Annual Report 1999 International Briquettes Holding IBH Report submitted by the Board of Directors to the Annual Shareholder's Meeting of International Briquettes Holding (IBH) International Briquettes Holding, IBH, is a world-class company based in Venezuela, dedicated to the low cost production and sale of hot briquetted iron that serves as a substitute for high quality scrap in steel production processes. Its most important clients are steel companies from the United States and Europe. The company has an 815,000 MT/year plant, which uses the Midrex technology, and a joint venture with the Australian company The Broken Hill Proprietary, BHP, through which it is constructing the Orinoco Iron project that will have an annual capacity of 2.2 million MT/ year of briquettes. Also, within the joint venture are the Operaciones RDI plant, with a capacity of 400,000 MT/year, and Brifer, which holds the intellectual property rights associated with the FIOR and FINMET® technologies. BOARD OF DIRECTORS TO OUR SHAREHOLDERS VISION AND STRATEGY FUNDAMENTALS HUMAN RESOURCES LEGEND FOR THE ORINOCO IRON PLANT LEGEND FOR THE PORT HEDLAND INVESTOR RELATIONS