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  • Nippon and Sumitomo to consolidate production of cast rolls for steel rolling

    Nippon Steel Corporation (Location: Chiyoda-ku, Tokyo, President: Akio Mimura, hereinafter referred to as Nippon Steel) and Sumitomo Metal Industries, Ltd. (Location: Chuo-ku, Osaka, President: Hiroshi Tomono, hereinafter referred to as Sumitomo Metals) agreed in September 2005 on the basic policy for the establishment of a joint venture. It will integrate and consolidate the production and sales of cast rolls for steel rolling between Nippon Steel Hyper Metal Corporation, a wholly owned subsidiary of Nippon Steel (Location: Tobata-ku, Kitakyushu-shi, Fukuoka Prefecture, President: Masataka Hase, hereinafter referred to as Hyper Metal) and Kantoc Roll, Ltd., a wholly owned subsidiary of Sumitomo Metals (Location: Wakayama-shi, Wakayama Prefecture, President: Jun Inoue, hereinafter referred to as Kantoc).

    Since then, Nippon Steel and Sumitomo Metals have had argument in detail and agreed on the following matters to establish a new integrated company on April 1, next year after going through approval processes at both extraordinary general meetings of shareholders by Hyper Metal and Kantoc scheduled in January.

    The new integrated company will strengthen its cast rolls business with the consolidation of production facilities and enhancement of the integrated production capacity and efficiency. In addition, quality will be further improved through technology fusion of the two companies and strengthening the capacity for technological development. As a result, rolls with better quality and service will be offered not only to Nippon Steel and Sumitomo Metals but also to other domestic and foreign steel making companies.

    Meanwhile, production and sales operations of Kantoc's forged rolls for steel rolling' will be continuously operated and developed by Sumitomo Metals and Kantoc.

    Nippon Steel and Sumitomo Metals will keep working to expand and deepen collaborative measures and policies to augment the advantages and benefits accruing to both companies.

    1. Date of Integration : April 1, 2006
    2. Method of Business Integration and Allotment of shares: Hyper Metal will succeed Kantoc's cast rolls business by the procedures of the corporate split and will allot 500 common shares to Sumitomo Metals, giving Nippon Steel and Sumitomo Metals the 80% and the 20% stake (voting rights) in the new company, respectively.
    3. Outline of the New Company

    Name: Nippon Steel & Sumikin Rolls Corporation
    Headquarters: Tobata-ku, Kitakyushu-shi, Fukuoka
    Amount of Capital: 0.4 billion yen
    Shareholders: Nippon Steel Corporation and Sumitomo Metal Industries, Ltd.
    Representative: Masataka Hase (current president of Hyper Metal)
    Sales: Approx. 9 billion yen (the target for the year ending March 2007)
    Production Volume: Approx. 15,000 tons

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