Magna Steyr Debuts to Automotive Community

            Super Integrator to provide OEMs more value, more car
                  as market drives niche vehicle production

    DETROIT, March 5 In continuing to lead the evolution of
sourcing, Magna International today officially introduced Magna Steyr to the
global OEM automotive community.

    In response to increasing market demands for niche and low-volume,
personalized vehicles, Magna Steyr will provide automobile manufacturers with
a singular, worldwide capability to supply complete vehicle engineering and
assembly.

    "The OEM manufacturer is and must continue to respond to market forces in
a quick, flexible, and profitable manner.  Magna Steyr provides complete
vehicle design through production solutions to help assure the viability of an
OEM by taking out cost, reducing speed to market, introducing new technologies
and, perhaps most important, producing solutions that support OEM brand
strategies," said Siegfried Wolf, president and CEO, Magna Steyr.

    As a Magna supergroup, the unique capability of Magna Steyr comes from its
ability to integrate several Magna International operating groups, which have
been combined to form the five pillars of Magna Steyr: Fahrzeugtechnik
(vehicle production and assembly), Engineering, Powertrain, Structures, and
Metalforming:

    * Fahrzeugtechnik -- specializes in turnkey projects for complete vehicles
from concept to volume production -- based on total vehicle competence.

    * Engineering -- with 2,000 automotive engineers, Magna Steyr is one of
the leading engineering houses for the full range of automotive engineering
services -- from development of components, systems and modules up to complete
vehicles; and from concept, simulation and prototyping up to production
launch.

    * Powertrain -- drivetrains/4WD systems, mass balancing units and axle
modules.

    * Structures -- full chassis frames and complete space frames.

    * Metalforming -- active in Europe only; Class A stampings, body
sub-assemblies, and body-in-white.

    The important trends in the automotive industry exactly correspond to the
strengths of Magna Steyr.  "The market needs a company like Magna Steyr,"
Mr. Wolf pointed out.

    The supergroup will interface and share knowledge across functions, with
the Fahrzeugtechnik group the key to Magna Steyr niche vehicle production
capability and simplified manufacturing processes.

    Fahrzeugtechnik has already demonstrated assembly capabilities at the
Magna Steyr facility in Graz, Austria, with vehicles available for the
European market (Jeep Grand Cherokee, Mercedes-Benz M, G and E class, Saab
Convertible starting 2003), and is currently poised for single-source
contracts to produce niche vehicles, including total engineering and supply
chain management.