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