Integration of the Stainless Steel Business of Nippon Steel Corporation and Sumitomo Metal Industrie

Nippon Steel Corporation (Principal place of business: Chiyoda-ku， Tokyo， President: Akira CHIHAYA) (”Nippon Steel”) and Sumitomo Metal Industries， Ltd. (Principal place of business: Chuo-ku， Osaka， President: Hiroshi SHIMOZUMA) (”Sumitomo Metals”) signed the letter of intent on June 13 of this year concerning the integration of their stainless steel business (including stainless flat steel， plate， bar and wire rod but excluding the business conducted by Sumitomo Metals (Naoetsu)， Ltd. and Sumitomo Metals (Kokura)， Ltd.)， and their Business Integration Committee has since been studying and formulating a plan to structurally enhance the competitiveness of the stainless steel business.

As a result， considering the time needed for preparations to satisfy customer needs， the integration of the stainless steel business through the establishment of a new company (originally scheduled for April 2003) is now re-scheduled for October 2003. Nippon Steel and Sumitomo Metals intend to enter into a definitive agreement for the integration within this year if they reach an agreement on the detailed conditions of the integration which will be further discussed by the Business Integration Committee.

For more information， please contact:
Nippon Steel Corporation
Public Relations Center， Corporate Secretariat Div.
Tel 81-3-3275-5022
Sumitomo Metal Industries， Ltd.
Public Relations Group， PR & IR Div.
Tel 81-3-4416-6115