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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000891092-04-002251.txt : 20040505
<SEC-HEADER>0000891092-04-002251.hdr.sgml : 20040505
<ACCEPTANCE-DATETIME>20040505161227
ACCESSION NUMBER:		0000891092-04-002251
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040531
FILED AS OF DATE:		20040505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GROUP SIMEC SA DE CV
		CENTRAL INDEX KEY:			0000887153
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11176
		FILM NUMBER:		04781774

	BUSINESS ADDRESS:	
		STREET 1:		CALZADA LAZARO CARDENAS 601
		CITY:			44910 GUADALAJARA JA
		STATE:			O5
		ZIP:			10022

	MAIL ADDRESS:	
		STREET 1:		CALZADA LAZARO CARDENAS
		CITY:			GUADALAJARA JALISCO
		STATE:			O5
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>e17764_6k.htm
<DESCRIPTION>FORM 6K
<TEXT>


<html>
<head>
<title> </title>
</head>
<body>








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<p><table width=600><tr><td  align=center><FONT SIZE="3"><B>UNITED STATES <BR>
SECURITIES AND EXCHANGE COMMISSION <BR>
<FONT SIZE="2">Washington, D.C. 20549 </FONT></B></FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>FORM 6-K</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>For the month of  May  , 2004.</font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>Group Simec, Inc.</font>
      <hr noshade size="1" width="100%">
      <font size=2> (Translation of Registrant&#146;s Name Into English)</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>Mexico</font>
      <hr noshade size="1" width="100%">
      <font size=2> (Jurisdiction of incorporation or organization) </font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>Av. Lazaro Cardenas 601, Colonia la Nogalera,
      Guadalajara, Jalisco, Mexico 44440</font>
      <hr noshade size="1" width="100%">
      <font size=2> (Address of principal executive office)</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>(Indicate by check mark whether the registrant
files or will file annual reports  under cover of Form 20-F or Form 40-F.)</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 20-F [X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F [&nbsp;&nbsp;]</font></td></tr></table>

<p><table width=600><tr><td><font size=2>(Indicate by check mark whether the registrant
by furnishing the information  contained in this form is also thereby furnishing the
information to the  Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of  1934.)</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes [&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
[X]</font></td></tr></table>

<p><table width=600><tr><td><font size=2>(If &#147;Yes&#148; is marked, indicate below
the file number assigned to the registrant  in connection with Rule 12g3-2(b):
82-_______________________.)</font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><i>SIGNATURE</i></FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
requirements of the Securities Exchange Act of  1934, the Company has duly caused this
report to be signed on its behalf by the  undersigned, thereunto duly authorized.</font></td></tr></table>

<P><table width=600>
  <tr>
    <td width=10% valign=top>&nbsp;</td>
    <td width=47% valign="top">&nbsp;</td>
    <td width=43% align="center"><font size="2">GRUPO SIMEC, S.A. de C.V.</font>
      <hr noshade size="1">
      <font size="2"> (Registrant)</font></td>
  </tr></table>



<P>
<table width=600>
  <tr valign="top">
    <td width=52%><font size="2">Date: May 5, 2004.</font></td>
    <td width=5%><font size="2">By:</font></td>
    <td width=43%><font size="2"> /s/ LUIS GARC&#205;A LIM&#211;N</font>
      <hr noshade size="1">
      <font size="2"> Name: Luis Garc&#237;a Lim&#243;n<br>
      Title: Chief Executive Officer</font></td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<P><img src="grupologo.gif" width="99" height="35"><br>
  <br>

<table width=600>
  <tr>
    <td width=42% valign=top><font size="2"><b>PRESS RELEASE</b></font></td>
    <td width=15% valign="top"><font size="2">:Contact</font></td>
    <td width=43%><FONT SIZE="2"> Adolfo Luna Luna <BR>
      Jos&#233; Flores Flores <BR>
      Grupo Simec, S.A. de C.V. <BR>
      Calzada Lazaro Cardenas 601 <BR>
      44440 Guadalajara, Jalisco, Mexico <BR>
      52 33 1057 5740 </FONT></td>
  </tr></table>


<p><table width=600><tr>
    <td  align=center><font size=2><B>GRUPO SIMEC ANNOUNCES FINAL AUDITED RESULTS
      OF OPERATIONS FOR THE YEAR <br>
      ENDED DECEMBER 31, 2003</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>GUADALAJARA, MEXICO, May 3, 2004- Grupo Simec,
S.A. de C.V. (AMEX-SIM) (&#147;Simec&#148;)  announced today its final audited results of
operations for the year ended  December 31, 2003. Net sales increased 27% to Ps. 2,786
million in 2003 compared  to Ps. 2,196 million in 2002, primarily due to higher finished
product prices  and also resulting from modestly higher production levels. Primarily as a
result  of the foregoing and significantly lower financial expense in 2003, Simec
recorded net income of Ps. 293 million in 2003 versus net income of Ps. 123  million for
2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec sold 628,243 metric tons of basic steel
products during 2003 as compared  to 609,202 metric tons in 2002. Exports of basic steel
products were 80,744  metric tons in 2003 versus 80,179 metric tons in 2002. Additionally
Simec sold  63,616 tons of billet in 2003 as compared to 23,137 tons of billet in 2002.
Prices of finished products sold in 2003 increased 18% in real terms versus  2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec&#146;s direct cost of sales was Ps. 1,830
million in 2003, or 66% of net sales,  versus Ps. 1,470 million, or 67% of net sales, for
2002. Indirect manufacturing,  selling, general and administrative expenses (including
depreciation) was Ps.  464 million during 2003, compared to Ps. 461 million in 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec&#146;s operating income increased 86% to
Ps. 492 million during 2003 from Ps.  265 million in 2002. Operating income was 18% of
net sales in 2003 compared to  12% of net sales in 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec recorded other expense, net, from other
financial operations of Ps. 30  million in 2003 compared to other expense, net, of Ps. 37
million in 2002. In  addition, Simec recorded a provision for income tax and employee
profit sharing  of Ps. 145 million in 2003 versus a positive provision of Ps. 23 million
in  2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec recorded financial expense of Ps. 24
million in 2003 compared to financial  expense of Ps. 128 million in 2002 as a result of
(i) net interest expense of  Ps. 13 million in 2003 compared to net interest expense of
Ps. 55 million in  2002, reflecting lower debt levels in 2003, (ii) an exchange loss of
Ps. 2  million in 2003 compared to an exchange loss of Ps. 104 million in 2002,
reflecting lower debt levels in 2003 and a decrease of 9% in the value of the  peso
versus the dollar in 2003 compared to a decrease of 12.8% in the value of  the peso
versus the dollar in 2002 and (iii) a loss from monetary position of  Ps. 9 million in
2003 compared to a gain from monetary position of Ps. 31  million in 2002, reflecting the
domestic inflation rate of 4% in 2003 compared  to the domestic inflation rate of 5.7% in
2002 and lower debt levels during  2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>At December 31, 2003, Simec&#146;s total
consolidated debt consisted of approximately  $2 million of U.S. dollar-denominated debt,
while at December 31, 2002, Simec  had outstanding approximately $47.8 million of U.S.
dollar-denominated debt.  Simec&#146;s lower debt level at December 31, 2003 reflects the
prepayment of $31.4</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>million of bank debt in 2003, the conversion to
common stock in March 2003 of  $16.1 million of loans (plus accrued interest thereon)
from Simec&#146;s parent  company Industrias CH, S.A. de C.V. (&#147;ICH&#148;) at a
conversion price equivalent to  U.S. $1.35 (Ps. 14.588) per American Depositary Share and
the conversion to  common stock in November 2003 of a capital contribution from ICH made
to Simec  in May 2003, in the amount of $14.5 million (the proceeds of which were used to
retire debt owed to ICH) at a conversion price equivalent to U.S $1.41 (Ps.  14.588) per
American Depositary Share. Simec currently owes no amounts to ICH.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>All figures were prepared in accordance with
Mexican generally accepted  accounting principles and are stated in constant Pesos at
December 31, 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Simec is a mini-mill steel producer in Mexico
and manufactures a broad range of  non-flat structural steel products.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>###</font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
SIFIC / ICS </B></font></td></tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td><font size="2"> </font></td>
    <td align="right"><font size="2"> <font size="1">QUARTER: 4 YEAR:&nbsp;<b>2003</b>
      </font></font></td>
  </tr>
</table>

<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">CONSOLIDATED FINANCIAL
      STATEMENT</font></B><font size="1"><BR>
      AT DECEMBER 31 OF 2003 AND 2002 <BR>
      (thousands of pesos)</font></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><B><font size="1">JUDGED INFORMATION</font></B></font></td>
  </tr></table>

<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="4"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="top">
    <td align="center" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="top">
    <td align="center" valign="top" width="20"><b><font size="1">REF</font></b></td>
    <td align="LEFT" width="13"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" valign="bottom" width="304"><b><font size="1">CATEGORIES</font></b></td>
    <td align="LEFT" width="16"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" colspan="4"><b><font size="1">QUARTER OF PRESENT<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="4"><b><font size="1">QUARTER OF PREVIOUS<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="20"><b><font size="1">&nbsp;S</font></b></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><b><font size="1">AMOUNT</font></b></td>
    <td align="LEFT" width="22"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="center" width="21"><b><font size="1">%</font></b></td>
    <td align="LEFT" width="18"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="right" width="66"><b><font size="1">AMOUNT</font></b></td>
    <td align="LEFT" width="13"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="center" width="17"><b><font size="1">%</font></b></td>
    <td align="LEFT" width="26"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>1</b></font></td>
    <td align="LEFT" width="13">&nbsp;&nbsp;&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>TOTAL ASSETS</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>6,005,226</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>100</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>5,429,329</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>100</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><b>&nbsp;<font size="1">2</font></b></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><b><font size="1">CURRENT ASSETS</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><b><font size="1">1,259,953</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">21</font></b></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><b><font size="1">876,770</font></b></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><b><font size="1">16</font></b></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">3</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">CASH AND SHORT-TERM INVESTMENTS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">516,152</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">9</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">113,388</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">2</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">4</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">ACCOUNTS AND DOCUMENTS RECEIVABLE
      (NET)</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">431,314</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">7</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">421,522</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">8</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">5</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">OTHER ACCOUNTS AND DOCUMENTS RECEIVABLE</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">19,066</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">55,812</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">1</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">6</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">INVENTORIES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">288,892</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">5</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">279,833</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">5</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">7</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">OTHER CURRENT ASSETS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">4,529</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">6,215</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">0</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>8</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>LONG-TERM</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>10,300</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">&nbsp;9</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">ACCOUNTS AND DOCUMENTS RECEIVABLE
      (NET)</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">10,300</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">0</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">&nbsp;&nbsp;&nbsp;0</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top" width="20">&nbsp;</td>
    <td align="LEFT" width="13"></td>
    <td align="left" valign="top" width="304">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66">&nbsp;</td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17">&nbsp;</td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top" width="20"><font size="1">10</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="left" valign="top" width="304"><font size="1">INVESTMENT IN SHARES
      OF SUBSIDIARIES<br>
      AND NON-CONSOLIDATED</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">0</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">0</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">11</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">OTHER INVESTMENTS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">0</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">0</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>12</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>PROPERTY, PLANT AND EQUIPMENT</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>4,477,292</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>75</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>4,272,492</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>79</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">&nbsp;13</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">PROPERTY</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">1,917,795</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">32</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">1,909,988</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">35</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">14</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">MACHINERY AND INDUSTRIAL</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">4,516,011</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">75</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">3,806,468</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">70</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">&nbsp;15</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">OTHER EQUIPMENT</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">135,491</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">2</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">194,563</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">4</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">16</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">ACCUMULATED DEPRECIATION</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">2,092,527</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">35</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">1,668,270</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">31</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">17</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">CONSTRUCTION IN PROGRESS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">522</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">29,743</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">1</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>18</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>DEFERRED ASSETS (NET)</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>257,681</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>4</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>280,067</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>5</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>19</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>OTHER ASSETS</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>&nbsp;20</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>TOTAL LIABILITIES</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>1,378,786</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>100</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>1,691,944</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>100</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>&nbsp;21</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>CURRENT LIABILITIES</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>324,509</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>23</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>886,596</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>52</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">&nbsp;22</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">SUPPLIERS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">206,955</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">15</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">216,619</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">13</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">23</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">BANK LOANS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">19,078</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">1</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">354,694</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">21</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">24</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">STOCK MARKET LOANS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">3,393</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">3,238</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">0</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">25</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">TAXES TO BE PAID</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">38,970</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">3</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">48,876</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">3</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">26</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1"> OTHER CURRENT LIABILITIES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">56,113</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">4</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">263,169</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">16</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20">&nbsp;</td>
    <td align="LEFT" width="13"></td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66">&nbsp;</td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17">&nbsp;</td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><b><font size="1">27</font></b></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><b><font size="1"> LONG-TERM LIABILITIES</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">28</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">BANK LOANS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">0</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">0</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">29</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">STOCK MARKET LOANS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">0</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">0</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">&nbsp;30</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">OTHER LOANS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">0</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">0</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>31</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>DEFERRED LOANS</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>1,054,277</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>77</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>805,348</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>48</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>32</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>OTHER LIABILITIES</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>33</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b> CONSOLIDATED STOCKHOLDERS&#146;
      EQUITY</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>4,626,440</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>100</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>3,737,385</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>100</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>34</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>MINORITY INTEREST</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>251</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>251</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>0</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>35</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>MAJORITY INTEREST</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>4,626,189</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>100</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>3,737,134</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>100</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>36</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>CONTRIBUTED CAPITAL</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>3,716,531</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>80</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>3,357,889</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>90</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">37</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">PAID-IN CAPITAL STOCK (NOMINAL)</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">1,925,252</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">42</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">1,575,987</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">42</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">38</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">RESTATEMENT OF PAID-IN CAPITAL
      STOCK</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">1,167,815</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">25</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">1,158,438</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">31</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">39</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">PREMIUM ON SALES OF SHARES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">623,464</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">13</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">623,464</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">17</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">40</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">CONTRIBUTIONS FOR FUTURE CAPITAL
      INCREASES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">0</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">0</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1"><b>41</b></font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"><b>CAPITAL INCREASE (DECREASE)</b></font></td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="64"><font size="1"><b>909,658</b></font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1"><b>20</b></font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="66"><font size="1"><b>379,245</b></font></td>
    <td align="LEFT" width="13"> </td>
    <td align="RIGHT" width="17"><font size="1"><b>10</b></font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">42</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">RETAINES EARNINGS AND CAPITAL
      RESERVE</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">1,251,369</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">27</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">1,128,619</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">30</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">43</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">REPURCHASE FUND OF SHARES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">80,070</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">2</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">80,070</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">2</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="bottom" width="20">&nbsp;</td>
    <td align="LEFT" valign="bottom" width="13"></td>
    <td align="LEFT" valign="bottom" width="304">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66">&nbsp;</td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17">&nbsp;</td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="bottom" width="20"><font size="1">44</font></td>
    <td align="LEFT" valign="bottom" width="13"> </td>
    <td align="LEFT" valign="bottom" width="304"><font size="1">EXCESS (SHORTFALL)
      IN RESTATEMENT OF STOCKHOLDERS EQUITY</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">(714,764</font></td>
    <td align="LEFT" width="22"><font size="1">)</font></td>
    <td align="RIGHT" width="21"><font size="1">(15</font></td>
    <td align="LEFT" width="18"><font size="1">)</font></td>
    <td align="RIGHT" width="66"><font size="1">(952,194</font></td>
    <td align="LEFT" width="13"><font size="1">)</font></td>
    <td align="RIGHT" width="17"><font size="1">(25</font></td>
    <td align="LEFT" width="26"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20">&nbsp;</td>
    <td align="LEFT" width="13"></td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66">&nbsp;</td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17">&nbsp;</td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="20"><font size="1">45</font></td>
    <td align="LEFT" width="13"> </td>
    <td align="LEFT" width="304"><font size="1">NET INCOME FOR THE YEAR</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="64"><font size="1">292,983</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">6</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="66"><font size="1">122,750</font></td>
    <td align="LEFT" width="13">&nbsp;</td>
    <td align="RIGHT" width="17"><font size="1">3</font></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
SIFIC / ICS</B></font></td></tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td><font size="2"> </font></td>
    <td align="right"><font size="2"> <font size="1">QUARTER: 4 YEAR:&nbsp;<b>2003</b>
      </font></font></td>
  </tr>
</table>
<p>
<p>
<table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">CONSOLIDATED FINANCIAL
      STATEMENT</font></B><font size="1"><BR>
      BREAKDOWN OF MAIN CATEGORIES <BR>
      (thousands of pesos) </font></FONT></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="4"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="top">
    <td align="center" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="top">
    <td align="center" valign="top" width="19"><b><font size="1">REF</font></b></td>
    <td align="LEFT" width="10"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" valign="bottom" width="309"><b><font size="1">CATEGORIES</font></b></td>
    <td align="LEFT" width="16"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" colspan="4"><b><font size="1">QUARTER OF PRESENT<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="4"><b><font size="1">QUARTER OF PREVIOUS<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="19"><b><font size="1">&nbsp;S</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" width="309">&nbsp;</td>
    <td align="LEFT" width="16"> </td>
    <td align="right" width="61"><b><font size="1">AMOUNT</font></b></td>
    <td align="LEFT" width="22"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="center" width="21"><b><font size="1">%</font></b></td>
    <td align="LEFT" width="18"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="right" width="63"><b><font size="1">AMOUNT</font></b></td>
    <td align="LEFT" width="12"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="center" width="19"><b><font size="1">%</font></b></td>
    <td align="LEFT" width="30"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">3</font></b></td>
    <td align="LEFT" width="10"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="LEFT" width="309"><b><font size="1">CASH AND SHORT-TERM INVESTMENTS</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><b><font size="1">516,152</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">100</font></b></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><b><font size="1">113,388</font></b></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">46</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">CASH</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">164,753</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">32</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">85,744</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">76</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">47</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">SHORT-TERM INVESTMENTS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">351,399</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">68</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">27,644</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">24</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">18</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" width="309"><b><font size="1">DEFERRED ASSETS (NET)</font></b></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="61"><b><font size="1">257,681</font></b></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><b><font size="1">100</font></b></td>
    <td align="left" width="18">&nbsp;</td>
    <td align="RIGHT" width="63"><b><font size="1">280,067</font></b></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="19"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="30"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">48</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">AMORTIZED OR REDEEMED EXPENSES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">257,681</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">100</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">277,747</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">199</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">49</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">GOODWILL</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">50</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">DEFERRED TAXES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">51</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">OTHERS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">2,320</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">1</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">21</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" width="309"><b><font size="1">CURRENT LIABILITIES</font></b></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="61"><b><font size="1">324,509</font></b></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><b><font size="1">100</font></b></td>
    <td align="left" width="18">&nbsp;</td>
    <td align="RIGHT" width="63"><b><font size="1">886,596</font></b></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="19"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="30"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">52</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">FOREIGN CURRENCY LIABILITIES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">84,180</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">26</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">566,906</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">64</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">53</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">MEXICAN PESOS LIABILITIES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">240,329</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">74</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">319,690</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">36</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">24</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" width="309"><b><font size="1"> STOCK MARKET LOANS</font></b></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="61"><b><font size="1">3,393</font></b></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><b><font size="1">100</font></b></td>
    <td align="left" width="18">&nbsp;</td>
    <td align="RIGHT" width="63"><b><font size="1">3,238</font></b></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="19"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="30"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">54</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">COMMERCIAL PAPER</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">55</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">CURRENT MATURITIES OF MEDIUM TERM
      NOTES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">3,393</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">100</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">3,238</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">100</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">56</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">CURRENT MATURITIES OF BONDS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">26</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" width="309"><b><font size="1">OTHER CURRENT LIABILITIES</font></b></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="61"><b><font size="1">56,113</font></b></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><b><font size="1">100</font></b></td>
    <td align="left" width="18">&nbsp;</td>
    <td align="RIGHT" width="63"><b><font size="1">263,169</font></b></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="19"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="30"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">57</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">OTHER CURRENT LIABILITIES WITH
      COST</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">157,823</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">60</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">58</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">&nbsp;OTHER CURRENT LIABILITIES
      WITHOUT COST</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">56,113</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">100</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">105,346</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">40</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">27</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" width="309"><b><font size="1">LONG-TERM LIABILITIES</font></b></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="61"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><b><font size="1">0</font></b></td>
    <td align="left" width="18">&nbsp;</td>
    <td align="RIGHT" width="63"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="19"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="30"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">59</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">FOREIGN CURRENCY LIABILITIES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">60</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">MEXICAN PESOS LIABILITIES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">29</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" width="309"><b><font size="1">STOCK MARKET LOANS</font></b></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="61"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><b><font size="1">0</font></b></td>
    <td align="left" width="18">&nbsp;</td>
    <td align="RIGHT" width="63"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="19"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="30"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">&nbsp;61</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">BONDS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">62</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">MEDIUM TERM NOTES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">30</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" width="309"><b><font size="1">OTHER LOANS</font></b></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="61"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><b><font size="1">0</font></b></td>
    <td align="left" width="18">&nbsp;</td>
    <td align="RIGHT" width="63"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="19"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="30"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">63</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">OTHER LOANS WITH COST</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">64</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">OTHER LOANS WITHOUT COST</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">31</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" width="309"><b><font size="1">DEFERRED LOANS</font></b></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="61"><b><font size="1">1,054,277</font></b></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><b><font size="1">100</font></b></td>
    <td align="left" width="18">&nbsp;</td>
    <td align="RIGHT" width="63"><b><font size="1">805,348</font></b></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="19"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="30"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">65</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">NEGATIVE GOODWILL</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">&nbsp;66 </font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">DEFERRED TAXES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">1,045,289</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">99</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">796,682</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">99</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">&nbsp;67</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">OTHERS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">8,988</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">1</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">8,666</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">1</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">32</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" width="309"><b><font size="1">OTHER LIABILITIES</font></b></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="61"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><b><font size="1">0</font></b></td>
    <td align="left" width="18">&nbsp;</td>
    <td align="RIGHT" width="63"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="19"><b><font size="1">0</font></b></td>
    <td align="LEFT" width="30"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">68</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">RESERVES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">69</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">OTHER LIABILITIES</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top" colspan="12">&nbsp; </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top" width="19"><b><font size="1">44</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="LEFT" valign="top" width="309"><b><font size="1">EXCESS (SHORTFALL)
      IN RESTATEMENT OF STOCKHOLDERS&#148; EQUITY</font></b></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="61"><b><font size="1">(714,764</font></b></td>
    <td align="LEFT" width="22"><b><font size="1">)</font></b></td>
    <td align="RIGHT" width="21"><b><font size="1">(100</font></b></td>
    <td align="left" width="18"><b><font size="1">)</font></b></td>
    <td align="RIGHT" width="63"><b><font size="1">(952,194</font></b></td>
    <td align="LEFT" width="12"><b><font size="1">)</font></b></td>
    <td align="RIGHT" width="19"><b><font size="1">(100</font></b></td>
    <td align="LEFT" width="30"><b><font size="1">)</font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top" width="19">&nbsp;</td>
    <td align="LEFT" width="10"></td>
    <td align="LEFT" valign="top" width="309">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="left" width="18">&nbsp;</td>
    <td align="RIGHT" width="63">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19">&nbsp;</td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top" width="19"><font size="1">70</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" valign="top" width="309"><font size="1">ACCUMULATED INCOME
      DUE TO MONETARY POSITION</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">(714,764</font></td>
    <td align="LEFT" width="22"><font size="1">)</font></td>
    <td align="RIGHT" width="21"><font size="1">(100</font></td>
    <td align="left" width="18"><font size="1">)</font></td>
    <td align="RIGHT" width="63"><font size="1">(952,194</font></td>
    <td align="LEFT" width="12"><font size="1">)</font></td>
    <td align="RIGHT" width="19"><font size="1">(100</font></td>
    <td align="LEFT" width="30"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">71</font></td>
    <td align="LEFT" width="10"> </td>
    <td align="LEFT" width="309"><font size="1">INCOME FROM NON-MONETARY POSITION
      ASSETS</font></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="1">0</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="left" width="18"> </td>
    <td align="RIGHT" width="63"><font size="1">0</font></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="19"><font size="1">0</font></td>
    <td align="LEFT" width="30">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE  <BR>
SIFIC / ICS</B></font></td></tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td><font size="2"> </font></td>
    <td align="right"><font size="2"> <font size="1">QUARTER: 4 YEAR:<b>&nbsp;2003</b>
      </font></font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">CONSOLIDATED FINANCIAL
      STATEMENT</font></B><font size="1"><BR>
      OTHER CONCEPTS <BR>
      (thousands of pesos)</font></FONT></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="4"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="top">
    <td align="LEFT" width="31"><b><font size="1">REF</font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
    <td align="center" width="275" valign="bottom"><b><font size="1">CATEGORIES</font></b></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="center" colspan="2"><b><font size="1">QUARTER OF PRESENT <br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="2"><b><font size="1">QUARTER OF PREVIOUS <br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="31"><b><font size="1">S</font></b></td>
    <td align="LEFT" width="14"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="LEFT" width="275"><b><font size="1">&nbsp;</font></b></td>
    <td align="LEFT" width="10"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" colspan="2"><b><font size="1">AMOUNT</font></b></td>
    <td align="center" colspan="2"><b><font size="1">AMOUNT</font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="31"><font size="1">72</font></td>
    <td align="LEFT" width="14"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="LEFT" width="275"><font size="1">WORKING CAPITAL</font></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="RIGHT" width="89"><font size="1">935,444</font></td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" width="83"><font size="1">(9,826</font></td>
    <td align="LEFT" width="46"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="31"><font size="1">73</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="275"><font size="1">PENSIONS FUND AND SENIORITY PREMIUMS</font></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="RIGHT" width="89"><font size="1">0</font></td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" width="83"><font size="1">0</font></td>
    <td align="LEFT" width="46">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="31"><font size="1">74</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="275"><font size="1">EXECUTIVES (*)</font></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="RIGHT" width="89"><font size="1">25</font></td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" width="83"><font size="1">28</font></td>
    <td align="LEFT" width="46">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="31"><font size="1">75</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="275"><font size="1">EMPLOYERS (*)</font></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="RIGHT" width="89"><font size="1">374</font></td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" width="83"><font size="1">390</font></td>
    <td align="LEFT" width="46">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="31"><font size="1">76</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="275"><font size="1">WORKERS (*)</font></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="RIGHT" width="89"><font size="1">889</font></td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" width="83"><font size="1">915</font></td>
    <td align="LEFT" width="46">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="31"><font size="1">77</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="275"><font size="1">COMMON SHARES (*)</font></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="RIGHT" width="89"><font size="1">131,973,022</font></td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" width="83"><font size="1">2,160,625,03</font></td>
    <td align="LEFT" width="46">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="31"><font size="1">78</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="275"><font size="1">REPURCHASED SHARES (*)</font></td>
    <td align="LEFT" width="10">&nbsp;</td>
    <td align="RIGHT" width="89"><font size="1">0</font></td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" width="83"><font size="1">0</font></td>
    <td align="LEFT" width="46">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size="1">(*)&nbsp;&nbsp;&nbsp; THESE ITEMS SHOULD BE EXPRESSED IN
      UNITS</font></td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 7; page: 7" -->






