Mittal Steel Announces Guidance For 2006 and Publishes Highlights of its 2008 Business Plan: EBITDA Expected to Reach $9.9 Billion in 2008
June 13th, 2006 - London/Rotterdam - Mittal Steel Company N.V, the world’s largest and most global steel company, today announces guidance for 2006 and publishes highlights of its stand-alone 2008 business plan, which details the Company’s growth prospects over the next three years.

2006 Guidance
For the full year, Mittal Steel is expecting EBITDA 1 to reach approximately $7.3 bn, compared with $5.8 bn in 2005. Operating income is expected to be $6.1 bn, compared with $4.7 bn in 2005. Shipments for 2006 are expected to be approximately 60 million tonnes.

For the second half of 2006, Mittal Steel is expecting EBITDA to be between $4.2-4.4 bn and operating income to be between $3.6-3.8 bn.

2008 Business Plan
As previously announced, the key elements of the Business Plan were provided on June 2, 2006 to Arcelor S.A. under a confidentiality agreement.

The Business Plan and the summary set out in this release do not take into account the acquisition of Arcelor and the resulting synergies. Nor does it take into account any acquisitions in the M & A pipeline, greenfield developments or minority interests (Hunan Valin of China) of Mittal Steel. The Mittal Steel Business Plan focuses on low cost and high value added global growth, strong productivity and operational improvements as well as mining expansion and synergies from recent acquisitions. Highlights appear below and a detailed summary including, among other things, the assumptions underlying the Business Plan, is attached hereto.

1 EBITDA is defined as net income plus interest, income taxes, minority interest and depreciation and amortization.

2008 Business Plan Highlights:
· 2008 EBITDA of $9.9 bn
· Gross Incremental EBITDA of $5.3 bn. Net Incremental EBITDA of $3.3 bn after an expected $2.0 bn price squeeze
· $3.35 bn in growth capex to 2008, funded by internal cash flow.
· Strong free cash-flow2 generation estimated at $6 bn in 2008
· Further value creation through commitment to earnings enhancing transactions

The EBITDA growth is expected to come from five key areas: (i) low-cost brownfield growth and higher utilisation of available capacity; (ii) value-added production capacity expansion, (iii) productivity and operational improvements, (iv) expansion of low-cost mining assets, and (v) synergies from ISG and Kryviy Rih.

Recent global demand growth, coupled with improved market-oriented behaviour by suppliers, has led to the emergence of a more stable operating environment. According to IISI and the CRU, global steel consumption is forecast to increase by 3.6 - 4.5% CAGR from 2006 - 2010, with much of this growth coming from developing markets.

Mittal Steel’s business model favourably positions the Company to capitalise on these positive industry dynamics. Its well-balanced portfolio of assets includes:
· Low-cost assets that can be expanded to capture demand growth in developing, high-growth markets
· High-end capabilities in North American and Western European operations which can be leveraged to support value-added investments in developing, high-growth markets
· Low-cost and expandable mining assets supporting the structural low-cost position of its operations

Commenting, Lakshmi N. Mittal, Chairman and CEO Mittal Steel Company, said:
“The outlook for the steel industry is positive, supported by strong global growth, especially from high-growth, developing markets. Mittal Steel is ideally placed to benefit from these dynamics, which has allowed us to identify net EBITDA improvements of $3.3 bn over the next three years. This figure is very achievable, as it is based on growth rates we have either matched or exceeded in the past. We have built a unique global platform providing exposure to both high-quality developed markets and high-growth, low-cost markets with high vertical integration. This enables us to capture growth opportunities by leveraging our technology leadership to upgrade production in emerging regions as markets mature while benefiting from strong blue chip customer relationships in developed markets such as North America.”

2 Free cash-flow is defined as net cash provided by operating activities less capital expenditure