/raid1/www/Hosts/bankrupt/TCRLA_Public/020114.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   L A T I N   A M E R I C A

            Monday, January 14, 2002, Vol. 3, Issue 9

                           Headlines


A R G E N T I N A

AGUAS ARGENTINAS: Fitch Cuts Local, Maintains Foreign Ratings
CAPEX S.A: Fitch Lowers Local, Maintains Foreign Currency Rating
EDENOR S.A.: Fitch Holds Foreign Currency Rating, Drops Local
HIDROELECTRICA PIEDRA: Local Rating Drops, Foreign Unchanged
IMAGEN SATELITAL: Fitch Maintains `CC' Foreign Currency Rating

METROGAS S.A.: Fitch Cuts Local Currency Rating to CCC+
MOLINOS RIO: Local Currency, Export Notes Cut One Notch By Fitch
PECOM ENERGIA: Fitch Lowers Ratings on Local Currency
SIDERAR: Fitch Maintains Foreign Currency Rating
TELECOM ARGENTINA: Fitch Downs Local, Retains Foreign Ratings

TELEFONICA HOLDING: Foreign Currency Rating Unchanged by Fitch
TRANSENER SA: Fitch Lowers Rating On Local Currency
TGN: Fitch Cuts Ratings On Currency, CRIB's, IFC Loan
TGS: Fitch Lowers Local Currency, IBD Loan Ratings
BBVA: Reschedules Annual Directors' Meeting


B R A Z I L

STARMEDIA NETWORKS: Executive Denies Regional Asset Sale Rumors
VARIG: To Resume Miami-Manaus Flights Despite Financial Woes


M E X I C O

BURLINGTON INDUSTRIES: To Close Mexican Plant, 1200 Jobs Cut
ISPAT MEXICANA: Halts Operations Due To Labor Disruption
ISPAT MEXICANA: Company Profile


     - - - - - - - - - -


=================
A R G E N T I N A
=================

AGUAS ARGENTINAS: Fitch Cuts Local, Maintains Foreign Ratings
-------------------------------------------------------------
In a series of related announcements, Fitch included Aguas
Argentinas, S.A. with the following changes in its ratings on
company debt (To/From):

-- Local currency `CCC+' / `B+', Rating Watch Negative;
-- IDB `B' loan part. `CCC+' / `B', Rating Watch Negative.

Fitch maintained Aguas Argentinas' Foreign Currency rating of
`CC', on Rating Watch Negative.


CAPEX S.A: Fitch Lowers Local, Maintains Foreign Currency Rating
----------------------------------------------------------------
In a series of related announcements, Fitch included Capex, S.A.
with a change in its rating on company debt (To/From):

-- Local currency `CC' / `B', Rating Watch Negative.

Fitch maintained Capex's Foreign Currency rating of `CC', on
Rating Watch Negative.

CONTACTS:  Enrique Gotz, Chairman
           Alejandro Gotz, Vice Chairman
           948/950 Av Cordoba Dept 5
           Buenos Aires, Argentina
           Phone   +54 110 4322 4884
           URL: http//www.capex.com.ar


EDENOR S.A.: Fitch Holds Foreign Currency Rating, Drops Local
-------------------------------------------------------------
In a series of related announcements, Fitch included Edenor, S.A.
with the following changes in its ratings on company debt
(To/From):

-- Local currency `B-' / `B+', Rating Watch Negative;
-- GAIN trust notes `B-' / `B+', Rating Watch Negative.

Fitch maintained Edenor's Foreign Currency rating of `CC', on
Rating Watch Negative.


HIDROELECTRICA PIEDRA: Local Rating Drops, Foreign Unchanged
-------------------------------------------------------------
In a series of related announcements, Fitch included
Hidroelectrica Piedra del Aguila S.A. with the a change in its
rating on company debt (To/From):

-- Local currency `B-' / `B+', Rating Watch Negative.

Fitch maintained Hidroelectrica Piedra's Foreign Currency rating
of `CC', on Rating Watch Negative.


IMAGEN SATELITAL: Fitch Maintains `CC' Foreign Currency Rating
--------------------------------------------------------------
In a series of related announcements, Fitch included Imagen
Satelital S.A. maintaining the Company's Foreign Currency Rating
of `CC', on Rating Watch Negative.


METROGAS S.A.: Fitch Cuts Local Currency Rating to CCC+
--------------------------------------------------------
In a series of related announcements, Fitch included MetroGas
S.A. with the a change in its rating on company debt (To/From):

-- Local currency `CCC+' / `B+', Rating Watch Negative.

