Mittal Steel Europe S.A.: Notice Relating to Excess Cash Flow Offer

Mittal Steel Europe S.A.: Notice Relating to Excess Cash Flow
Offer 


ROTTERDAM, The Netherlands, May 11  /PRNewswire-FirstCall/ -- This announcement
is neither an offer to purchase nor a solicitation of an offer to sell any
securities. The offer described below is made only pursuant to the Statement
(as defined below). Holders of Notes (as defined below) should seek advice from
an independent financial adviser as to whether they should tender Notes.

                  Notice Relating to excess cash flow offer

                                     by

      Mittal Steel Europe S.A. (formerly known as Ispat Europe Group S.A.)

                                     to
                                  Purchase

  Up to EUR31 million of its Outstanding EUR150 million Principal Amount of
              11.875% Senior Secured Notes Due 2011 (the "Notes")

          (144A - ISIN Number XS0121372220; Common Code 012137222)
           (Reg S - ISIN XS0121371842; Common Code 012137184)
       (Registered Notes - ISIN XS0131858671; Common Code 013185867)




Mittal Steel Europe S.A. (formerly known as Ispat Europe Group S.A.) (the
"Company") announces that it has commenced an excess cash flow offer (the
"Excess Cash Flow Offer") relating to its outstanding Notes on the terms and
subject to the conditions set forth in an Excess Cash Flow Offer Statement
dated May 9, 2005 (the "Statement").

According to Section 4.17 of the Indenture pursuant to which the Notes were
issued, if the Company has Excess Cash Flow (as defined in the Indenture) for
any fiscal year, the Company is obliged to apply an amount equal to 33% of such
Excess Cash Flow for such fiscal year to make an excess cash flow offer. For
the fiscal year ended December 31, 2004, the Company had Excess Cash Flow (as
defined in the Indenture) of EUR93 million, 33% (or EUR31 million) of which is
being made available for this Excess Cash Flow Offer. Accordingly, upon the
terms and subject to the conditions provided in the Statement, including the
provisions with respect to proration, the Company is offering to purchase up to
EUR31 million in aggregate principal amount of its outstanding Notes at 100% of
their principal amount, without premium (the "Purchase Price"), plus accrued
and unpaid interest.

The Offer commences on May 9, 2005 and expires at 5:00 p.m., London time, on
June 7, 2005 (such time and date as the same may be extended, the "Expiration
Time"). If the Offer is consummated, the settlement date will be on a date

promptly after the acceptance by the Company of tendered Notes. The Company
expects the settlement date (subject to any extension thereof) to be June 10,
2005.

The Offer is being made solely pursuant to the Statement which, among other
things, (a) more fully sets forth and governs the terms and conditions of the
Excess Cash Flow Offer, (b) contains additional information about the terms of
the Excess Cash Flow Offer, (c) sets forth how to tender Notes and (d) contains
the conditions to the Excess Cash Flow Offer. The Statement contains important
information that should be read carefully before any decision is made with
respect to the Excess Cash Flow Offer. In deciding whether to participate in
the Excess Cash Flow Offer, each holder should carefully consider the factors
set forth under "Certain Significant Considerations" in the Statement.

The Tender Agent for the Excess Cash Flow Offer is JP Morgan Chase Bank, N.A.
and the Luxembourg Tender Agent for the Excess Cash Flow Offer is JP Morgan
Bank Luxembourg S.A. (together, the "Tender Agents").

Copies of the Statement can be obtained (as well as information about the terms
of the Excess Cash Flow Offer, how to tender Notes and the conditions to the
Excess Cash Flow Offer) by contacting JP Morgan Chase Bank N.A., 1 Chaseside,
Bournemouth, Dorset, BH7 7DB, United Kingdom, Attention: Institutional Trust
Services, Fax: [phone], Telephone: [phone], or JP
Morgan Bank Luxembourg S.A., 6, Route de Treves, L-2633 Senningerberg,
Luxembourg, Attention: Manager of Institutional Trust Services, Fax:
[phone], Telephone: [phone].

This announcement does not constitute a recommendation regarding the Excess
Cash Flow Offer. Holders should seek advice from an independent financial
adviser as to the suitability of the transactions described herein for the
individual concerned.

UNDER NO CIRCUMSTANCES SHALL THIS NOTICE CONSTITUTE AN INVITATION OR OFFER TO
SELL OR THE SOLICITATION OF AN INVITATION OR OFFER TO BUY THE NOTES.

This communication is only for circulation to Holders of the Notes and to other
persons to whom it may lawfully be issued in accordance with the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001, any such person
being a "relevant person". This communication may not be acted upon by anyone
who is not a relevant person. 

DATASOURCE: Mittal Steel Company N.V.



CONTACT:  Press contact: Mr. R. Krishnan, Tel: [phone]

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