Mittal Steel raises capital by $20m

Mittal Steel Galati (formerly Sidex) is to increase its share capital by 579bn ROL (20 million dollars), the equivalent of 23 million new shares being subscribed by the majority shareholder, Mittal Steel Holdings NV, in line with their obligations under the privatisation contract. The increase in capital is worth 20 million dollars when calculated at the NBR exchange rate on December 29, 2004, the date when the company”s accounts received the amount. The increase will be submitted to shareholders for approval on May 30. The shareholders will also decide on the modification of the documents governing the company”s operations in order to include the updated share capital value of 21,217bn ROL (573 million euros). ZF