<p><table width=600><tr><td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE  <BR>
SIFIC / ICS</B></font></td></tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td><font size="2"> </font></td>
    <td align="right"><font size="2"> <font size="1">QUARTER: 4 YEAR:<b>&nbsp;2003</b>
      </font></font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">CONSOLIDATED EARNING STATEMENT</font></B><font size="1"><BR>
      FROM JANUARY 1 TO DECEMBER 31 OF 2003 AND 2002 <BR>
      (thousands of pesos)</font></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><B><font size="1">JUDGED INFORMATION</font></B></font></td>
  </tr></table>

<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="4"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="top">
    <td align="center" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="top">
    <td align="center" width="23"><b><font size="1">REF</font></b></td>
    <td align="LEFT" width="15"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" width="278" valign="bottom"><b><font size="1">CATEGORIES</font></b></td>
    <td align="LEFT" width="15"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" colspan="4"><b><font size="1">QUARTER OF PRESENT<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="4"><b><font size="1">QUARTER OF PREVIOUS<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="23"><b><font size="1">&nbsp;R</font></b></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278">&nbsp;</td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"> <b><font size="1">AMOUNT</font></b></td>
    <td align="LEFT" width="24"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" width="33"><b><font size="1">%</font></b></td>
    <td align="LEFT" width="27"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="right" width="70"><b><font size="1">AMOUNT</font></b></td>
    <td align="LEFT" width="19"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" width="22"><b><font size="1">%</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23"><b><font size="1">1</font></b></td>
    <td align="LEFT" width="15"><b>&nbsp;&nbsp;&nbsp;</b></td>
    <td align="LEFT" width="278"><b><font size="1">NET SALES</font></b></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="right" width="60"><b><font size="1">2,785,567</font></b></td>
    <td align="LEFT" width="24">&nbsp;&nbsp;</td>
    <td align="RIGHT" width="33"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="27">&nbsp;&nbsp;&nbsp;</td>
    <td align="RIGHT" width="70"><b><font size="1">2,196,321</font></b></td>
    <td align="LEFT" width="19">&nbsp;&nbsp;&nbsp;</td>
    <td align="RIGHT" width="22"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="14">&nbsp;&nbsp;&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23"><font size="1">2</font></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><font size="1">COST OF SALES</font></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><font size="1">1,829,981</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><font size="1">66</font></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><font size="1">1,469,625</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><font size="1">67</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23"><b><font size="1">3</font></b></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><b><font size="1">GROSS INCOME</font></b></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><b><font size="1">955,586</font></b></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><b><font size="1">34</font></b></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><b><font size="1">726,696</font></b></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><b><font size="1">33</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23"><font size="1">4</font></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><font size="1">OPERATING EXPENSES</font></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><font size="1">463,689</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><font size="1">17</font></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><font size="1">461,392</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><font size="1">21</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23"><b><font size="1">5</font></b></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><b><font size="1">OPERATING INCOME</font></b></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><b><font size="1">491,897</font></b></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><b><font size="1">18</font></b></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><b><font size="1">265,304</font></b></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><b><font size="1">12</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23"><font size="1">6</font></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><font size="1">TOTAL FINANCING COST</font></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><font size="1">24,412</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><font size="1">1</font></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><font size="1">128,628</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><font size="1">6</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23"><b><font size="1">7</font></b></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><b><font size="1">INCOME AFTER FINANCING COST</font></b></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><b><font size="1">467,485</font></b></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><b><font size="1">17</font></b></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><b><font size="1">136,676</font></b></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><b><font size="1">6</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23"><font size="1">8</font></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><font size="1">OTHER FINANCIAL OPERATIONS</font></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><font size="1">29,621</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><font size="1">1</font></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><font size="1">37,148</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><font size="1">2</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23" valign="top"><b><font size="1">&nbsp;9</font></b></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><b><font size="1">INCOME BEFORE TAXES AND WORKERS&#146;<br>
      PROFIT SHARING</font></b></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><b><font size="1">437,864</font></b></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><b><font size="1">16</font></b></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><b><font size="1">99,528</font></b></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><b><font size="1">&nbsp;&nbsp;5</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23" valign="bottom"><font size="1">10</font></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="left" width="278"><font size="1">RESERVE FOR TAXES AND WORKERS&#146;
      PROFIT SHARING</font></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><font size="1">144,880</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><font size="1">5</font></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><font size="1">(23,231</font></td>
    <td align="LEFT" width="19"><font size="1">)</font></td>
    <td align="RIGHT" width="22"><font size="1">(1</font></td>
    <td align="LEFT" width="14"><font size="1">)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="right" valign="top" width="23">&nbsp;</td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278">&nbsp;</td>
    <td align="LEFT" width="15"></td>
    <td align="right" width="60">&nbsp;</td>
    <td align="LEFT" width="24"></td>
    <td align="RIGHT" width="33">&nbsp;</td>
    <td align="LEFT" width="27"></td>
    <td align="RIGHT" width="70">&nbsp;</td>
    <td align="LEFT" width="19"></td>
    <td align="RIGHT" width="22">&nbsp;</td>
    <td align="LEFT" width="14"></td>
  </tr>
  <tr valign="bottom">
    <td align="right" valign="top" width="23"><b><font size="1">11</font></b></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><b><font size="1">NET INCOME AFTER TAXES AND
      WORKERS&#146; PROFIT <br>
      SHARING</font></b></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><b><font size="1">292,984</font></b></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><b><font size="1">11</font></b></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><b><font size="1">122,759</font></b></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><b><font size="1">6</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" valign="top" width="23"><font size="1">12</font></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><font size="1">SHARE IN NET INCOME OF SUBSIDIARIES
      AND <br>
      NON-CONSOLIDATED ASSOCIATES</font></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><font size="1">0</font></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><font size="1">0</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><font size="1">0</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" valign="top" width="23">&nbsp;</td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278">&nbsp;</td>
    <td align="LEFT" width="15"></td>
    <td align="right" width="60">&nbsp;</td>
    <td align="LEFT" width="24"></td>
    <td align="RIGHT" width="33">&nbsp;</td>
    <td align="LEFT" width="27"></td>
    <td align="RIGHT" width="70">&nbsp;</td>
    <td align="LEFT" width="19"></td>
    <td align="RIGHT" width="22">&nbsp;</td>
    <td align="LEFT" width="14"></td>
  </tr>
  <tr valign="bottom">
    <td align="right" valign="top" width="23"><b><font size="1">&nbsp;13</font></b></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><b><font size="1">CONSOLIDATED NET INCOME FROM
      CONTINUOS <br>
      OPERATIONS</font></b></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><b><font size="1">292,984</font></b></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><b><font size="1">11</font></b></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><b><font size="1">122,759</font></b></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><b><font size="1">6</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23" valign="bottom"><font size="1">14</font></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><font size="1">INCOME FROM DISCONTINUOUS OPERATIONS</font></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><font size="1">0</font></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><font size="1">0</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><font size="1">0</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right"  width="23" valign="top">&nbsp;</td>
    <td align="LEFT"  width="15">&nbsp;</td>
    <td align="LEFT"  width="278" valign="top">&nbsp;</td>
    <td align="LEFT"  width="15"></td>
    <td align="right"  width="60">&nbsp;</td>
    <td align="LEFT" width="24"></td>
    <td align="RIGHT" width="33">&nbsp;</td>
    <td align="LEFT" width="27"></td>
    <td align="RIGHT" width="70">&nbsp;</td>
    <td align="LEFT" width="19"></td>
    <td align="RIGHT"  width="22">&nbsp;</td>
    <td align="LEFT" width="14"></td>
  </tr>
  <tr valign="bottom">
    <td align="right"  width="23" valign="top"><b><font size="1">&nbsp;15</font></b></td>
    <td align="LEFT"  width="15">&nbsp;</td>
    <td align="LEFT"  width="278" valign="top"><b><font size="1">CONSOLIDATED
      NET INCOME BEFORE EXTRAORDINARY<br>
      ITEMS</font></b></td>
    <td align="LEFT"  width="15"> </td>
    <td align="right"  width="60"><b><font size="1">292,984</font></b></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><b><font size="1">11</font></b></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><b><font size="1">122,759</font></b></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT"  width="22"><b><font size="1">6</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23" valign="bottom"><font size="1">16</font></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><font size="1">EXTRAORDINARY ITEMS NET EXPENSES
      (INCOME) </font></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><font size="1">0</font></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><font size="1">0</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><font size="1">0</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" valign="top" width="23">&nbsp;</td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278">&nbsp;</td>
    <td align="LEFT" width="15"></td>
    <td align="right" width="60">&nbsp;</td>
    <td align="LEFT" width="24"></td>
    <td align="RIGHT" width="33">&nbsp;</td>
    <td align="LEFT" width="27"></td>
    <td align="RIGHT" width="70">&nbsp;</td>
    <td align="LEFT" width="19"></td>
    <td align="RIGHT" width="22">&nbsp;</td>
    <td align="LEFT" width="14"></td>
  </tr>
  <tr valign="bottom">
    <td align="right" valign="top" width="23"><font size="1">17</font></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><font size="1">NET EFFECT AT THE BEGINNING OF
      THE YEAR BY <br>
      ACCOUNTING PRINCIPLES</font></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><font size="1">0</font></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><font size="1">0</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><font size="1">0</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23" valign="bottom"><b><font size="1">18</font></b></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><b><font size="1">NET CONSOLIDATED INCOME</font></b></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><b><font size="1">292,984</font></b></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><b><font size="1">11</font></b></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><b><font size="1">122,759</font></b></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><b><font size="1">6</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23" valign="bottom"><font size="1">19</font></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><font size="1">NET INCOME OF MINORITY INTEREST</font></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><font size="1">1</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><font size="1">0</font></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><font size="1">9</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><font size="1">0</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="23" valign="bottom"><b><font size="1">&nbsp;20</font></b></td>
    <td align="LEFT" width="15">&nbsp;</td>
    <td align="LEFT" width="278"><b><font size="1">NET INCOME OF MAJORITY INTEREST</font></b></td>
    <td align="LEFT" width="15"> </td>
    <td align="right" width="60"><b><font size="1">292,983</font></b></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="33"><b><font size="1">1</font></b></td>
    <td align="LEFT" width="27"> </td>
    <td align="RIGHT" width="70"><b><font size="1">122,750</font></b></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="22"><b><font size="1">6</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="bottom">
    <td align="right" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 8; page: 8" -->






<p><table width=600><tr><td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE  <BR>
SIFIC / ICS</B></font></td></tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">CONSOLIDATED EARNING STATEMENT</font></B><font size="1"><BR>
      BREAKDOWN OF MAIN CONCEPTS <BR>
      (thousands of pesos)</font></FONT></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="4"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="top">
    <td align="center" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="top">
    <td align="center" width="18"><b><font size="1">REF</font></b></td>
    <td align="center" width="18">&nbsp;</td>
    <td align="center" valign="bottom" width="293"><b><font size="1">&nbsp;&nbsp;CATEGORIES</font></b></td>
    <td align="center" valign="bottom" width="16"> </td>
    <td align="center" colspan="4" valign="bottom"><b><font size="1">&nbsp;&nbsp;</font></b><b><font size="1">QUARTER
      OF PRESENT<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="4" valign="bottom"><b><font size="1">QUARTER OF
      PREVIOUS<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="18"><b><font size="1">&nbsp;R</font></b></td>
    <td align="center" width="18">&nbsp;</td>
    <td align="LEFT" width="293">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="right" width="60"><b><font size="1">AMOUNT</font></b></td>
    <td align="right" width="26"> </td>
    <td align="right" width="25"><b><font size="1">&nbsp;&nbsp;%</font></b></td>
    <td align="center" width="24"> </td>
    <td align="right" width="84"><b><font size="1">AMOUNT</font></b></td>
    <td align="LEFT" width="18"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="right" width="22"><b><font size="1">%</font></b></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" height="18" width="18"><b><font size="1">1</font></b></td>
    <td align="LEFT" height="18" width="18">&nbsp;&nbsp;</td>
    <td align="LEFT" height="18" width="293"><b><font size="1">NET SALES</font></b></td>
    <td align="LEFT" height="18" width="16">&nbsp;</td>
    <td align="RIGHT" height="18" width="60"><b><font size="1">2,785,567</font></b></td>
    <td align="LEFT" height="18" width="26">&nbsp;</td>
    <td align="RIGHT" height="18" width="25"><b><font size="1">100</font></b></td>
    <td align="LEFT" height="18" width="24">&nbsp;</td>
    <td align="RIGHT" height="18" width="84"><b><font size="1">2,196,321</font></b></td>
    <td align="LEFT" height="18" width="18">&nbsp;</td>
    <td align="RIGHT" height="18" width="22"><b><font size="1">100</font></b></td>
    <td align="LEFT" height="18" width="14">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">21</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">DOMESTIC</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">2,466,394</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">89</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">1,929,930</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">88</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">22</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">FOREIGN</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">319,173</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">11</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">266,391</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">12</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">23</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1"> TRANSLATED INTO DOLLARS (***)</font></td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="60"><font size="1">28,810</font></td>
    <td align="LEFT" width="26"></td>
    <td align="RIGHT" width="25"></td>
    <td align="LEFT" width="24"></td>
    <td align="RIGHT" width="84"><font size="1">25,655</font></td>
    <td align="LEFT" width="18"></td>
    <td align="RIGHT" width="22"></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18">&nbsp;</td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="60">&nbsp;</td>
    <td align="LEFT" width="26">&nbsp;</td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="24">&nbsp;</td>
    <td align="RIGHT" width="84">&nbsp;</td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="22">&nbsp;</td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><b><font size="1">6</font></b></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><b><font size="1">TOTAL FINANCING COST</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="60"><b><font size="1">24,412</font></b></td>
    <td align="LEFT" width="26">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
    <td align="RIGHT" width="84"><b><font size="1">128,628</font></b></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="22"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">24</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">INTEREST PAID</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">17,751</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">73</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">56,608</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">44</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">25</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">EXCHANGE LOSSES</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">2,544</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">10</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">103,693</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">81</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">26</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1"> INTEREST EARNED</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">5,411</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">22</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">1,130</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">1</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">27</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">EXCHANGE PROFITS</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">0</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">0</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">0</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">28</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">GAIN FROM MONETARY POSITION</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">9,528</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">39</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">(30,543</font></td>
    <td align="LEFT" width="18"><font size="1">)</font></td>
    <td align="RIGHT" width="22"><font size="1">(24</font></td>
    <td align="LEFT" width="14"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18">&nbsp;</td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="60">&nbsp;</td>
    <td align="LEFT" width="26">&nbsp;</td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="24">&nbsp;</td>
    <td align="RIGHT" width="84">&nbsp;</td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="22">&nbsp;</td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><b><font size="1">8</font></b></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><b><font size="1">OTHER FINANCIAL OPERATIONS</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="60"><b><font size="1">29,621</font></b></td>
    <td align="LEFT" width="26">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
    <td align="RIGHT" width="84"><b><font size="1">37,148</font></b></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="22"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">29</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">OTHER NET EXPENSES (INCOME) NET</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">29,621</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">100</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">37,148</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">100</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">30</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1"> (PROFIT) LOSS ON SALE OF OWN
      SHARES</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">0</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">0</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">0</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">31</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">(PROFIT) LOSS ON SALE OF SHORT-TERM
      INVESTMENTS</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">0</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">0</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">0</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18">&nbsp;</td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="60">&nbsp;</td>
    <td align="LEFT" width="26">&nbsp;</td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="24">&nbsp;</td>
    <td align="RIGHT" width="84">&nbsp;</td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="RIGHT" width="22">&nbsp;</td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18" valign="bottom"><b><font size="1">10</font></b></td>
    <td align="LEFT" width="18" valign="bottom">&nbsp;</td>
    <td align="LEFT" width="293"><b><font size="1">RESERVE FOR TAXES AND WORKERS&#146;
      PROFIT SHARING</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="60"><b><font size="1">144,880</font></b></td>
    <td align="LEFT" width="26">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
    <td align="RIGHT" width="84"><b><font size="1">(23,231</font></b></td>
    <td align="LEFT" width="18"><b><font size="1">)</font></b></td>
    <td align="RIGHT" width="22"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">32</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">INCOME TAX</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">26,762</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">18</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">35,411</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">152</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">33</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">DEFERRED INCOME TAX</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">113,272</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">78</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">(58,962</font></td>
    <td align="LEFT" width="18"><font size="1">)</font></td>
    <td align="RIGHT" width="22"><font size="1">(254</font></td>
    <td align="LEFT" width="14"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">34</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">WORKERS&#146; PROFIT SHARING</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">4,846</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">320</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">1</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">35</font></td>
    <td align="LEFT" width="18">&nbsp;</td>
    <td align="LEFT" width="293"><font size="1">DEFERRED WORKERS&#146; PROFIT
      SHARING</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="60"><font size="1">0</font></td>
    <td align="LEFT" width="26"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
    <td align="RIGHT" width="84"><font size="1">0</font></td>
    <td align="LEFT" width="18"> </td>
    <td align="RIGHT" width="22"><font size="1">0</font></td>
    <td align="LEFT" width="14"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="600" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size="1">(***) &nbsp;&nbsp;THOUSANDS OF DOLLARS</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 9; page: 9" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">CONSOLIDATED EARNING STATEMENT</font></B><font size="1"><BR>
      OTHER CONCEPTS <BR>
      (thousands of pesos)</font></FONT></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="top">
    <td align="LEFT" width="31"><b><font size="1">REF</font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
    <td align="center" width="260" valign="bottom"><b><font size="1">CATEGORIES</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="center" colspan="2"><b><font size="1">QUARTER OF PRESENT <br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="2"><b><font size="1">QUARTER OF PREVIOUS <br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="31"><b><font size="1">R</font></b></td>
    <td align="LEFT" width="14"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="LEFT" width="260"><b><font size="1">&nbsp;</font></b></td>
    <td align="LEFT" width="16"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" colspan="2"><b><font size="1">AMOUNT</font></b></td>
    <td align="center" colspan="2"><b><font size="1">AMOUNT</font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="31"><font size="1">36</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="260"><font size="1">TOTAL SALES</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="93"><font size="1">2,986,121</font></td>
    <td align="LEFT" width="41"> </td>
    <td align="RIGHT" width="106"><font size="1">2,339,693</font></td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="31"><font size="1">37</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="260"><font size="1">NET FISCAL INCOME OF THE YEAR</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="93"><font size="1">0</font></td>
    <td align="LEFT" width="41"> </td>
    <td align="RIGHT" width="106"><font size="1">0</font></td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="31"><font size="1">38</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="260"><font size="1">NET SALES (**)</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="93"><font size="1">2,785,567</font></td>
    <td align="LEFT" width="41"> </td>
    <td align="RIGHT" width="106"><font size="1">2,196,321</font></td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="31"><font size="1">39</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="260"><font size="1">OPERATION INCOME (**)</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="93"><font size="1">491,897</font></td>
    <td align="LEFT" width="41"> </td>
    <td align="RIGHT" width="106"><font size="1">265,304</font></td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="31"><font size="1">40</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="260"><font size="1">NET INCOME OF MAJORITY INTEREST
      (**)</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="93"><font size="1">292,983</font></td>
    <td align="LEFT" width="41"> </td>
    <td align="RIGHT" width="106"><font size="1">122,750</font></td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="31"><font size="1">41</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="LEFT" width="260"><font size="1">NET CONSOLIDATED INCOME (**)</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="93"><font size="1">292,984</font></td>
    <td align="LEFT" width="41"> </td>
    <td align="RIGHT" width="106"><font size="1">122,759</font></td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="600" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size="1">(**) &nbsp;&nbsp;THE RESTATED INFORMATION FOR THE LAST
      TWELVE MONTHS SHOULD BE USED</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 10; page: 10" -->






