strength flexibility potential grupo imsa 2003 annual report a holding company dates back to 1936 and is today one of mexico s leading diversified industrial compa nies operating in four core businesses steel processed prod ucts automotive batteries related products plastic construction aluminum with manufacturing distribution facilities the united states spain throughout central south america currently exports all five continents sales reached us 2 8 billion which close 55 was generated outside shares trade on mexican stock exchange nyse imy contents worldwide financial highlights 4 letter our stockholders 5 review operations acero enermex 12 imsatec 15 imsalum 19 corporate social responsibility sustainable development 22 board directors 26 selected information 28 management discussion analysis 30 consolidated statements 38 directory investor has posi tioned take advantage market opportuni ties face challenges industries
