• Consolidated dividend annual payout ratio target: around 30%
• Factors to be considered to return the profit to shareholders include:
  • capital requirements for investments to raise corporate value,
  • our performance forecast,
  • consolidated and non-consolidated balance sheets.
• The level of the first-half dividend is determined based on consideration of interim performance figures and forecasts for the full fiscal year performance.

Dividend of FY2019

• Regarding the dividend distribution from retained earnings for the end of the fiscal year, while a year-end dividend distribution plan had not been determined at the first half earnings announcement (November 1, 2019), Nippon Steel has decided that, in accordance with the policy described above and after giving due consideration to full-year forecasts, it plans to forgo a year-end dividend payment (the dividend for the full year will therefore be JPY10 per share).