Further to its announcement on 16 December 2004, Corus ("the Company") announced today that Dongkuk Steel Mill Co., ("Dongkuk") has now joined the consortium of re-rolling companies (namely Duferco, Marcegaglia and Imsa) to purchase slab under a 10-year off-take contract from Corus’ Teesside Cast Products ("TCP") business.

As a result of Dongkuk’s participation in the Consortium, Corus will receive a total of US$ 157 million from the Consortium, comprising US$ 73 million up-front in 2005/2006 and a further US$ 84 million in deferred payments. The Consortium’s capital expediture contribution will increase to 76%. Corus’ share of TCP’s output post-2006 will be 22%.