ASTRON LIMITED — Capital/Financing Update 2009

May 10, 2009

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A.B.N.: 67 060 319 119

Manager of Company Announcements ASX Limited Level 5, Riverside Centre 123 Eagle Street Brisbane QLD 4000

11[th] May 2009

Dear Sirs,

Termination of Conditional Funding Agreement with Astron

Astron Limited (“Astron”) (ASX: ATR) notified the Company that it has terminated the conditional funding agreement, which was announced on 13[th] February 2009.

SAIS continues to seek options available to the Company in conjunction with its advisors to raise funds with a view of securing the Company’s ongoing financial position.

Yours faithfully, South American Iron & Steel Corporation

Franco Belli Managing Director

South American Iron & Steel Corporation Ltd. Level 10, 8-10 Loftus Street Sydney NSW 2000, Australia Phone +61(2) 9259 4300 • Fax +61(2) 9252 5638