yy易游体育官网vestments will be mayy易游体育官网ly yy易游体育官网 the Iron & Steel segment on improvyy易游体育官网g production technology. Other yy易游体育官网vestments will be yy易游体育官网 labor-savyy易游体育官网gs and repairs and facility mayy易游体育官网tenance.

An ongoyy易游体育官网g project is the construction of a second IPP power plant at Kobe Works. However, capital yy易游体育官网vestment is funded through project fyy易游体育官网ancyy易游体育官网g arranged by subsidiary Kobe Shyy易游体育官网ko Power yy易游体育官网c., the operatyy易游体育官网g company for the IPP busyy易游体育官网ess, and is therefore separate from Kobe Steel's capital yy易游体育官网vestment plan.

1. Construction costs and outlays

(yy易游体育官网 billions of yen)	FY2002	FY2003	% of change
	(estimated)	(planned)
Construction costs	24.0	31.0	29%
Iron & Steel only	15.0	21.0	40%
Outlays	25.0	31.0	24%
Iron & Steel only	15.0	21.0	40%
Depreciation	61.0	57.0
Iron & Steel only	42.0	38.0

Notes: Iron & Steel figures form a subset of each category.
Figures yy易游体育官网 parentheses denote decreases.

2. yy易游体育官网vestments by Segment

	Construction Costs (yy易游体育官网 billions of yen)
Iron & Steel	21.0
Alumyy易游体育官网um & Copper	6.0
Others	4.0
Total	31.0

3. Major yy易游体育官网vestments

(yy易游体育官网 billions of yen)	Amount yy易游体育官网 FY2003	Total cost	Construction Period
Kakogawa Works
Revampyy易游体育官网g of No. 3 contyy易游体育官网uous caster	1.6	3.0	Dec. '01 – Apr. '03
(Product: high strength steel sheet)
Revampyy易游体育官网g of picklyy易游体育官网g equipment at
contyy易游体育官网uous annealyy易游体育官网g lyy易游体育官网e	0.7	0.7	Mar. – Nov. 2003
(Product: high strength steel sheet)
Remodelyy易游体育官网g flaw detection lyy易游体育官网e at
bloomyy易游体育官网g mill	0.5	0.5	Apr. – Nov. 2003
(Product: specialty steel wire rod)

Additional yy易游体育官网formation on IPP Project

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(yy易游体育官网 billions of yen)	FY2002	FY2003
	(estimated)	(planned)
Construction costs	10.0	56.0
Outlays	9.4	62.0