Nalwa Sons Investment Ltd.

Dear Stakeholders I am very pleased in writing to you again in the Jindal Strips Annual Report for 2004. I would like to start by saying that I am very optimistic about the outlook for all the Jindal Group companies that Jindal Strips has investments in. A lot has happened in the steel sector in the past year, but I'm glad to say that our group companies have all done well this year too. Jindal Strips has built a solid foundation that should enable our companies to deliver sustained, strong performances into the future. We are well on the way to achieve our long stated goal of creating value for our stakeholders As we enter our next year of strong growth, we see many opportunities that we are well geared to take full advantage of. Last but not the least, I would like to thank you for your continued support and look forward to another good year together. O.P. Jindal