Fitch maintained Metrogas' Foreign Currency rating of `CC', on
Rating Watch Negative.

CONTACTS:  Alberto Alfredo Alvarez, President
           William Harvey Adamson, First VP
           Gen. Director Enrique Barruti, HR Director
           Fernando Aceiro New Bus. Director
           Luis Domenech Admin. and Fin. Director

           Their Address:
           G. Araoz de Lamadrid 1360
           1267 Buenos Aires, Argentina
           Phone: (800) 422-2066
           Fax: (201) 262-2541
           Email: info@metrogas.com.ar


MOLINOS RIO: Local Currency, Export Notes Cut One Notch By Fitch
----------------------------------------------------------------
In a series of related announcements, Fitch included Molinos Rio
de la Plata S.A. with the following changes in its ratings on
company debt (To/From):

-- Local currency `B' / `B+', Rating Watch Negative;
-- Secured export notes `B' / `B+', Rating Watch Negative.

CONTACTS:  Gregorio Perez Companc, Chairman
           Juan Manuel Forn, CEO
           Guillermo Garcia, COO
           Anibal Rodriguez Melgarejo, CFO

           Their Address:
           MOLINOS RIO DE LA PLATA S.A.
           Uruguay 4075, Victoria
           B1644HKG Buenos Aires, Argentina
           Phone: +54-(0)11-4340-1100
           Fax: +54-(0)11-4340-1273
           URL: http://www.molinos.com.ar


PECOM ENERGIA: Fitch Lowers Ratings on Local Currency
-----------------------------------------------------
In a series of related announcements, Fitch included Pecom
Energia S.A. with a change in its rating on company debt
(To/From):

-- Local currency `B'/'BB-`, Rating Watch Negative;

Fitch maintained Pecom Energia's Foreign Currency rating of `B-',
on Rating Watch Negative.

CONTACTS:  Pecom EnergĦa S.A. de Perez Companc S.A.
           Maip£ 1 - Piso 22 - C1084ABA
           Buenos Aires, Argentina
           Phone: (54-11) 4344-6000
           Fax: (54-11) 4344-6315
           URL: http://www.pecom.com


SIDERAR: Fitch Maintains Foreign Currency Rating
------------------------------------------------
In a series of related announcements, Fitch included Siderar
S.A., maintaining the Company's foreign currency rating of `CC',
on Rating Watch Negative.

CONTACTS:  Agostino Octavio F. Rocca, Chairman
           Roberto Philipps, CFO

           Their Address:
           Siderar S.A.I.C.
           Avenida Leandro N. Alem 1067, Pisos 22 y 23
           1001 Buenos Aires, Argentina
           Phone: +54-11-4318-2044
           Fax: +54-11-4313-6417
           URL: siderar.com.ar


TELECOM ARGENTINA: Fitch Downs Local, Retains Foreign Ratings
-------------------------------------------------------------
In a series of related announcements, Fitch included Telecom
Argentina S.A. with a change in its rating on company debt
(To/From):

--Local currency `B-' / `B+', Rating Watch Negative;

Fitch maintained Telecom Argentina's Foreign Currency rating of
`CC', on Rating Watch Negative.

CONTACT:  Juan Carlos Masjoan, Chairman
          Alicia Moreau de Justo 50
          Buenos Aires 1107
          Argentina
          Phone:  +54 11 4968 4000
          URL: http://www.telecom.com.ar


TELEFONICA HOLDING: Foreign Currency Rating Unchanged by Fitch
--------------------------------------------------------------
In a series of related announcements, Fitch included Telefonica
Holding de Argentina S.A., maintaining the Company's foreign
currency rating of `CC', on Rating Watch Negative.

CONTACTS:  Carlos Fernandez-prida, Chairman
           M. Ruete, Vice Chairman
           E. Caride, Chief Executive
           F. R. Borio, Secretary

           Their address:
           Telefonica Holding de Argentina S.A.
           1049 BUENOS AIRES, Argentina
           Phone:  +54 11 43259985
           URL: http://www.telefonica.com.ar


TRANSENER SA: Fitch Lowers Rating On Local Currency
---------------------------------------------------
In a series of related announcements, Fitch included Transener
S.A. with a change in its rating on company debt (To/From):

-- Local currency `CCC+' / `B+', Rating Watch Negative;

Fitch didn't change the Company's foreign currency rating of
`CC', Rating Watch Negative.

