Commentary of the Mangement Board on the information concerning the declaration of the insolvency of the company STALEXPORT WIELKOPOLSKA Sp. z o.o.

The Mangament Board of STALEXPORT SA would like to refer to the information concerning the declaration of insolvency of the company STALEXPORT WIELKOPOLSKA Sp. z o.o. published in Gazeta Poznańska and re-published in the internet portal Onet.pl. Until the present moment neither the Management Board of STALEXPORT WIELKOPOLSKA Sp. z o.o. nor STALEXPORT SA were officially informed about the Court decision in regard to the motions on declaring the onsolvency of the company with the possibility to conclude the arrangement. Such a motion was submitted by STALEXPORT SA as the main creditor of the Company and by the Company STALEXPORT WIELKOPOLSKA Sp.z o.o. Reserving itself the right to appeal against the decision of the Court, STALEXPORT SA in cooperation with the Management Board of STALEXPORT WIELKOPOLSKA Sp. z o.o. undertakes actions whose aim is to continue the commercial activity of the STALEXPORT SA Capital Group in this region. The basis of these actions will be the take over of the team of commercial salesmen and the continuation of the sales of metallurgical products on the principle of the leased or purchased assets of the company or other entities. Simultaneously, we inform that reserves in the amount of 100% (36 747 000 PLN in total) were previously set on the financial assets of STALEXPORT SA in STALEXPORT WIELKOPOLSKA Sp.z o.o. and overdue commercial receivables and off-balance sheet liabilities. Only the value of 1 m 177 thousand current receivables is not covered by the reserves.
The share of sale of STALEXPORT WIELKOPOLSKA Sp. z o.o. in the turnovers of the STALEXPORT SA Capital Group amounted to ?2.16% in the year 2003.