Mittal Steel Company N.V. Reports Third Quarter and Nine Months Results 2005

ROTTERDAM, The Netherlands, November 9  /PRNewswire-FirstCall/ -- Mittal Steel Company N.V. ("Mittal Steel" or "the Company"), (NYSE:MT)(AEX:MT) the world's largest and most global steel company, today announced results for the third quarter and nine months ended September 30, 2005.

  Highlights:
  Solid results given current market conditions
  (US Dollars in millions except per share data and shipments)

                         3Q 2005 2Q 2005 3Q 2004 9M 2005 9M 2004

  Shipments (000'ST)      12,976  12,181  11,026  35,536  31,975
  Revenues                 7,050   7,604   6,292  21,078  16,020
  Operating income           765   1,391   1,932   3,875   4,421
  Net income                 478   1,090   1,332   2,715   3,147
  Earnings Per Share ($)    0.68    1.57    2.07    3.99    4.89




The results of the second quarter 2005 include those of International Steel Group ("ISG") which merged with Mittal Steel from April 15, 2005.

Further strengthening of global position

- The Company has agreed to acquire a 93.02% stake in the capital of KryvorizhStal (the largest carbon steel long products producer in Ukraine) from the State Property Fund of Ukraine following a public auction. Under the terms of the share purchase agreement, Mittal Steel will acquire 3,590,038,755 shares of the share capital of KryvorizhStal for a total consideration of UAH 24.2 billion (US$4.8 billion). The share purchase agreement was signed on October 28, 2005.

- The Company has signed a Memorandum of Understanding with the Government in Jharkhand, India concerning the development of a mining and steelmaking complex in the region. Mittal Steel intends to undertake a Detailed Project Report (DPR) within 18 months. Once the DPR is completed and found acceptable to both Mittal Steel and the Government of Jharkhand, definitive agreements would be entered into.

- The Company completed its acquisition of 36.67% of Hunan Valin Steel Tube & Wire Company ("Hunan Valin") in China, for a total consideration of US$338 million.

- The Company announced that the Mining Development Agreement entered into with the Government of Liberia was ratified by the Liberian Senate.

- The Company announced that it had acquired a majority stake in Romportmet, a port facility located in Galati, Romania. Mittal Steel increased its shareholding in Romportmet to 89% through the acquisition of approximately 20 million shares, at a total cost of $47 million.

Other key events

- Ispat Inland Inc., the North American subsidiary of Mittal Steel Company N.V., announced the ratification of new collective-bargaining agreements by members of the United Steelworkers. The agreements generally parallel those at the former ISG. These agreements expire on September 1, 2008, as do those at the former ISG plants.

- The Company signed a US$3 billion loan agreement, subsequently increased to US$3.5 billion, with Citigroup with terms similar to its US$3.2 billion revolving credit facility.

Commenting, Mr. Lakshmi N. Mittal, Chairman and CEO, Mittal Steel Company, said:

"We have experienced highly challenging global market conditions in the past quarter with significant steel price decline in all regions. Given this current environment, Mittal Steel has again posted a solid set of quarterly results, in line with expectations and guidance given in the last quarter. Production cutbacks have remained in place in the third quarter and this has helped to further reduce inventory levels worldwide. Steel industry fundamentals remain positive going forward and we are beginning to see the benefits of global consolidation.

Mittal Steel has again been very active this quarter in terms of expanding our global operations, with deals in Liberia, China and the Ukraine. Our Mining Development Agreement with the Liberian government gives us access to 10 million tonnes of iron ore annually, significantly improving our vertical integration in the long term. We have closed our acquisition of a 36.67% stake in Hunan Valin, giving us a foothold and platform for growth in the vital Chinese market. And we were recently announced as the winning bidder for Kryvorizhstal, a plant that offers nearly 100% vertical integration with the potential to be one of the lowest costs, highest margin steel producers in the world. We have also signed a MoU with the government of Jharkhand in India to set up a 12 million tonne Greenfield site in India. These moves will help us to build on our leading position in the global steel industry and build towards creating a truly sustainable sector."