<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">CONSOLIDATED EARNING STATEMENT
      OF THE FOURTH QUARTER</font></B> <font size="1"><BR>
      FROM OCTOBER 1 TO DECEMBER 31 OF 2003 AND 2002 <BR>
      (thousands of pesos)</font></FONT></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="4"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="top">
    <td align="center" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="top">
    <td align="center" width="19"><b><font size="1">REF</font></b></td>
    <td align="center" width="19">&nbsp;</td>
    <td align="center" valign="bottom" width="304"><b><font size="1">&nbsp;&nbsp;CATEGORIES</font></b></td>
    <td align="center" valign="bottom" width="17"> </td>
    <td align="center" colspan="4" valign="bottom"><b><font size="1">&nbsp;&nbsp;</font></b><b><font size="1">QUARTER
      OF PRESENT<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="4" valign="bottom"><b><font size="1">QUARTER OF
      PREVIOUS<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="19"><b><font size="1">&nbsp;R</font></b></td>
    <td align="center" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="right" width="62"><b><font size="1">AMOUNT</font></b></td>
    <td align="right" width="23"><b>&nbsp;&nbsp;&nbsp;</b></td>
    <td align="right" width="25"><b><font size="1">&nbsp;&nbsp;%</font></b></td>
    <td align="center" width="16"><b>&nbsp;&nbsp;&nbsp;</b></td>
    <td align="right" width="67"><b><font size="1">AMOUNT</font></b></td>
    <td align="LEFT" width="22"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="right" width="21"><b><font size="1">%</font></b></td>
    <td align="LEFT" width="24"><b>&nbsp;&nbsp;&nbsp;</b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">1</font></b></td>
    <td align="LEFT" width="19">&nbsp;&nbsp;</td>
    <td align="LEFT" width="304"><b><font size="1">NET SALES</font></b></td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62"><b><font size="1">755,843</font></b></td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67"><b><font size="1">579,992</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17"></td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23"></td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">2</font></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1">COST OF SALES</font></td>
    <td align="LEFT" width="17"> </td>
    <td align="RIGHT" width="62"><font size="1">500,915</font></td>
    <td align="LEFT" width="23"> </td>
    <td align="RIGHT" width="25"><font size="1">66</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="67"><font size="1">385,442</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1">66</font></td>
    <td align="LEFT" width="24"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">3</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><b><font size="1">GROSS INCOME</font></b></td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62"><b><font size="1">254,928</font></b></td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">34</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67"><b><font size="1">194,550</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">34</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17"></td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23"></td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">4</font></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1">OPERATING EXPENSES</font></td>
    <td align="LEFT" width="17"> </td>
    <td align="RIGHT" width="62"><font size="1">110,851</font></td>
    <td align="LEFT" width="23"> </td>
    <td align="RIGHT" width="25"><font size="1">15</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="67"><font size="1">118,050</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1">20</font></td>
    <td align="LEFT" width="24"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">5</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><b><font size="1">OPERATING INCOME</font></b></td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62"><b><font size="1">144,077</font></b></td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">19</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67"><b><font size="1">76,500</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">13</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17"></td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">6</font></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1">TOTAL FINANCING COST</font></td>
    <td align="LEFT" width="17"> </td>
    <td align="RIGHT" width="62"><font size="1">(126</font></td>
    <td align="LEFT" width="23"><font size="1">)</font></td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="67"><font size="1">10,870</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1">2</font></td>
    <td align="LEFT" width="24"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">7</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><b><font size="1"> INCOME AFTER FINANCING COST</font></b></td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62"><b><font size="1">144,203</font></b></td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">19</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67"><b><font size="1">65,630</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">13</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17"></td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23"></td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">8</font></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1">OTHER FINANCIAL OPERATIONS</font></td>
    <td align="LEFT" width="17"> </td>
    <td align="RIGHT" width="62"><font size="1">29,906</font></td>
    <td align="LEFT" width="23"> </td>
    <td align="RIGHT" width="25"><font size="1">4</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="67"><font size="1">48,011</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1">8</font></td>
    <td align="LEFT" width="24"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">9</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><b><font size="1">INCOME BEFORE TAXES AND WORKERS&#146;
      PROFIT SHARING</font></b></td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62"><b><font size="1">114,297</font></b></td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">15</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67"><b><font size="1">17,619</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">3</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17"></td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23"></td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">10</font></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1">RESERVE FOR TAXES AND WORKERS&#146;
      PROFIT SHARING</font></td>
    <td align="LEFT" width="17"> </td>
    <td align="RIGHT" width="62"><font size="1">106,889</font></td>
    <td align="LEFT" width="23"> </td>
    <td align="RIGHT" width="25"><font size="1">14</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="67"><font size="1">(37,726</font></td>
    <td align="LEFT" width="22"><font size="1">)</font></td>
    <td align="RIGHT" width="21"><font size="1">(7</font></td>
    <td align="LEFT" width="24"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">11</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><b><font size="1"> NET INCOME AFTER TAXES AND
      WORKERS&#146; PROFIT SHARING</font></b></td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62"><b><font size="1">7,408</font></b></td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">1</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67"><b><font size="1">55,345</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">10</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top" width="19">&nbsp;</td>
    <td align="LEFT" valign="top" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17"></td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23"></td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top" width="19"><font size="1">12</font></td>
    <td align="LEFT" valign="top" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1">SHARE IN NET INCOME OF SUBSIDIARIES
      AND<br>
      NON-CONSOLIDATED&nbsp;&nbsp;ASSOCIATES</font></td>
    <td align="LEFT" width="17"> </td>
    <td align="RIGHT" width="62"><font size="1">0</font></td>
    <td align="LEFT" width="23"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="67"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19" valign="top"><b><font size="1">13</font></b></td>
    <td align="LEFT" width="19" valign="top">&nbsp;</td>
    <td align="LEFT" width="304" valign="top"><b><font size="1">CONSOLIDATED NET
      INCOME FROM CONTINUOS <br>
      OPERATIONS</font></b></td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62"><b><font size="1">7,408</font></b></td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">1</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67"><b><font size="1">55,345</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">10</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17"></td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23"></td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">14</font></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"> INCOME FROM DISCONTINUOUS OPERAATIONS</font></td>
    <td align="LEFT" width="17"> </td>
    <td align="RIGHT" width="62"><font size="1">0</font></td>
    <td align="LEFT" width="23"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="67"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top"><b><font size="1">15</font></b></td>
    <td align="LEFT" valign="top">&nbsp;</td>
    <td align="LEFT" valign="top"><b><font size="1">CONSOLIDATED NET INCOME BEFORE
      EXTRAORDINARY <br>
      ITEMS</font></b></td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62"><b><font size="1">7,408</font></b></td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">1</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67"><b><font size="1">55,345</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">10</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17"></td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23"></td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">16</font></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1">EXTRAORDINARY ITEMS NET EXPENSES
      (INCOME)</font></td>
    <td align="LEFT" width="17"> </td>
    <td align="RIGHT" width="62"><font size="1">0</font></td>
    <td align="LEFT" width="23"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="67"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top" width="19">&nbsp;</td>
    <td align="LEFT" valign="top" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17"></td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23"></td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" valign="top" width="19"><font size="1">17</font></td>
    <td align="LEFT" valign="top" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1">NET EFFECT AT THE BEGINNING OF
      THE YEAR BY CHANGES<br>
      IN&nbsp;ACCOUNTING PRINCIPLES</font></td>
    <td align="LEFT" width="17"> </td>
    <td align="RIGHT" width="62"><font size="1">0</font></td>
    <td align="LEFT" width="23"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="67"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">18</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><b><font size="1">NET CONSOLIDATED INCOME</font></b></td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62"><b><font size="1">7,408</font></b></td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">1</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67"><b><font size="1">55,345</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">10</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304">&nbsp;</td>
    <td align="LEFT" width="17"></td>
    <td align="RIGHT" width="62">&nbsp;</td>
    <td align="LEFT" width="23"></td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="67">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="24"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><font size="1">19</font></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><font size="1"> NET INCOME OF MINORITY INTEREST</font></td>
    <td align="LEFT" width="17"> </td>
    <td align="RIGHT" width="62"><font size="1">1</font></td>
    <td align="LEFT" width="23"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="67"><font size="1">9</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="21"><font size="1">0</font></td>
    <td align="LEFT" width="24"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="19"><b><font size="1">20</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="LEFT" width="304"><b><font size="1">NET INCOME OF MAJORITY INTEREST</font></b></td>
    <td align="LEFT" width="17">&nbsp;</td>
    <td align="RIGHT" width="62"><b><font size="1">7,407</font></b></td>
    <td align="LEFT" width="23">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">1</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="67"><b><font size="1">55,336</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="21"><b><font size="1">10</font></b></td>
    <td align="LEFT" width="24">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="600" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 11; page: 11" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">CONSOLIDATED EARNING STATEMENT
      OF THE FOURTH QUARTER <BR>
      BREAKDOWN OF MAIN CONCEPTS <BR>
      </font></B><font size="1">FROM OCTOBER 1 TO DECEMBER 31 OF 2003 AND 2002
      <br>
      (thousands of pesos)</font></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><B><font size="1">JUDGED INFORMATION</font></B></font></td>
  </tr></table>

<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="4"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="top">
    <td align="center" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="top">
    <td align="center" width="18"><b><font size="1">REF</font></b></td>
    <td align="center" width="22">&nbsp;</td>
    <td align="center" valign="bottom" width="267"><b><font size="1">&nbsp;&nbsp;CATEGORIES</font></b></td>
    <td align="center" valign="bottom" width="19"> </td>
    <td align="center" colspan="4" valign="bottom"><b><font size="1">&nbsp;&nbsp;</font></b><b><font size="1">QUARTER
      OF PRESENT<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="4" valign="bottom"><b><font size="1">QUARTER OF
      PREVIOUS<br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="18"><b><font size="1">&nbsp;R</font></b></td>
    <td align="center" width="22">&nbsp;</td>
    <td align="LEFT" width="267">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="right" width="64"><b><font size="1">AMOUNT</font></b></td>
    <td align="right" width="22"><b>&nbsp;&nbsp;&nbsp;</b></td>
    <td align="right" width="25"><b><font size="1">&nbsp;&nbsp;%</font></b></td>
    <td align="center" width="16"><b>&nbsp;&nbsp;&nbsp;</b></td>
    <td align="right" width="79"><b><font size="1">AMOUNT</font></b></td>
    <td align="LEFT" width="12"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="right" width="30"><b><font size="1">%</font></b></td>
    <td align="LEFT" width="26"><b>&nbsp;&nbsp;&nbsp;</b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><b><font size="1">1</font></b></td>
    <td align="LEFT" width="22">&nbsp;&nbsp;</td>
    <td align="LEFT" width="267"><b><font size="1">NET SALES</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="RIGHT" width="64"><b><font size="1">755,843</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="79"><b><font size="1">579,992</font></b></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="30"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">21</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1">DOMESTIC</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">643,566</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">85</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">516,482</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">89</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">22</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1">FOREIGN</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">112,277</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">15</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">63,510</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">11</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">23</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1">TRANSLATED INTO DOLLARS (***)</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">16,567</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"></td>
    <td align="LEFT" width="16"></td>
    <td align="RIGHT" width="79"><font size="1">5,959</font></td>
    <td align="LEFT" width="12"></td>
    <td align="RIGHT" width="30"></td>
    <td align="LEFT" width="26"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="RIGHT" width="64">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="79">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="30">&nbsp;</td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><b><font size="1">6</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><b><font size="1">TOTAL FINANCING COST</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="RIGHT" width="64"><b><font size="1">(126</font></b></td>
    <td align="LEFT" width="22"><b><font size="1">)</font></b></td>
    <td align="RIGHT" width="25"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="79"><b><font size="1">10,870</font></b></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="30"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">24</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1">INTEREST PAID</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">482</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">383</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">9,673</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">89</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">25</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1">EXCHANGE LOSSES</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">6,646</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">61</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">26</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1"> INTEREST EARNED</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">2,730</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">2,167</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">214</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">2</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">27</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1">EXCHANGE PROFITS</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">6,717</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">5,331</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">0</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">0</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">28</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1">GAIN FROM MONETARY POSITION</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">8,839</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">7,015</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">(5,235</font></td>
    <td align="LEFT" width="12"><font size="1">)</font></td>
    <td align="RIGHT" width="30"><font size="1">(48</font></td>
    <td align="LEFT" width="26"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="RIGHT" width="64">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="79">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="30">&nbsp;</td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><b><font size="1">8</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><b><font size="1">OTHER FINANCIAL OPERATIONS</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="RIGHT" width="64"><b><font size="1">29,906</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="79"><b><font size="1">48,011</font></b></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="30"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">29</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1">OTHER NET EXPENSES (INCOME) NET</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">29,906</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">100</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">48,011</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">100</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">30</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1">(PROFIT) LOSS ON SALE OF OWN SHARES</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">0</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">0</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">31</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1"> (PROFIT) LOSS ON SALE OF SHORT-TERM
      INVESTMENTS</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">0</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">0</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267">&nbsp;</td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="RIGHT" width="64">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="25">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="79">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="RIGHT" width="30">&nbsp;</td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><b><font size="1">10</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><b><font size="1"> RESERVE FOR TAXES AND WORKERS&#146;
      PROFIT SHARING</font></b></td>
    <td align="LEFT" width="19">&nbsp;</td>
    <td align="RIGHT" width="64"><b><font size="1">106,889</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="25"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="RIGHT" width="79"><b><font size="1">(37,726</font></b></td>
    <td align="LEFT" width="12"><b><font size="1">)</font></b></td>
    <td align="RIGHT" width="30"><b><font size="1">100</font></b></td>
    <td align="LEFT" width="26">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">32</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1"> INCOME TAX</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">2,789</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">3</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">7,706</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">20</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">33</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1"> DEFERRED INCOME TAX</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">100,363</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">94</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">(45,639</font></td>
    <td align="LEFT" width="12"><font size="1">)</font></td>
    <td align="RIGHT" width="30"><font size="1">(121</font></td>
    <td align="LEFT" width="26"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">34</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1"> WORKERS&#146; PROFIT SHARING</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">3,737</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">3</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">207</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">1</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" width="18"><font size="1">35</font></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="267"><font size="1"> DEFERRED WORKERS&#146; PROFIT
      SHARING</font></td>
    <td align="LEFT" width="19"> </td>
    <td align="RIGHT" width="64"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="25"><font size="1">0</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="RIGHT" width="79"><font size="1">0</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="RIGHT" width="30"><font size="1">0</font></td>
    <td align="LEFT" width="26"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="12">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size="1">(***)&nbsp;&nbsp; THOUSANDS OF DOLLARS</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:&nbsp;<b>2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">CONSOLIDATED STATEMENT
      OF CHANGES IN FINANCIAL POSITION</font></B> <font size="1"><BR>
      FROM JANUARY 1 TO DECEMBER 31 OF 2003 AND 2002 <BR>
      (thousands of pesos)</font></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><B><font size="1">JUDGED INFORMATION </font></B></font></td>
  </tr></table>

<table cellpadding="0" cellspacing="0" border="0" width="610">
  <tr valign="BOTTOM">
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="top">
    <td align="LEFT" width="23"><b><font size="1">REF</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="center" width="283" valign="bottom"><b><font size="1">CATEGORIES
      </font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
    <td align="center" colspan="2"><b><font size="1">QUARTER OF PRESENT <br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="2"><b><font size="1">QUARTER OF PREVIOUS <br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="90%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="23"><b><font size="1">C</font></b></td>
    <td align="LEFT" width="22"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="LEFT" width="283"><b><font size="1">&nbsp;</font></b></td>
    <td align="LEFT" width="14"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" colspan="2"><b><font size="1">AMOUNT</font></b></td>
    <td align="center" colspan="2"><b><font size="1">AMOUNT</font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23"><b><font size="1">1</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="283"><b><font size="1">CONSOLIDATED NET INCOME </font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
    <td align="RIGHT" width="75"><b><font size="1">292,984</font></b></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89"><b><font size="1">122,759</font></b></td>
    <td align="LEFT" width="51">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23" valign="top">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="LEFT" width="283">&nbsp;</td>
    <td align="LEFT" width="14"></td>
    <td align="RIGHT" width="75">&nbsp;</td>
    <td align="LEFT" width="43"></td>
    <td align="RIGHT" width="89">&nbsp;</td>
    <td align="LEFT" width="51"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23" valign="top"><font size="1">2</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="LEFT" width="283"><font size="1">+ (-) ITEMS ADDED TO INCOME WHICH
      DO NOT<br>
      REQUIRE CASH</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="RIGHT" width="75"><font size="1">313,523</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="89"><font size="1">134,362</font></td>
    <td align="LEFT" width="51"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23"><b><font size="1">3</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="283"><b><font size="1">CASH FLOW FROM NET INCOME OF
      THE YEAR</font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
    <td align="RIGHT" width="75"><b><font size="1">606,507</font></b></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89"><b><font size="1">257,121</font></b></td>
    <td align="LEFT" width="51">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="LEFT" width="283">&nbsp;</td>
    <td align="LEFT" width="14"></td>
    <td align="RIGHT" width="75">&nbsp;</td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89">&nbsp;</td>
    <td align="LEFT" width="51"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23"><font size="1">4</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="LEFT" width="283"><font size="1">CASH FLOW FROM CHANGE IN WORKING
      CAPITAL</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="RIGHT" width="75"><font size="1">(217,345</font></td>
    <td align="LEFT" width="43"><font size="1">)</font></td>
    <td align="RIGHT" width="89"><font size="1">72,264</font></td>
    <td align="LEFT" width="51"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23"><b><font size="1">5</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="283"><b><font size="1">CASH GENERATED (USED) IN OPERATING
      ACTIVITIES</font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
    <td align="RIGHT" width="75"><b><font size="1">389,162</font></b></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89"><b><font size="1">329,385</font></b></td>
    <td align="LEFT" width="51">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="LEFT" width="283">&nbsp;</td>
    <td align="LEFT" width="14"></td>
    <td align="RIGHT" width="75">&nbsp;</td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89">&nbsp;</td>
    <td align="LEFT" width="51">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23"><font size="1">6</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="LEFT" width="283"><font size="1">CASH FLOW FROM EXTERNAL FINANCING</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="RIGHT" width="75"><font size="1">(335,386</font></td>
    <td align="LEFT" width="43"><font size="1">)</font></td>
    <td align="RIGHT" width="89"><font size="1">(529,118</font></td>
    <td align="LEFT" width="51"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="LEFT" width="283">&nbsp;</td>
    <td align="LEFT" width="14"></td>
    <td align="RIGHT" width="75">&nbsp;</td>
    <td align="LEFT" width="43"></td>
    <td align="RIGHT" width="89">&nbsp;</td>
    <td align="LEFT" width="51"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23"><font size="1">7</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="LEFT" width="283"><font size="1">CASH FLOW FROM INTERNAL FINANCING</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="RIGHT" width="75"><font size="1">358,642</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="89"><font size="1">290,596</font></td>
    <td align="LEFT" width="51"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="23"><b><font size="1">8</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="283"><b><font size="1">CASH FLOW GENERATED (USED)
      BY FINANCING</font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
    <td align="RIGHT" width="75"><b><font size="1">23,256</font></b></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89"><b><font size="1">(238,522</font></b></td>
    <td align="LEFT" width="51"><b><font size="1">)</font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="23">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="283">&nbsp;</td>
    <td align="LEFT" width="14">&nbsp;</td>
    <td align="RIGHT" width="75">&nbsp;</td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89">&nbsp;</td>
    <td align="LEFT" width="51">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="23"><b><font size="1">9</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="LEFT" width="283"><b><font size="1">CASH FLOW GENERATED (USED)
      IN INVESTMENT <br>
      ACTIVITIES</font></b></td>
    <td align="LEFT" width="14">&nbsp;</td>
    <td align="RIGHT" width="75"><b><font size="1">(9,654</font></b></td>
    <td align="LEFT" width="43"><b><font size="1">)</font></b></td>
    <td align="RIGHT" width="89"><b><font size="1">(44,811</font></b></td>
    <td align="LEFT" width="51"><b><font size="1">)</font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="23">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="LEFT" width="283">&nbsp;</td>
    <td align="LEFT" width="14"></td>
    <td align="RIGHT" width="75">&nbsp;</td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89">&nbsp;</td>
    <td align="LEFT" width="51">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="23"><font size="1">10</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="LEFT" width="283"><font size="1">NET INCREASE (DECREASE) IN CASH
      AND SHORT-TERM<br>
      INVESTMENTS</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="RIGHT" width="75"><font size="1">402,764</font></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89"><font size="1">46,052</font></td>
    <td align="LEFT" width="51">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="23">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="LEFT" width="283">&nbsp;</td>
    <td align="LEFT" width="14"></td>
    <td align="RIGHT" width="75">&nbsp;</td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89">&nbsp;</td>
    <td align="LEFT" width="51">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="23"><font size="1">11</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="LEFT" width="283"><font size="1">CASH AND SHORT-TERM INVESTMENTS
      AT THE BEGINNING <br>
      OF PERIOD</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="RIGHT" width="75"><font size="1">113,388</font></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="89"><font size="1">67,336</font></td>
    <td align="LEFT" width="51">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="23">&nbsp;</td>
    <td align="LEFT" width="22"></td>
    <td align="LEFT" width="283">&nbsp;</td>
    <td align="LEFT" width="14"></td>
    <td align="RIGHT" width="75">&nbsp;</td>
    <td align="LEFT" width="43"></td>
    <td align="RIGHT" width="89">&nbsp;</td>
    <td align="LEFT" width="51"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="23"><font size="1">12</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="LEFT" width="283"><font size="1">CASH AND SHORT TERM INVESTMENTS
      AT THE END<br>
      OF PERIOD</font></td>
    <td align="LEFT" width="14"> </td>
    <td align="RIGHT" width="75"><font size="1">516,152</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="89"><font size="1">113,388</font></td>
    <td align="LEFT" width="51"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="600" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:&nbsp;<b>2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">CONSOLIDATED STATEMENT
      OF CHANGES IN FINANCIAL POSITION</font></B> <font size="1"><BR>
      BREAKDOWN OF MAIN CONCEPTS <BR>
      (thousands of pesos)</font></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><B><font size="1">JUDGED INFORMATION</font></B></font></td>
  </tr></table>

