Bear Stearns Advised Valin Group in Landmark Deal with Mittal Steel; Closing Ceremonies to be held in China on October 17 and 18, 2005.

NEW YORK -- Bear, Stearns & Co. Inc. announced that it has served as sole financial advisor to China's Hunan Valin Group ("Valin Group") in its 36.67% sale of Hunan Valin Steel Tube & Wire Company Ltd. ("Hunan Valin") to Mittal Steel Company N.V. Closing ceremonies for the groundbreaking deal are being held in Changsha and Beijing, China on October 17 and 18, 2005, respectively. E[acute accent]The strategic partnership between Valin Group and Mittal Steel is a milestone in China, the country that is the largest producer and consumer of steel globally. It is the largest M&A transaction to date involving a Chinese exchange listed company and an international strategic investor. It also marks the first time that a non-Chinese steel company has made a sizable investment into a state-owned steel enterprise in China. The transaction is valued at $338 million. E[acute accent]Commenting on the closing, Donald Tang, Vice Chairman of Bear Stearns, said, "This transaction is a perfect example of the creative alliance and strategic investment Bear Stearns seeks to bring to our clients. By partnering with Mittal Steel, the industry leader, Hunan Valin will be able to advance technologically, grow its market share and build a more global presence. It is an historic transaction for China and the Hunan Province and we could not be more pleased to have played a role in such a landmark deal." E[acute accent]Chairman Li Xiaowei of Valin Group and Hunan Valin, said, "This partnership is very important to Hunan Valin. Not only does it enable Hunan Valin to benefit from Mittal Steel's global distribution and sales network, management expertise and cutting edge technology, but it also stands as a milestone for state owned enterprises in Hunan Province by demonstrating a new way forward for share reform. This transaction has provided Hunan Valin with a platform from which to launch into the international steel market and, as advisors to this transaction, Bear Stearns has been a critical part of its successful conclusion."

E[acute accent]About Bear Stearns

E[acute accent]Founded in 1923, Bear, Stearns & Co. Inc. is a leading investment banking and securities trading and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE:BSC). With approximately $52.1 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, securities research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers financing, securities lending, clearing and technology solutions to hedge funds, broker-dealers and investment advisors. Headquartered in New York City, the company has approximately 11,500 employees worldwide. For additional information about Bear Stearns, please visit the firm's website at www.bearstearns.com.

E[acute accent]About Hunan Valin Steel Tube & Wire Co. Ltd

E[acute accent]Hunan Valin Steel Tube & Wire Co. Ltd. ("the Company") was incorporated in April 1999 and completed its IPO in July 1999. It is one of the largest steel companies in China with an annual production capacity of 8.5 million tons. The Company is located in the Hunan province in central China and listed on the Shenzhen Stock Exchange with a total market capitalization of RMB7.6 billion (approximately US $936 million) as of October 14, 2005. The Company's main products include seamless pipe, wire rod, steel sheet, steel plate, section steel, copper and aluminum products. The Company's major customers are in the construction sector and its primary market is in China with exports to the U.S., South Korea and other countries. As of June 2005, the Company's total assets were RMB31.8 billion and its half-year revenue and net profit were RMB14.7 billion and RMB587 million, respectively.

E[acute accent]About Mittal Steel

E[acute accent]Mittal Steel Company is the world's largest and most global steel company. Formed from the combination of Ispat International N.V. and LNM Holdings N.V., the company has steel-making facilities in 15 countries (not including China), on four continents. Mittal Steel encompasses all aspects of modern steelmaking, to produce a comprehensive portfolio of both flat and long steel products to meet a wide range of customer needs. It serves all the major steel consuming sectors, including automotive, appliance, machinery and construction. E[acute accent]For 2004, Mittal Steel had revenues of US$31.5 billion and steel production capacity of 65 million tons. The company trades on the New York Stock Exchange and the Euronext Amsterdam under the ticker symbol "MT". E[acute accent]Mittal Steel has steel-making facilities in 15 countries (not including China) and sales and marketing offices in a further 11 countries. In China, the company has four sales offices, located in Beijing, Guangzhou, Urumqui and Chengdu.