Third Quarter 2005 Earnings Conference Call

Lakshmi N. Mittal, Chairman and Chief Executive Officer, and Aditya Mittal, President and Chief Financial Officer, will host a conference call for members of the investment community to discuss the Company's financial results and general business operations at 9:30 AM New York time / 2:30 PM London time on Wednesday, November 9, 2005. The conference call will include a brief question and answer session with senior management. The conference call information is as follows:

                      Date: Wednesday, November 9, 2005
              Time: 9:30 AM New York Time / 2:30 PM London Time
              Dial-In Number from within the U.S.: 866-831-5605
            Dial-In Number from outside the U.S.: [phone]
                           Pass code: Mittal Steel




For individuals unable to participate in the conference call, a telephone replay will be available from 11:30 AM New York time / 4.30 PM London time on November 9, 2005 until November 23, 2005 at:

              Replay Number from within the U.S.: 888-286-8010
            Replay Number from outside the U.S.: [phone]
                             Pass code: 40975840




A web cast of the conference call can also be accessed via http://www.mittalsteel.com/ and will be available for one week. RealPlayer or Windows Media Player will be required in order to access the web cast.

MITTAL STEEL COMPANY N.V. REPORTS THIRD QUARTER RESULTS 2005

Mittal Steel Company N.V. (NYSE:MT)(AEX:MT), net income for the quarter ended September 30, 2005 was $478 million or $0.68 per share, as compared with net income of $1.1 billion or $1.57 per share for the quarter ended June 30, 2005 and $1.3 billion or $2.07 per share for the quarter ended September 30, 2004.

Consolidated sales and operating income for the quarter ended September 30, 2005 were $7.1 billion and $765 million, respectively, as compared with $7.6 billion and $1.4 billion, respectively, for the quarter ended June 30, 2005 and as compared with $6.3 billion and $1.9 billion, respectively, for the quarter ended September 30, 2004.

Total steel shipments[1] for the quarter ended September 30, 2005 were 13.0 million tons as compared with 12.2 million tons for the quarter ended June 30, 2005 and 11.0 million tons for the quarter ended September 30, 2004.

Group inter-company transactions have been eliminated in financial consolidation.

Analysis of operations

Mittal Steel's consolidated financial statements include the results of ISG as from April 15, 2005 and Mittal Steel Zenica in Bosnia from December 2004. As a result, prior period results may not be entirely comparable.

Average price realization in the quarter ended September 30, 2005 decreased by 11% as compared with the quarter ended June 30, 2005 and decreased by 1% as compared with the quarter ended September 30, 2004 (8% lower excluding ISG and Mittal Steel Zenica).

Steel shipments were higher by 7% in the quarter ended September 30, 2005 as compared with the quarter ended June 30, 2005. Steel shipments for quarter ended September 30, 2005 were 18% higher as compared with the quarter ended September 30, 2004, primarily due to the inclusion of ISG (14% lower excluding ISG and Mittal Steel Zenica).

Cost of goods sold per ton during the quarter ended September 30, 2005 was lower by 4% as compared with the quarter ended June 30, 2005. Costs were lower due to improved production and shipments during the quarter, and reduced cost of certain inputs, which were partially offset by increases in the cost of natural gas and electricity.

Cost of goods sold per ton during the quarter ended September 30, 2005 was higher by 24% as compared with the quarter ended September 30, 2004, primarily due to a steep increase in the cost of almost all inputs (12% higher excluding ISG and Mittal Steel Zenica).

Selling, general and administrative expenses in the quarter ended September 30, 2005 decreased by 7% as compared with the quarter ended June 30, 2005 and increased by 40% as compared with the quarter ended September 30, 2004, primarily due to higher levels of sales activity, as well as the inclusion of ISG.

Operating income for the quarter ended September 30, 2005 was $765 million as compared with $1.4 billion for quarter ended June 30, 2005 and $1.9 billion for the quarter ended September 30, 2004, for reasons described above.

