REGISTRATION RIGHTS AGREEMENT



                           Dated as of March 25, 2004



                                  By and Among



                                ISPAT INLAND ULC,



                           the GUARANTORS named herein



                                       and



                               UBS SECURITIES LLC



                              as Initial Purchaser



                   Senior Secured Floating Rate Notes Due 2010

                       9.75% Senior Secured Notes due 2014



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                                TABLE OF CONTENTS



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Section 1.        Definitions................................................................       1



Section 2.        Exchange Offer.............................................................       4



Section 3.        Shelf Registration.........................................................       8



Section 4.        Additional Interest........................................................       8



Section 5.        Registration Procedures....................................................      10



Section 6.        Registration Expenses......................................................      18



Section 7.        Indemnification............................................................      19



Section 8.        Rules 144 and 144A.........................................................      22



Section 9.        Underwritten Registrations.................................................      22



Section 10.       Miscellaneous..............................................................      22



         (a)      No Inconsistent Agreements.................................................      22

         (b)      Adjustments Affecting Registrable Notes....................................      23

         (c)      Amendments and Waivers.....................................................      23

         (d)      Notices....................................................................      23

         (e)      Guarantors.................................................................      24

         (f)      Successors and Assigns.....................................................      24

         (g)      Counterparts...............................................................      24

         (h)      Headings...................................................................      24

         (i)      GOVERNING LAW..............................................................      25

         (j)      Severability...............................................................      25

         (k)      Securities Held by the Issuers or Their Affiliates.........................      25

         (l)      Third-Party Beneficiaries..................................................      25

         (m)      Entire Agreement...........................................................      25

         (n)      Judgment Currency..........................................................

         (o)      Taxes......................................................................      25



SIGNATURES...................................................................................     S-1

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                          REGISTRATION RIGHTS AGREEMENT



            This Registration Rights Agreement (this "Agreement") is dated as of

March 25, 2004, by and among Ispat Inland ULC, a Nova Scotia unlimited liability

company (the "Company"), and each of the Guarantors (as defined herein) (the

Company and the Guarantors are referred to collectively herein as the

"Issuers"), on the one hand, and UBS Securities LLC (the "Initial Purchaser"),

on the other hand.



            This Agreement is entered into in connection with the Purchase

Agreement, dated as of March 18, 2004, by and among the Issuers and the Initial

Purchaser (the "Purchase Agreement"), relating to the offering of $150,000,000

aggregate principal amount of the Company's Senior Secured Floating Rate Notes

due 2010 (the "Floating Rate Notes") and $650,000,000 aggregate principal amount

of the Company's 9.75% Senior Secured Notes due 2014 (the "Fixed Rate Notes,"

and together with the Floating Rate Notes, the "Senior Secured Notes") (the

Senior Secured Notes including the guarantees thereof by the Guarantors, the

"Notes"). The execution and delivery of this Agreement is a condition to the

Initial Purchaser's obligation to purchase the Notes under the Purchase

Agreement.



            The parties hereby agree as follows:



      Section 1. Definitions



            As used in this Agreement, the following terms shall have the

following meanings:



            "action" shall have the meaning set forth in Section 7(c) hereof.



            "Additional Amounts" shall have the meaning set forth in the

Indenture.



            "Additional Interest" shall have the meaning set forth in Section

4(a) hereof.

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