<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="top">
    <td align="LEFT" width="22"><b><font size="1">REF</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="center" width="299" valign="bottom"><b><font size="1">CATEGORIES</font></b></td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="center" colspan="2"><b><font size="1">QUARTER OF PRESENT <br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="2"><b><font size="1">QUARTER OF PREVIOUS <br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="22"><b><font size="1">C</font></b></td>
    <td align="LEFT" width="16"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="LEFT" width="299"><b><font size="1">&nbsp;</font></b></td>
    <td align="LEFT" width="5"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" colspan="2"><b><font size="1">AMOUNT</font></b></td>
    <td align="center" colspan="2"><b><font size="1">AMOUNT</font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="right" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><b><font size="1">2</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="LEFT" width="299"><b><font size="1">+ (-) ITEMS ADDED TO INCOME
      WHICH DO NOT REQUIRE CASH</font></b></td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100"><b><font size="1">313,523</font></b></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><b><font size="1">134,362</font></b></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">13</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">DEPRECIATION AND AMORTIZATION
      FOR THE YEAR</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">182,180</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">162,106</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="22"><font size="1">14</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) NET INCREASE (DECREASE)
      IN PENSIONS FUND AND<br>
      SENIORITY PREMIUMS</font></td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100"><font size="1">247</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">139</font></td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">15</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) NET LOSS (PROFIT) IN MONEY
      EXCHANGE</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="22"><font size="1">16</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) NET LOSS (PROFIT) IN ASSETS
      AND LIABILITIES <br>
      ACTUALIZATION </font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">17</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) OTHER ITEMS</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">40</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) OTHER ITEMS WHICH DO NOT
      AFFECT EBITDA</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">131,096</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">(27,883</font></td>
    <td align="LEFT" width="39"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="LEFT" width="299">&nbsp;</td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="97">&nbsp;</td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><b><font size="1">4</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="LEFT" width="299"><b><font size="1">CASH FLOW CHANGE IN WORKING
      CAPITAL</font></b></td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100"><b><font size="1">(217,345</font></b></td>
    <td align="LEFT" width="22"><b><font size="1">)</font></b></td>
    <td align="RIGHT" width="97"><b><font size="1">72,264</font></b></td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">18</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) DECREASE (INCREASE) IN ACCOUNT
      RECEIVABLES</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">(20,092</font></td>
    <td align="LEFT" width="22"><font size="1">)</font></td>
    <td align="RIGHT" width="97"><font size="1">(77,511</font></td>
    <td align="LEFT" width="39"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">19</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) DECREASE (INCREASE) IN INVENTORIES</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">(9,059</font></td>
    <td align="LEFT" width="22"><font size="1">)</font></td>
    <td align="RIGHT" width="97"><font size="1">18,531</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">20</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) DECREASE (INCREASE) IN OTHER
      ACCOUNT RECEIVABLES</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">38,432</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">10,768</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">21</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) DECREASE (INCREASE) IN SUPPLIER
      ACCOUNT</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">(9,664</font></td>
    <td align="LEFT" width="22"><font size="1">)</font></td>
    <td align="RIGHT" width="97"><font size="1">73,836</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">22</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) DECREASE (INCREASE) IN OTHER
      LIABILITIES</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">(216,962</font></td>
    <td align="LEFT" width="22"><font size="1">)</font></td>
    <td align="RIGHT" width="97"><font size="1">46,640</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="LEFT" width="299">&nbsp;</td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="97">&nbsp;</td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><b><font size="1">6</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="LEFT" width="299"><b><font size="1">CASH FLOW FROM EXTERNAL FINANCING</font></b></td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100"><b><font size="1">(335,386</font></b></td>
    <td align="LEFT" width="22"><b><font size="1">)</font></b></td>
    <td align="RIGHT" width="97"><b><font size="1">(529,118</font></b></td>
    <td align="LEFT" width="39"><b><font size="1">)</font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">23</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ SHORT-TERM BANK AND STOCK MARKET
      FINANCING</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">1,579</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">40,922</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">24</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ LONG-TERM BANK AND STOCK MARKET
      FINANCING</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">25</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ DIVIDEND RECEIVED</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">26</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">OTHER FINANCING</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">75</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">(892</font></td>
    <td align="LEFT" width="39"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">27</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">BANK FINANCING AMORTIZATION</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">(337,040</font></td>
    <td align="LEFT" width="22"><font size="1">)</font></td>
    <td align="RIGHT" width="97"><font size="1">(567,110</font></td>
    <td align="LEFT" width="39"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">28</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">(-) STOCK MARKET AMORTIZATION</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">(2,038</font></td>
    <td align="LEFT" width="39"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">29</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">(-) OTHER FINANCING AMORTIZATION</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="LEFT" width="299">&nbsp;</td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="97">&nbsp;</td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><b><font size="1">7</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="LEFT" width="299"><b><font size="1">CASH FLOW FROM INTERNAL FINANCING</font></b></td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100"><b><font size="1">358,642</font></b></td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="97"><b><font size="1">290,596</font></b></td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">30</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) INCREASE (DECREASE) IN CAPITAL
      STOCK</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">358,642</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">290,596</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">31</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">(-) DIVIDENDS PAID</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">32</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ PREMIUM ON SALE OF SHARES</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">33</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ CONTRIBUTION FOR FUTURE CAPITAL
      INCREASES</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22">&nbsp;</td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="LEFT" width="299">&nbsp;</td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100">&nbsp;</td>
    <td align="LEFT" width="22">&nbsp;</td>
    <td align="RIGHT" width="97">&nbsp;</td>
    <td align="LEFT" width="39">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22" valign="top"><b><font size="1">9</font></b></td>
    <td align="LEFT" width="16">&nbsp;</td>
    <td align="LEFT" width="299"><b><font size="1">CASH FLOW GENERATED (UTILIZED)
      IN INVESTMENT<br>
      ACTIVITIES</font></b></td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100"><b><font size="1">(9,654</font></b></td>
    <td align="LEFT" width="22"><b><font size="1">)</font></b></td>
    <td align="RIGHT" width="97"><b><font size="1">(44,811</font></b></td>
    <td align="LEFT" width="39"><b><font size="1">)</font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="22"><font size="1">34</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) INCREASE 8DECREASE) IN STOCK
      INVESTMENTS OF A <br>
      PERMANENT NATURE</font></td>
    <td align="LEFT" width="5">&nbsp;</td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">35</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">(-) ACQUISITION OF PROPERTY, PLANT
      AND EQUIPMENT</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">(58,841</font></td>
    <td align="LEFT" width="22"><font size="1">)</font></td>
    <td align="RIGHT" width="97"><font size="1">(9,271</font></td>
    <td align="LEFT" width="39"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">36</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">(-) INCREASE IN CONSTRUCTION PROGRESS</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">37</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ SALE OF OTHER PERMANET INVESTMENTS</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">38</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ SALE OF TANGIBLE FIXED ASSETS</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">0</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">0</font></td>
    <td align="LEFT" width="39"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="22"><font size="1">39</font></td>
    <td align="LEFT" width="16"> </td>
    <td align="LEFT" width="299"><font size="1">+ (-) OTHER ITEMS</font></td>
    <td align="LEFT" width="5"> </td>
    <td align="RIGHT" width="100"><font size="1">49,187</font></td>
    <td align="LEFT" width="22"> </td>
    <td align="RIGHT" width="97"><font size="1">(35,540</font></td>
    <td align="LEFT" width="39"><font size="1">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="600" colspan="8">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:&nbsp;<b>2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">RATIOS</font></B> <font size="1"><BR>
      CONSOLIDATED </font></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><B><font size="1">JUDGED INFORMATION</font></B></font></td>
  </tr></table>

<table cellpadding="0" cellspacing="0" border="0" width="600">
 <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="600" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><b><font size="1">REF</font></b></td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="center" width="263"><b><font size="1">CATEGORIES</font></b></td>
    <td align="LEFT" width="43"> </td>
    <td align="center" colspan="2"><b><font size="1">QUARTER OF PRESENT <br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
    <td align="center" colspan="2"><b><font size="1">QUARTER OF PREVIOUS <br>
      FINANCIAL YEAR </font></b>
      <hr size="1" noshade width="95%">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" width="19"><b><font size="1">P</font></b></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263">&nbsp;</td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69">&nbsp;</td>
    <td align="LEFT" width="39">&nbsp;</td>
    <td align="LEFT" width="63">&nbsp;</td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="600" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"> </td>
    <td align="LEFT" width="12"><b>&nbsp;&nbsp;&nbsp;</b></td>
    <td align="LEFT" width="263"><b><font size="1">YIELD</font></b></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69">&nbsp;</td>
    <td align="LEFT" width="39">&nbsp;</td>
    <td align="LEFT" width="63">&nbsp;</td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">1</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">NET INCOME TO NET SALES</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">10.52%</font></td>
    <td align="left" width="39"></td>
    <td align="right" width="63"><font size="1">5.59%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">2</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">NET INCOME TO STOCKHOLDERS&#146;
      EQUITY (**)</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">6.33%</font></td>
    <td align="left" width="39"></td>
    <td align="right" width="63"><font size="1">3.28%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">3</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">NET INCOME TO TOTAL ASSETS (**)</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">4.88%</font></td>
    <td align="left" width="39"></td>
    <td align="right" width="63"><font size="1">2.26%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">4</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">CASH DIVIDENDS TO PREVIOUS YEAR
      NET INCOME</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">0.00%</font></td>
    <td align="left" width="39"></td>
    <td align="right" width="63"><font size="1">0.00%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">5</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">INCOME DUE TO MONETARY POSITION
      TO NET INCOME</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">(3.25)%</font></td>
    <td align="left" width="39"></td>
    <td align="right" width="63"><font size="1">24.88%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="LEFT" width="263">&nbsp;</td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69">&nbsp;</td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63">&nbsp;</td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="LEFT" width="263"><font size="1"><b>ACTIVITY</b></font></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69">&nbsp;</td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63">&nbsp;</td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">6</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">NET SALES TO NET ASSETS (**)</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">0.46 </font></td>
    <td align="left" width="39"><font size="1">times</font></td>
    <td align="right" width="63"><font size="1">0.40 </font></td>
    <td align="LEFT" width="55"><font size="1">times</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">7</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">NET SALES TO FIXED ASSETS (**)</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">0.62 </font></td>
    <td align="left" width="39"><font size="1">times</font></td>
    <td align="right" width="63"><font size="1">0.51 </font></td>
    <td align="LEFT" width="55"><font size="1">times</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">8</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">INVENTORIES ROTATION (**)</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">6.33 </font></td>
    <td align="left" width="39"><font size="1">times</font></td>
    <td align="right" width="63"><font size="1">5.25 </font></td>
    <td align="LEFT" width="55"><font size="1">times</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">9</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">ACCOUNTS RECEIVABLE IN DAYS OF
      SALES</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">49 </font> </td>
    <td align="left" width="39"><font size="1">days</font></td>
    <td align="right" width="63"><font size="1">60 </font></td>
    <td align="LEFT" width="55"><font size="1">days</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">10</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">PAID INTEREST TO TOTAL LIABILITIES
      WITH COST (**)</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">79.00%</font></td>
    <td align="left" width="39"> </td>
    <td align="right" width="63"><font size="1">8.40%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="LEFT" width="263">&nbsp;</td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69">&nbsp;</td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63">&nbsp;</td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="LEFT" width="263"><font size="1"><b>LEVERAGE</b></font></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69">&nbsp;</td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63">&nbsp;</td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">11</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">TOTAL LIABILITIES TO TOTAL ASSETS</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">22.96%</font></td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63"><font size="1">31.16%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">12</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">TOTAL LIABILITIES TO STOCKHOLDERS&#146;
      EQUITY</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">0.30 </font></td>
    <td align="left" width="39"><font size="1">times</font></td>
    <td align="right" width="63"><font size="1">0.45 </font></td>
    <td align="LEFT" width="55"><font size="1">times</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">13</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">FOREIGN CURRENCY LIABILITIES TO
      TOTAL LIABILITIES</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">6.11%</font></td>
    <td align="left" width="39"> </td>
    <td align="right" width="63"><font size="1">33.51%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">14</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">LONG-TERM LIABILITIES TO FIXED
      ASSETS</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">0.00%</font></td>
    <td align="left" width="39"> </td>
    <td align="right" width="63"><font size="1">0.00%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">15</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">OPERATING INCOME TO INTEREST PAID</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">27.71 </font></td>
    <td align="left" width="39"><font size="1">times</font></td>
    <td align="right" width="63"><font size="1">4.69%</font></td>
    <td align="LEFT" width="55"><font size="1">times</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">16</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">NET SALES TO TOTAL LIABILITIES
      (**)</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">2.02 </font></td>
    <td align="left" width="39"><font size="1">times</font></td>
    <td align="right" width="63"><font size="1">1.30%</font></td>
    <td align="LEFT" width="55"><font size="1">times</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="LEFT" width="263">&nbsp;</td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69">&nbsp;</td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63">&nbsp;</td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="LEFT" width="263"><font size="1"><b>LIQUIDITY</b></font></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69">&nbsp;</td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63">&nbsp;</td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">17</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">CURRENT ASSETS TO CURRENT LIABILITIES</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">3.88 </font></td>
    <td align="left" width="39"><font size="1">times</font></td>
    <td align="right" width="63"><font size="1">0.99 </font></td>
    <td align="LEFT" width="55"><font size="1">times</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="19"><font size="1">18</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">CURRENT ASSETS LESS INVENTORY
      TO CURRENT<br>
      LIABILITIES</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">2.99 </font></td>
    <td align="left" width="39"><font size="1">times</font></td>
    <td align="right" width="63"><font size="1">0.67 </font></td>
    <td align="LEFT" width="55"><font size="1">times</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">19</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">CURRENT ASSETS TO TOTAL LIABILITIES</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">0.91 </font></td>
    <td align="left" width="39"><font size="1">times</font></td>
    <td align="right" width="63"><font size="1">0.52 </font></td>
    <td align="LEFT" width="55"><font size="1">times</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">20</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">AVAILABLE ASSETS TO CURRENT LIABILITIES</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">159.06%</font></td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63"><font size="1">12.79%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="LEFT" width="263">&nbsp;</td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69">&nbsp;</td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63">&nbsp;</td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19">&nbsp;</td>
    <td align="LEFT" width="12">&nbsp;</td>
    <td align="LEFT" width="263"><font size="1"><b>CASH FLOW</b></font></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69">&nbsp;</td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63">&nbsp;</td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" width="19"><font size="1">21</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">CASH FLOW FROM NET INCOME TO NET
      SALES</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">21</font><font size="1">.77%</font></td>
    <td align="left" width="39"></td>
    <td align="right" width="63"><font size="1">11.71%</font></td>
    <td align="LEFT" width="55"> </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="19"><font size="1">22</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">CASH FLOW FROM CHANGES IN WORKING
      CAPITAL <br>
      TO NET SALES</font></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69"><font size="1">(7.80)%</font></td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63"><font size="1">3.29%</font></td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="19"><font size="1">23</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">CASH GENERATED (USED) IN OPERATING
      TO<br>
      INTEREST PAID</font></td>
    <td align="LEFT" width="43"> </td>
    <td align="RIGHT" width="69"><font size="1">21.92 </font></td>
    <td align="left" width="39"><font size="1">times</font></td>
    <td align="right" width="63"><font size="1">5.82 </font></td>
    <td align="LEFT" width="55"><font size="1">times</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="19"><font size="1">24</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">EXTERNAL FINANCING TO CASH GENERATED
      (USED)<br>
      IN FINANCING</font></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69"><font size="1">(1,442.15)%</font></td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63"><font size="1">221.83%</font></td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="19"><font size="1">25</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">INTERNAL FINANCING TO CASH GENERATED
      (USED) <br>
      IN FINANCING</font></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69"><font size="1">1,542.15%</font></td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63"><font size="1">(121.83)%</font></td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="19"><font size="1">26</font></td>
    <td align="LEFT" width="12"> </td>
    <td align="LEFT" width="263"><font size="1">ACQUISITION OF PROPERTY, PLANT
      AND EQUIPMENT <br>
      TO CASH GENERATED (USED) IN INVESTMENT ACTIVITIES</font></td>
    <td align="LEFT" width="43">&nbsp;</td>
    <td align="RIGHT" width="69"><font size="1">609</font><font size="1">.50%</font></td>
    <td align="left" width="39">&nbsp;</td>
    <td align="right" width="63"><font size="1">20.69%</font></td>
    <td align="LEFT" width="55">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="RIGHT" valign="top" width="600" colspan="8">
      <hr size="1" noshade>
    </td>
  </tr>
 </table>


<p><table width=600><tr>
    <td><font size="1">(**)&nbsp;&nbsp; IN THESE RATIOS PROVIDE INFORMATION FOR
      THE LAST TWELVE MONTHS</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><FONT SIZE="2"><B><font size="1">DATE PER SHARE</font></B>
      <font size="1"><BR>
      CONSOLIDATED <BR>
      (Pesos) </font></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><B><font size="1">JUDGED INFORMATION</font></B></font></td>
  </tr></table>

<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1"><b>REF</b></font><font size="1"><b>&nbsp;</b></font></td>
    <td align="center" width=265> <font size="1"><b>CATEGORIES</b></font></td>
    <td align="center" colspan="2"> <font size="1"><b>QUARTER OF PRESENT<br>
      </b></font><font size="1"><b>FINANCIAL YEAR </b></font>
      <hr size="1" noshade width="85%">
    </td>
    <td align="center" colspan="2"> <font size="1"><b>QUARTER OF PREVIOUS<br>
      </b></font><font size="1"><b>FINANCIAL YEAR</b></font>
      <hr size="1" noshade width="85%">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1"><b>D</b></font></td>
    <td width=265> <font size="1"><b>&nbsp;</b></font></td>
    <td width=96> <font size="1"><b>&nbsp;</b></font></td>
    <td width=44>&nbsp;</td>
    <td width=108> <font size="1"><b>&nbsp;</b></font></td>
    <td width=50>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">1</font></td>
    <td width=265> <font size="1">BASIC PROFIT PER ORDINARY SHARE (**)</font></td>
    <td align="right" width=96> <font size="1">$ 2.46</font></td>
    <td align="left" width=44>&nbsp;</td>
    <td align="right" width=108> <font size="1">$ 0.06</font></td>
    <td align="left" width=50>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">2</font></td>
    <td width=265> <font size="1">BASIC PROFIT PER PREFERENCE SHARE (**)</font></td>
    <td align="right" width=96> <font size="1">$ 0.00</font></td>
    <td align="left" width=44>&nbsp;</td>
    <td align="right" width=108> <font size="1">$ 0.00</font></td>
    <td align="left" width=50>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">3</font></td>
    <td width=265> <font size="1">DILUTED PROFIT PER ORDINARY SHARE (**)</font></td>
    <td align="right" width=96> <font size="1">$ 0.00</font></td>
    <td align="left" width=44>&nbsp;</td>
    <td align="right" width=108> <font size="1">$ 0.00</font></td>
    <td align="left" width=50>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">4</font></td>
    <td width=265> <font size="1">CONTINUOUS OPERATING PROFIT PER <br>
      COMMON SHARE (**)</font></td>
    <td align="right" width=96> <font size="1">$ 2.46</font></td>
    <td align="left" width=44>&nbsp;</td>
    <td align="right" width=108> <font size="1">$ 0.06</font></td>
    <td align="left" width=50>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">5</font></td>
    <td width=265> <font size="1">EFFECT OF DISCONTINUED OPERATIONS ON CONTINUOUS
      <br>
      OPERATING PROFIT PER SHARE (**)</font></td>
    <td align="right" width=96> <font size="1">&nbsp;</font><font size="1">$ 0.00</font></td>
    <td align="left" width=44>&nbsp;</td>
    <td align="right" width=108> <font size="1">&nbsp;</font><font size="1">$
      0.00</font></td>
    <td align="left" width=50>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">6</font></td>
    <td width=265> <font size="1">EFFECT OF EXTRAORDINARY PROFIT AND LOSS ON <br>
      CONTINUOUS OPERATING PROFIT PER SHARE (**)</font></td>
    <td align="right" width=96> <font size="1">&nbsp;</font><font size="1">$ 0.00</font></td>
    <td align="left" width=44>&nbsp;</td>
    <td align="right" width=108> <font size="1">&nbsp;</font><font size="1">$
      0.00</font></td>
    <td align="left" width=50>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">7</font></td>
    <td width=265> <font size="1">EFFECT BY CHANGES IN ACCOUNTING POLICIES <br>
      ON CONTINUOUS OPERATING PROFIT PER SHARE (**)</font></td>
    <td align="right" width=96> <font size="1">&nbsp;</font><font size="1">$ 0.00</font></td>
    <td align="left" width=44>&nbsp;</td>
    <td align="right" width=108> <font size="1">&nbsp;</font><font size="1">$
      0.00</font></td>
    <td align="left" width=50>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">8</font></td>
    <td width=265> <font size="1">CARRYING VALUE PER SHARE</font></td>
    <td align="right" width=96> <font size="1">$ 35.05</font></td>
    <td align="left" width=44>&nbsp;</td>
    <td align="right" width=108> <font size="1">$&nbsp;1.73</font></td>
    <td align="left" width=50>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">9</font></td>
    <td width=265> <font size="1">CASHH DIVIDEND ACCUMULATED PER SHARE</font></td>
    <td align="right" width=96> <font size="1">$ 0.00</font></td>
    <td align="left" width=44>&nbsp;</td>
    <td align="right" width=108> <font size="1">$ 0.00</font></td>
    <td align="left" width=50>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">10</font></td>
    <td width=265> <font size="1">DIVIDEND IN SHARES PER SHARE</font></td>
    <td align="right" width=96> <font size="1"> 0.00 </font></td>
    <td align="left" width=44><font size="1">shares</font></td>
    <td align="right" width=108> <font size="1"> 0.00 </font></td>
    <td align="left" width=50><font size="1">shares</font></td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">11</font></td>
    <td width=265> <font size="1">MARKET PRICE TO CARRYING VALUE</font></td>
    <td align="right" width=96> <font size="1"> 1.07 </font></td>
    <td align="left" width=44><font size="1">times</font></td>
    <td align="right" width=108> <font size="1"> 0.31 </font></td>
    <td align="left"><font size="1">times</font></td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">12</font></td>
    <td width=265> <font size="1">MARKET PRICE TO BASIC PROFIT PER <br>
      COMMON SHARE (**)</font></td>
    <td align="right" width=96> <font size="1"> 15.24 </font></td>
    <td align="left" width=44><font size="1">times</font></td>
    <td align="right" width=108> <font size="1"> 8.83 </font></td>
    <td align="left"><font size="1">times</font></td>
  </tr>
  <tr valign="bottom">
    <td width=25> <font size="1">13</font></td>
    <td width=265> <font size="1">MARKET PRICE TO BASIC PROFIT PER <br>
      PREFERENCE SHARE (**)</font></td>
    <td align="right" width=96> <font size="1"> 0.00 </font></td>
    <td align="left" width=44><font size="1">times</font></td>
    <td align="right" width=108> <font size="1"> 0.00 </font></td>
    <td align="left"><font size="1">times</font></td>
  </tr>
  <tr valign="bottom">
    <td width=600 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size="1">(**) &nbsp;&nbsp;TO CALCULATE THE DATE PER SHARE USE THE
      NET INCOME FOR THE LAST TWELVE MONTHS.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" -->





<p><table width=600><tr>
    <th  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS </B></font></th>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="1">FINANCIAL STATEMENT NOTES</font></B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td align=right><font size=2><b><font size="1">CONSOLIDATED </font></b></font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><B><font size="1">JUDGED INFORMATION</font></B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>s35.- Stockholders&#146; Equity: <BR>
      Effects of inflation &#150; The effects of inflation on stockholders&#146;
      equity at December 31, 2004 are as follows:</font></td>
  </tr></table>

<br>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="2"></th>
    <th colspan="3"></th>
    <th colspan="3"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" rowspan="2" width="265"><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align="LEFT" rowspan="2" width="30">&nbsp;</td>
    <td align="center" rowspan="2" width="67"><font size="2"><b>Historical&nbsp;<br>
      Cost</b></font></td>
    <td align="center" rowspan="2" width="21"><font size="2"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center" rowspan="2" width="29">&nbsp;</td>
    <td align="center" rowspan="2" width="68"><font size="2"><b> Restated<br>
      Amount</b></font></td>
    <td align="center" rowspan="2" width="12"><font size="2"><b>&nbsp;&nbsp;</b></font></td>
    <td align="center" rowspan="2" width="36">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="center" colspan="2"><font size="2"><b>Total</b></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="265"><font size="2">Capital stock</font></td>
    <td align="right" width="30"><font size="2">Ps.</font></td>
    <td align="RIGHT" width="67"><font size="2"> 1,925,252</font></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="right" width="29"><font size="2">Ps.</font></td>
    <td align="RIGHT" width="68"><font size="2"> 1,167,815</font></td>
    <td align="RIGHT" width="12">&nbsp;</td>
    <td align="right" width="36"><font size="2">Ps.</font></td>
    <td align="RIGHT" width="61"><font size="2"> 3,093,067</font></td>
    <td align="LEFT" width="11">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="265"><font size="2">Additional paid-in capital</font></td>
    <td align="right" width="30">&nbsp;</td>
    <td align="RIGHT" width="67"><font size="2">549,517</font></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="29">&nbsp;</td>
    <td align="RIGHT" width="68"><font size="2">73,947</font></td>
    <td align="RIGHT" width="12">&nbsp;</td>
    <td align="LEFT" width="36">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="2">623,464</font></td>
    <td align="LEFT" width="11">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="265"><font size="2">Retained earnings</font></td>
    <td align="right" width="30">&nbsp;</td>
    <td align="RIGHT" width="67"><font size="2">1,151,557</font></td>
    <td align="RIGHT" width="21">&nbsp;</td>
    <td align="LEFT" width="29">&nbsp;</td>
    <td align="RIGHT" width="68"><font size="2">472,865</font></td>
    <td align="RIGHT" width="12">&nbsp;</td>
    <td align="LEFT" width="36">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="2">1,624,422</font></td>
    <td align="LEFT" width="11">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="265" rowspan="3"><font size="2">Excess resulting from
      restating</font><font size="2"><br>
      &nbsp;&nbsp;&nbsp;Stockholders&#146; equity to reflect</font><font size="2"><br>
      &nbsp;&nbsp;&nbsp;Certain effects of inflation</font></td>
    <td align="right" width="30" rowspan="3">&nbsp;</td>
    <td align="RIGHT" width="67" rowspan="3"><font size="2">&#151;</font></td>
    <td align="RIGHT" width="21" rowspan="3">&nbsp;</td>
    <td align="LEFT" width="29" rowspan="3">&nbsp;</td>
    <td align="RIGHT" width="68" rowspan="3"><font size="2">113,238</font></td>
    <td align="RIGHT" width="12" rowspan="3">&nbsp;</td>
    <td align="LEFT" width="36" rowspan="3">&nbsp;</td>
    <td align="RIGHT" width="61" rowspan="3"><font size="2">113,238</font></td>
    <td align="LEFT" width="11" rowspan="3">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM"> </tr>
  <tr valign="BOTTOM"> </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="265"><font size="2">Effect deferred income tax Bulletin
      D-4</font></td>
    <td align="right" width="30">&nbsp;</td>
    <td align="RIGHT" width="67"><font size="2">(662,340</font></td>
    <td align="left" width="21"><font size="2">)</font></td>
    <td align="LEFT" width="29">&nbsp;</td>
    <td align="RIGHT" width="68"><font size="2">(165,662</font></td>
    <td align="left" width="12"><font size="2">)</font></td>
    <td align="LEFT" width="36">&nbsp;</td>
    <td align="RIGHT" width="61"><font size="2">(828,002</font></td>
    <td align="LEFT" width="11"><font size="2">)</font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>s39.- Premium in subscription of Capital Stock
made in March 29, 2001.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>s44.- In 1999, the Mexican Institute of Public
Accountants issued Bulletin D-4,  &#147;Accounting for Income and Asset Taxes and
Employee Profit Sharing&#148;, which is  effective for all fiscal years beginning January
1, 2000. Bulletin D-4  establishes financial accounting and reporting standards for the
effects of  asset tax, income tax and employee profit sharing that result from enterprise
activities during the current and preceding years. Simec&#146;s long-term liabilities
resulting from the adoption of this Bulletin was Ps. 1,045,289 at December 31,  2003
compared to Ps. 796,682 at December 31, 2002. The effect on Simec&#146;s  consolidated
statement of income in 2003 was an increase of Ps. 113,272 in the  provision for income
tax and employee profit sharing compared to a decrease of  Ps. 58,962 in the same period
of 2002. These provisions do not affect the cash  flow of Simec.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>r24.- Simec doesn&#146;t have interest paid in
UDI&#146;s</font></td></tr></table>