Other income expenses-net for the quarter ended September 30, 2005 was $10 million. During the quarter, the Company recorded a loss of $38 million relating to an arbitration award at one of its European subsidiaries. The Company also recorded a gain of $35 million in its Czech subsidiary arising out of reassessment of liabilities, which management believes is no longer probable. Other income expenses-net for the quarter ended June 30, 2005 was $35 million which includes $14 million in respect of a gain on a sale of a property at our Mexican operations, partly offset by $7 million minority interest, and $24 million relating to a dividend from our 8.6% investment in Erdemir. Other income expenses-net for the quarter ended September 30, 2004 was $6 million.

Net interest expenses at Mittal Steel for the quarter ended September 30, 2005 decreased to $50 million as compared with $55 million for the quarter ended June 30, 2005 due to the reduction of debt. Net interest expenses for the quarter ended September 30, 2005 was higher as compared with $42 million for the quarter ended September 30, 2004 primarily due to the increased borrowing for the acquisition of, and assumption of debt at, ISG.

Mittal Steel's income tax expense for the quarter ended September 30, 2005 amounted to $164 million as compared with $165 million for the quarter ended June 30, 2005. The effective tax rate for the quarter ended September 30, 2005 was 22% as compared with 12% for the quarter ended June 30, 2005. In the quarter ended June 30, 2005 the aggregate tax rate was lower due to tax credits in our Mexican and US operations. Mittal Steel's income tax expense for the quarter ended September 30, 2004 amounted to $397 million.

Net income for the quarter ended September 30, 2005 decreased to $478 million as compared with the quarter ended June 30, 2005 at $1.1 billion and lower as compared with quarter ended September 30, 2004 at $1.3 billion owing to the reasons as discussed above.

Americas

Total steel shipments in the Americas region were 5.8 million tons in the quarter ended September 30, 2005, as compared with 5.4 million tons for the quarter ended June 30, 2005. Total steel shipments for the quarter ended September 30, 2004 were 3.1 million tons.

Sales were lower at $3.4 billion in the quarter ended September 30, 2005, as compared with $3.5 billion for the quarter ended June 30, 2005 and higher than $1.9 billion for quarter ended September 30, 2004 primarily due to the inclusion of ISG.

Operating income was $184 million for the quarter ended September 30, 2005 as compared with $447 million for the quarter ended June 30, 2005, primarily due to lower selling prices partly offset by lower cost of goods sold. Operating income for the quarter ended September 30, 2005 was lower as compared with $580 million for the quarter ended September 30, 2004.

With regard to the discussion above, it may be noted that the results of the quarter ended June 30, 2005 include those of ISG, which merged with Mittal Steel from April 15, 2005.

Europe

The European region total steel shipments were flat at 4.0 million tons in the quarter ended September 30, 2005 as compared with the quarter ended June 30, 2005. Total steel shipments for the quarter ended September 30, 2004 were 4.7 million tons.

Sales were lower at $2.3 billion in the quarter ended September 30, 2005, as compared with $2.6 billion for the quarter ended June 30, 2005, and $2.8 billion for the quarter ended September 30, 2004, primarily due to lower volumes and selling prices.

Operating income was $47 million for the quarter ended September 30, 2005 as compared with $263 million for the quarter ended June 30, 2005 due to a steep reduction in selling prices partly offset by a reduction in the cost of goods sold. Operating income for the quarter ended September 30, 2005 was lower as compared with $644 million for the quarter ended September 30, 2004.

Asia & Africa

Total steel shipments of our Asia & Africa region were 3.2 million tons for the quarter ended September 30, 2005 as compared with 2.7 million tons for the quarter ended June 30, 2005, and 3.1 million tons for the quarter ended September 30, 2004.

Sales were lower at $1.7 billion in the quarter ended September 30, 2005, as compared with $2.1 billion for the quarter ended June 30, 2005, and $2.0 billion for the quarter ended September 30, 2004, primarily due to lower selling prices.

Operating income was lower at $479 million for the quarter ended September 30, 2005 compared with $678 million for the quarter ended June 30, 2005 primarily due to a steep reduction in selling prices partly offset by improved shipments. Operating income for the quarter ended September 30, 2005 was lower compared with $668 million for the quarter ended September 30, 2004.