CONTACTS:  Compa¤Ħa de Transporte de EnergĦa El‚ctrica en Alta
           Tensi˘n (Transener S.A.)
           Av. Paseo Colon 728, 6"Piso - (1063)
           Buenos Aires, Argentina
           Tel. (5411) 4342-6925

           Business Development:
           Carlos A. Jeifetz (jeifecar@transx.com.ar)
           Gerardo Baseotto (baseoger@transx.com.ar)
           Tel.: (54-11) 4334-0182 / 4342-6925
           Fax: (54-11) 4342-4861


TGN: Fitch Cuts Ratings On Currency, CRIB's, IFC Loan
-----------------------------------------------------
In a series of related announcements, Fitch included
Transportadora de Gas del Norte S.A. with a change in its ratings
on company debt (To/From):

--Local currency `B-' / `B+', Rating Watch Negative;
--TGN CRIBs `B-' / `B+', Rating Watch Negative;
--IFC `B' loan part. `B-' / `B', Rating Watch Negative.

Fitch maintained TGN's Foreign Currency rating of `CC', on Rating
Watch Negative.


TGS: Fitch Lowers Local Currency, IBD Loan Ratings
--------------------------------------------------
In a series of related announcements, Fitch included
Transportadora de Gas del Sur S.A. with a change in its ratings
on company debt (To/From):

--Local currency `B-' / `B+', Rating Watch Negative;
--IDB `B' loan part. `B-' / `B', Rating Watch Negative.

Fitch retained the Company's Foreign Currency rating of `CC', on
Rating Watch Negative.

CONTACTS:  Gonzalo Castro Olivera, Investor Relations
           email: gonzalo_olivera@tgs.com.ar

           MarĦa Victoria Quade, Investor Relations
           email: victoria_quade@tgs.com.ar
           Tel: (5411) 4865-9077

           Walter F. Schmale, Chairman
           Eduardo Ojea Quintana, Vice Chairman and CEO
           Claudio Schuster, CFO

           Their Address:
           Transportadora de Gas del Sur S.A. (TGS)
           Don Bosco 3672, 6th Fl.
           C1206ABD Buenos Aires, Argentina
           Phone: +54-11-4865-9050
           Fax: +54-11-4865-7154



FITCH RATINGS NOTES: Fitch views the recent announcements and
expected actions to be taken by the Argentine government as
detrimental to the financial health of most, if not all, of the
Argentine corporates, creating significant uncertainty and
possibly leading to payment defaults for some.

The effects of the government's action on Argentine corporate
credit quality will result in a deterioration of financial
flexibility and credit protection measures. Most of the Fitch
publicly rated entities have tended to be the most financially
sound, and thus will be in the best financial position to emerge
successfully from the current crisis, although the outcome is
highly uncertain at this time.

The ability of these entities to make timely payments on their
debt service obligations is Fitch's most immediate concern. Acute
lack of liquidity in the Argentine marketplace will limit these
companies' ability to offset the adverse effect on cash flow and
to meet near term debt service with new bank lines of credit --
even for the best credits in the market. For weaker credits, this
issue is amplified.

Initial indications suggest a devaluation target of 29%, although
it remains to be seen whether this level will be sustainable in
the very short term. Additional measures include the conversion
of public service tariffs and fees to pesos from U.S. dollars and
effectively breach privatization concession contracts by
prohibiting adjustment for the increasing costs associated with
the devaluation. Price caps, i.e. controls, to be put in place by
the authorities in an effort to ward off inflationary pressure,
will force these companies to absorb the higher cost of
devaluation.

Many Argentine companies are facing immediate liquidity and
refinancing risk. As liquidity has dried up in the international
capital markets over the past year or so, local and international
bank markets afforded the necessary funding to meeting working
capital and refinancing requirements, resulting in increased
short-term debt levels. Entities with debt maturities over the
ensuing 3 to 6 months are likely to have limited financing
options. The rating actions below reflect each company's ability
to withstand the liquidity crisis over the coming six months.
Additional rating action may be taken as further measures are
announced by the government.

CONTACT:  Fitch
          Daniel R. Kastholm, 1-312-368-2070
          Lorna Martin, +54 11 4327-2444


BBVA: Reschedules Annual Directors' Meeting
-------------------------------------------
Spanish bank Banco Bilbao Vizcaya Argentaria's (BBVA) annual
directors' meeting, which was scheduled for January 14-15, has
been postponed, reports El Pais. So far, no reschedule date has
been set for the meeting.