<p><table width=600><tr><td><font size=2>r26.- Simec doesn&#146;t have interest earned in
UDI&#146;s</font></td></tr></table>

<p><table width=600><tr><td><font size=2>c02.- Consolidated Statements of Changes in
Financial Position  The net loss in money exchange and net profit in liabilities
actualization are  as follows:</font></td></tr></table>

<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH width="33"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" WIDTH="287"><b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></TD>
    <TD ALIGN="LEFT" WIDTH="37">&nbsp;</TD>
    <TD ALIGN="center" colspan="2"><b><font size="2">December 31, 2003</font></b></TD>
    <TD ALIGN="LEFT" WIDTH="33">&nbsp;</TD>
    <TD ALIGN="center" colspan="2"><b><font size="2">December 31, 2002</font></b></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="287"><font size="2">Net loss (profit) in money exchange</font></TD>
    <TD ALIGN="right" width="37"><font size="2">Ps.</font></TD>
    <TD ALIGN="right" width="70"><font size="2">5,527</font></TD>
    <TD ALIGN="LEFT" width="48">&nbsp;</TD>
    <TD ALIGN="right" width="33"><font size="2">Ps.</font></TD>
    <TD ALIGN="right" width="80"><font size="2">73,246</font></TD>
    <TD ALIGN="LEFT" width="45">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="287"><font size="2">Net loss (profit) in liabilities
      actualization</font></TD>
    <TD ALIGN="right" width="37">&nbsp;</TD>
    <TD ALIGN="right" width="70"><font size="2">(13,702</font></TD>
    <TD ALIGN="LEFT" width="48"><font size="2">)</font></TD>
    <TD ALIGN="right" width="33">&nbsp;</TD>
    <TD ALIGN="right" width="80"><font size="2">(47,788</font></TD>
    <TD ALIGN="LEFT" width="45"><font size="2">)</font></TD>
  </TR>
</TABLE>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 17; page: 17" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS </B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:&nbsp;<b>2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>DIRECTOR REPORT</b></font></td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>ANNEX 1 </b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<P>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<p><table width=600><tr><td  align=center><font size=2>INFORMATION CONCERNING LIQUIDITY
AND CAPITAL RESOURCES AND DEBT OBLIGATIONS WITH BANKS AND COMMERCIAL CREDITORS</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><i>Liquidity and Capital Resources</i></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>At December 31, 2003, Simec&#146;s total
consolidated debt consisted of approximately  $2.0 million of U.S. dollar-denominated
debt, while at December 31, 2002, Simec  had outstanding approximately $47.8 million of
U.S. dollar-denominated debt  (including $14.4 million of debt owed to its parent company
Industrias CH, S.A.  de C.V. (&#147;ICH&#148;)). Simec&#146;s lower debt level at
December 31, 2003 reflected (i)  the prepayment of $30 million of bank debt in 2003
(Simec financed $16.2 million  of this prepayment with loans from ICH), (ii) the
semi-annual amortization  installments on its bank debt of $1.4 million in 2003, (iii)
the conversion to  common stock in March 2003 of $16.1 million of loans (plus accrued
interest  thereon) from ICH at a conversion price equivalent to U.S. $1.35 (Ps.14.588)
per  American Depositary Share and (iv) the conversion to common stock in November  2003
of a capital contribution from ICH made to Simec in May 2003, in the amount  of $14.5
million (the proceeds of which were used to retire debt owed to ICH) at  a conversion
price equivalent to U.S $1.41 (Ps. 14.588) per American Depositary  Share. Simec&#146;s
outstanding $1.7 million of bank debt at December 31, 2003  consisted of (i) $0.2 million
which matures in 2007 and amortizes in equal  semi-annual installments and (ii) $1.5
million which matures in 2009 and has no  amortization payments. In addition Simec had
outstanding $302,000 of 8 7/8%  MTN&#146;s due 1998 (accrued interest at December 31,
2003 was $254,860) which were  issued in 1993 as part of a $68 million issuance. At
December 31, 2003 Simec  owed no debt to ICH.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In December 2003 Simec acquired Administradora
de Cartera de Occidente, S.A. de  C.V. (&#147;Acosa&#148;) from ICH for nominal
consideration. Acosa&#146;s sole assets are a  portfolio of defaulted receivables it
acquired in June 2003 from various Mexican  banks which are in the process of
liquidation. The purchase price of the  portfolio is payable by Acosa solely from
recoveries if any, net of expenses of  collection, with respect to the defaulted
receivables; upon payment of the  purchase price from recoveries on the portfolio, Acosa
and the Mexican banks  will share in any additional recoveries, net of expenses of
collection, on a  50%/50% basis.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>At December 31, 2003, Compa&#241;ia Sider&#250;rgica
de Guadalajara, S.A. de  C.V. (&#147;CSG&#148;) was not in compliance with various
financial covenants contained in  its bank loan instruments pursuant to which Simec&#146;s
$1.7 million of bank debt is  outstanding. In accordance with Mexican generally accepted
accounting  principles, Simec&#146;s long term bank debt has been reclassified as current
liabilities. This noncompliance results from intercompany debt owed from CSG to  its
parent company Simec.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In February 2003, Simec effected a 1 for 20
reverse split of its Series B common  stock; as a result its American Depositary Shares
now represent 1 share of  Series B Common Stock. In March 2003, ICH converted
approximately $16.1 million  of loans to Simec plus accrued interest thereon (which loans
were made to fund  the prepayment of Simec bank debt) into common shares of Simec at a
conversion  price equivalent to U.S. $1.35 per American Depositary Share. On October 2,
2003, certain minority shareholders of Simec exercised their pre-emptive rights  arising
as a result of the conversion of ICH debt to purchase capital stock for  Ps. 19.4 million
at the price per share of Ps. 14.588 (the equivalent of U.S.  $1.35 per American
Depositary Share). In November 2003, ICH converted into  common shares of Simec the
capital contribution to Simec made in May 2003, in  the</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS </B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>DIRECTOR REPORT</b></font></td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>ANNEX 1 </b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>amount of $14.5 million (the proceeds of which
were used to retire debt owed to  ICH) for capital stock was issued in the fourth quarter
of 2003, at a conversion  price equivalent to U.S $1.41 (Ps. 14.588) per American
Depositary Share. The  minority shareholders of Simec could exercise their pre-emptive
rights arising  as a result of the conversion by ICH of the capital contribution to Simec
made  in May 2003 to purchase Series B Common Stock at the price share of Ps. 14.588
when the Comisi&#243;n Nacional Bancaria y de Valores approves the actualization  of the
capital stock of Simec.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Net resources provided by operations were Ps.
389 million in 2003 (which amount  reflects the conversion of loans of ICH into common
shares of Simec for Ps. 184  million) versus Ps. 329 million of net resources provided in
operations in 2002.  Net resources provided by financing activities were Ps. 23 million
in 2003  (which amount reflects the semi-annual amortization installments on its bank
debt of Ps. 15 million ($1.4 million), the prepayment of Ps. 322 million ($30  million)
of bank debt, the conversion by ICH of Ps. 184 million of loans (plus  accrued interest
thereon) into common shares, the increase of the capital stock  by the minority
shareholders for Ps. 19 million and the conversion into common  shares of the capital
contribution from ICH to Simec in the amount of Ps. 151  million ($14.5 million) in
November 2003 versus Ps. 239 million of net resources  used in financing activities in
2002 (which amount reflects the semi-annual  amortization installments on its bank debt
of Ps. 69 million ($6.7 million), the  prepayment of Ps. 500 million ($48 million) of
bank debt, the conversion by ICH  of Ps. 263 million of loans into common shares and the
exercise by certain  minority shareholders of their pre-emptive rights arising as a
result of the  conversion of ICH debt to purchase capital stock for Ps. 28 million). Net
resources used in investing activities (to acquire property, plant and equipment  and
other non-current assets) were Ps. 10 million in 2003 versus net resources  used in
investing activities of Ps. 45 million in 2002.</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION <BR>
AND RESULTS OF OPERATIONS </font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><i>Year Ended December 31, 2003 compared to Year Ended December
      31, 2002</i></font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><I>Net Sales</I> <br>
      <BR>
Net sales of Simec increased 27% to
Ps. 2,786 million in 2003 compared to Ps. 2,196 million in 2002. Sales in tons of basic
steel products increased 3% to 628,243 tons in 2003 compared to 609,202 tons in 2002.
Exports of basic steel products were 80,744 tons in 2003 versus 80,179 tons in 2002.
Additionally, Simec sold 63,616 tons of billet in 2003 compared to 23,137 tons of billet
in 2002. The average price of steel products increased 18% in real terms in 2003 versus
2002.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><I>Direct Cost of Sales</I> <br>
      <BR>
Simec&#146;s direct cost
of sales increased 24% to Ps. 1,830 million in 2003 compared to Ps. 1,470 million in
2002. Direct cost of sales as a percentage of net sales decreased to 66% in 2003 from
67% in 2002. The average cost of raw materials used to produce steel products increased
14% in real terms in 2003 versus 2002 primarily as a result of increases in the price of
scrap, electricity and gas.</FONT></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 19; page: 19" -->




<p><table width=600><tr>
    <td  align=center><font size=2><b>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</b></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>DIRECTOR REPORT</b></font></td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>ANNEX 1 </b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td><FONT SIZE="2"><I>Marginal Profit</I> <br>
      <BR>
Simec&#146;s marginal profit
increased 32% to Ps. 956 million in 2003 compared to Ps. 726 million in 2002. As a
percentage of net sales, marginal profit was 34% in 2003 compared to 33% in 2002.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><I>Indirect Manufacturing, Selling, General And Administrative
      Expenses</I> <br>
      <BR>
Indirect manufacturing, selling, general, and administrative
expenses (which include depreciation and amortization) increased 0.6% to Ps. 464 million
in 2003 from Ps. 461 million in 2002; Simec recorded an increase of Ps. 20 million in
depreciation and amortization expense which in 2003 was Ps. 182 million compared to
Ps. 162 million in 2002.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><I>Operating Income</I> <br>
      <BR>
Simec&#146;s operating
income increased 86% to Ps. 492 million in 2003 compared to Ps. 265 million in 2002.
Operating income was 18% of net sales in 2003 and 12% of net sales in 2002.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><I>Financial Income (Expense)</I> <br>
      <BR>
Simec recorded
financial expense in 2003 of Ps. 24 million compared to financial expense of Ps. 128
million in 2002. Simec recorded an exchange loss of approximately Ps. 2 million in 2003
compared to an exchange loss of Ps. 104 million in 2002, reflecting the 9% decrease in
the value of the peso versus the dollar in 2003 versus a decrease of 12.8% in the value
of the peso versus the dollar in 2002 and lower debt levels in 2003. Net interest
expense was Ps. 13 million in 2003 versus Ps. 55 million in 2002 reflecting a lower
amount of debt outstanding during 2003. Simec recorded a loss from monetary position of
Ps. 9 million in 2003 compared to a gain from monetary position of Ps. 31 million in
2002, reflecting the domestic inflation rate of 4% in 2003 as compared to 5.7% in 2002
and lower debt levels during 2003.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><I>Other Income (Expense), Net</I> <br>
      <BR>
Simec recorded
other expense, net, of Ps. 30 million in 2003 (reflecting (i) a reserve of Ps. 11
million relating to the clean-up of contaminated land at the Pacific Steel facilities,
(ii) a reserve of Ps. 18 million relating to the realizable value of idle machinery and
equipment and (iii) other expense, net related to other financial operations of Ps. 1
million) compared to other expense, net, of Ps. 37 million in 2002 (reflecting (i) other
income relating to tax benefits associated with the acquisition of machinery and
equipment made in 2001 of Ps. 6 million, (ii) a gain of Ps. 2 million in respect of
$200,000 principal amount of Simec&#146;s MTNs which were acquired at 50% of the
principal amount thereof, without provision for accrued interest, and were subsequently
cancelled, (iii) income of Ps. 3 million relating to insurance payments received in
respect of the breakdown of the scrap shredder machine at the Mexicali mini-mill, (iv)
expenses relating to an adjustment in the value of the land of its subsidiary Pacific
Steel of Ps. 21 million, (v) expenses of Ps. 2 million for fees relating to obtaining
the approval of the Comisi&#243;n Nacional Bancaria y de Valores to increase the capital
stock of Simec, (vi) a reserve of Ps. 10 million relating to the realizable value of
idle machinery and equipment, (vii) a reserve of Ps. 8 million relating to the clean-up
of contaminated land at the Pacific Steel facilities and (viii) expenses related to
other financial operations of Ps. 7 million).</FONT></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" -->




<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS </B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V.</b> </font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>DIRECTOR REPORT</b></font></td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>ANNEX 1 </b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<p>
<table width=600 cellpadding="0" cellspacing="0" border="0">
  <tr>
    <td><font size=2><i>Income Tax and Employee Profit Sharing </i><br>
      <BR>
Simec
recorded a provision of Ps. 145 million for income tax and employee profit  sharing in
2003 (including an increase in the provision of Ps. 113 million from  the application of
Bulletin D-4 with respect to deferred income tax described  below) compared to a positive
provision of Ps. 23 million in 2002 (including a  decrease in the provision of Ps. 59
million from the application of Bulletin D-4  with respect to deferred income tax
described below).</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><i>Net Income </i><br>
      <BR>
As a result of the foregoing, Simec
recorded net income of Ps. 293 million in 2003 compared to net income of Ps. 123 million
in 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Recent Pronouncements Applicable to Mexican
GAAP</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>In 1999, the Mexican Institute of Public
Accountants issued Bulletin D-4,  &#147;Accounting for Income and Asset Taxes and
Employee Profit Sharing&#148;, which is  effective for all fiscal years beginning January
1, 2000. Bulletin D-4  establishes financial accounting and reporting standards for the
effects of  asset tax, income tax and employee profit sharing that result from enterprise
activities during the current and preceding years. Simec&#146;s long-term liabilities
resulting from the adoption of this Bulletin was Ps. 1,045 million at December  31, 2003
compared to Ps. 797 million at December 31, 2002. The effect on Simec&#146;s
consolidated statement of income in 2003 was an increase of Ps. 113 million in  the
provision for income tax and employee profit sharing compared to a decrease  of Ps. 59
million in 2002. These provisions do not affect the cash flow of  Simec.</font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>FINANCIAL STATEMENT NOTES
      </b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>ANNEX 2</b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<P>
<p><table width=600><tr><td><font size=2>(1) Operations preparation bases and summary of
significant accounting policies:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Grupo Simec, S.A. de C.V. and its Subsidiaries (&#147;the
Company&#148;) are subsidiaries  of Industrias CH, S.A. de C.V. (&#147;ICH&#148;), and
their main activities consist of the  manufacturing and sale of steel products primarily
destined for the construction  sector of Mexico and other countries.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Significant accounting policies and practices
followed by the Companies which  affect the principal captions of the financial
statements are described below:</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><b>a. Financial statement presentation</b> - The consolidated
      financial statements have been prepared in accordance with principles generally
      accepted in Mexico, which include the recognition of the effects of inflation
      on the financial information and the presentation in constant Mexican pesos.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><b>b. Principles of Consolidation</b> - As part of the financial
      debt restructuring agreement into during 1997, Compa&#241;&#237;a Sider&#250;rgica
      de Guadalajara, S.A. de C.V. (&#147;CSG&#148;) assumed all of the debt of
      the Company in return for an equity interest in its subsidiaries. As a result
      of the above, the Company is the principal shareholder of CSG, and CSG is
      the principal shareholder of the other subsidiaries that Grupo Simec, S.A.
      de C.V. (&#147;Simec&#148;) controlled before the restructuring.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>The main subsidiaries of CSG are the following:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=4% colspan="2"><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Compa&#241;&#237;a Sider&#250;rgica de California,
      S.A. de C.V.</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=4% colspan="2"><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Industrias del Acero y del Alambre, S.A. de C.V.</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=4% colspan="2"><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Pacific Steel Inc.</font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>All significant intercompany balances and
transactions have been eliminated in  consolidation.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><b>c. Cash and cash equivalents</b> - The Company considers
      short-term investments with original maturities not greater than three months
      to be cash equivalent. Cash equivalents includes temporary investments and
      Mexican Government Treasury Bonds, and are stated at market value, which
      approximates cost plus earned interest. Any increase in market value is
      credited to operations for the period.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><b>d. Inventories</b> - The inventories are originally stated
      at average cost and subsequently adjusted to replacement value at the balance
      sheet date. The replacement values do not exceed market and are determined
      as follows:</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Billet finished goods and work in process - At
the latest production cost for  the month.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Raw materials - According to purchase prices
prevailing in the market at the  balance sheet date.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Materials, supplies and rollers - At historical
cost, restated by applying the  steel industry inflation index.</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" -->




<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:&nbsp;<b>2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>FINANCIAL STATEMENT NOTES
      </b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>ANNEX 2</b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b>JUDGED INFORMATION</b></font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>The Company presents as non-current inventories
the rollers and spare parts,  which according to historical data and production trends
will not be used within  a one-year period.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><b>e. Property, plant and equipment</b> - Property, plant
      and equipment of domestic origin are restated by using factors derived from
      The National Consumer Price Index (&#147;NCPI&#148;) from the date of their
      acquisition, and imported machinery and equipment are restated by applying
      devaluation and inflation factors of the country of origin. Depreciation
      recorded in the consolidated statement of income (loss) is computed based
      upon the estimated useful life and the restated cost of each asset. In addition,
      Financial expense incurred during the construction period is capitalized
      as construction in progress. The capitalized amounts are restated using
      a factor derived from the NCPI cumulative from the date of capitalization
      through period-end and are amortized over the average depreciation period
      of the corresponding assets. The estimated useful lives of assets as of
      December 31, 2003 are as follows:</font></td>
  </tr></table>

<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="3"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="center"><font size="2">Years</font>
      <hr noshade align="center" size="1" width="50%">
    </TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2">Buildings</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="center"><font size="2">15 to 50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT"><font size="2">Machinery and equipment</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="center"><font size="2">10 to 40</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>

<p><table width=600><tr>
    <td><font size=2><b>f. Other assets</b> - Organization and pre-operating expenses
      are capitalized and restated using a factor derived from the NCPI cumulative
      from the date of generation through period-end, and their amortization is
      calculated by the straight-line method over a period of 20 years.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><b>g. Seniority premiums and severance payments</b> - According
      to Federal Labor Law, employees are entitled to seniority premiums after
      fifteen years or more of services. These premiums are recognized as expenses
      in the years in which the services are rendered, using actuarial calculations
      based on the projected unit credit method, and since 1996 by applying real
      interest and salary increases.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Any other payments to which employees may be
entitled in case of separation,  disability or death, are charged to operations in the
period in which they  become payable.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><b>h. Pension plan</b> - Until 1995, the Company provided
      pension benefits for all personnel with a minimum of 10 years of service
      and 35 years of age. The Company had established an irrevocable trust for
      its contributions, which were based on actuarial calculations. In December
      1995, the board of directors of the Company, in agreement with the trade
      union, discontinued these benefits and related contributions to the trust
      fund. This decision was made because of the new Mexican pension fund system,
      Administradoras de Fondos para el Retiro, which establishes similar benefits
      for the employees. The balance of the trust fund will be applied to the
      retirement benefits of qualifying employees until the fund is exhausted
      due to the irrevocable status of the fund.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>The Company does not have any contractual
obligation regarding the payment of  pensions of retirements.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><b>i. Cost of sales</b> - Cost of sales related to sales
      of inventory items is recorded at standard cost, which approximates the
      replacement cost at the date of sale.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 23; page: 23" -->




<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS </B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:&nbsp;<b>2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>FINANCIAL STATEMENT NOTES
      </b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>ANNEX 2</b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<P>
<p><table width=600><tr>
    <td><font size=2><b>j. Income tax and employee profit sharing</b> - In 1999,
      the Mexican Institute of Public Accountants issued Bulletin D-4, &#147;Accounting
      for Income and Asset Taxes and Employee Profit Sharing&#148;, which is effective
      for all fiscal years beginning January 1, 2000. Bulletin D-4 establishes
      financial accounting and reporting standards for the effects of asset tax,
      income tax and employee profit sharing that result from enterprise activities
      during the current and preceding years.</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>The Company and its subsidiaries are included in
the consolidated tax returns of  the company&#146;s parent.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><b>k. Foreign currency transactions and exchange differences</b>
      - All transactions in foreign currency are recorded at the exchange rates
      prevailing on the date of their execution or liquidation. Foreign currency
      denominated assets and liabilities are translated at the exchange rates
      prevailing at the balance sheet date. Any exchange differences incurred
      with regard to assets or liabilities denominated in foreign currency are
      charged to operations of the period and are included in financial income
      (expense) in the accompanying consolidated statements of income (loss).</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>The financial statements of foreign subsidiaries
are translated into Mexican  pesos in conformity with Bulletin B-15 &#147;Transactions in
Foreign Currency and  Translation of Financial Statements of Foreign Operations&#148;.
All foreign  subsidiaries are considered to be &#147;integrated foreign operations&#148;,
as defined in  Bulletin B-15, and accordingly such financial statements were translated
as  follows:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=4% colspan="2"><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Monetary items at the exchange rate at the balance
      sheet date.</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=4% colspan="2"><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Non-monetary items and stockholders&#146; equity
      at the exchange rate prevailing at the date the transactions occurred. </font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=4% colspan="2"><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Income and expense items at an appropriate average
      exchange rate.</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=4% colspan="2"><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>The resulting foreign currency translation differences
      are included in the financial income (expense) in the statement of income
      (loss).</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=4% colspan="2"><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>All resulting Mexican peso amounts are restated
      for the effects of inflation in accordance with the dispositions of Bulletin
      B-10 using the NCPI, where such effects are considered significant.</font></td>
  </tr>
</table>

<p><table width=600><tr>
    <td><font size=2><b>l. Geographic concentration of credit risk</b> - The Company
      sells its products primarily to distributors for the construction industry
      with no specific geographic concentration. Additionally, no single customer
      accounted for a significant amount of the Company&#146;s sales, and there
      were no significant accounts receivable from a single customer or affiliate
      at December 31, 2003 and 2002. The Company performs evaluations of its customers&#146;
      credit histories and establishes and allowance for doubtful accounts based
      upon the credit risk of specific customers and historical trends.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><b>m. Other income (expenses)</b> - Other income (expenses)
      shown in the consolidated statements of operations primarily includes other
      financial operations.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 24; page: 24" -->




