<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99.txt
<DESCRIPTION>PRESS RELEASE DATED FEBRUARY 3, 2003
<TEXT>
(LOGO)                                                         Exhibit 99

                                                  Magna International Inc.
                                                        337 Magna Drive
                                                        Aurora, Ontario L4G 7K1
                                                        Tel   (905) 726-2462
                                                        Fax   (905) 726-7164

                                PRESS RELEASE

                        MAGNA ANNOUNCES NON-CASH CHARGE

February 3, 2003, Aurora, Ontario, Canada......Magna International Inc. (TSX:
MG.A,MG.B; NYSE: MGA) today announced that it has completed its annual
Recoverability assessment of goodwill and review of the carrying value of
long-lived assets in
its automotive operations, in accordance with the new recommendations of The
Canadian Institute of Chartered Accountants (which conform to similar guidance
in the United States). As a result of this assessment and review, Magna has
determined that it must write-down the carrying value of goodwill and long-term
assets at certain underperforming European interior and die-casting operations.
Accordingly, Magna will record a non-cash impairment charge to fourth quarter
2002 earnings. The impact to net income and diluted earnings per share is
expected to be approximately U.S.$26 million and $0.27 per share, respectively.

In addition, Magna Entertainment Corp., Magna's non-automotive subsidiary, is
in the process of completing its annual recoverability assessment of goodwill
and indefinite life intangible assets as well as its review of the carrying
value of long-term assets at two racetrack properties. These two racetrack
properties, both of which are currently experiencing operating losses, have
assets with an aggregate book value of approximately U.S.$26 million.

Magna expects to release its full financial results for the fourth quarter of
2002 and for the year ended December 31, 2002 on February 24, 2003.

Magna, one of the most diversified automotive suppliers in the world, designs,
develops and manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, primarily for sale
to original equipment manufacturers of cars and light trucks in North America,
Europe, Mexico, South America and Asia. Magna's products include: interior
products, including complete seats, instrument and door panel systems and sound
insulation, and closure systems through Intier Automotive Inc.; stamped,
hydroformed and welded metal parts and assemblies through Cosma International;
exterior and interior mirror, lighting and engineered glass systems through
Magna Donnelly; complete exterior solutions including body panels, fascias,
lighting, sealing systems and running boards through Decoma International Inc.;
various engine, transmission, fueling and cooling components through Tesma

International Inc.; and a variety of drivetrain components and complete vehicle
engineering and assembly through Magna Steyr. Magna's non-automotive activities
are conducted through Magna Entertainment Corp.

Magna has approximately 72,000 employees in 197 manufacturing operations and 44
product development and engineering centres in 22 countries.

For further information, please contact Vincent Galifi at (905) 726-7100.
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This press release may contain "forward looking statements" within the meaning
of applicable securities legislation. Such statements involve certain risks,
assumptions and uncertainties which may cause the Company's actual future
results and performance to be materially different from those expressed or
implied in these statements. These risks, assumptions and uncertainties
include, but are not limited to: global economic conditions causing decreases
in production volumes; price reduction pressures; pressure to absorb certain
fixed costs; increased warranty, recall and product liability risk; dependence
on outsourcing by automobile manufacturers; rapid technological and regulatory
change; crude oil and energy prices; dependence on certain vehicle product
lines; fluctuations in relative currency values; unionization activity; threat
of work stoppages; the competitive nature of the auto parts supply market;
program cancellations, delays in launching new programs and delays in
constructing new facilities; completion and integration of acquisitions;
disruptions caused by terrorism or war; changes in governmental regulations;
the impact of environmental regulations; and other factors as set out in the
Company's Form 40-F for its financial year ended December 31, 2001 and
subsequent SEC filings. The Company disclaims any intention and undertakes no
obligation to update or revise any forward-looking statements to reflect
subsequent information, events or circumstances or otherwise.




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