Liquidity

The Company's liquidity remains strong. As at September 30, 2005, the Company's cash and cash equivalents including restricted cash and short term investments were $2.1 billion ($2.7 billion at June 30, 2005 and $2.6 billion at December 31, 2004). In addition, the Company including its operating subsidiaries had available borrowing capacity of $3.1 billion as at September 30, 2005.[2]

Net debt (which is total debt less cash and cash equivalents, short term investments and restricted cash) at the end of September 30, 2005 was $1.7 billion ($2.0 billion at June 30, 2005). During the quarter ended September 30, 2005, $338 million was paid for the acquisition of 36.67% of Hunan Valin Steel Tube & Wire Company ("Hunan Valin") in China. During the quarter, gross debt was reduced by $931 million with a reduction in cash and cash equivalents, short term investments and restricted cash of $688 million.

During the quarter ended September 30, 2005, net working capital improved by $203 million. Inventories were lower by $506 million offset by increase in accounts receivables of $104 million and accrued expenses and other liabilities of $272 million.

Capital expenditure during the quarter ended September 30, 2005 was $305 million as compared with $255 million for the quarter ended June 30, 2005 and $223 million for the quarter ended September 30, 2004.

Depreciation during the quarter ended September 30, 2005 was $215 million as compared with $192 million for the quarter ended June 30, 2005 primarily due to incorporation of ISG results for the full quarter, and $151 million for the quarter ended September 30, 2004.

The Company declared an interim dividend of US$0.10 per share, as per the dividend policy previously announced. The cash dividend was paid on October 12, 2005.

Recent Developments

- On November 2, 2005 Ispat Inland Inc, a North American subsidiary of Mittal Steel Company N.V., announced the ratification of new collective-bargaining agreements by members of the United Steelworkers. The agreements are similar to those at the former ISG. These agreements expire on September 1, 2008, as do those at the former ISG plants.

- On October 24, 2005 Mittal Steel Company N.V. announced that it had agreed to acquire a 93.02% stake in the capital of KryvorizhStal (the largest carbon steel long products producer in Ukraine) from the State Property Fund of Ukraine following a public auction. Under the terms of the share purchase agreement, Mittal Steel will acquire 3,590,038,755 shares of the share capital of KryvorizhStal for a total consideration of UAH 24.2 billion (US$4.8 billion). The share purchase agreement was signed on October 28, 2005.

- On October 19, 2005 Mittal Steel signed a US$3 billion loan agreement, subsequently increased to US$3.5 billion, with Citigroup with terms similar to its US$3.2 billion revolving credit facility.

- On October 8, 2005 Mittal Steel announced that it had signed a Memorandum of Understanding with the Government in Jharkhand, India for the development of a mining and steelmaking complex. Mittal Steel intends to undertake a Detailed Project Report (DPR) within 18 months to identify the location of the steel plant, iron ore and coal mines and water sources. Once the Detailed Project Report is completed and found acceptable to both Mittal Steel and the Government of Jharkhand, definitive agreements would be entered into.

- On September 28, 2005 Mittal Steel announced that it had received final approval relating to its acquisition of 36.67% of Hunan Valin Steel Tube & Wire Company ("Hunan Valin") for a total consideration of US$338 million. All conditions precedent, have been met and the transaction has now closed.

- On September 12, 2005 Mittal Steel announced that the Mining Development Agreement entered into with the Government of Liberia was ratified by the Liberian Senate.

- On September 8, 2005 Mittal Steel announced that it had acquired a majority stake in Romportmet, a port facility located in Galati, Romania. Mittal Steel increased its shareholding in Romportmet to 89% through the acquisition of approximately 20 million shares, at a total cost of $47 million.

Outlook for fourth quarter 2005.

For the fourth quarter of 2005, shipments and selling prices are expected to be slightly higher, and cost of sales are expected to increase primarily due to increased pressure on energy costs. Overall, we expect operating income per ton to be up to $10 higher than the third quarter 2005.