The meeting is delayed as the new team, which took over the
reigns on December 21 after the bank's power crisis, has still
not drawn up the new 2002 objectives.

The bank's top 230 directors usually attend this type of meeting
to hear the past financial year's results reviewed and the
current year targets outlined.

According to BBVA, the new board has not had time to close the
financial year and prepare the 2002 objectives. The new board
points to the Argentine economic crisis and the short time at the
helm up for the delays.

Expectations for the Seville meeting were high both within and
outside the bank as BBVA had announced in October that it was
lowering profit forecasts for 2001 from 24 to 16 per cent.

Meanwhile, the bank, along with another Spanish bank, Santander
Central Hispano (SCH), were dealt a further blow by the Argentine
government with end of its 'convertibility' system and a
redenomination of the assets and liabilities of the financial
system.

Argentine Production Minister Jose Ignacio de Mendiguren accused
Spanish companies, and principally banks, of 'continuing to
pursue small sectorial interests' in times of crisis.

His comments took the banks completely by surprise. Although SCH
and BBVA have demonstrated their willingness to collaborate with
the government of Eduardo Duhalde to find a solution to the
crisis, they are demanding a 'viable' economic plan with
'guarantees' to avoid the collapse of the financial system.

The Argentine government has proposed an alternative to the tax
on oil exports included in the emergency economic act designed to
compensate banks directly. The banking sector is now attempting
to find out what Duhalde's plans are.



===========
B R A Z I L
===========

STARMEDIA NETWORKS: Executive Denies Regional Asset Sale Rumors
---------------------------------------------------------------
Jose Manuel Tost, operations director at Starmedia Brasil, denied
rumors that the New York-based Internet media and solutions
company Starmedia is selling all of its assets in the region,
says Business News Americas.

"At no point has that been proposed. Our strategy is to maximize
the firm's content, media, traffic and technology assets in an
integrated manner. The idea is to create value-added services
with the traditional Internet (business) plus the mobile
(business)," Tost said, in an interview with Business News
Americas.

Starmedia recently sold its search engine and web directory Cade
to Yahoo! Brasil, a unit of US-based search engine Yahoo!, for an
undisclosed amount. The sale allows Starmedia to improve its
media and wireless service offering in Brazil, one of the
company's principal markets.

The sale proceeds, according to Tost, will be set aside to
support the convergence of technology "so that we will have a
platform that gives value-added services to segments I just
mentioned."

CONTACTS: STARMEDIA NETWORK BRAZIL:
          Enrique Narciso, CEO, President, and Director
          Susan L. Segal, Acting chairman
          Jose Manuel Tost, Chief Operating Officer
          Michael Hartman , Vice President and General Counsel

          Addresses:
          Sao Paulo:
          Av. NaĜoes Unidas 12.551 Andar 15
          Sao Paulo, Brazil 04544-120
          ph: 011-5511-3043-7156
          fax: 011-5511- 3043-7507

          Rio de Janeiro:
          Praia do Flamengo 66 B - 4 Andar
          Rio de Janeiro, Brazil 22228-900
          ph: 001-5521-3084-4940
          fax: 011-5521-3084-4949


          CORPORATE COMMUNICATIONS REPRESENTATIVES:
          Latin American and Spanish Media:
          Mariana Cavin
          Tel: (212) 905-8267
          Fax: (212) 905-8500
          mariana.cavin@starmedia.net


VARIG: To Resume Miami-Manaus Flights Despite Financial Woes
------------------------------------------------------------
In an official press release, VARIG Brazilian Airlines, the
largest airline in Latin America and the anchor for Star Alliance
in the region, announced Thursday that it will resume its non-
stop flights between Miami and Manaus effective January 19.

The weekly flight, utilizing Boeing's new generation 737-800s
configured with 12 executive business class and 105 economy class
seats, will operate on Saturdays, departing at 7:00 p.m. and
arriving in Manaus at 1:00 a.m. the following morning. The
northbound trip will leave Manaus at 1:45 p.m. and is scheduled
to arrive in Miami at 6:00 p.m. on Saturday, allowing a wide
option of domestic connecting services in both directions.

"We are pleased to re-instate the Manaus non-stop service which
had temporarily been suspended in the wake of the global decline
in air travel experienced in the fall of 2001," Vicente Cervo,
VARIG's Director-North America said. "Manaus is the gateway to
the Amazon and is a popular point for American travelers,
especially those interested in eco-tourism and fishing," he
added. Cervo also pointed out that Manaus is a large industrial
center and is an important hub for air cargo.

