March 30, 2005
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March 30, 2005
1. Background Nippon Steel Corporation (principal place of business: Chiyoda-ku, Tokyo, President: MIMURA Akio) ("Nippon Steel"), Sumitomo Metal Industries, Ltd. (principal place of business: Chuo-ku, Osaka, President: SHIMOZUMA Hiroshi) ("Sumitomo Metals") and Kobe Steel, Ltd. (principal place of business: Chuo-ku, Kobe, President : INUBUSHI Yasuo) ("Kobe Steel") have been implementing various tie-up measures such as mutual cooperation in physical distribution, purchase of raw materials, materials and machinery and management of neighboring steelworks, and mutual supply of semi-finished and downstream products during relining of blast furnaces and in emergencies. In addition, Nippon Steel デュエルビッツ 入金不要ボーナスumitomo Metals have undertaken joint operations in stainless steel and welding materials, and also Nippon Steel and Kobe Steel have integrated their shearing operations as well as supplied semi-finished products to Nakayama Steel Works, Ltd. All of these cooperative efforts have produced substantial benefits. Further, this April Nippon Steel and Kobe Steel will commence their supply of hot coils (approximately 500,000 tons/year) on a full scale following the restructuring of steel sheet production at Wakayama Works of Sumitomo Metals. 2. Joint Use of Sumitomo Metals' Iron- デュエルビッツ 入金不要ボーナスteelmaking Facilities Based on the solid results of cooperative measures as mentioned above, and with the objective of securing and improving supply capabilities to meet the vigorous demand for steels at home and overseas which has been boosted by the growth in China and other Asian economies, the three companies have been conducting specific studies on the proposed joint use of the existing iron- デュエルビッツ 入金不要ボーナスteelmaking facilities of Sumitomo Metals since the announcement of such a plan made in January this year. Now, Nippon Steel and Kobe Steel have decided to make capital contributions to East Asia United Steel Corporation amounting to 10% (3,400 million yen) and 2% (700 million yen) of its capital, respectively, and as of today, have signed an agreement for the undertaking of a capital increase of East Asia United Steel. Accordingly, a shareholders' agreement will be entered into among five parties, namely, the existing three shareholders (Sumitomo Metals, China Steel Corporation, デュエルビッツ 入金不要ボーナスumitomo Corporation) and Nippon Steel and Kobe Steel. (Attachment: the outline and capital formation of East Asia United Steel) Premised on the above arrangement for capital contributions to East Asia United Steel, Sumitomo Metals will be facilitating the use of its semi-finished products (slabs and billets) by the above five shareholders individually so that both domestic and international demand can be met with greater efficiency. Sumitomo Metals, while making the maximum use of its existing infrastructure and facilities, will also aim at progressively restructuring its production system, including relining of its blast-furnace at Kashima Works, in order to eventually hold the capacity to supply slabs approximately 1 million tons a year to Nippon Steel and Kobe Steel. 3. Enhancement of Cooperation in Scope and Depth In order to further enhance these cooperative programs in scope and depth, the three companies have decided to conduct studies on the possibility of mutual cooperation in such areas as R&D, intellectual property, procurement, electricity, control デュエルビッツ 入金不要ボーナスystems, and environment and recycling. Some of the specific areas デュエルビッツ 入金不要ボーナスubjects for these studies include:
4. Studies on Additional Cross-Purchase of Shares Moreover, in order to carry out these cooperative measures with greater smoothness and efficiency, the three companies have decided to commence studies on the possibility of further cross-purchase of each other's shares. In addition, the three companies have also agreed to study measures, including such furtherance of cross-purchase of each other's shares, needed to respond effectively to changes taking place in the capital market. In the future, the three companies intend to further expand and deepen these cooperative measures in pursuit of yet greater individual benefits. (Attachment) Outline and Capital Formation of East Asia United Steel 1. Outline of East Asia United Steel Corporation (Holding company)
<Reference Outline of Sumikin Iron & Steel Corporation (Operation company)
2. Capital Formation of East Asia United Steel Corporation
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