Statements in this press release that are not historical facts, including statements regarding expectations concerning market growth and development, expectations and targets for Mittal Steel's results of operations and expectations regarding cost savings from recently acquired companies and statements preceded by "believe," "expect," "anticipate," "target" or similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those implied by such forward-looking statements on account of known and unknown risks and uncertainties, including, without limitation: (1) changes in general economic, political and social conditions; (2) adverse regulatory changes; (3) fluctuations in currency exchange rates; (4) cyclicality of the steel industry; (5) increased competition; (6) availability and cost of raw materials, energy and transportation; (7) Mittal Steel's ability to realize expected cost savings from recently acquired companies within the expected time frame; (8) Mittal Steel's ability to integrate recently acquired companies; (9) labor disputes; and (10) the risks contained in Mittal Steel's Form 20-F and other filings with the Securities and Exchange Commission. Mittal Steel undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

  For further information, visit our web site: http://www.mittalsteel.com/
  MITTAL STEEL COMPANY N.V. CONSOLIDATED FINANCIAL & OTHER INFORMATION
  MITTAL STEEL COMPANY N.V. CONSOLIDATED BALANCE SHEETS

                                                   As of
                                  September 30,   June 30,    December 31,
  In millions of U.S. Dollars         2005          2005          2004
                                   (Unaudited)   (Unaudited)   (Audited)

  ASSETS
  Current Assets
  Cash and cash equivalents             $ 1,834       $ 2,049      $ 2,495
  Restricted cash                           206           681          138
  Short-term investments                     10             8            1
  Trade accounts receivable - net         2,572         2,434        2,006
  Inventories                             5,529         5,979        4,013
  Prepaid expenses and other                850           950          666
  current assets
  Deferred tax assets                       216           222          306
  Total Current Assets                   11,217        12,323        9,625

  Property, plant and equipment -        10,913        10,904        7,562
  net
  Investments in affiliates and           1,166           710          667
  joint ventures
  Deferred tax assets                       791           730          855
  Intangible pension assets                 103           102          106
  Other assets                              438           507          338
  Total Assets                          $24,628       $25,276      $19,153

  LIABILITIES AND SHAREHOLDERS'
  EQUITY
  Current Liabilities
  Payable to banks and current            $ 259         $ 511        $ 341
  portion of long-term debt
  Trade accounts payable                  2,003         1,991        1,899
  Dividend payable                           70            70        1,650
  Accrued expenses and other              3,095         3,037        2,307
  current liabilities
  Deferred tax liabilities                  161           168           33
  Total Current Liabilities               5,588         5,777        6,230

  Long-term debt                          3,534         4,213        1,639
  Deferred tax liabilities                  857           909          955
  Deferred employee benefits              1,832         2,039        1,931
  Other long-term obligations             1,217         1,392          809
  Total Liabilities                      13,028        14,330       11,564

  Minority Interest                       1,760         1,756        1,743
  Shareholders' Equity
  Common shares                              60            60           59
  Treasury stock                          (112)         (113)        (123)
  Additional paid-in capital              2,452         2,481          552
  Retained earnings                       7,315         6,904        4,739
  Accumulated comprehensive                 125         (142)          619
  income/(loss)
  Total Shareholders' Equity              9,840         9,190        5,846
  Total Liabilities and                 $24,628       $25,276      $19,153
  Shareholders' Equity


  MITTAL STEEL COMPANY N.V. CONSOLIDATED FINANCIAL & OTHER INFORMATION

                          Quarter Ended              Nine Months Ended

  In millions of  September  June 30,   September  September  September
  U.S. Dollars,   30, 2005   2005       30, 2004   30, 2005   30, 2004
  except shares,
  per share and
  other data
                (Unaudited)(Unaudited) (Unaudited)(Unaudited) (Unaudited)