<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS </B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:&nbsp;<b>2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>FINANCIAL STATEMENT NOTES
      </b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>ANNEX 2</b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size=2><b>n. Gain on monetary position</b> - The gain on monetary
      position in the consolidated statements of income (loss) is determined by
      applying to net monetary assets or liabilities at the beginning of each
      month the factor of inflation derived from the NCPI and is restated at period-end
      with the corresponding factor.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><b>o. Restatement of capital stock and retained earnings
      (losses)</b> - This is determined by multiplying capital stock contributions
      and retained earnings (losses) by factors derived from the NCPI, which measure
      the cumulative inflation from the date when capital stock contributions
      were made and earnings (losses) were generated, through the latest period-end.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><b>p. Effect of restatement of stockholders&#146; equity</b>
      - The effect resulting from restating stockholders&#146; equity includes
      the accumulated effect from holding non-monetary assets, which represents
      the change in the specific price level of those assets compared to the change
      in the NCPI.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2><b>(2) Financial Debt: </b><br>
      <BR>
At December 31, 2003, Simec&#146;s
total consolidated debt consisted of approximately  $2.0 million of U.S.
dollar-denominated debt, while at December 31, 2002, Simec  had outstanding approximately
$47.8 million of U.S. dollar-denominated debt  (including $14.4 million of debt owed to
its parent company Industrias CH, S.A.  de C.V.) (&#147;ICH&#148;); Simec&#146;s lower
debt level at December 31, 2003 reflected the  prepayment of $30 million of bank debt in
2003 (Simec financed $16.2 million of  this prepayment with loans from ICH), the
semi-annual amortization installment  on its bank debt of $1.4 million in May and
November 2003, the conversion to  common stock in March 2003 of $16.1 million of loans
(plus accrued interest  thereon) from ICH at a conversion price equivalent to U.S. $1.35
(Ps.14.588) per  American Depositary Share and the conversion to common stock in November
2003 of  a capital contribution from ICH made to Simec in May 2003, in the amount of
$14.5 million (the proceeds of which were used to retire debt owed to ICH) at a
conversion price equivalent to U.S $1.41 (Ps. 14.588) per American Depositary  Share.
Simec&#146;s remaining outstanding $1.7 million of bank debt consisted of (i)  $0.2
million which matures in 2007 and amortizes in equal semi-annual  installments and (ii)
$1.5 million which matures in 2009 and has no amortization  payments. In addition Simec
had outstanding $302,000 of 8 7/8% MTN&#146;s due 1998  (accrued interest at December 31,
2003 was $254,860) which were issued in 1993  as part of a $68 million issuance. At
December 31, 2003 Simec owed no debt to  ICH.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><b>(3) Commitments and contingent liabilities:</b></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>a. Pacific Steel, Inc. (a wholly-owned
subsidiary located in the U.S.A.) has  been named in various claims and suits relating to
the generation, storage,  transport, disposal and cleanup of materials classified as
hazardous waste. The  Company has accrued approximately Ps. 18,665 (U.S. $1,661,181) at
December 31,  2003, (included in accrued liabilities) relating to these actions; the
reduction  of this reserve from previous levels reflects clean-up activities undertaken
by  Simec. Management believes the ultimate liability with respect to this matter  will
not exceed the amounts that have been accrued.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>b. The Company is subject to various other legal
proceeding and claims, which  have arisen, in the ordinary course of its business. It is
the opinion of  management that their ultimate resolution will not have a material
adverse  effect on the Company&#146;s consolidated financial position or consolidated
results  of operations.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 25; page: 25" -->




<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS </B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>FINANCIAL STATEMENT NOTES
      </b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>ANNEX 2</b></font> </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b>JUDGED INFORMATION</b></font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>c. Compa&#241;&#237;a Sider&#250;rgica de
Guadalajara, S.A. de C.V. has entered  into a gas and liquid oxygen purchase agreement
with Praxair de M&#233;xico,  S.A. de C.V., under which it is committed to acquire
monthly over a fifteen-year  period beginning January 1, 1989, a certain amount of
product. At present  required purchases amount to Ps. 1,644 per month.</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 26; page: 26" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS </B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>RELATIONS OF SHARES INVESTMENTS</b></font>
    </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="166">&nbsp;</td>
    <td align="center" width="251"><font size="1"><b>ANNEX 3</b></font>  </td>
    <td width="9">&nbsp;</td>
    <td align="center" width="172"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b><font size="1">JUDGED INFORMATION</font></b></font></td>
  </tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="640">
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="top"><font size="1">COMPANY NAME</font></td>
    <td align="center" valign="bottom"><font size="1">MAIN <br>
      ACTIVITIES </font></td>
    <td align="center" valign="bottom"> </td>
    <td align="center" valign="bottom"><font size="1">NUMBER OF <br>
      SHARES </font></td>
    <td align="center" valign="bottom"> </td>
    <td align="center" valign="bottom"><font size="1">OWNERSHIP</font></td>
    <td align="center" valign="bottom"> </td>
    <td align="center" valign="bottom" colspan="3"> <font size="1">TOTAL AMOUNT
      <br>
      (Thousands of Pesos) </font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom"><font size="1">SUBSIDIARIES </font></td>
    <td align="center" valign="bottom"> </td>
    <td align="center" valign="bottom"> </td>
    <td align="center" valign="bottom"> </td>
    <td align="center" valign="bottom"> </td>
    <td align="center" valign="bottom"> </td>
    <td align="center" valign="bottom"> </td>
    <td align="center" valign="bottom"><font size="1">ACQUISITION <br>
      COST </font></td>
    <td align="center" valign="bottom"> </td>
    <td align="center" valign="bottom"><font size="1">PRESENT <br>
      VALUE</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom"><font size="1">1 CIA SIDERURGICA
      DE</font><font size="1"> GUADALAJARA</font></td>
    <td valign=bottom align="right"> <font size="1">MINI-MILL</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">474,393,215</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">99.99</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">38,359</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">2,119,779</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom> <font size="1">2 ADMINISTRADORA DE CARTERA
      DE</font><font size="1">OCCIDENTE</font></td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">49,999</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">99.99</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">50</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">(4,384)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom> <font size="1"><b>TOTAL INVESTMENT IN SUBSIDIARIES</b></font></td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1"><b>&nbsp;</b></font><font size="1"><b>38,409</b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1"><b>&nbsp;</b></font><font size="1"><b>2,115,395</b></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom> <font size="1"><b>ASSOCIATEDS</b></font></td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">0</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">0.00</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1"><b>&nbsp;</b></font><font size="1"><b>0</b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">&nbsp;</font><font size="1">0</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=middle> <font size="1"><b>TOTAL INVESTMENT IN ASSOCIATEDS</b></font></td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1"><b>&nbsp;</b></font><font size="1"><b>&nbsp;</b></font><font size="1"><b>&nbsp;</b></font><font size="1"><b>0</b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">0</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom> <font size="1"><b>OTHER PERMANENT INVESTMENTS</b></font></td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1"><b>&nbsp;</b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1">0</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom> <font size="1"><b>&nbsp;</b></font><font size="1"><b>TOTAL</b></font></td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1"><b>&nbsp;</b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="1"><b>&nbsp;</b></font><font size="1"><b>2,115,395</b></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="bottom" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>NOTES</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 27; page: 27" --> <br>
  <br>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:&nbsp;<b>2003</b> </font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><font size="1">CREDITS BREAK DOWN<br>
      (THOUSANDS OF PESOS)<br>
      ANNEX 5</font></b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left">
    <td><font size=1><b>JUDGED INFORMATION</b></font></td>
    <td  align=right><font size=1><b>CONSOLIDATED</b></font></td>
  </tr>
</table>
<table 2 cellspacing=0 cellpadding=0 border="0" width=600>
  <tr align="center" valign="bottom">
    <td colspan="5" width="600">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td height=36 rowspan="2" width="343">&nbsp; </td>
    <td height=36 rowspan="2" width="79">&nbsp; </td>
    <td height=36 rowspan="2" width="52">&nbsp; </td>
    <td colspan=2 height=36 rowspan="2"> <font size="1">Denominated In <br>
      Pesos </font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr> </tr>
  <tr align="center" valign="bottom">
    <td height=17 width="343"> </td>
    <td height=17 width="79"> </td>
    <td height=17 width="52"> </td>
    <td height=17 width="57"> </td>
    <td height=17 width="69"> </td>
  </tr>
  <tr align="center" valign="bottom">
    <td height=34 rowspan="2" width="343"><font size="1">Credit</font> <font size="1"><br>
      Type / Institution </font> </td>
    <td height=34 rowspan="2" width="79"><font size="1">Amortization <br>
      Date </font> </td>
    <td height=34 rowspan="2" width="52"><font size="1">Rate of <br>
      Interest </font> </td>
    <td height=34 rowspan="2" width="57"> <font size="1">Until 1 <br>
      Year </font></td>
    <td height=34 rowspan="2" width="69"> <font size="1">More Than <br>
      1 Year </font></td>
  </tr>
  <tr align="center"> </tr>
  <tr valign="bottom">
    <td height=18 width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="343"><font size="1"><b>BANKS <br>
      WITH WARRANTY</b></font></td>
    <td height=17 width="79"> </td>
    <td height=17 width="52"> </td>
    <td height=17 width="57"> </td>
    <td height=17 width="69"> </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="343"> <font size="1">BANCO BILBAO VIZCAYA</font></td>
    <td height=17 align="center" width="79"> <font size="1">11/15/2009</font></td>
    <td height=17 align="center" width="52"> <font size="1">5.81</font></td>
    <td height=17 align="right" width="57"> </td>
    <td height=17 align="right" width="69"> </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="343">&nbsp;</td>
    <td height=17 align="center" width="79">&nbsp;</td>
    <td height=17 align="center" width="52">&nbsp;</td>
    <td height=17 align="right" width="57"></td>
    <td height=17 align="right" width="69"></td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="343"> <font size="1">BANCO BILBAO VIZCAYA</font></td>
    <td height=17 align="center" width="79"> <font size="1">11/15/2007</font></td>
    <td height=17 align="center" width="52"> <font size="1">5.81</font></td>
    <td height=17 align="right" width="57"> </td>
    <td height=17 align="right" width="69"> </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="343"> <font size="1"><b>TOTAL BANKS</b></font></td>
    <td height=18 align="center" width="79"> </td>
    <td height=18 align="center" width="52"> </td>
    <td height=18 align="right" width="57"> <font size="1">0</font></td>
    <td height=18 align="right" width="69"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="343"> <font size="1">LISTED IN THE MEXICAN
      <br>
      STOCK EXCHANGE</font></td>
    <td height=18 align="center" width="79"> </td>
    <td height=18 align="center" width="52"> </td>
    <td height=18 align="right" width="57"> </td>
    <td height=18 align="right" width="69"> </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="343"> <font size="1">UNSECURED DEBT</font></td>
    <td height=18 align="center" width="79"> </td>
    <td height=18 align="center" width="52"> </td>
    <td height=18 align="right" width="57"> </td>
    <td height=18 align="right" width="69"> </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="343"> <font size="1">MEDIUM TERM NOTES</font></td>
    <td height=18 align="center" width="79"> <font size="1">12/15/1998</font></td>
    <td height=18 align="center" width="52"> <font size="1">9.33</font></td>
    <td height=18 align="right" width="57"> <font size="1">0</font></td>
    <td height=18 align="right" width="69"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="343"><font size="1"><b>TOTAL STOCK EXCHANGE</b></font></td>
    <td height=18 align="center" width="79"> </td>
    <td height=18 align="center" width="52"> </td>
    <td height=18 align="right" width="57"> <font size="1">0</font></td>
    <td height=18 align="right" width="69"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="343"> <font size="1">SUPPLIERS</font></td>
    <td height=18 align="center" width="79"> </td>
    <td height=18 align="center" width="52"> </td>
    <td height=18 align="right" width="57"> </td>
    <td height=18 align="right" width="69"> </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="343"> <font size="1">VARIOUS</font></td>
    <td height=17 align="center" width="79"> </td>
    <td height=17 align="center" width="52"> </td>
    <td height=17 align="right" width="57"> <font size="1">168,983</font></td>
    <td height=17 align="right" width="69"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="343"> <font size="1"><b>TOTAL SUPPLIERS</b></font></td>
    <td height=18 align="center" width="79"> </td>
    <td height=18 align="center" width="52"> </td>
    <td height=18 align="right" width="57"> <font size="1">168,983</font></td>
    <td height=18 align="right" width="69"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=36 align="left" width="343" rowspan="2"><font size="1">OTHER CURRENT
      LIABILITIES</font> <font size="1"><br>
      AND OTHER CREDITS<b> </b></font></td>
    <td height=36 align="center" width="79" rowspan="2"> </td>
    <td height=36 align="center" width="52" rowspan="2"> </td>
    <td height=36 align="right" width="57" rowspan="2"> </td>
    <td height=36 align="right" width="69" rowspan="2"> </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" width="343"> <font size="1">VARIOUS</font></td>
    <td height=17 align="center" width="79"> </td>
    <td height=17 align="center" width="52"> </td>
    <td height=17 align="right" width="57"> <font size="1">32,376</font></td>
    <td height=17 align="right" width="69"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="343"><font size="1">OTHER CURRENT LIABILITIES
      <br>
      AND OTHER CREDITS<b> </b></font></td>
    <td height=18 align="center" width="79"> </td>
    <td height=18 align="center" width="52"> </td>
    <td height=17 align="right" width="57"> <font size="1">32,376</font></td>
    <td height=17 align="right" width="69"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="343"> <font size="1"><b>TOTAL GENERAL</b></font></td>
    <td height=18 align="center" width="79"> </td>
    <td height=18 align="center" width="52"> </td>
    <td height=18 align="right" width="57"> <font size="1">201,359</font></td>
    <td height=18 align="right" width="69"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" width="600" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left">
    <td><font size=1><b>JUDGED INFORMATION</b></font></td>
    <td  align=right><font size=1><b>CONSOLIDATED</b></font></td>
  </tr>
</table>
<table 2 cellspacing=0 cellpadding=0 border="0" width=600>
  <tr align="center" valign="bottom">
    <td height=17 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td height=17>&nbsp;</td>
    <td height=17 colspan="6">
      <p><font size="1">Amortization of Credits in Foreign Currency <br>
        With National Entities <br>
        (Thousands of Pesos) </font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td height=17> </td>
    <td height=17 colspan="6"><font size="1">Time Interval </font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td height=34 rowspan="2"><font size="1">Credit</font> <font size="1"><br>
      Type / <br>
      Institution </font> </td>
    <td height=34 rowspan="2"> <font size="1">Current <br>
      Year </font></td>
    <td height=34 rowspan="2"> <font size="1">Until 1 <br>
      Year </font></td>
    <td height=34 rowspan="2"> <font size="1">Until 2 <br>
      Years </font></td>
    <td height=34 rowspan="2"> <font size="1">Until 3 <br>
      Years </font></td>
    <td height=34 rowspan="2"> <font size="1">Until 4 <br>
      Years </font></td>
    <td height=34 rowspan="2"> <font size="1">Until 5 <br>
      Years or <br>
      More </font></td>
  </tr>
  <tr align="center"> </tr>
  <tr valign="bottom">
    <td height=18 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"><font size="1"><b>BANKS <br>
      WITH WARRANTY</b></font></td>
    <td height=17> </td>
    <td height=17> </td>
    <td height=17> </td>
    <td height=17> </td>
    <td height=17> </td>
    <td height=17> </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"> <font size="1">BANCO BILBAO VIZCAYA</font></td>
    <td height=17 align="center"> </td>
    <td height=17 align="center"> <font size="1">16,421</font></td>
    <td height=17 align="center"> </td>
    <td height=17 align="center"> </td>
    <td height=17 align="center"> </td>
    <td height=17 align="center"> </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"> <font size="1">BANCO BILBAO VIZCAYA</font></td>
    <td height=17 align="center"> </td>
    <td height=17 align="center"> <font size="1">&nbsp;&nbsp;2,657</font></td>
    <td height=17 align="center"> </td>
    <td height=17 align="center"> </td>
    <td height=17 align="center"> </td>
    <td height=17 align="center"> </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1"><b>TOTAL BANKS</b></font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">19,078</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1">LISTED IN THE MEXICAN <br>
      STOCK EXCHANGE</font></td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1">UNSECURED DEBT</font></td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1">MEDIUM TERM NOTES</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"><font size="1"><b>TOTAL STOCK EXCHANGE</b></font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1">SUPPLIERS</font></td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"> <font size="1">VARIOUS</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">13,032</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1"><b>TOTAL SUPPLIERS</b></font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">13,032</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=36 align="left" rowspan="2"><font size="1">OTHER CURRENT LIABILITIES
      <br>
      AND OTHER CREDITS </font></td>
    <td height=36 align="center" rowspan="2"> </td>
    <td height=36 align="center" rowspan="2"> </td>
    <td height=36 align="center" rowspan="2"> </td>
    <td height=36 align="center" rowspan="2"> </td>
    <td height=36 align="center" rowspan="2"> </td>
    <td height=36 align="center" rowspan="2"> </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td height=17 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"> <font size="1">VARIOUS</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;135</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"><font size="1">OTHER CURRENT LIABILITIES <br>
      AND OTHER CREDITS </font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;135</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1"><b>TOTAL GENERAL</b></font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">32,245</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr align="left">
    <td><font size=1><b>JUDGED INFORMATION</b></font></td>
    <td  align=right><font size=1><b>CONSOLIDATED</b></font></td>
  </tr>
</table>
<table 2 cellspacing=0 cellpadding=0 border="0" width=600>
  <tr align="center" valign="bottom">
    <td height=17 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td height=17>&nbsp;</td>
    <td height=17 colspan="6"><font size="1">Amortization of Credits in Foreign
      Currency <br>
      With Foreing Entities <br>
      (Thousands of Pesos) </font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td height=17> </td>
    <td height=17 colspan="6"><font size="1">Time Interval </font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="center" valign="bottom">
    <td height=34 rowspan="2"><font size="1">Credit</font> <font size="1"><br>
      Type / <br>
      Institution </font> </td>
    <td height=34 rowspan="2"> <font size="1">Current <br>
      Year </font></td>
    <td height=34 rowspan="2"> <font size="1">Until 1 <br>
      Year </font></td>
    <td height=34 rowspan="2"> <font size="1">Until 2 <br>
      Years </font></td>
    <td height=34 rowspan="2"> <font size="1">Until 3 <br>
      Years </font></td>
    <td height=34 rowspan="2"> <font size="1">Until 4 <br>
      Years </font></td>
    <td height=34 rowspan="2"> <font size="1">Until 5 <br>
      Years or <br>
      More </font></td>
  </tr>
  <tr align="center"> </tr>
  <tr valign="bottom">
    <td height=18 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"><font size="1"><b>BANKS <br>
      WITH WARRANTY</b></font></td>
    <td height=17> </td>
    <td height=17> </td>
    <td height=17> </td>
    <td height=17> </td>
    <td height=17> </td>
    <td height=17> </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"> <font size="1">BANCO BILBAO VIZCAYA</font></td>
    <td height=17 align="right"> </td>
    <td height=17 align="right"> </td>
    <td height=17 align="right"> </td>
    <td height=17 align="right"> </td>
    <td height=17 align="right"> </td>
    <td height=17 align="right"> </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"> <font size="1">BANCO BILBAO VIZCAYA</font></td>
    <td height=17 align="right"> </td>
    <td height=17 align="right"> </td>
    <td height=17 align="right"> </td>
    <td height=17 align="right"> </td>
    <td height=17 align="right"> </td>
    <td height=17 align="right"> </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1">TOTAL BANKS</font></td>
    <td height=18 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td height=18 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1">LISTED IN THE MEXICAN <br>
      STOCK EXCHANGE</font></td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1">UNSECURED DEBT</font></td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1">MEDIUM TERM NOTES</font></td>
    <td height=18 align="center"> <font size="1">3,393</font></td>
    <td height=18 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"><font size="1"><b>TOTAL STOCK EXCHANGE</b></font></td>
    <td height=18 align="center"> <font size="1">3,393</font></td>
    <td height=18 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1">SUPPLIERS</font></td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
    <td height=18 align="center"> </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"> <font size="1">VARIOUS</font></td>
    <td height=17 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td height=17 align="center"> <font size="1">24,940</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1"><b>TOTAL SUPPLIERS</b></font></td>
    <td height=18 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td height=18 align="center"> <font size="1">24,940</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" rowspan="2"><font size="1">OTHER CURRENT LIABILITIES</font>
      <font size="1"><br>
      AND OTHER CREDITS </font></td>
    <td height=18 align="center" rowspan="2"> </td>
    <td height=18 align="center" rowspan="2"> </td>
    <td height=18 align="center" rowspan="2"> </td>
    <td height=18 align="center" rowspan="2"> </td>
    <td height=18 align="center" rowspan="2"> </td>
    <tD height=18 align="center" rowspan="2"> </td>
  </tr>
  <tr valign="bottom"> </tr>
  <tr valign="bottom">
    <td height=17 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"> <font size="1">VARIOUS</font></td>
    <td height=17 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td height=17 align="center"> <font size="1">23,602</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"><font size="1">OTHER CURRENT LIABILITIES <br>
      AND OTHER CREDITS </font></td>
    <td height=17 align="center"> <font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td height=17 align="center"> <font size="1">23,602</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
    <td height=17 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left"> <font size="1"><b>TOTAL GENERAL</b></font></td>
    <td height=18 align="center"> <font size="1">3,393</font></td>
    <td height=18 align="center"> <font size="1">48,542</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
    <td height=18 align="center"> <font size="1">0</font></td>
  </tr>
  <tr valign="bottom">
    <td height=18 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td valign="TOP" height=17 colspan="18"> <font size="2"><b>NOTES:</b></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font><font size="2"></font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="20">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width="15"><font size="2"><font size="1">1. </font></font></td>
    <td align="center" width="13"><font size="2"><font size="1">-</font></font></td>
    <td width="552"><font size="2"><font size="1">At December 31, 2003, Compa&ntilde;&iacute;a
      Sider&uacute;rgica de Guadalajara, S.A. de C.V.</font></font> <font size="1">
      ("CSG") was not in compliance with various financial covenants contained
      in its</font> <font size="1"> bank loan instruments. In accordance with
      Mexican generally accepted accounting principles, Simec's long term bank
      debt has been reclassified as current liabilities.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="20">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td align="center" width="13">&nbsp;&nbsp;</td>
    <td width="552">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="20">&nbsp;</td>
    <td width="15"><font size="2"><font size="1">2.</font></font></td>
    <td align="center" width="13"><font size="2"><font size="1">-</font></font></td>
    <td width="552"><font size="2"><font size="1">Simec's bank debt is secured
      by a lien on all of the plant, property and equipment of Simec </font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="20">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td align="center" width="13">&nbsp;</td>
    <td width="552">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="20">&nbsp;</td>
    <td width="15"><font size="2"><font size="1">3.</font></font></td>
    <td align="center" width="13"><font size="2"><font size="1">-</font></font></td>
    <td width="552"><font size="2"><font size="1">The exchange rate of the peso
      to the U.S. Dollar at December 31, 2003 was Ps. 11.2360 </font></font></td>
  </tr>
</table>
<br>
<p><br>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 27; page: 27" -->
<p><br>
<table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b> 2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="1">MONETARY POSITION IN FOREIGN
      EXCHANGE <BR>
      (Thousands of Pesos) </font></B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="bottom">
    <td width=37%><font size="1"><b> JUDGED INFORMATION</b></font></td>
    <td width=26% align="center"><font size="1"><b>ANNEX 6</b></font></td>
    <td width=37% align="right"><font size="1"><b> CONSOLIDATED</b></font></td>
  </tr>
</table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr align="center">
    <td valign=bottom width=270> <b><font size="1">&nbsp;</font></b></td>
    <td colspan=4 valign=bottom> <font size="1">DOLLARS</font></td>
    <td colspan=4 valign=bottom> <font size="1">OTHER CURRENCIES</font></td>
    <td valign=bottom colspan="2"> <font size="1">TOTAL</font></td>
  </tr>
  <tr align="center">
    <td valign=bottom width=270> </td>
    <td valign=bottom colspan="2"> </td>
    <td valign=bottom colspan="2"> </td>
    <td valign=bottom colspan="2"> </td>
    <td valign=bottom colspan="2"> </td>
    <td valign=bottom colspan="2"> </td>
  </tr>
  <tr align="center">
    <td valign=bottom align="left" width=270> <font size="1">TRADE BALANCE</font></td>
    <td valign=bottom colspan="2"> <font size="1">THOUSANDS<br>
      OF DOLLARS</font></td>
    <td valign=bottom colspan="2"> <font size="1">THOUSANDS<br>
      OF PESOS</font></td>
    <td valign=bottom colspan="2"> <font size="1">THOUSANDS <br>
      OF DOLLARS</font></td>
    <td valign=bottom colspan="2"> <font size="1">THOUSANDS <br>
      OF PESOS</font></td>
    <td valign=bottom colspan="2"> <font size="1">THOUSANDS<br>
      OF PESOS</font></td>
  </tr>
  <tr>
    <td valign=bottom width=270>&nbsp;</td>
    <td valign=bottom width=60>&nbsp;</td>
    <td valign=bottom width=12>&nbsp;</td>
    <td valign=bottom width=62>&nbsp;</td>
    <td valign=bottom width=10>&nbsp;</td>
    <td valign=bottom width=57>&nbsp;</td>
    <td valign=bottom width=17>&nbsp;</td>
    <td valign=bottom width=58>&nbsp;</td>
    <td valign=bottom width=17>&nbsp;</td>
    <td valign=bottom width=62>&nbsp;</td>
    <td valign=top width=15>&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width=270> <font size="2"><b>FOREIGN MONETARY POSITION</b></font></td>
    <td valign=bottom width=60>&nbsp; </td>
    <td valign=bottom width=12>&nbsp;</td>
    <td valign=bottom width=62>&nbsp; </td>
    <td valign=bottom width=10>&nbsp;</td>
    <td valign=bottom width=57>&nbsp; </td>
    <td valign=bottom width=17>&nbsp;</td>
    <td valign=bottom width=58>&nbsp; </td>
    <td valign=bottom width=17>&nbsp;</td>
    <td valign=bottom width=62>&nbsp; </td>
    <td valign=top width=15>&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width=270> <font size="2"><b>TOTAL ASSETS</b></font></td>
    <td valign=bottom align="right" width=60> <font size="2"><b>45,275</b></font></td>
    <td valign=bottom align="right" width=12>&nbsp;</td>
    <td valign=bottom align="right" width=62> <font size="2"><b>508,696</b></font></td>
    <td valign=bottom align="right" width=10>&nbsp;</td>
    <td valign=bottom align="right" width=57> <font size="2"><b>0</b></font></td>
    <td valign=bottom align="right" width=17>&nbsp;</td>
    <td valign=bottom align="right" width=58> <font size="2"><b>0</b></font></td>
    <td valign=bottom align="right" width=17>&nbsp;</td>
    <td valign=bottom align="right" width=62> <font size="2"><b>508,696</b></font></td>
    <td valign=top width=15>&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width=270> <font size="2">LIABILITIES POSITION</font></td>
    <td valign=bottom align="right" width=60> <font size="2">7,159</font></td>
    <td valign=bottom align="right" width=12>&nbsp;</td>
    <td valign=bottom align="right" width=62> <font size="2">80,440</font></td>
    <td valign=bottom align="right" width=10>&nbsp;</td>
    <td valign=bottom align="right" width=57> <font size="2">333</font></td>
    <td valign=bottom align="right" width=17>&nbsp;</td>
    <td valign=bottom align="right" width=58> <font size="2">3,740</font></td>
    <td valign=bottom align="right" width=17>&nbsp;</td>
    <td valign=bottom align="right" width=62> <font size="2">84,180</font></td>
    <td valign=top width=15> </td>
  </tr>
  <tr>
    <td valign=bottom width=270> <font size="2">SHORT TERM LIABILITIES POSITION</font></td>
    <td valign=bottom align="right" width=60> <font size="2">7,159</font></td>
    <td valign=bottom align="right" width=12>&nbsp;</td>
    <td valign=bottom align="right" width=62> <font size="2">80,440</font></td>
    <td valign=bottom align="right" width=10>&nbsp;</td>
    <td valign=bottom align="right" width=57> <font size="2">333</font></td>
    <td valign=bottom align="right" width=17>&nbsp;</td>
    <td valign=bottom align="right" width=58> <font size="2">3,740</font></td>
    <td valign=bottom align="right" width=17>&nbsp;</td>
    <td valign=bottom align="right" width=62> <font size="2">84,180</font></td>
    <td valign=top width=15>&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width=270> <font size="2">LONG TERM LIABILITIES POSITION</font></td>
    <td valign=bottom align="right" width=60> <font size="2">0</font></td>
    <td valign=bottom align="right" width=12>&nbsp;</td>
    <td valign=bottom align="right" width=62> <font size="2">0</font></td>
    <td valign=bottom align="right" width=10>&nbsp;</td>
    <td valign=bottom align="right" width=57> <font size="2">0</font></td>
    <td valign=bottom align="right" width=17>&nbsp;</td>
    <td valign=bottom align="right" width=58> <font size="2">0</font></td>
    <td valign=bottom align="right" width=17>&nbsp;</td>
    <td valign=bottom align="right" width=62> <font size="2">0</font></td>
    <td valign=top width=15>&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width=270> <font size="2"><b>NET BALANCE</b></font></td>
    <td valign=bottom align="right" width=60> <font size="2"><b>38,116</b></font></td>
    <td valign=bottom align="right" width=12>&nbsp;</td>
    <td valign=bottom align="right" width=62> <font size="2"><b>428,256</b></font></td>
    <td valign=bottom align="right" width=10>&nbsp;</td>
    <td valign=bottom align="right" width=57> <font size="2"><b>(333</b></font></td>
    <td valign=bottom align="left" width=17><font size="2"><b>)</b></font></td>
    <td valign=bottom align="right" width=58> <font size="2"><b>(3,740</b></font></td>
    <td valign=bottom align="left" width=17><font size="2"><b>)</b></font></td>
    <td valign=bottom align="right" width=62> <font size="2"><b>424,516</b></font></td>
    <td valign=top width=15>&nbsp;</td>
  </tr>
</table>
<p><table width=600><tr>
    <td>
      <p><FONT SIZE="2"><B>NOTES<br>
        </B></FONT><FONT SIZE="2"><br>
        THE EXCHANGE RATE OF THE PESO TO THE U.S. DOLLAR AT DECEMBER 31, 2003
        WAS PS. 11.2360</FONT></p>
      </td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 28; page: 28" -->





