Fitch rates Mittal Steel BBB

Fitch Ratings said it assigned Mittal Steel Company NV BBB senior unsecured and F2 short-term ratings. The outlook is stable.

Fitch said these ratings reflect Mittal Steel's healthy business profile, which is underpinned by its position as a leading global steel producer, its diversified geographic spread of sales and production capacity, a relatively high level of raw materials control and low costs of production.

The ratings also reflect the company's healthy financial profile evident in recently published unaudited fiscal year 2004 results, which show low leverage (net debt / EBITDA) of 0.2x at fiscal year-end 2004, according to Fitch.

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