Summary

• Total pellet production in 4Q 2011 was 3.3% higher than 3Q 2011
• Pellet production from own ore in 2011 continued at full capacity, in-line with 2010
• Production of higher grade 65% Fe pellets, from own ore, increased 4.8% in 2011 compared to 2010
• Production of pellets from third party concentrate is dependent on availability in local markets

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