<p><table width=600><tr>
    <td  align=center><font size="1"><b><font size="2">MEXICAN STOCK EXCHANGE
      <BR>
      SIFIC / ICS </font></b></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR: <b>2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="1">INTEGRATION AND INCOME<BR>
      CALCULATION BY MONETARY POSITION <BR>
      (Thousands of Pesos) </font></B></font></td>
  </tr></table>

<br>
<table width=600>
  <tr valign="bottom">
    <td width=37%><font size="1"><b> JUDGED INFORMATION</b></font></td>
    <td width=26% align="center"><font size="1"><b>ANNEX 7 </b></font></td>
    <td width=37% align="right"><font size="1"><b> CONSOLIDATED</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom align="left" width="163"> <b><font size="1">MONTH </font></b></td>
    <td valign=bottom align="center" width="91"> <b><font size="1">MONETARY <br>
      ASSETS </font></b></td>
    <td valign=bottom align="center" width="15"> </td>
    <td valign=bottom align="center" width="74"> <b><font size="1">MONETARY <br>
      LIABILITIES </font></b></td>
    <td valign=bottom align="center" width="15"> </td>
    <td valign=bottom align="center" colspan="2"><b><font size="1">(ASSET) <br>
      LIABILITIES <br>
      MONETARY <br>
      POSITION </font></b> </td>
    <td valign=bottom align="center" width="67"> <b><font size="1">MONTHLY <br>
      INFLATION </font></b></td>
    <td valign=bottom align="center" width="15"> </td>
    <td valign=bottom align="center" width="68"> <b><font size="1">MONTHLY <br>
      PROFIT <br>
      AND (LOSS) </font></b></td>
    <td valign=top width="18">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">JANUARY</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">599,332</font></td>
    <td valign=bottom align="right" width="15">&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">870,175</font></td>
    <td valign=bottom align="right" width="15">&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">270,843</font></td>
    <td valign=bottom align="left" width="16">&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="right" width="67"> <font size="2">0.40</font></td>
    <td valign=bottom align="left" width="15">&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">1,095</font></td>
    <td valign=bottom align="left" width="18">&nbsp;&nbsp;&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">FEBRUARY</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">496,349</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">770,972</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">274,623</font></td>
    <td valign=bottom align="left" width="16">&nbsp;</td>
    <td valign=bottom align="right" width="67"> <font size="2">0.28</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">763</font></td>
    <td valign=bottom align="left" width="18">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">MARCH</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">540,635</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">777,637</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">237,002</font></td>
    <td valign=bottom align="left" width="16">&nbsp;</td>
    <td valign=bottom align="right" width="67"> <font size="2">0.63</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">1,496</font></td>
    <td valign=bottom align="left" width="18">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">APRIL</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">541,513</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">566,310</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">24,797</font></td>
    <td valign=bottom align="left" width="16">&nbsp;</td>
    <td valign=bottom align="right" width="67"> <font size="2">0.17</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">42</font></td>
    <td valign=bottom align="left" width="18">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">MAY</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">578,184</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">548,013</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">(30,171</font></td>
    <td valign=bottom align="left" width="16"><font size="2">)</font></td>
    <td valign=bottom align="right" width="67"> <font size="2">(0.32</font></td>
    <td valign=bottom align="left" width="15"><font size="2">)</font></td>
    <td valign=bottom align="right" width="68"> <font size="2">97</font></td>
    <td valign=bottom align="left" width="18">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">JUNE</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">547,495</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">340,066</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">(207,429</font></td>
    <td valign=bottom align="left" width="16"><font size="2">)</font></td>
    <td valign=bottom align="right" width="67"> <font size="2">0.08</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">(171</font></td>
    <td valign=bottom align="left" width="18"><font size="2">)</font></td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">JULY</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">604,584</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">323,902</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">(280,682</font></td>
    <td valign=bottom align="left" width="16"><font size="2">)</font></td>
    <td valign=bottom align="right" width="67"> <font size="2">0.14</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">(407</font></td>
    <td valign=bottom align="left" width="18"><font size="2">)</font></td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">AUGUST</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">664,648</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">310,488</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">(354,160</font></td>
    <td valign=bottom align="left" width="16"><font size="2">)</font></td>
    <td valign=bottom align="right" width="67"> <font size="2">0.30</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">(1,063</font></td>
    <td valign=bottom align="left" width="18"><font size="2">)</font></td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">SEPTEMBER</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">750,161</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">319,022</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">(431,139</font></td>
    <td valign=bottom align="left" width="16"><font size="2">)</font></td>
    <td valign=bottom align="right" width="67"> <font size="2">0.60</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">(2,567</font></td>
    <td valign=bottom align="left" width="18"><font size="2">)</font></td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">OCTOBER</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">805,442</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">329,170</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">(476,272</font></td>
    <td valign=bottom align="left" width="16"><font size="2">)</font></td>
    <td valign=bottom align="right" width="67"> <font size="2">0.37</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">(1,746</font></td>
    <td valign=bottom align="left" width="18"><font size="2">)</font></td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">NOVEMBER</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">870,617</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">336,930</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">(533,687</font></td>
    <td valign=bottom align="left" width="16"><font size="2">)</font></td>
    <td valign=bottom align="right" width="67"> <font size="2">0.83</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">(4,430</font></td>
    <td valign=bottom align="left" width="18"><font size="2">)</font></td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">DECEMBER</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">945,456</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">328,828</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">(616,628</font></td>
    <td valign=bottom align="left" width="16"><font size="2">)</font></td>
    <td valign=bottom align="right" width="67"> <font size="2">0.43</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">(2,651</font></td>
    <td valign=bottom align="left" width="18"><font size="2">)</font></td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">ACTUALIZATION</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="16">&nbsp;</td>
    <td valign=bottom align="right" width="67"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">14</font></td>
    <td valign=bottom align="left" width="18">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">CAPITALIZATION</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="16">&nbsp;</td>
    <td valign=bottom align="right" width="67"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">0</font></td>
    <td valign=bottom align="left" width="18">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">FOREIGN CORPORATION</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="16">&nbsp;</td>
    <td valign=bottom align="right" width="67"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">&nbsp;</font><font size="2">0</font></td>
    <td valign=bottom align="left" width="18">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2">OTHER</font></td>
    <td valign=bottom align="right" width="91"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="16">&nbsp;</td>
    <td valign=bottom align="right" width="67"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <font size="2">0</font></td>
    <td valign=bottom align="left" width="18">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom width="163"> <font size="2"><b>TOTAL</b></font></td>
    <td valign=bottom align="right" width="91"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="74"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="58"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right" width="16">&nbsp;</td>
    <td valign=bottom align="right" width="67"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="left" width="15">&nbsp;</td>
    <td valign=bottom align="right" width="68"> <b><font size="2">(9,528</font></b></td>
    <td valign=bottom align="left" width="18"><b><font size="2">)</font></b></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 29; page: 29" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS<font size="3"> </font></B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b> 2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="1">BONDS AND MEDIUM TERM NOTES
      LISTING IN STOCK MARKET</font></B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr>
    <td valign=top width=200><font size="1"><b>JUDGED INFORMATION</b></font></td>
    <td valign="top" align="center" width=200><font size="1"><b>ANNEX 8</b></font></td>
    <td align="center" width=200><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>FINANCIAL LIMITED BASED IN ISSUED DEED AND/OR
TITLE</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>MEDIUM TERM NOTES</B></font></td></tr></table>

<P><table width=600><tr>
    <td width=5% valign=top><font size="2">&nbsp;A) </font></td>
    <td width=95%><font size="2">Current assets to current liabilities must be
      1.0 times or more.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=5% valign=top><font size="2">&nbsp;B) </font></td>
    <td width=95%><font size="2"> Total liabilities to total assets do not be
      more than 0.60.</font></td>
  </tr></table>

<table width=600><tr>
    <td width=5% valign=top><font size="2">&nbsp;C) </font></td>
    <td width=95%><font size="2">Operating income plus items added to income which
      do not require using cash must be 2.0 times or more.</font></td>
  </tr></table>

<P>
<table width=600>
  <tr>
    <td width=100% valign=top colspan="2"><font size="2">&nbsp; </font><font size="2">This
      notes was offered in the international market.</font></td>
  </tr>
</table>






<p><table width=600><tr><td  align=center><font size=2><B>ACTUAL SITUATION OF FINANCIAL
LIMITED</B></font></td></tr></table>


<P>
<table width=600>
  <tr>
    <td width=100% valign=top colspan="2"><font size="2">&nbsp; </font><font size="2">MEDIUM
      TERM NOTES</font></td>
  </tr>
</table>

<P><table width=600><tr><td width=5% valign=top><font size="2">&nbsp;A) </font></td><td width=95%><font size="2">Accomplished
the actual situation is 3.88 times.</font></td></tr></table>

<table width=600><tr><td width=5% valign=top><font size="2">&nbsp;B) </font></td><td width=95%><font size="2">Accomplished
the  actual situation is 0.23 </font></td></tr></table>

<table width=600><tr><td width=5% valign=top><font size="2">&nbsp;C) </font></td><td width=95%><font size="2">Accomplished
the actual situation is 37.99</font></td></tr></table>

<P>
<table width=600>
  <tr>
    <td width=100% valign=top colspan="2"><font size="2">As of December 31, 2003,
      the remaining balance of the MTNs not exchanged amounts to Ps. 3,393 ($302,000
      dollars).</font></td>
  </tr>
</table>


<P>
<table width=600>
  <tr>
    <td width=100% valign=top colspan="2"><font size="2">C.P. Adolfo Luna Luna
      <BR>
      Chief Financial Officer </font></td>
  </tr>
</table>




<p><table width=600><tr><td  align=center><font size=2><B>BONDS AND/OR MEDIUM TERM NOTES
CERTIFICATE</B></font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 30; page: 30" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b> 2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="168">&nbsp;</td>
    <td align="center" width="236"><font size="1"><b>PLANTS, COMMERCE CENTERS
      OR <br>
      DISTRIBUTION CENTERS </b></font></td>
    <td width="2">&nbsp;</td>
    <td align="center" width="192">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="2">&nbsp;</td>
    <td width="168"><font size="1"><b>JUDGED INFORMATION</b></font></td>
    <td align="center" width="236"><font size="1"><b>ANNEX 9 </b></font> </td>
    <td width="2">&nbsp;</td>
    <td align="center" width="192"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>&nbsp;
<p>
<table cellpadding="0" cellspacing="0" border="0" width="640">
  <tr valign="BOTTOM">
    <th colspan="2"></th>
    <th width="292"></th>
    <th colspan="2"></th>
    <th width="54"></th>
    <th width="15"></th>
  </tr>
  <tr valign="BOTTOM" align="center">
    <td width="194"><b><font size="1">PLANT <br>
      OR <br>
      CENTER </font></b></td>
    <td width="6"> </td>
    <td width="292"><b><font size="1">ECONOMIC <br>
      ACTIVITY </font></b></td>
    <td width="53"><b><font size="1">PLANT <br>
      CAPACITY </font></b></td>
    <td width="6"> </td>
    <td colspan="2"><b><font size="1">UTILIZATION <br>
      (%) </font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="194">&nbsp;</td>
    <td align="LEFT" width="6">&nbsp;</td>
    <td align="LEFT" width="292">&nbsp;</td>
    <td align="RIGHT" width="53">&nbsp;</td>
    <td align="LEFT" width="6">&nbsp;</td>
    <td align="RIGHT" width="54">&nbsp;</td>
    <td align="RIGHT" width="15">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="top" width="194"><font size="2">GUADALAJARA MINI
      MILL </font></td>
    <td align="LEFT" width="6"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="LEFT" width="292"><font size="2">PRODUCTION AND SALES OF STEEL
      PRODUCTS </font></td>
    <td align="RIGHT" width="53"><font size="2">480 </font></td>
    <td align="LEFT" width="6"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="RIGHT" width="54"><font size="2">85 </font></td>
    <td align="RIGHT" width="15">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="top" width="194"><font size="2">MEXICALI MINI MILL</font></td>
    <td align="LEFT" width="6">&nbsp;</td>
    <td align="LEFT" width="292"><font size="2">PRODUCTION AND SALES OF STEEL
      PRODUCTS </font></td>
    <td align="RIGHT" width="53"><font size="2">250 </font></td>
    <td align="LEFT" width="6">&nbsp;</td>
    <td align="RIGHT" width="54"><font size="2">79 </font></td>
    <td align="RIGHT" width="15">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td align="LEFT" width="194"><font size="2">INDUSTRIAS DEL ACERO Y <br>
      DEL ALAMBRE </font></td>
    <td align="LEFT" width="6">&nbsp;</td>
    <td align="LEFT" width="292"><font size="2">SALE OF STEEL PRODUCTS </font></td>
    <td align="RIGHT" width="53" valign="bottom"><font size="2">0 </font></td>
    <td align="LEFT" width="6" valign="bottom">&nbsp;</td>
    <td align="RIGHT" width="54" valign="bottom"><font size="2">0 </font></td>
    <td align="RIGHT" width="15">&nbsp;</td>
  </tr>
</table>
<p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 31; page: 31" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS </B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td align="left" width="3">&nbsp;</td>
    <td width="222">&nbsp;</td>
    <td align="center" width="131"><font size="1"><b>MAIN RAW MATERIALS </b></font></td>
    <td width="3">&nbsp;</td>
    <td align="center" width="241">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="3">&nbsp;</td>
    <td width="222"><font size="1"><b>JUDGED INFORMATION</b></font></td>
    <td align="center" width="131"><font size="1"><b>ANNEX 10 </b></font> </td>
    <td width="3">&nbsp;</td>
    <td align="center" width="241"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" border="0" width="650">
  <tr valign="BOTTOM">
    <td align="LEFT" width="106"><b><font size="1">DOMESTIC </font></b></td>
    <td align="LEFT" width="7"> </td>
    <td align="center" width="129"><b><font size="1">MAIN <br>
      SUPPLIERS </font></b></td>
    <td align="center" width="7"> </td>
    <td align="center" width="106"><b><font size="1">FOREIGN </font></b></td>
    <td align="center" width="7"> </td>
    <td align="center" width="147"><b><font size="1">MAIN <br>
      SUPPLIERS </font></b></td>
    <td align="center" width="7"> </td>
    <td align="center" width="47"><b><font size="1">DOM. <br>
      SUBSTI- <br>
      TUTION </font></b></td>
    <td align="center" width="7"> </td>
    <td align="center" colspan="2"><b><font size="1">COST <br>
      PRODUCTION <br>
      (%) </font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="106">&nbsp;</td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="129">&nbsp;</td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="106">&nbsp;</td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="147">&nbsp;</td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="47">&nbsp;</td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="RIGHT" width="58" >&nbsp;</td>
    <td align="RIGHT" width="22" >&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="106"><font size="2">SCRAP </font></td>
    <td align="LEFT" width="7"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="LEFT" width="129"><font size="2">VARIOUS </font></td>
    <td align="LEFT" width="7"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="LEFT" width="106"><font size="2">SCRAP </font></td>
    <td align="LEFT" width="7"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="LEFT" width="147"><font size="2">VARIOUS </font></td>
    <td align="LEFT" width="7"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="center" width="47"><font size="2">YES </font></td>
    <td align="LEFT" width="7"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="RIGHT" width="58"><font size="2">51.64 </font></td>
    <td align="RIGHT" width="22">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="106"><font size="2">ELECTRICITY </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="129"><font size="2">C.F.E. </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="106">&nbsp;</td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="147">&nbsp;</td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="center" width="47"><font size="2">NO </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="RIGHT" width="58"><font size="2">12.60 </font></td>
    <td align="RIGHT" width="22">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="106"><font size="2">FERROALLOYS </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="129"><font size="2">MINERA AUTLAN </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="106"><font size="2">FERROALLOYS </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="147"><font size="2">GFM TRADING </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="center" width="47"><font size="2">YES </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="RIGHT" width="58"><font size="2">6.53 </font></td>
    <td align="RIGHT" width="22">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" valign="top" width="106"><font size="2">ELECTRODES </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="129"><font size="2">UCAR CARBON <br>
      MEXICANA </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="106"><font size="2">ELECTRODES </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="LEFT" width="147"><font size="2">SGL CARBON GROUP </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="center" width="47"><font size="2">YES </font></td>
    <td align="LEFT" width="7">&nbsp;</td>
    <td align="RIGHT" width="58"><font size="2">2.42 </font></td>
    <td align="RIGHT" width="22">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;</p>
<P>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 32; page: 32" -->





