From: International Briquettes Holding, IBH Subsidiary of Siderúrgica Venezolana SIVENSA S.A. Contacts: Isabel Camejo / Maury Bedoni Investor Relations. Telephones: (02) 707.61.45 / 707. 64.49 Telefax: (02) 707.63.35 / 707. 64.26. E-mail: ir_dept@sivensa.com FOR IMMEDIATE DISTRIBUTION:

IBH REPORTS FIRST FISCAL QUARTER RESULTS

Caracas, January 30, 2001…International Briquettes Holding, IBH, a Sivensa subsidiary dedicated to the production and trade of iron-ore briquettes, reported sales of US$ 13 million in the October-December 2000 period. The operating loss recorded was US$ 2.5 million and the net loss was US$ 13.5 million. Venprecar's production during the quarter was 158,500 MT, as compared to 166,252 MT in the same quarter of the previous fiscal year. The decrease was mainly due to faults in a heat recuperator. This equipment will be replaced during the annual maintenance shut-down due to take place between next February 5th and 22th. The insurance company is covering the business interruption caused by the production loss, after applicable deductibles. Separately, during the October-December period, the international prices for metallics experienced a sharp fall that was reflected in the price of Venprecar's and Orinoco Iron's briquettes. The Orinoco Iron Plant As anticipated in the start-up stage, the Orinoco Iron plant recorded losses due to the absorption of fixed costs, to the limited volume of briquettes produced during the learning phase and the cost of repairs of some equipment that caused problems at the beginning of the process. The losses that occurred in Orinoco Iron are reflected under Equity Participation in Affiliates of IBH. After some adjustments noted in our prior quarter report were made, train 3 of the Orinoco Iron plant entered pre-operational stage in the month of November, while train 4 began its start-up process on January 18 of this year. As of the date of this report, Orinoco Iron's production has exceeded 160,000 MT. Adequate quality levels have been reached. Additionally, Orinoco Iron has developed two new products, alloyed briquettes and high- carbon briquettes, HCB®. Initial tests have been satisfactory given the potential advantages in energy consumption that it provides to the steelworks process. International Briquettes Holding, IBH (Nasdaq: IBHVF) consolidates Venprecar's financial results (815,000 MT/year) and has a 50/50 partnership with The Broken Hill Proprietary Co. (BHP), under which are the Orinoco Iron and Operaciones RDI plants (2,200,000 and 400,000 MT/year respectively), and Brifer, which holds the intellectual rights over the FINMET® technology.