Exhibit 99.1 SESA and Subsidiaries Statement of Operations Three-Months Ended December 31, 2005 (In Millions and USD) Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA --------------------------------------------------------------------------------------- Net sales $108 $ 2 $ 7 $ 7 $ - $ - $124 Cost of goods sold 86 1 5 6 - - 98 --------------------------------------------------------------------------------------- Gross Profit 22 1 2 1 - - 26 MAT expense 12 2 1 - - - 15 Amortization expense - - 1 - - - 1 --------------------------------------------------------------------------------------- Operating Income (Loss) 10 (1) - 1 - - 10 Interest income 1 - - - 1 - 2 Other income/(expense) (1) - 1 - 1 - 1 --------------------------------------------------------------------------------------- EBIT 10 (1) 1 1 2 - 13 - Interest Expense 5 - - - - - 5 --------------------------------------------------------------------------------------- Income (Loss) Before Taxes 5 (1) 1 1 2 - 8 Income tax expense (benefit) 3 (1) - - - - 2 --------------------------------------------------------------------------------------- Income before Cumulative Effect of Change in Accounting Principle 2 - 1 1 2 - 6 Cumulative Effect of Change in Accounting Principle - - (1) (1) - - (2) --------------------------------------------------------------------------------------- Net Income $ 2 $ - $ - $ - $ 2 $ - $ 4 ======================================================================================= 1 SESA and Subsidiaries Statement of Operations Year-Ended December 31, 2005 (In Millions and USD) Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA --------------------------------------------------------------------------------------- Net sales $433 $ 13 $ 39 $ 27 $ - $ (1) $511 Cost of goods sold 347 8 28 23 - (1) 405 --------------------------------------------------------------------------------------- Gross Profit 86 5 11 4 - - 106 MAT expense 43 4 4 3 - - 54 Amortization expense - - 1 - - - 1 --------------------------------------------------------------------------------------- Operating Income 43 1 6 1 - - 51 Interest income 2 - - - 4 - 6 Other income/(expense) (1) - 1 1 4 - 5 Reorganization items (2) - - - - - (2) --------------------------------------------------------------------------------------- EBIT 42 1 7 2 8 - 60 Interest expense 23 - - - - - 23 --------------------------------------------------------------------------------------- Income Before Taxes 19 1 7 2 8 - 37 Income tax expense 8 - 1 - - - 9 --------------------------------------------------------------------------------------- Income before Cumulative Effect of Change in Accounting Principle 11 1 6 2 8 - 28 Cumulative Effect of Change in Accounting Principle - - (1) (1) - - (2) --------------------------------------------------------------------------------------- Net Income $ 11 $ 1 $ 5 $ 1 $ 8 $ - $ 26 ======================================================================================= 2 SESA and Subsidiaries Statement of Operations Three-Months Ended December 31, 2004 (in Millions and USD) Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ---------------------------------------------------------------------------------------------- Net sales $106 $ 1 $ 9 $ 9 $ - $ - $125 Cost of goods sold 85 1 6 21 - - 113 ---------------------------------------------------------------------------------------------- Gross Profit 21 - 3 (12) - - 12 MAT expense 11 1 1 1 - - 14 Amortization expense - - 1 - - - 1 Impairment of intangible assets - - 3 25 - - 28 ---------------------------------------------------------------------------------------------- Operating Income (Loss) 10 (1) (2) (38) - - (31) Interest income - - - - 1 - 1 Other income (expense) (3) - - - 1 - (2) ---------------------------------------------------------------------------------------------- EBIT 7 (1) (2) (38) 2 - (32) Interest expense 6 - - - - - 6 ---------------------------------------------------------------------------------------------- Income (Loss) Before Taxes 1 (1) (2) (38) 2 - (38) Income tax benefit - - - (4) - - (4) ---------------------------------------------------------------------------------------------- Net Income (Loss) $ 1 $ (1) $ (2) $ (34) $ 2 $ - $(34) ============================================================================================== 3 SESA and Subsidiaries Statement of Operations Year-Ended December 31, 2004 (in Millions and USD) Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ---------------------------------------------------------------------------------------------- Net sales $394 $ 12 $ 27 $ 32 $ - $ - $465 Cost of goods sold 317 8 19 37 - - 381 ---------------------------------------------------------------------------------------------- Gross Profit 77 4 8 (5) - - 84 MAT expense 39 3 4 4 - - 50 Amortization expense - - 1 - - - 1 Impairment of intangible assets - - 3 25 - - 28 ----------------------------------------------------------------------------------------------- Operating Income (Loss) 38 1 - (34) - - 5 Interest income 1 - - - 4 - 5 Other income (expense) (6) - 1 - 3 - (2) Loss on debt modification (15) - - - - - (15) ---------------------------------------------------------------------------------------------- EBIT 18 1 1 (34) 7 - (7) Interest expense 27 - - - - - 27 ---------------------------------------------------------------------------------------------- Income (Loss) Before Taxes (9) 1 1 (34) 7 - (34) Income tax expense (benefit) (3) - 1 (4) - - (6) ---------------------------------------------------------------------------------------------- Net Income (Loss) $ (6) $ 1 $ - $(30) $ 7 $ - $(28) ============================================================================================== 4 SESA and Subsidiaries Statement of Financial Position As of December 31, 2005 (In Millions and USD) Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA --------------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 31 $ 1 $ 5 $ 3 $ 1 $ - $ 41 Trade and notes receivable, net 68 1 4 4 - - 77 Miscellaneous receivables 16 - 1 1 10 (2) 26 Inventories 34 2 5 8 - - 49 Prepaid expenses - - - 1 - - 1 Current deferred taxes 2 - - - - - 2 --------------------------------------------------------------------------------------- Total Current Assets 151 4 15 17 11 (2) 196 Investment in affiliates 262 - 2 - 133 (179) 218 Property, plant and equipment, net 48 - 31 3 - - 82 Intangible assets, net - 4 6 1 - - 11 Other assets 15 - - 5 1 - 21 --------------------------------------------------------------------------------------- Total Assets $476 $ 8 $54 $26 $145 $(181) $528 ======================================================================================= Current Liabilities: Accounts payable 16 - 2 2 - - 20 Accrued liabilities 59 2 7 9 4 (3) 78 Short-term debt 2 - - 8 - (10) - --------------------------------------------------------------------------------------- Total Current Liabilities 77 2 9 19 4 (13) 98 Long-term debt 247 - - - - - 247 Non-current deferred taxes 4 - 2 1 - - 7 Postretirement liabilities 1 - - - - - 1 Other liabilities 1 - 2 1 - - 4 --------------------------------------------------------------------------------------- Total Liabilities 330 2 13 21 4 (13) 357 Shareowners' Equity 146 6 41 5 141 (168) 171 --------------------------------------------------------------------------------------- Total Liabilities and Shareholders' Equity $476 $ 8 $54 $26 $145 $(181) $528 ======================================================================================= 5 SESA and Subsidiaries Statement of Financial Position As of December 31, 2004 (in Millions and USD) Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA ---------------------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 8 $ - $ 2 $ 1 $ 1 $ - $ 12 Trade and notes receivable, net 79 2 2 5 - - 88 Miscellaneous receivables 21 - 1 2 9 (3) 30 Inventories 38 2 6 10 - - 56 Prepaid expenses 2 - 1 1 - - 4 Current deferred taxes 2 - - - - - 2 ---------------------------------------------------------------------------------------------- Total Current Assets 150 4 12 19 10 (3) 192 Investments in affiliates 282 - - - 152 (187) 247 Property, plant and equipment, net 54 - 38 2 - - 94 Intangible assets, net - 4 7 2 - - 13 Other assets 22 - - 5 1 - 28 ---------------------------------------------------------------------------------------------- Total Assets $508 $ 8 $ 57 $ 28 $163 $(190) $574 ============================================================================================== Current Liabilities: Accounts payable $ 18 $ - $ 3 $ 3 $ - $ - $ 24 Accrued liabilities 71 1 6 12 3 (3) 90 Short-term debt - 1 1 8 1 (11) - ---------------------------------------------------------------------------------------------- Total Current Liabilities 89 2 10 23 4 (14) 114 Long-term debt 286 - - - 7 (7) 286 Non-current deferred taxes - - 2 - - - 2 Postretirement liabilities 2 - - - - - 2 Other liabilities - - 2 - - - 2 ---------------------------------------------------------------------------------------------- Total Liabilities 377 2 14 23 11 (21) 406 Shareholders' Equity 131 6 43 5 152 (169) 168 ---------------------------------------------------------------------------------------------- Total Liabilities and Shareholders' Equity $508 $ 8 $ 57 $ 28 $163 $(190) $574 ============================================================================================== 6 SESA and Subsidiaries Statement of Cash Flows Three-Months Ended December 31, 2005 (in Millions and USD) Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA --------------------------------------------------------------------------------------- Operating Activities: Net income $ 2 $ - $ - $ - $ 2 $ - $ 4 Cumulative effect in accounting principle, net of tax - - - 1 - - 1 Income and deferred taxes 2 - - - - - 2 Depreciation and amortization 3 - 1 - - - 4 Restructuring expenses and other charges - - - - - - - Accounts receivable (6) 1 1 (1) - - (5) Inventories 1 - 1 1 - - 3 Accounts payable 3 - 3 - - - 6 Other assets and liabilities 3 - (3) - 1 - 1 --------------------------------------------------------------------------------------- Cash Provided by Operations 8 1 3 1 3 - 16 Investing Activities: Property, plant and equipment purchases (3) - (1) - - - (4) --------------------------------------------------------------------------------------- Cash Used in Investing Activities (3) - (1) - - - (4) Financing Activities: Net intercompany transactions 1 - 1 - (3) - (1) --------------------------------------------------------------------------------------- Cash Provided by (Used in) Financing Activities 1 - 1 - (3) - (1) --------------------------------------------------------------------------------------- Increase