VARIG will celebrate its 75th anniversary in May and has been the
pioneer in introducing many aviation firsts to Latin American
skies such as its recent inauguration of Boeing 777 service in
November 2001. Brazil's leading air carrier has been serving the
United States since 1955 and offers non-stop flights to three
U.S. gateways, New York, Miami and Los Angeles from Sao Paulo,
and non-stop flights from Miami to Rio de Janeiro. The airline,
along with its sister airlines RIO-SUL, Nordeste and PLUNA,
offers connections to over 100 domestic Brazilian cities as well
as major cities in Argentina, Chile, Uruguay and Paraguay.

VARIG CONTACTS:  VARIG Brazilian Airlines, Miami
                 Jeff Kriendler, 305/866-2115
                 email: jkriendler@aol.com

                 Legal Department:
                 Rua 18 de Novembro nr. 800 Navegantes
                 Zip : 90240-040
                 City : Porto Alegre / RS - Brazil
                 Telephone numbers: (51) 358-7039/7040
                                   (51) 358-7010/7042

                 INDEPENDENT ACCOUNTANTS
                 Arthur Andersen S/C
                 Rua Alexandre Dumas 1981
                 Cep: 04.717-906 - Centro / Sao Paulo / S P-
                 Brazil
                 Tels.: (11) 5504-8200
                 Fax:  (11) 5504-8373

                 INVESTOR RELATIONS MANAGER/STOCKHOLDER SERVICES
                 Leir s  Stortti
                 E-mail: leir.stortti@varig.com.br
                 Av. Almte. Silvio de Noronha, n  365 -
                 Bloco "A" - s/416
                 Centro - Rio de Janeiro - RJ
                 Cep.:  20021-010
                 Tels.: (21) 3814-5401/5402/5403/5415
                 Fax:  (21) 3814-5543



===========
M E X I C O
===========

BURLINGTON INDUSTRIES: To Close Mexican Plant, 1200 Jobs Cut
------------------------------------------------------------
Burlington Industries, Inc. (OTC Bulletin Board: BRLG) announced
Thursday a comprehensive reorganization of its apparel fabrics
group. This reorganization is part of the company's initiatives
to transition and modify its business model in order to better
serve its customers' expanding needs in the global supply chain
and restructure the company under Chapter 11 of the U.S.
Bankruptcy Code as announced in November.

George W. Henderson, III, Chairman and Chief Executive Officer,
said, "We are moving aggressively to create more value for our
customers and provide a broader range of new products and fabric
innovation. Our business model going forward provides us the
flexibility to expand our North American capabilities through
increased innovation developed by Nano-Tex, LLC and expanded
global partnerships established through Burlington WorldWide
Limited, our Hong-Kong subsidiary."

The major elements of the reorganization are:

1) Unified Sales and Marketing - All apparel products will be
marketed and sold under one organization, "Burlington WorldWide",
instead of its previous divisional structure.

2) Accelerate Product Sourcing - The company will expand the
product offerings of its manufacturing base with sourced products
from Burlington WorldWide's international mill partners. This
coordinated network of domestic and international resources will
enable the company to offer a broader range of fabrics to its
customers and deliver them to points of assembly worldwide.

3) Rationalize its Manufacturing Base - Burlington will reduce
its U.S. manufacturing base for apparel fabrics in response to
slowing economic conditions and continued import competition.
This reorganization will result in the sale or closing of five
locations, which include Mount Holly, NC; Stonewall, MS; Halifax,
VA; Clarksville, VA; and its denim garment operation in
Aguascalientes, Mexico. The company estimates a loss of
approximately 2800 jobs in the United States and 1200 jobs in
Mexico as the result of the plant closings, plus additional
capacity reductions at its Raeford, NC plant and company-wide
overhead reductions.

The company will continue to make synthetic and wool products at
its Cordova and Raeford, NC; Hurt, VA; and Yecapixtla, Mexico
locations. All denim production will come from either the
Yecapixtla, Mexico or Navsari, India locations. These operations
are modern and when combined with advanced product technology and
geographic advantages provide a sustainable competitive edge.

The reorganization initiatives discussed above will result in
substantial restructuring charges in the first and second
quarters of fiscal year 2002.

Commenting further, Henderson said, "We deeply regret the loss of
jobs resulting from these actions. Continued pressures from
foreign imports and unfair trade practices coupled with slowing
and uncertain economic conditions have made it necessary for us
to further reduce our U.S. capacity. We recognize the increasing
global nature of our industry, but we strongly oppose unfair
trade that impacts U.S. jobs. We continue to lobby for
legislation that enforces fair trade and supports a competitive
U.S. textile industry.

