From: International Briquettes Holding, IBH Subsidiary of Siderúrgica Venezolana SIVENSA S.A.C.A. Contacts: Mrs. Isabel Camejo / Mr. Maury Bedoni Investor Relations Telephones: (02) 707.61.45 / 707. 64.49 Telefax: (02) 762.99.38 / 707. 64.26 E-mail: ir_dept@sivensa.com FOR IMMEDIATE DISTRIBUTION:

IBH REPORTS SECOND QUARTER RESULTS

Caracas, April 28, 2000…International Briquettes Holding, IBH, a company engaged in the production and sale of iron ore briquettes, reported consolidated sales of US$20 million for the January-March quarter of 2000, a 40% increase over sales for the same period in the preceding fiscal year. The operating loss was US$0.2 million compared with a US$5 million loss for the three month period ended March 31, 1999. The net loss for the quarter was US$2 million versus a US$5.3 million loss for the January-March quarter in 1999. For the first six months of the fiscal year, which covers the October 1999-March 2000 period, sales totaled US$36 million, the operating loss was US$2.6 million and the net loss was US$4.6 million. It is worth noting that earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter reverted from a loss of US$2.3 million to a gain of US$2.9 million, reflecting an increase in prices and volumes as well as an improvement in Venprecar's operating costs of about 13.4%. For the January-March quarter, Venprecar's production was 241,220 MT representing a 25.7% increase over the 191,970 MT produced in the same period last year when the plant was still adjusting to the new specifications after capacity was increased to 815,000 MT/year. Orinoco Iron Plant The project with The Broken Hill Proprietary (BHP) to build a direct reduction plant using the FINMETâ technology reached 94.3% completion as of March 31, 2000. During the quarter, commissioning began for the air and water systems and the water treatment complex, as well as the reducing gas furnace and the equipment associated with the first of the plant's two modules. The drying of the refractories for the reactors of train 2 of the same module also began, such that the pre-operating phase of the plant is proceeding satisfactorily. Other than investments in the oil industry, Orinoco Iron is the largest investment made in Venezuela. The plant incorporates FINMETâ technology developed in Venezuela, which uses iron ore fines as a raw material. Other direct reduction technologies use iron ore pellets or lumps as a raw material. The advantage of FINMETâ is based on lower production costs, since it is not necessary to pelletize iron ore fines in order to be able to use them. International Briquettes Holding (IBH) produces iron-ore briquettes for sale mainly in foreign markets. IBH holds 98.9% of Venprecar and 50% of Operaciones RDI. Its operations are strategically located to take advantage of the low cost of inputs needed to produce HBI such as iron-ore and natural gas. In association with the Australian company, BHP, IBH is currently building a 2.2 million MT/year plant in Puerto Ordaz, Venezuela that will use the FINMETâ technology.