<p>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="670">
  <tr valign="bottom">
    <td colspan="6" align="center"><font size="2"><b>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS </b>&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="195">&nbsp;</td>
    <td width="102">&nbsp;&nbsp;</td>
    <td align="center" width="96">&nbsp;</td>
    <td align="center" width="71">&nbsp;</td>
    <td align="center" width="75">&nbsp;</td>
    <td align="center" width="131">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="195"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC
      <br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td width="102">&nbsp;</td>
    <td align="center" width="96">&nbsp;</td>
    <td align="center" width="71"> </td>
    <td align="center" width="75">&nbsp;</td>
    <td align="center" width="131"><font size=1>QUARTER: 4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR:
      <b>2003 </b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="195">&nbsp;</td>
    <td colspan="3" align="center"><font size="1"><b>SELLS DISTRIBUTION BY PRODUCT
      </b></font></td>
    <td align="center" width="75">&nbsp;</td>
    <td align="center" width="131">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="195"><font size="1"><b>JUDGED INFORMATION</b></font></td>
    <td width="102">&nbsp;</td>
    <td align="center" width="96"><font size="1"><b>ANNEX 11 </b></font> </td>
    <td align="center" width="71"> </td>
    <td align="center" width="75">&nbsp;</td>
    <td align="center" width="131"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="195">&nbsp;</td>
    <td width="102">&nbsp;</td>
    <td align="center" width="96">&nbsp;</td>
    <td align="center" width="71">&nbsp;</td>
    <td align="center" width="75">&nbsp;</td>
    <td align="center" width="131">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="195">&nbsp;</td>
    <td width="102">&nbsp;</td>
    <td align="center" width="96"><font size="1"><b>DOMESTIC SELLS </b></font> </td>
    <td align="center" width="71"> </td>
    <td align="center" width="75">&nbsp;</td>
    <td align="center" width="131"><font size=1><b>MAIN </b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="195">&nbsp;</td>
    <td width="102">&nbsp;</td>
    <td align="center" width="96">&nbsp;</td>
    <td align="center" width="71"><font size=1><b>DESTINATION </b></font></td>
    <td align="center" width="75">&nbsp;</td>
    <td align="center" width="131">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="195"><font size="1"><b>MAIN PRODUCTS </b></font></td>
    <td align="center" width="102"><font size="1"><b>TOTAL PRODUCTION </b></font></td>
    <td align="center" width="96"><font size=1><b>NET SELLS </b></font></td>
    <td align="center" width="71">&nbsp;</td>
    <td align="center" width="75">&nbsp;</td>
    <td align="center" width="131">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="195"> </td>
    <td width="102">&nbsp;</td>
    <td align="center" width="96">&nbsp;</td>
    <td align="center" width="71"> </td>
    <td align="center" width="75"><font size=1><b>TRADEMARKS </b></font></td>
    <td align="center" width="131"><font size=1><b>COSTUMERS </b></font></td>
  </tr>
</table>
<br>
<table width="400" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;</td>
    <td align="center"><b><font size="1">VOLUME </font></b></td>
    <td align="center">&nbsp;</td>
    <td align="center"><b><font size="1">AMOUNT </font></b></td>
    <td align="center">&nbsp;</td>
    <td align="center"><b><font size="1">VOLUME </font></b></td>
    <td align="center">&nbsp;</td>
    <td align="center"><b><font size="1">AMOUNT </font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">STRUCTURAL PROFILES </font></td>
    <td width="13%" align="RIGHT" valign="bottom"><font size="2">184 </font></td>
    <td>&nbsp;</td>
    <td width="13%" align="RIGHT" valign="bottom"><font size="2">522,811 </font></td>
    <td>&nbsp;</td>
    <td width="10%" align="RIGHT" valign="bottom"><font size="2">173 </font></td>
    <td>&nbsp;</td>
    <td width="13%" align="RIGHT" valign="bottom"><font size="2">753,113 </font></td>
  </tr>
  <tr>
    <td><font size="2">COMMERCIAL PROFILES </font></td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">56 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">140,394 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom"><font size="2">47 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">192,823 </font></td>
  </tr>
  <tr>
    <td><font size="2">REBAR </font></td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">125 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">293,672 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom"><font size="2">93 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">374,006 </font></td>
  </tr>
  <tr>
    <td><font size="2">FLAT BAR </font></td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">25 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">66,300 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom"><font size="2">17 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">71,840 </font></td>
  </tr>
  <tr>
    <td><font size="2">STEEL BARS </font></td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">213 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">578,625 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom"><font size="2">209 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">857,202 </font></td>
  </tr>
  <tr>
    <td><font size="2">OTHER </font></td>
    <td align="RIGHT" width="13%" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom"><font size="2">8 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">46,656 </font></td>
  </tr>
  <tr>
    <td><font size="2">BILLET </font></td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">64 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">121,067 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom"><font size="2">64 </font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2">170,754 </font></td>
  </tr>
  <tr>
    <td><font size="2"><b>&nbsp;&nbsp;T O T A L </b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2"><b>1,722,869
      </b></font></td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="RIGHT" width="13%" valign="bottom"><font size="2"><b>2,466,394
      </b></font></td>
  </tr>
</table>
<P>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 33; page: 33" -->
<p>&nbsp;
<table border="0" cellspacing="0" cellpadding="0" width="670">
  <tr valign="bottom">
    <td colspan="6" align="center"><font size="2"><b>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS </b>&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="181">&nbsp;</td>
    <td width="93">&nbsp;&nbsp;</td>
    <td align="center" width="119">&nbsp;</td>
    <td align="center" width="79">&nbsp;</td>
    <td align="center" width="68">&nbsp;</td>
    <td align="center" width="131">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="181"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC
      <br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td width="93">&nbsp;</td>
    <td align="center" width="119">&nbsp;</td>
    <td align="center" width="79"> </td>
    <td align="center" width="68">&nbsp;</td>
    <td align="center" width="131"><font size=1>QUARTER: 4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR:<b>
      2003 </b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="181">&nbsp;</td>
    <td colspan="3" align="center"><font size="1"><b>SELLS DISTRIBUTION BY PRODUCT
      </b></font></td>
    <td align="center" width="68">&nbsp;</td>
    <td align="center" width="131">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="181"><font size="1"><b>JUDGED INFORMATION</b></font></td>
    <td width="93">&nbsp;</td>
    <td align="center" width="119"><font size="1"><b>ANNEX 11 </b></font> </td>
    <td align="center" width="79"> </td>
    <td align="center" width="68">&nbsp;</td>
    <td align="center" width="131"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="181">&nbsp;</td>
    <td width="93">&nbsp;</td>
    <td align="center" width="119">&nbsp;</td>
    <td align="center" width="79">&nbsp;</td>
    <td align="center" width="68">&nbsp;</td>
    <td align="center" width="131">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="181">&nbsp;</td>
    <td width="93">&nbsp;</td>
    <td align="center" width="119"><font size="1"><b>FOREIGN SELLS </b></font> </td>
    <td align="center" width="79"> </td>
    <td align="center" width="68">&nbsp;</td>
    <td align="center" width="131"><font size=1><b>MAIN </b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="181">&nbsp;</td>
    <td width="93">&nbsp;</td>
    <td align="center" width="119">&nbsp;</td>
    <td align="center" width="79"><font size=1><b>DESTINATION </b></font></td>
    <td align="center" width="68">&nbsp;</td>
    <td align="center" width="131">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="181"><font size="1"><b>MAIN PRODUCTS </b></font></td>
    <td align="center" width="93"><font size="1"><b>TOTAL PRODUCTION </b></font></td>
    <td align="center" width="119"><font size=1><b>NET SELLS </b></font></td>
    <td align="center" width="79">&nbsp;</td>
    <td align="center" width="68">&nbsp;</td>
    <td align="center" width="131">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="right" width="181"> </td>
    <td width="93">&nbsp;</td>
    <td align="center" width="119">&nbsp;</td>
    <td align="center" width="79"> </td>
    <td align="center" width="68"><font size=1><b>TRADEMARKS </b></font></td>
    <td align="center" width="131"><font size=1><b>COSTUMERS </b></font></td>
  </tr>
</table>
<br>
<br>
<table width="400" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="41%">&nbsp;</td>
    <td align="center" width="10%"><b><font size="1">VOLUME&nbsp;</font></b></td>
    <td align="center" width="0%">&nbsp;&nbsp;&nbsp;</td>
    <td align="center" width="10%"><b><font size="1">AMOUNT </font></b></td>
    <td align="center" width="0%">&nbsp;&nbsp;&nbsp;</td>
    <td align="center" width="18%" colspan="2"><b><font size="1">VOLUME </font></b></td>
    <td align="center" width="21%"><b><font size="1">AMOUNT </font></b></td>
  </tr>
  <tr>
    <td width="41%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td width="10%">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td width="16%">&nbsp;</td>
    <td width="2%">&nbsp;</td>
    <td width="21%">&nbsp;</td>
  </tr>
  <tr>
    <td width="41%" align="LEFT" valign="bottom"><font size="2">STRUCTURAL PROFILES
      </font></td>
    <td width="10%" align="RIGHT" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td width="10%" align="RIGHT" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td width="16%" align="RIGHT" valign="bottom"><font size="2">11 </font></td>
    <td width="2%" align="LEFT" valign="bottom"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="21%" align="RIGHT" valign="bottom"><font size="2">42,569 </font></td>
  </tr>
  <tr>
    <td align="LEFT" valign="bottom" width="41%"><font size="2">COMMERCIAL PROFILES
      </font></td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td align="RIGHT" valign="bottom" width="16%"><font size="2">12 </font></td>
    <td align="LEFT" valign="bottom" width="2%">&nbsp;</td>
    <td align="RIGHT" valign="bottom" width="21%"><font size="2">47,303 </font></td>
  </tr>
  <tr>
    <td align="LEFT" valign="bottom" width="41%"><font size="2">REBAR </font></td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td align="RIGHT" valign="bottom" width="16%"><font size="2">46 </font></td>
    <td align="LEFT" valign="bottom" width="2%">&nbsp;</td>
    <td align="RIGHT" valign="bottom" width="21%"><font size="2">178,174 </font></td>
  </tr>
  <tr>
    <td align="LEFT" valign="bottom" width="41%"><font size="2">STEEL BARS </font></td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td align="RIGHT" valign="bottom" width="16%"><font size="2">9 </font></td>
    <td align="LEFT" valign="bottom" width="2%">&nbsp;</td>
    <td align="RIGHT" valign="bottom" width="21%"><font size="2">37,677 </font></td>
  </tr>
  <tr>
    <td align="LEFT" valign="bottom" width="41%"><font size="2">FLAT BAR </font></td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td align="RIGHT" valign="bottom" width="16%"><font size="2">3 </font></td>
    <td align="LEFT" valign="bottom" width="2%">&nbsp;</td>
    <td align="RIGHT" valign="bottom" width="21%"><font size="2">13,450 </font></td>
  </tr>
  <tr>
    <td align="LEFT" valign="bottom" width="41%"><b><font size="2">&nbsp;&nbsp;T
      O T A L </font></b></td>
    <td width="10%">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td align="RIGHT" width="10%" valign="bottom">&nbsp;</td>
    <td width="0%">&nbsp;</td>
    <td align="RIGHT" valign="bottom" width="16%">&nbsp;</td>
    <td align="LEFT" valign="bottom" width="2%">&nbsp;</td>
    <td align="RIGHT" valign="bottom" width="21%"><b><font size="2">319,173 </font></b></td>
  </tr>
</table>
<br>
<p>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;
<p>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 6; page: 6" --> </p>
<p>&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" width="670">
  <tr valign="bottom">
    <td width="168">&nbsp;</td>
    <td width="296" colspan="3" align="center"><font size="2"><b>MEXICAN STOCK
      EXCHANGE <br>
      SIFIC / ICS </b></font></td>
    <td align="center" width="74">&nbsp;&nbsp;</td>
    <td align="center" width="132">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="168">&nbsp;</td>
    <td width="70">&nbsp;&nbsp;</td>
    <td align="center" width="148">&nbsp;</td>
    <td align="center" width="78">&nbsp;</td>
    <td align="center" width="74">&nbsp;</td>
    <td align="center" width="132">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="168"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC
      <br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td width="70">&nbsp;</td>
    <td align="center" width="148">&nbsp;</td>
    <td align="center" width="78"> </td>
    <td align="center" width="74">&nbsp;</td>
    <td align="center" width="132"><font size=1>QUARTER: 4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR:<b>
      2003 </b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="168"><font size="1"><b>JUDGED INFORMATION</b></font></td>
    <td width="296" align="center" colspan="3"><font size="1"><b>INTEGRATION OF
      THE PAID SOCIAL CAPITAL STOCK <br>
      CHARACTERISTICS OF THE SHARES </b></font></td>
    <td align="center" width="74">&nbsp;</td>
    <td align="center" width="132"><font size="1"><b>CONSOLIDATED</b></font></td>
  </tr>
</table>
<table width="670" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td width="61">&nbsp;</td>
    <td width="65">&nbsp;</td>
    <td width="46">&nbsp;</td>
    <td width="78">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td width="62">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="63">&nbsp;</td>
    <td width="83">&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td width="61">&nbsp;</td>
    <td width="65">&nbsp;</td>
    <td width="46">&nbsp;</td>
    <td width="78">  </td>
    <td colspan="2"> <font size=1><b>NUMBER OF SHARES </b></font></td>
    <td width="62"> </td>
    <td width="95"> </td>
    <td width="7">&nbsp;</td>
    <td width="63"> </td>
    <td width="83"> </td>
  </tr>
  <tr valign="BOTTOM" align="center">
    <td width="61"><font size="1"><b>SERIES </b></font></td>
    <td width="65"><font size="1"><b>NOMINAL <br>
      VALUE </b></font></td>
    <td width="46"><font size=1><b>VALID <br>
      CUPON </b></font></td>
    <td width="78"><font size="1"><b>PORTION </b></font></td>
    <td width="15">&nbsp;</td>
    <td width="95"><font size="1"><b>PORTION </b></font></td>
    <td width="62"><font size=1><b>MEXICAN </b></font></td>
    <td width="95"><font size=1><b>FREE <br>
      SUSCRIPTION </b></font></td>
    <td width="7">&nbsp;</td>
    <td colspan="2"><font size="1"><b>CAPITAL STOCK <br>
      (Thousands of Pesos) </b></font></td>
  </tr>
  <tr valign="BOTTOM" align="center">
    <td width="61">&nbsp;</td>
    <td width="65">&nbsp;</td>
    <td width="46">&nbsp;</td>
    <td width="78">&nbsp;</td>
    <td width="15">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="62">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="7">&nbsp;</td>
    <td width="63"><font size=1><b>FIXED </b></font></td>
    <td width="83"><font size=1><b>VARIABLE </b></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="61"><font size="2">&nbsp;&nbsp;B </font></td>
    <td align="LEFT" width="65">&nbsp;</td>
    <td align="right" width="46"><font size="2">0 </font></td>
    <td align="right" width="78"><font size="2">15,283,350 </font></td>
    <td align="right" width="15"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right" width="95"><font size="2">116,689,672 </font></td>
    <td align="right" width="62">&nbsp;&nbsp;</td>
    <td align="right" width="95"><font size="2">131,973,022 </font></td>
    <td align="right" width="7"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="right" width="63"><font size="2">222,963 </font></td>
    <td align="right" width="83"><font size="2">1,702,289 </font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="61"><b><font size="2">TOTAL </font></b></td>
    <td align="LEFT" width="65">&nbsp;</td>
    <td align="right" width="46">&nbsp;</td>
    <td align="right" width="78"><b><font size="2">15,283,350 </font></b></td>
    <td align="right" width="15">&nbsp;</td>
    <td align="right" width="95"><b><font size="2">116,689,672 </font></b></td>
    <td align="right" width="62"><b><font size="2">0 </font></b></td>
    <td align="right" width="95"><b><font size="2">131,973,022 </font></b></td>
    <td align="right" width="7">&nbsp;</td>
    <td align="right" width="63"><b><font size="2">222,963 </font></b></td>
    <td align="right" width="83"><b><font size="2">1,702,289 </font></b></td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td><font size=2>TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK
      ON THE DATE OF SENDING THE INFORMATION : 131,973,022 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><b>SHARES PROPORTION BY : </b></font></td>
  </tr>
</table>
<br>
<table cellpadding="0" cellspacing="0" border="0" width="500">
  <tr valign="BOTTOM">
    <th width="41%"></th>
    <th colspan="2" width="59%"></th>
  </tr>
  <tr valign="BOTTOM">
    <td width="41%" align="LEFT"><font size="2">CPO&#146;S : </font></td>
    <td width="59%" align="left" colspan="2"><font size="2"> 0 </font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="2">ADRS&#146;s : </font></td>
    <td align="left" colspan="2" width="59%"><font size="2">1,268,213 ADR&#146;S
      OF 1 SHARE EACH ONE: </font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="2">UNITS : </font></td>
    <td align="left" colspan="2" width="59%"><font size="2">0 </font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="2">GDRS&#146;s : </font></td>
    <td align="left" colspan="2" width="59%"><font size="2">0 </font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="2">ADS&#146;s : </font></td>
    <td align="left" colspan="2" width="59%"><font size="2">0 </font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="41%"><font size="2">GDS&#146;s : </font></td>
    <td align="left" colspan="2" width="59%"><font size="2">0 </font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="21"> </td>
    <td width="72"> </td>
    <td width="14"> </td>
    <td width="136"> </td>
    <td width="52"> </td>
    <td colspan="3"><b><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPURCHASED
      OWN SHARES </font></b></td>
  </tr>
  <tr>
    <td width="21"> </td>
    <td width="72"> </td>
    <td width="14"> </td>
    <td width="136"> </td>
    <td width="52"> </td>
    <td width="143"> </td>
    <td width="14"> </td>
    <td width="148"> </td>
  </tr>
  <tr>
    <td width="21"> </td>
    <td align="center" valign="bottom" width="72"> </td>
    <td align="center" valign="bottom" width="14"> </td>
    <td align="center" valign="bottom" width="136"> </td>
    <td align="center" valign="bottom" width="52"> </td>
    <td colspan="3" align="center" valign="bottom"><b><font size="1">MARKET VALUE
      OF THE SHARE </font></b></td>
  </tr>
  <tr>
    <td width="21"><b><font size="1">&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="center" valign="bottom" width="72"><b><font size="1">SERIES </font></b></td>
    <td align="center" valign="bottom" width="14"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" valign="bottom" width="136"><b><font size="1">NUMBER OF
      <br>
      SHARES </font></b></td>
    <td align="center" valign="bottom" width="52"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" valign="bottom" width="143"><b><font size="1">AT REPURCHASE
      </font></b></td>
    <td align="center" valign="bottom" width="14"><b><font size="1">&nbsp;&nbsp;</font></b></td>
    <td align="center" valign="bottom" width="148"><b><font size="1">AT QUARTER
      </font></b></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b>NOTES </b></font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 34; page: 34" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center"><b><font size="2">MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS </font></b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size="1">STOCK EXCHANGE CODE: <b>SIMEC <br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center"><font size=1>QUARTER: 4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEAR:
      <b>2003 </b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center"><font size="1"><b>CONSTRUCTION IN PROGRESS <br>
      (Proyect, Total Investment and % of Advance) </b></font></td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size="1"><b>JUDGED INFORMATION</b></font></td>
    <td>&nbsp;</td>
    <td align="center"><font size="1"><b>ANNEX 13 </b></font> </td>
    <td>&nbsp;</td>
    <td align="center"><font size="1"><b>CONSOLIDATED </b></font></td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td><font size=2>THE PROYECTS IN PROGRESS AT DECEMBER 31, 2003, ARE: </font></td>
  </tr>
</table>
<p>
<p>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th width="270"></th>
    <th width="35"></th>
    <th colspan="2"></th>
    <th colspan="2"></th>
    <th width="8"></th>
    <th width="112"></th>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="270"><font size="2">PROYECTS IN <br>
      PROGRESS </font></td>
    <td align="center" colspan="3"><font size="2">TOTAL <br>
      INVESTMENT </font></td>
    <td align="center" colspan="2"><font size="2">PHISICAL <br>
      ADVANCE </font></td>
    <td align="center" width="8">&nbsp;</td>
    <td align="center" width="112"><font size="2">FINISHED <br>
      AT </font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="270">&nbsp;</td>
    <td align="LEFT" width="35">&nbsp;</td>
    <td align="RIGHT" width="37"></td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" colspan="2"></td>
    <td align="LEFT" width="8">&nbsp;</td>
    <td align="LEFT" width="112">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="270"><font size="2">VARIOUS </font></td>
    <td align="LEFT" width="35">&nbsp;</td>
    <td align="RIGHT" width="37"><font size="2">522 </font></td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" colspan="2">&nbsp;</td>
    <td align="LEFT" width="8">&nbsp;</td>
    <td align="LEFT" width="112">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="270">&nbsp;</td>
    <td align="LEFT" width="35">&nbsp;</td>
    <td align="RIGHT" width="37">&nbsp;</td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" colspan="2">&nbsp;</td>
    <td align="LEFT" width="8">&nbsp;</td>
    <td align="LEFT" width="112">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="270"><b><font size="2">TOTAL INVESTMENT AT <br>
      DECEMBER 31, 2003 </font></b></td>
    <td align="LEFT" width="35">&nbsp;</td>
    <td align="RIGHT" width="37"><b><font size="2">522 </font></b></td>
    <td align="LEFT" width="52">&nbsp;</td>
    <td align="RIGHT" colspan="2">&nbsp;</td>
    <td align="LEFT" width="8">&nbsp;</td>
    <td align="LEFT" width="112">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 34; page: 34" -->
<p>&nbsp;
<table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <BR>
      SIFIC / ICS<font size="1"> </font></B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="1">FOREIGN CURRENCY TRANSACTION
      AND EXCHANGE DIFFERENCES</font></B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr>
    <td valign=top> </td>
    <td valign="top"><font size="1"><b>ANNEX 14</b></font></td>
    <td align="right"><font size="1"><b>CONSOLIDATED</b></font></td>
  </tr>
  <tr>
    <td valign=top><font size="1"><b> JUDGED INFORMATION</b></font></td>
    <td valign="top"> </td>
    <td><font size="1"></font></td>
  </tr>
</table>

<p><table width=600><tr><td><FONT SIZE="2"><B>Foreign currency transactions and exchange
differences</B> - All transactions in foreign currency are recorded at the exchange rates
prevailing on the date of their execution or liquidation. Foreign currency denominated
assets and liabilities are translated at the exchange rates prevailing at the balance
sheet date. Any exchange differences incurred with regard to assets or liabilities
denominated in foreign currency are charged to operations of the period and are included
in financial income (expense) in the accompanying consolidated statements of income
(loss).</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>The financial statements of foreign subsidiaries
are translated into Mexican  pesos in conformity with Bulletin B-15 &#147;Transactions in
Foreign Currency and  Translation of Financial Statements of Foreign Operations&#148;.
All foreign  subsidiaries are considered to be &#147;integrated foreign operations&#148;,
as defined in  Bulletin B-15, and accordingly such financial statements were translated
as  follows:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Monetary
items at the exchange rate at the balance sheet date.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Non-monetary
items and stockholders&#146; equity at the exchange rate prevailing at  the date the
transactions occurred. </font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Income
and expense items at an appropriate  average exchange rate. </font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>The
resulting foreign currency translation differences  are included in the financial income
(expense) in the statement of  income (loss).</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>All
resulting Mexican peso amounts are restated for the effects of  inflation in accordance
with the dispositions of Bulletin B-10 using the  NCPI, where such effects are considered
significant.</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 37; page: 37" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>MEXICAN STOCK EXCHANGE <br>
      SIFIC / ICS</B></font></td>
  </tr></table>

<P>
<table width=600>
  <tr valign="top">
    <td><font size="1">STOCK EXCHANGE CODE: <b>SIMEC<br>
      GRUPO SIMEC, S.A. DE C.V. </b></font></td>
    <td>&nbsp;</td>
    <td align="right"><font size="1"> QUARTER: 4 YEAR:<b>&nbsp;2003</b> </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="1"></font></td>
    <td align="right"><font size="1"><b>CONSOLIDATED</b></font></td>
  </tr>
  <tr>
    <td><font size="1"><B> JUDGED INFORMATION</B></font></td>
    <td><font size="1"></font></td>
  </tr>
</table>

<p><table width=600><tr>
    <td  align=center><font size=2><B><font size="1">DECLARATION OF THE COMPANY
      OFFICIALS RESPONSIBLE FOR THE INFORMATION CONTAINED IN THIS REPORT.</font></B></font></td>
  </tr></table>

<p><table width=600><tr><td>
      <p><font size=2>LUIS GARCIA LIMON AND ADOLFO LUNA LUNA CERTIFY THAT BASED
        ON OUR KNOWLEDGE, THIS REPORT DOES NOT CONTAIN ANY UNTRUE STATEMENT OF
        A MATERIAL FACT OR OMIT TO STATE A MATERIAL FACT NECESSARY TO MAKE THE
        STATEMENTS MADE HEREIN, IN LIGHT OF THE CIRCUMSTANCES UNDER WHICH SUCH
        STATEMENTS WERE MADE, NOT MISLEADING WITH RESPECT TO THE PERIOD COVERED
        BY THIS FOURTH QUARTER REPORT.</font>
    </td></tr></table>






<P>
<table width=600>
  <tr align="center" valign="top">
    <td colspan="2"><font size="2">ING LUIS GARCIA LIMON <br>
      CHIEF EXECUTIVE OFFICER </font></td>
    <td width=51%><font size="2"> C.P. ADOLFO LUNA LUNA<br>
      CHIEF FINANCIAL OFFICER</font></td>
  </tr>
</table>



<p><table width=600><tr>
    <td  align=center><font size=2>GUADALAJARA, JAL, AT APRIL 30 OF 2004</font></td>
  </tr></table>


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