LTV Corporation Sale Complete

Cleveland, OH - The International Steel Group, Inc. announced that it has completed the acquisition of the principal steelmaking and finishing assets of The LTV Corporation. Wilbur L. Ross, chairman of the International Steel Group stated, "We at WL Ross & Co. LLC, in partnership with leading members of the Cleveland business community and other investors, have invested $175 million of equity in this new company, and financial institutional lenders are providing a $200 million revolving line of credit for our working capital needs. This funding, along with critical funding commitments offered by the cities, states and counties in which our facilities operate and which will benefit from the return of over 2,000 well-paid jobs, will be sufficient for the startup of our plants and initiation of new capital investments."

"The day is fast approaching," said Rodney Mott, president and chief executive officer of the International Steel Group, "when these highly-regarded steel plants will return to operation. Within the past six weeks we have built an outstanding management team and assembled the other resources needed to begin operations. We very much appreciate the commitments of financial assistance and other support provided by The States of Ohio and Indiana, the City of East Chicago (Indiana), the City of Cleveland, and Cuyahoga County (Ohio), the Cleveland-Cuyahoga County Port Authority, and the City of Warren (Ohio). We look forward to a strong public-private partnership that will make it possible for us to rapidly startup our plants and achieve long-term viability, success and growth for our new company.

"We are receiving a terrific response to our startup plans from both former LTV Steel customers as well as from steel buyers new to these facilities. They are eager to establish a relationship with our new company. The market is strong and we have already booked orders for delivery beginning next month," he said.

The International Steel Group also announced formation of its board of directors. In addition to Mr. Ross, chairman, the board includes directors Rodney Mott, president and chief executive officer of ISG; John S. Brinzo, chairman and chief executive officer of Cleveland-Cliffs, Inc.; Ray Park, chairman of the Park Corporation, a major Cleveland-based real estate developer and manufacturer; William C. Bartholomay, chairman of the Atlanta Braves; and Ambassador John L. Loeb, Jr. president of John L. Loeb, Jr. Associates Inc., an investment counseling firm, and former U.S. Ambassador to Denmark. Mr. Ross, Cleveland-Cliffs, Park Corporation, Mr. Bartholomay and Ambassador Loeb are significant equity investors in the International Steel Group.

The United Steelworkers of America reached an agreement for the new company's efforts to startup and operate its integrated steel assets.

"Our discussions with the Steelworkers have laid a foundation for the kind of productive and constructive relationship that is vital to competing in today's global marketplace," Mr. Mott said. He said that the Union and company had entered into a Letter of Understanding which provides for the recall of former LTV Steel USWA-represented employees. Mr. Mott said that the Letter recognized the Union as the exclusive bargaining agent for former LTV Steel represented workers and was the first step in creation of a new Collective Bargaining Agreement. He said that the new agreement would restructure and redefine many of the jobs performed by represented employees to achieve the highest possible levels of efficiency and safety.

International Steel and the Steel-workers said that represented employees will be recalled on a plant-by-plant basis. Recalls will begin as soon as practical