(Incorporated in the Republic of South Africa)
(Registration number 1989/002164/06)
("Iscor" or the "Company")
CAUTIONARY ANNOUNCEMENT
Shareholders of Iscor ("Shareholders") are referred to the formal
announcement regarding the restructuring and unbundling of Iscor's steel and
mining businesses into two separately listed companies that was published in
the press on 1 March 2001.
Shareholders are advised that the restructuring is progressing and that the
Commissioner for the South African Revenue Service has now approved the
transfer of Iscor's mining business into a separate company as a
rationalisation scheme in terms of section 39 of the Taxation Laws Amendment
Act, 1994, and the distribution of the shares in the mining company to
Shareholders as an unbundling transaction in terms of the Income Tax Act,
1993.
Furthermore, Iscor confirms that it is in discussions with the Industrial
Development Corporation of South Africa Limited (the "IDC") regarding, inter
alia, the complete recapitalisation of Saldanha Steel (Proprietary) Limited,
the joint venture between the IDC and Iscor, and its integration into Iscor.
Whilst these discussions may have an impact on the timing of the unbundling,
the board of directors of Iscor believes they are in the best interests of
all Shareholders and stakeholders.
Further announcements will be made in due course and in the meantime,
Shareholders are advised to exercise caution when dealing in their Iscor
shares.
By order of the Board
Pretoria
18 May 2001
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