset replacement & ongoing capex Other reline & value adding projects 626 Strong investment programme Planned Completion Cost Rm

f i n a n c e

21 Headline Earnings Headline earnings BAA remuneration* - in US$m Comparable earnings Minority interest Equity earnings* Tax - long-term provision top-up Financing cost- net interest (expense)/income Comparable operating profit Revenue (3)(3) 153 (1 329) (30) H’ (2) 79 (1 551) (37) H’ (511) (4) 179 (914) (133) # (14) H’04Rm *After tax # Lower discount rate accounts for R100m Record earnings

22 Comparable Headline Earnings Trend Rm Q’032Q’033Q’034Q’031Q’042Q’043Q’044Q’041Q’052Q’05 Earnings level maintained

23 Operating Profit Operating profit (731)BAA remuneration Comparable operating profit (36)(91)(59)Corporate Other Coke and chemicals Long products Saldanha Steel Vanderbijlpark 1H’052H’041H’04Rm Strong performance from all units

24 Cash Flow Net cash position Net cash flow (1 783)(5)(334)Dividends (1 508)(613)(273)Tax 7558(22)Finance cost (493)(849)(405)Capex (731)BAA remuneration (930)(341)(1 069)Working capital Cash profits from operations 1H’052H’041H’04Rm Substantial tax & dividend payments

25 Working Capital (930)(341)(1 069)Total 36(125)131Creditors (175)86(1 214)Debtors (791)(302)14Inventories 1H’052H’041H’04Rm WIP inventory building for reline

on comparative basis (%)* Return on equity (%) Revenue/invested capital (times) on comparative basis (%)* EBITDA margin (%) Net cash/equity (%) on comparative basis (%)* 1H’052H’041H’ Operating margin (%) Financial Ratios *Adjusted for once-off items Sound business performance

27 Share Performance Good investment case Mittal Steel SA All Share Top 40 Based to 100 Source: I-Net Bridge

28 Dividend  Dividend policy - Distributing one third of headline earnings  Dividend declared - Interim dividend of 240 cents per share -12 September 2005

i n v e s t m e n t c a s e

30 Strategy Update  2 Mtpa throughput strategy - Several projects at EIA stage  US$50/t Cost reduction strategy - Newcastle PCI project exceeding expectations  Africa strategy - 90% Africa focus inline with development plans of SA Govt & NEPAD Strategy gaining momentum

31 Contribution to the Economy  R9bn capital investment programme  US$704m gross export revenue  Contribution to the state treasury of R1.6bn  Procurement from affirmative business enterprises of R805m  Refocused social investment on science & technology education - Scitech exhibition (attendance learners) - Mittal National Science Olympiad (participation learners) Supporting economic growth

32 Outlook for 3Q’05  Business environment - Local demand expected to improve by up to 5% - Lower local and international steel prices - Inventory cycle completed, off-take to improve - Higher input prices will influence production costs - Exchange rate will have an important influence  Earnings - Earnings to remain robust, but materially lower compared to 2Q’05 Softer trading conditions expected

33 Mittal Steel Company NV  The world’s largest & most global steel producer - Revenues of over US$32bn* - Shipments of 69Mt* - 14 operations on four continents employees over 45 nationalities - Major supplier to all steel consuming sectors - Technology leadership with major R&D centres - Significant vertical integration - Unrivalled acquisition & turnaround experience - Ranked 253rd ito revenues & 55th ito profits (Fortune 500) *Pro-forma 2005 Shaping the future of steel

i n t e r i m r e s u l t s for the six months ended june 2005