  STATEMENT OF
  INCOME DATA
  Sales           $7,050     $7,604      $6,292     $21,078       $16,020
  Costs and
  expenses:
  Cost of sales    5,816      5,748       4,027      15,853        10,677
  (exclusive of
  depreciation
  shown
  separately)
  Depreciation       215        192         151         570           412
  Selling,           254        273         182         780           510
  general and
  administrative
  expenses
                   6,285      6,213       4,360      17,203        11,599
  Operating          765      1,391       1,932       3,875         4,421
  income
  Operating           11%        18%         31%         18%           28%
  margin
  Other income        10         35           6          50            24
  (expense) -
  net
  Income from         19         32           5          66            46
  equity method
  investments
  Financing
  costs:
  Interest           (79)       (88)        (61)       (225)         (179)
  (expense)
  Interest            29         33          19          87            42
  income
  Net gain /         (13)         4           9           4             9
  (loss) from
  foreign
  exchange
                     (63)       (51)        (33)       (134)         (128)
  Income before      731      1,407       1,910       3,857         4,363
  taxes and
  minority
  interest
  Income tax
  expense:
  Current             71        161         220         522           465
  Deferred            93          4         177         204           350
                     164        165         397         726           815
  Income before      567      1,242       1,513       3,131         3,548
  minority
  interest
  Minority           (89)      (152)       (181)       (416)         (401)
  interest
  Net income        $478     $1,090      $1,332      $2,715        $3,147
  Basic and        $0.68      $1.57       $2.07       $3.99         $4.89
  diluted
  earnings per
  common share
  Weighted           704        695         643         681           643
  average common
  shares
  outstanding
  (in millions)

  OTHER DATA
  Total           12,976     12,181      11,026      35,536        31,975
  shipments of
  steel products
  including
  inter-company
  shipments
  (thousands of
  tons)


  MITTAL STEEL COMPANY N.V. CONSOLIDATED STATEMENTS OF CASH FLOWS

                           Quarter Ended              Nine Months Ended,

  In millions    September   June 30,    September   September   September
  of U.S.        30, 2005      2005      30, 2004    30, 2005    30, 2004
  Dollars
                (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
  Operating
  activities:
  Net income           $478      $1,090      $1,332      $2,715      $3,147
  Adjustments
  required to
  reconcile net
  income to net
  cash provided
  by
  operations:
  Depreciation          215         192         151         570         412
  Net accretion        (51)        (42)           -        (93)           -
  of purchased
  intangibles
  Deferred               13       (150)           8       (133)         (7)
  employee
  benefit costs
  Net foreign           (7)         (7)          97        (19)         (3)
  exchange loss
  (gain)
  Deferred               93           4         177         204         350
  income tax
  Undistributed        (26)        (14)        (21)        (50)        (96)
  earning from
  Joint
  Ventures
  Loss (gain)             1        (15)           1        (14)           1
  on sale or
  write-off of
  property
  plant &
  equipment
  Minority               89         152         181         416         401
  interest
  Other                (35)        (43)        (99)        (66)         (4)
  Changes in
  operating
  assets and
  liabilities,
  net of
  effects from
  acquisitions:
  Trade               (104)         448       (235)         170       (835)
  accounts
  receivable
  Short-term             14         (8)         (2)           6         (3)
  investments
  Inventories           506         210       (373)         401       (810)
  Prepaid                64       (141)       (164)       (164)       (361)
  expenses and
  other assets
  Trade                 (5)       (542)         194       (626)         253
  accounts
  payable
  Accrued             (272)       (151)         160       (396)         419
  expenses and
  other
  liabilities
  Net cash              973         983       1,407       2,921       2,864
  provided by
  operating
  activities
  Investing
  activities:
  Purchase of         (305)       (255)       (223)       (765)       (522)
  property,
  plant and
  equipment
  Proceeds from          15          37           1          44          22
  sale of
  assets and
  investments
  including
  affiliates
  and joint
  ventures
  Acquisition          (23)     (1,306)           8     (1,329)         (7)
  of net assets
  of
  subsidiaries,
  net of cash
  acquired
  Investment in       (337)          22           6       (315)          22
  affiliates
  and joint
  ventures
  Restricted            475        (97)        (95)        (67)        (87)
  cash
  Other                 (4)         (1)           -         (5)           5
  Net cash used       (179)     (1,600)       (303)     (2,437)       (567)
  in investing
  activities
  Financing
  activities:
  Proceeds from         322         824         582       1,666       2,167
  payable to
  banks
  Proceeds from         100       3,080          36       3,199         988
  long-term
  debt
  Debt issuance           -        (10)           -        (10)           -
  cost
  Proceeds from           -           -           -           -          46
  long-term
  debt from an
  affiliate
  Payments of         (582)       (707)       (590)     (1,797)     (2,376)
  payable to
  banks
  Payments of         (759)     (1,208)       (311)     (2,083)     (1,375)
  long-term
  debt
  Purchase of             -           -           -           -        (54)
  treasury
  stock
  Sale of                 -           4           5           6           7
  treasury
  stock
  Dividends           (148)     (1,375)       (151)     (1,949)       (412)
  paid
  Others                  2        (18)           5        (16)           3
  Net cash          (1,065)         590       (424)       (984)     (1,006)
  provided by
  (used in)
  financing
  activities
  Net increase        (271)        (27)         680       (500)       1,291
  (decrease) in
  cash and cash
  equivalents
  Effect of              56        (95)          19       (161)          47
  exchange rate
  changes on
  cash
  Cash and cash
  equivalent:
  At the              2,049       2,171       1,399       2,495         760
  beginning of
  the period
  At the end of      $1,834      $2,049      $2,098      $1,834      $2,098
  the period


