From: International Briquettes Holding, IBH 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 SECOND FISCAL QUARTER RESULTS

Caracas, April 30, 2001… International Briquettes Holding, IBH, a company engaged in the production and trade of iron-ore briquettes, reported sales of US$ 13 million for the January-March 2001 period. The company reported an operating loss of US$ 5.3 million and a net loss of US$ 22.7 million. These results are mainly a consequence of IBH's equity participation in Orinoco Iron and of Venprecar's operating loss due to low prices and sales volumes. Venprecar´s production during the quarter was 144,831 MT, as compared to 241,220 MT for the same period in the preceding fiscal year. This decrease was mainly due to the annual shutdown for maintenance carried out in February. During the shutdown, a heat recuperator that was presenting mechanical failures and had reduced the availability of the plant in the last 6 months was replaced. Since the shutdown, this equipment has had a normal performance. Another factor that explains this quarter's results is the price for metallics, which continued depressed in levels similar to those of the October-December 2000 quarter. Orinoco Iron With reference to operations of the Orinoco Iron plant, to the date of this report, production train No 3 has had a normal 68-day run. The technical improvements carried out in this production train have also been incorporated to 2 other production trains, although they have not yet started operations due to the lack of working capital and unfavorable market conditions for the sale of iron-ore briquettes. International Briquettes Holding, reported this morning, April 30, 2001, that on April 27, 2001 the lenders to Orinoco Iron, its 50%-owned affiliate, accelerated the maturity of principal and interest outstanding under Orinoco Iron's bank credit facility (approximately US$ 623.4 million), and also made demand on its guarantors, including Venprecar, a subsidiary of IBH. The lenders advised Orinoco Iron and its guarantors that, notwithstanding this acceleration, they continue to be willing to discuss a possible restructuring of the Orinoco Iron loans. Furthermore, the lenders have directed the trustee to refrain, for the time being, from taking control of the funds held or received in the accounts of Orinoco Iron and RDI, thereby allowing Orinoco Iron and RDI continued access to the cash required for operations. On March 28, IBH informed about the need of the affiliate Orinoco Iron to obtain additional funds that range between US$ 220 and US$ 240 million to continue operations in its plant. This was because, as a consequence of higher costs, lower-than-expected production and depressed prices, its cash flows were below those planned. Such resources are needed to continue existing operations, cover working capital, debt service, purchases of spare parts and other purposes. IBH also announced that, together with BHP, the banks and any other parties, it was studying the possibility of obtaining these resources and that it was also considering whether the value of its investment in the joint venture with BHP had been impaired by the changed circumstances at Orinoco Iron. This situation continues as of today. In the same report, IBH also informed that on March 25 it began a temporary shutdown of its RDI plant, which is a separate HBI facility at Puerto Ordaz. The RDI plant started operations in 1976 with a design capacity of 400,000 MT/year. The closing is due to maintenance requirements at the facility and unfavorable market conditions for the sale of HBI. To the date of this report, no decision has been made as to how long the plant will be closed. On April 5, 2001, IBH informed that Orinoco Iron had failed to make a US$ 16.3 million scheduled interest payment on its bank credit facility, which was due on March 30, 2001. On April 25, 2001, Orinoco Iron's lenders, after sending a notice of default to Orinoco Iron, IBH and BHP on April 5, 2001, informed Orinoco Iron, RDI, Venprecar, BHP and IBH about their intent to exercise their contractual rights to accelerate all outstanding senior debt obligations on April 27, 2001. Nasdaq Advice The Nasdaq Stock Market (Nasdaq) advised IBH that its shares had failed to maintain the minimum market value of public float of US$ 5 million and minimum bid price of $1.00 over the last 30 consecutive trading days required by Nasdaq rules. As of the close of trading on April 27, the market value of the public float of IBH was US$ 4.97 million and the bid price of the shares was US$ 0.25. IBH has until July 18, 2001 to regain compliance with the Nasdaq requirements. If this compliance is not recovered, IBH will appeal to the Nasdaq Listing Qualification Panel. Nasdaq also advised that the "going concern" qualification included in IBH's independent auditors report on IBH's financial statements for the fiscal year ended September 30, 2000 (which was included in IBH's annual report on Form 20-F filed with the Securities and Exchange Commission on April 13, 2001) also raises concerns that IBH may not be able to sustain compliance with Nasdaq's continued listing requirements. The qualification resulted from previously reported operating and financial difficulties at Orinoco Iron. IBH has been requested to submit a plan to Nasdaq by May 21, 2001 for IBH to sustain compliance with these requirements. Failure to provide a plan acceptable to Nasdaq could result in the delisting of IBH's shares either before or after July 18. No assurance can be given as to the timing or outcome of these discussions, or as to whether and if so for how long, IBH's shares will continue to be listed on Nasdaq. Regardless of the outcome of these discussions with Nasdaq, IBH's shares are also listed on the Caracas Stock Exchange. International Briquette Holding, IBH (Nasdaq:IBHVF) consolidates Venprecar's financial results and has a 50/50 partnership with BHP Limited, under which are the Orinoco Iron and Operaciones RDI plants, and Brifer, which holds the intellectual rights of the FINMETâ technology.