All you would need to say in natural gas termsheet is, "This Transaction, if 
entered into, will be conditioned upon the parties agreeing to a mutually 
acceptable U.S. Hot Rolled Steel financial swap transaction". 

And for the steel termsheet, "This Transaction, if entered into, will be 
conditioned upon the parties agreeing to a mutually acceptable Natural Gas 
financial swap transaction".  

(You can place the language at the end of the transaction description 
paragraph.) 





	Tim McKone
	11/01/2000 06:59 PM
		 
		 To: Mark Taylor/HOU/ECT@ECT, Brent Hendry/NA/Enron@Enron
		 cc: Jaime Williams/NA/Enron@ENRON, Tammy L Mulrooney/HOU/ECT@ECT, Andrew 
Wilson/Corp/Enron@ENRON
		 Subject: Hylsamex swaps for steel and gas

Hello Mark and Brent,

Attached is the steel swap Term Sheet and the natural gas swap term sheet.  
We are offering Hylsamex a discounted fixed price natural gas financial swap 
and in return for this discount, we will be buying fixed price steel 
(financial) from Hylsamex.  The discounted natural gas swap is contingent 
upon our receiving discounted steel from Hylsamex.  Would you put language to 
these swaps so as to make the gas swap contingent upon the steel swap.  

Please send the results as soon as possible to all of the above, and 
especially communicate to Jamie Williams in our Monterrey office (011 528 
152-2403, as he will be sending the final term sheet to Hylsamex tomorrow 
(11/2).  Jaime will be expecting your communication tomorrow.


Thank you,

Tim McKone