  MITTAL STEEL COMPANY N.V.
  Appendix 1 - Q305
  Shipments by country (thousands of short tons)

                             3Q 2005          2Q 2005              9M 2005

  Americas

  United States of America     4,322            3,799                9,461

  Mexico - Lazaro Cardenas       976            1,073                3,109

  Canada                         340              357                1,090

  Trinidad - Point Lisas         190              194                  601

  TOTAL AMERICAS               5,828            5,423               14,261

  Europe

  West Europe - Germany and
                France           735              798                2,502

  Poland                       1,158            1,052                3,643

  Romania                      1,192            1,399                3,953

  Czech Republic - Ostrava       691              555                1,937

  Others                         187              237                  573

  TOTAL EUROPE                 3,963            4,041               12,608

  Asia and Africa

  Kazakhstan - Temirtau        1,139              790                2,737

  South Africa                 1,801            1,651                5,190

  Algeria - Annaba               244              275                  740

  TOTAL ASIA AND AFRICA        3,185            2,717                8,667

  MITTAL STEEL                12,976           12,181               35,536




Figures for total shipments of steel products (including inter-company shipments)

  MITTAL STEEL COMPANY N.V.
  Appendix 2- 3Q 2005

  (Figures in US$
   Millions unless
   otherwise shown)      Americas  Europe  Asia &  Elimination Mittal Steel
                                           Africa

  Financial Information

  Sales                     3,378  2,265    1,703        (296)        7,050

  Cost of sales (exclusive
  of depreciation)          3,015  2,014    1,101        (314)        5,816

  Gross profit (before
  deducting depreciation)     363    251      601           19        1,234
  Gross margin (as
  percentage of sales)        11%    11%       35%                      18%

  Selling, general and
  administrative expenses      80    147       62         (35)          254

  Operating income            184     47      479           55          765
  Operating margin (as
  percentage of sales)        5.4% 2.10%    28.1%                       11%

  EBITDA (PBT + Interest +
  depreciation)               304    116      543           33          996
  EBITDA margin ( as
  percentage of sales)         9%     5%      32%                       14%

  Depreciation                 99     57       60            0          216
  Capex                      (74)  (125)    (106)            0        (305)

  Operational Information

  Liquid Steel Production
  ('000 MT)                 5,875  3,489    3,228                    12,592
  Liquid Steel Production
  ('000 ST)                 6,476  3,846    3,558                    13,880

  Shipments ('000 MT)       5,287  3,596    2,889                    11,772
  Shipments ('000 ST)       5,828  3,963    3,185                    12,976

  Employees                24,623 74,774   72,103                   171,500


  [1] Total steel shipments include inter-company shipments.


[2] Corresponding exercisable/available limits are lower, which are based on the level of inventory/receivable. Includes unused portion of US$3.2 billion unsecured revolving credit facility. 

DATASOURCE: Mittal Steel Company N.V.



CONTACT:  Mittal Steel Company N.V., Julien Onillon, Director, Investor

Relations,  Tel: [phone], Mittal Steel Company N.V., Thomas A.

McCue, Director, North American Investor Relations (and Treasurer Mittal

Steel USA), Tel: [phone]

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