Mittal Steel USA Plans Galvanneal Addition to New Cleveland Line
January 04 2006 - 7:00AM
PR Newswire (US)
CHICAGO, Jan. 4 /PRNewswire-FirstCall/ -- As the new galvanizing
line nears completion at Mittal Steel's Cleveland plant, the
company is making plans to add galvannealing capability to meet
anticipated future automotive customer requirements. The new
hot-dip galvanizing line, to be completed during the first quarter
of 2006, will produce coated steel for both exposed and unexposed
automotive parts. To keep up with the increasing demand for
galvannealed sheet, the company has now formed a team to perform
the engineering, evaluate technologies and seek bids to enhance the
line to produce galvannealed. The additional galvannealed capacity
will enable Mittal Steel to serve a wider spectrum of automotive
applications. The coating line will be rated at 500,000 tons a
year, any portion of which could be produced as galvanized or
galvannealed. The company could start offering galvannealed steel
from the line as early as the first quarter of 2007. About Mittal
Steel Mittal Steel Company N.V. (NYSE:MT)(AEX:MT) is the world's
largest and most global steel company. The company has operations
in 16 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. For
2004, Mittal Steel had revenues of U.S. $22.2 billion and steel
shipments of 42.1 million tons. The company trades on the New York
Stock Exchange and the Euronext Amsterdam under the ticker symbol
"MT." Mittal Steel USA, formed in April 2005 by the merger of Ispat
Inland Inc. and International Steel Group, has operations in 12
states of the United States. Forward-looking Statements Certain of
the statements contained in this press release are forward-looking
statements and not historical fact. When included in this press
release, the words "believes," "expects," "intends," "anticipates,"
"estimates," and analogous expressions are intended to identify
forward-looking statements. Forward-looking statements include
expected developments in the business of Mittal Steel USA (the
"Company"), including inventory risks due to shifts in market
demand and/or price erosion of purchased inputs; changes in product
mix; cost and yield issues; the Company's expectations concerning
its revenues, earnings, and expenses; and the Company's proposed
actions in response to trends in its business. Such statements, and
the financial condition and results of operations of the Company,
are subject to a variety of inherent risks and uncertainties. These
risks and uncertainties could cause actual results to differ
materially from those projected. Such risks and uncertainties
include, among others: the highly competitive nature of the global
steel industry; our level of indebtedness; changes in levels of
steel imports into the United States; the substantial capital
investment and similar expenditures required in our business; the
cyclical nature of our business and changes in market supply and
demand for our products; increases in the cost of iron ore, coke,
steel scrap, other raw materials, energy and freight; our ability
to fund our pension and post-retirement employee benefits; our
ability to negotiate collective bargaining agreements and labor
relations; conflicts of interest with our controlling stockholder;
competition from substitute products; general economic conditions;
legislative or regulatory changes, including changes in
environmental regulation; environmental risks and liability under
federal, state and local environmental laws and regulations; and
changes in the capital markets. These forward-looking statements
speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release any
updates or revisions to any forward-looking statement contained in
this press release to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions or circumstances on which any statement is based.
DATASOURCE: Mittal Steel USA CONTACT: David Allen of Mittal Steel
USA, +1-312-899-3692
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