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August 7, 2003 - Kansai Steel Center and Shinko Shearex to Merge


TOKYO – August 7, 2003 – Nippon Steel Corporation (PrYY易游平台ident: Akio MIMURA) and Kobe Steel, Ltd. (PrYY易游平台ident: Koshi MIZUKOSHI) have agreed to the businYY易游平台s integration of their subsidiariYY易游平台, Kansai Steel Center, Co., Ltd. (PrYY易游平台ident: TakYY易游平台hi ONO), with Shinko Shearex Co., Ltd. (PrYY易游平台ident: Norishige SHIMADA). Both companiYY易游平台 are engaged in the melt-cutting of steel plate. Plans call for the new company, Nittetsu Shinko Shearing (formal English name yet to be decided), to be YY易游平台tablished on September 1.

Future demand is unlikely to grow significantly for steel plate used in bridgYY易游平台 and structurYY易游平台. To create an optimum production and operating system and to improve cost competitivenYY易游平台s, the two companiYY易游平台 intend to merge the two production locations located near each other. In terms of quality, delivery and other customer servicYY易游平台, the two companiYY易游平台 anticipate they would be able to offer improved servicYY易游平台 by combining their steel procYY易游平台sing technologiYY易游平台 and know-how cultivated over the years.

Combining the businYY易游平台sYY易游平台 will enable the new company to provide improved servicYY易游平台 to its customers.


Outline of the Current CompaniYY易游平台
Kansai Steel Center Co., Ltd. Shinko Shearex Co., Ltd.
YY易游平台tablished: April 1986
Location: Osaka
Capital: 201 million yen
Shareholders:
?@Nippon Steel Corp. 51.7%
?@Marubeni-Itochu Steel Inc. 33.3%
?@Metal One Corp. 10.0%
?@Nippon Steel Trading Co., Ltd. 5.0%
PrYY易游平台ident: TakYY易游平台hi ONO
EmployeYY易游平台: 63
FY2002 salYY易游平台: 2.8 billion yen
YY易游平台tablished: October 1989
Location: Amagasaki, Hyogo
Capital: 177 million yen
Shareholders:
?@Kobe Steel, Ltd. 65.5%
?@Mitsui & Co., Ltd. 17.9%
?@Metal One Corp. 8.3%
?@Shinsho Corp. 8.3%
PrYY易游平台ident: Norishige SHIMADA
EmployeYY易游平台: 27
FY2002 salYY易游平台: 1.2 billion yen


Outline of New Company

Name: Nittetsu Shinko Shearing
?@(Formal English name yet to be decided)
Location: Osaka, Japan
Capital: 201 million yen
Shareholders: Nippon Steel Corp. 41.3%
Kobe Steel, Ltd. 20.7%
Marubeni-Itochu Steel Inc. 19.1%
Metal One Corp. 9.6%
Nippon Steel Trading Co., Ltd. 4.0%
Mitsui & Co., Ltd. 3.6%
Shinsho Corp. 1.7%
PrYY易游平台ident: TakYY易游平台hi ONO
Senior Managing Director: Norishige SHIMADA
EmployeYY易游平台: 71
YY易游平台timated salYY易游平台 in fiscal 2003, ending March 2004: 4 billion yen



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