"We have confidence that our new business model is sustainable
over time and will provide a solid base from which to grow our
company. We are committed to providing our customers the highest
level in product innovation and customer service through expanded
global networks and our own modern operations. We expect to
transition our apparel fabrics group over the next 60 to 180
days."

Burlington Industries, Inc. is one of the world's largest and
most diversified manufacturers and marketers of softgoods for
apparel and interior furnishings.

CONTACT:  Ross Haymes
          Manager of Investor Relations
          Burlington Industries, Inc.
          P. O. Box 21207
          Greensboro, NC 27420
          Tel. +1-336-379-2788
          Fax. (336) 379-4504


ISPAT MEXICANA: Halts Operations Due To Labor Disruption
--------------------------------------------------------
In a company press release, Ispat Mexicana, S.A. de C.V.
("Imexsa") on Thursday announced that on December 20, 2001, under
the direction of the new leadership of the National Union of
Mining, Metallurgical and Similar Workers of the Mexican Republic
(the "National Union"), the local section, representing a
majority of the employees of Imexsa, took control of the plant's
main steelmaking facilities and those of a neighboring steel
plant belonging to another company. Since that time, Imexsa's
management and certain of its employees have been prevented from
entering Imexsa's facilities and have been unable to produce or
ship any steel slabs. Imexsa is a steelmaking subsidiary of Ispat
International N.V. (NYSE: IST) (AEX: IST NA).

Imexsa has been advised by its Mexican counsel for labor matters
that, since the Mexican government has not recognized the local
section's new leadership, the walkout is illegal. On October
2001, a new general secretary took office as head of the National
Union. As a result of disagreements between the new general
secretary and certain of the leaders of the local section, the
new general secretary removed the existing leadership of the
local section and appointed new leadership, which has not been
recognized by the Mexican government. Imexsa has filed a request
with the federal Mexican labor court to approve the termination
of the current collective bargaining agreement with the National
Union, which currently expires in August 2003. Imexsa's request
will be heard by the federal Mexican labor court on January 18,
2002, and Imexsa anticipates that a decision will be made on its
request by the court within two to three weeks. If Imexsa's
request is granted, Imexsa believes it will be able to regain
access to its facilities.


ISPAT MEXICANA: Company Profile
-------------------------------
NAME:  Ispat Mexicana, S.A. de C.V.
       Fco. J. M£jica No. 1-B
       Apartado Postal No. 19-A,
       C.P. 60950
       L zaro C rdenas
       Michoacan, M‚xico

TELEPHONE:  + (52) 753 20669

FAX:  + (52) 753 22723

WEBSITE:
http://www.ispat.com/default.asp?langID=en&ID=corp_sub_mexica&men
u_key=113


TYPE OF BUSINESS:  Ispat Mexicana, S.A. de C.V. is a subsidiary
                   of Ispat International N.V. (Ispat) and the
                   nation's largest steel producer and slab
                   exporter. The Company is the only dedicated
                   slab producer in the world using the DRI-EAF-
                   continuous-casting-method for its entire
                   production, using DRI as its primary metallic
                   input for steelmaking. This process results in
                   higher quality slabs with a uniform grain
                   structure and superior finish - thereby
                   offering more benefits to the end user.


SIC:  STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS)
      [3312]

TOTAL CURRENT ASSETS: $1.619 billion (Ispat International - as of
                      9/30/01

TOTAL CURRENT LIABILITIES:  $1.335 billion (Ispat International -
                            as of 9/30/01)

CHAIRMAN & CEO: Lakshmi Mittal (Ispat International)

CFO: Bhikam Agarwal (Ispat International)

MANAGING DIRECTOR: M.R. Nair (Imexsa)

CONTACT PERSONS:  ISPAT INTERNATIONAL LTD.
                  Jai K. Saraf, Director-Finance
                  + 44 20 7543 1174
                  or
                  Annanya Sarin, Head of Communications
                  + 44 20 7543 1162
                  + 31 10 404 6738

                  CITIGATE DEWE ROGERSON
                  John McInerney, Investor Relations
                  + 1 212 419 4219




S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter Latin American is a daily newsletter
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and Beard Group, Inc., Washington, DC. John D. Resnick, Edem
Psamathe P. Alfeche and Fe Ong Va¤o, Editors.

Copyright 2002.  All rights reserved.  ISSN 1529-2746.

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