Guarantee Agreement

The Management Board of STALEXPORT S.A. informs that on 25th may 2006 the Company received an original agreement on periodic granting of the contract insurance guarantees.

Stalexport S.A. signed the a/m agreement with Powszechny Zakład Ubezpieczeń S.A. (PZU S.A.- Polish Public Insurance) with seat in Warsaw on 22nd May 2006.

The agreement comprises granting by PZU S.A. the contract insurance guarantees within the framework of determined renewable limit in the amount of 8 m zloty, securing claims of indicated Warrantees by virtue of breach of liabilities resulting from:

• entering into tender by Stalexport S.A.
• concluded by Stalexport S.A. agreements: of supply, of service or building works

Credit limit is in force to 21.05.2007 - the limit is renewable.

Securities:

1. five sole blank bills
2. maximum mortgage on real estate with buildings in Częstochowa belonging to the Company
3. voluntary submission to execution under art. 777 Civil Law Code

The criterion of recognising the agreement as the significant one is the value of the agreement subject which exceeds 10 % of the shareholders? equity of the issuer.