Nalwa Sons Investment

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