in Cash and Cash Equivalents 6 1 3 1 - - 11 Cash and Cash Equivalents: Beginning of period 25 - 2 2 1 - 30 --------------------------------------------------------------------------------------- End of period $31 $ 1 $ 5 $ 3 $ 1 $ - $41 ======================================================================================= 7 SESA and Subsidiaries Statement of Cash Flows Year-Ended December 31, 2005 (in Millions and USD) Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA --------------------------------------------------------------------------------------- Operating Activities: Net income (loss) $ 11 $ 1 $ 5 $ 1 $ 8 $ - $ 26 Cumulative effect of change in accounting principle - - - 1 - - 1 Income and deferred taxes 7 - - - - - 7 Depreciation and amortization 10 - 5 - - - 15 Restructuring expenses and other charges - - 1 - - - 1 Accounts receivable 12 - (2) 1 - - 11 Inventories 4 - 1 3 - - 8 Accounts payable (2) - 1 (2) - - (3) Other assets and liabilities (19) - (2) (2) 1 - (22) --------------------------------------------------------------------------------------- Cash Provided by Operations 23 1 9 2 9 - 44 Investing Activities: Property, plant and equipment purchases (8) - (4) - - - (12) --------------------------------------------------------------------------------------- Cash Used in Investing Activities (8) - (4) - - - (12) Financing Activities: Net intercompany transactions 8 - (2) - (9) - (3) --------------------------------------------------------------------------------------- Cash Provided by (Used in) Financing Activities 8 - (2) - (9) - (3) --------------------------------------------------------------------------------------- Increase in Cash and Cash Equivalents 23 1 3 2 - - 29 Cash and Cash Equivalents: Beginning of period 8 - 2 1 1 - 12 --------------------------------------------------------------------------------------- End of period $ 31 $ 1 $ 5 $ 3 $ 1 $ - $ 41 ======================================================================================= 8 SESA and Subsidiaries Statement of Cash Flows Three-Months Ended December 31, 2004 (in Millions and USD) Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA --------------------------------------------------------------------------------------- Operating Activities: Net income (loss) $ 1 $(1) $(2) $(34) $ 2 $ - $(34) Income and deferred taxes - - - (4) - - (4) Depreciation and amortization 2 - 1 1 - - 4 Restructuring expenses and other charges - - 3 37 - - 40 Accounts receivable (23) 2 1 (2) - - (22) Inventories (5) - (2) 3 - - (4) Accounts payable 5 - 1 2 1 - 9 Other assets and liabilities 18 (1) - (5) (1) - 11 --------------------------------------------------------------------------------------- Cash Provided by (Used in) Operations (2) - 2 (2) 2 - - Investing Activities: Property, plant and equipment purchases (5) - (3) - - - (8) --------------------------------------------------------------------------------------- Cash Used in Investing Activities (5) - (3) - - - (8) Financing Activities: Net intercompany transactions 2 (1) - 2 (2) - 1 --------------------------------------------------------------------------------------- Cash Provided by (Used in) Financing Activities 2 (1) - 2 (2) - 1 --------------------------------------------------------------------------------------- Increase (Decrease) in Cash and Cash Equivalents (5) (1) (1) - - - (7) Cash and Cash Equivalents: Beginning of period 13 1 3 1 1 - 19 --------------------------------------------------------------------------------------- End of period $ 8 $ - $ 2 $ 1 $ 1 $ - $ 12 ======================================================================================= 9 SESA and Subsidiaries Statement of Cash Flows Year-Ended December 31, 2004 (in Millions and USD) Consolidated Entity 1 Entity 2 Entity 3 Entity 4 Entity 5 Eliminations SESA --------------------------------------------------------------------------------------- Operating Activities: Net income (loss) $ (6) $ 1 $ - $(30) $ 7 $ - $(28) Income and deferred taxes (3) - - (4) - - (7) Depreciation and amortization 9 - 4 3 - - 16 Restructuring expenses and other charges 16 - 3 35 - - 54 Accounts receivable (11) - 4 (1) - - (8) Inventories (4) - (2) (3) - - (9) Accounts payable 6 - 1 - (1) - 6 Other assets and liabilities 2 (1) - (2) - - (1) --------------------------------------------------------------------------------------- Cash Provided by (Used in) Operations 9 - 10 (2) 6 - 23 Investing Activities: Property, plant and equipment purchases (7) - (8) (1) - - (16) --------------------------------------------------------------------------------------- Cash Used in Investing Activities (7) - (8) (1) - - (16) Financing Activities: Debt issuance costs (5) - - - - - (5) Net intercompany transactions - - - 2 (6) - (4) --------------------------------------------------------------------------------------- Cash Provided by (Used in) Financing Activities (5) - - 2 (6) - (9) --------------------------------------------------------------------------------------- Increase (Decrease) in Cash and Cash Equivalents (3) - 2 (1) - - (2) Cash and Cash Equivalents: Beginning of period 11 - - 2 1 - 14 --------------------------------------------------------------------------------------- End of period $ 8 $ - $ 2 $ 1 $ 1 $ - $ 12 ======================================================================================= 10