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International Steel Group Announces Pricing of $600 Million Senior Notes

April 10, 2004 — International Steel Group Inc. has priced $600 million aggregate principal amount of 6.50% senior notes due April 15, 2014 in an offering exempt from the registration requirements of the Securities Act of 1933.

The initial offering price is 99.096% of par resulting in an effective yield to maturity of 6.625%. Subject to closing conditions, ISG expects the offering to close on April 14, 2004.

ISG intends to apply the net proceeds of the offering to repay borrowings of approximately $266.8 million outstanding under a term loan, to repay other debt and capital lease obligations and for general corporate purposes.

The notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. ISG cautions that this announcement do not constitute an offer to sell or a solicitation of an offer to buy such notes and is issued pursuant to Rule 135c under the Securities Act of 1933.

International Steel Group Inc. is the second-largest integrated steel producer in North America, based on its capacity to cast more than 18 million tons of steel products annually. It ships a variety of steel products from 11 major steel producing and finishing facilities in six states, including hot-rolled, cold-rolled and coated sheets, tin mill products, carbon and alloy plates, rail products and semi-finished shapes serving the automotive, construction, pipe and tube, appliance, container and machinery markets.

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