ISSUE PREMIUM REFUND IN THE AMOUNT OF € 0.08

On September 24th 2004, the Board of Directors of Acerinox, S.A. has approved, in its meeting held at the Kentucky plant of North American Stainless, among other agreements, an issue premium refund in the amount of Euro 0.08 (6.6% up over that refunded on October 2003) following the autorization granted by the General Shareholders Meeting held on June, 10th 2004. This refund will be paid on October, 5th.
On September 24th 2004, the Board of Directors of Acerinox, S.A. has approved, in its meeting held at the Kentucky plant of North American Stainless, among other agreements, an issue premium refund in the amount of Euro 0.08 (6.6% up over that refunded on October 2003) following the autorization granted by the General Shareholders Meeting held on June, 10th 2004. This refund will be paid on October, 5th.