Exhibit 12.1


CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER IN ACCORDANCE WITH SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002

I, Lakshmi N. Mittal, certify that:

1. I have reviewed this annual report on Form 20-F of Ispat International N.V.;

2. Based on my 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, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the Company as of,
and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) for the Company and have:

       (a) Designed such disclosure controls and procedures, or caused such
       disclosure controls and procedures to be designed under our supervision,
       to ensure that material information relating to the Company, including
       its consolidated subsidiaries, is made known to us by others within those
       entities, particularly during the period in which this report is being
       prepared;

       (b) Evaluated the effectiveness of the Company's disclosure controls and
       procedures and presented in this report our conclusions about the
       effectiveness of the disclosure controls and procedures, as of the end of
       the period covered by this report based on such evaluation; and

       (c) Disclosed in this report any change in the Company's internal control
       over financial reporting that occurred during the period covered by the
       annual report that has materially affected, or is reasonably likely to
       materially affect, the Company's internal control over financial
       reporting; and;

5. The Company's other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
Company's auditors and the audit committee of the Company's Board of Directors
(or persons performing the equivalent functions):

       (a) All significant deficiencies and material weaknesses in the design or
       operation of internal control over financial reporting which are
       reasonably likely to adversely affect the Company's ability to record,
       process, summarize and report financial information; and

       (b) Any fraud, whether or not material, that involves management or other
       employees who have a significant role in the Company's internal control
       over financial reporting.



Date: March 16, 2004




/s/      Lakshmi N. Mittal
--------------------------------
Lakshmi N. Mittal
Chairman of Board of Directors and Chief Executive Officer of Ispat
International N.V. Exhibit 12.1



<PAGE>


                                                                    Exhibit 12.1


CERTIFICATION OF THE CHIEF FINANCIAL OFFICER IN ACCORDANCE WITH SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002


I, Bhikam C. Agarwal, certify that:

1. I have reviewed this annual report on Form 20-F of Ispat International N.V.;

2. Based on my 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, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the Company as of,
and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) for the Company and have:

       (a) Designed such disclosure controls and procedures, or caused such
       disclosure controls and procedures to be designed under our supervision,
       to ensure that material information relating to the Company, including
       its consolidated subsidiaries, is made known to us by others within those
       entities, particularly during the period in which this report is being
       prepared;

       (b) Evaluated the effectiveness of the Company's disclosure controls and
       procedures and presented in this report our conclusions about the
       effectiveness of the disclosure controls and procedures, as of the end of
       the period covered by this report based on such evaluation; and

       (c) Disclosed in this report any change in the Company's internal control
       over financial reporting that occurred during the period covered by the
       annual report that has materially affected, or is reasonably likely to
       materially affect, the Company's internal control over financial
       reporting; and;

5. The Company's other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the
Company's auditors and the audit committee of the Company's Board of Directors
(or persons performing the equivalent functions):

       (a) All significant deficiencies and material weaknesses in the design or
       operation of internal control over financial reporting which are
       reasonably likely to adversely affect the Company's ability to record,
       process, summarize and report financial information; and

       (b) Any fraud, whether or not material, that involves management or other
       employees who have a significant role in the Company's internal control
       over financial reporting.




Date: March 16, 2004




/s/      Bhikam C. Agarwal
---------------------------------------
Bhikam C. Agarwal
Chief Financial Officer of Ispat International N.V.