ANNUAL REPORT ARCELOR 2003 - paperJam

NOTE 7 – OTHER INVESTMENTSThe main items comprising investments and other securities (not consolidated) comprise:In EUR million Net value 2003 Net value 2002Shares in affiliated companies 126 196Investment securities 71 78Other investment securities 110 192TOTAL 307 466The reduction in the value of shares in affiliated companies is primarily due to value adjustments recorded in the year.The decrease in other financial fixed assets is principally due to the decrease of EUR 103 million relating to the fullconsolidation of BMP Siderurgica S.A. (Brazil, long carbon steel), formerly known as Mendes Junior.NOTE 8 – RECEIVABLES AND OTHER FINANCIAL ASSETSReceivables associated with investments, loans and other financial assets:In EUR million 2003 2002Acesita - 55Acindar 121 95Carsid 89 110Forcast international 7 8Duferco 17 -ThyssenKrupp Stahl 13 -Sodisid - loans granted 11 21Sodisid - securitisation 30 26Revaluation of interest rate and exchange rate hedge instruments 68 86Guarantee deposit 142 217Hedging of pension funds and similar benefits 10 5Other 185 143TOTAL 693 766NOTE 9 – INVENTORIESInventories are detailed below, distinguishing between those held at historic cost and those valued at net realisablevalue.As at December 31, 2003, inventories are valued as follows:Inventories held Inventories held TotalIn EUR million at historic cost at net realisable valueRaw materials and stocks 629 1,365 1,994Work in progress 607 750 1,357Finished goods 471 1,177 1,648Contracts in progress 95 - 95Spares 93 293 386Advances and prepayments on orders 17 - 17TOTAL 1,912 3,585 5,497152ANNUAL REPORT ARCELOR 2003