20073 20061027 0
1
I2006 *2006.9.7 2
2006 19,834 12,527 7,307 2,663 1,992 671 2,689 1,964 18,634 12,454 6,180 3,013 2,363 650 2,944 2,200 *1 *1 *2 1,200 73 1,127 350 371 21 255 236 19,700 12,500 7,200 2,550 2,000 550 2,500 1,900 134 27 107 113 8 121 189 64 *3 725 185 1,641 1,272 369 744 80 1,956 1,421 535 19 105 315 149 166 600 170 1,600 1,250 350 125 15 41 22 19 13.6 15.8 2.2 12.7 0.9 *1 *2 2005600 *3 142, 43 3
2006 270 600 +60 200 30 100 180 10 *1 30 *2 345 + 70 *3 *1; 40 50 40 *2; *34020 10 4
2006 19,834 19,700 134 12,527 7,307 12,500 7,200 27 107 2,663 2,550 113 1,992 671 2,689 2,000 550 2,500 8 121 189 1,964 725 1,900 600 64 125 185 170 15 1,641 1,600 41 1,272 1,250 22 369 350 19 5
2006 A B 19,834 2,663 13.4% 18,634 3,013 16.2% + 1,200 349 19,700 2,550 16,184 2,419 14.9% 15,498 2,844 18.4% + 686 1 425 16,300 2,350 1,593 12 0.8% 1,277 24-1.9 % + 315 + 37 1,550 20 328 43 13.1% 385 41 10.6% 56 + 1 300 40 1,580 2 111 7.0% 1,468 2 85 5.8 % + 111 + 25 1,550 90 318 18 5.7% 243 15 6.2 % + 74 + 2 250 15 701 51 7.3% 647 46 7.1% + 53 + 4 650 40 872 8 887 4 + 15 + 3 900 5 IPP *1 2005600 *2 13.6/ 6
2006 () 7
2006 06(06/9E) 05(06/3E) 06/9E06/3E 45,913 45,427 +485 1 1 2 +1,140+1,641598, 1,00706.7, 573 cf.16,127(06.9 17,059(06.3 2 8
2006 1992414 20 30 1520 2030 9
II2006 *2006.9.7 10
2006 41,500 25,000 19,834 12,527 39,063 25,913 18,634 12,454 2,437 *1 913 41,000 25,000 16,500 7,307 13,150 6,180 *1 3,350 16,000 5,300 2,663 5,763 3,013 463 5,100 3,950 1,992 4,339 2,363 389 3,900 1,350 671 1,424 650 74 1,200 5,250 2,689 5,474 2,944 *2 224 5,000 3,750 1,964 3,887 2,200 137 3,650 1,500 725 1,587 744 87 1,350 3,100 2,400 700 1,641 3,439 1,956 339 3,000 1,272 2,440 1,421 40 2,300 369 999 535 299 700 *1 *2 2005830, 150 11
2006 800 + 210 830 +150 450 350 350 +70 *1 +70 *2 40*3 5,400 4,600* 800 150 #1 *1; 100 70 40 *2; *310 10 20 12
2006 41,500 41,000 500 25,000 25,000 16,500 5,300 16,000 5,100 500 200 3,950 1,350 5,250 3,750 1,500 3,900 1,200 5,000 3,650 1,350 50 150 250 100 150 3,100 2,400 700 3,000 2,300 700 100 100 13
2006 (A) (B) 41,500 19,834 21,666 25,000 12,527 12,473 16,500 7,307 9,193 5,300 2,663 2,637 3,950 1,992 1,958 1,350 5,250 3,750 1,500 3,100 2,400 700 671 2,689 1,964 725 1,641 1,272 369 679 2,561 1,786 775 1,459 1,128 331 14
2006 130 100 +30 100 150 80 20 160*1 *1; 160 *2 708020 +50*2 150 #1 2,710 15
2006 A B 41,500 5,300 12.8% 39,063 5,763 14.8% + 2,437 463 41,000 5,100 33,550 4,750 14.2% 31,438 5,176 16.5% + 2,112 *1 426 33,200 4,600 3,500 100 2.9% 3,361 95 2.8% + 139 + 5 3,500 100 950 100 10.5% 1,040 130 12.5% 90 *2 30 900 100 3,200 *3 *3 200 6.3% 2,984 193 6.5% + 216 + 7 3,200 190 650 35 5.4% 549 29 5.3% + 101 + 6 600 30 1,550 130 8.4% 1,483 118 8.0% + 67 + 12 1,500 125 1,900 15 1,795 18 105 33 1,900 45 IPP *12005830150 *2 *327/ 16
2006 (A) () (AB) 41,500 5,300 19,834 2,663 21,666 2,637 + 1,832 26 33,550 4,750 16,184 2,419 17,366 2,331 + 1,182 *1 88 3,500 100 1,593 12 1,907 88 + 314 76 950 100 328 43 622 57 + 294 14 3,200 *2 *2 *2 200 1,580 111 1,620 89 + 40 22 650 35 318 18 332 17 + 14 1 1,550 130 701 51 849 79 + 148 28 1,900 15 872 8 1,028 23 156 31 *1 2006150 *22713.6 17
2006 () () 18
2006 05 06. 9 12,238 13,456 D/E (Debt Equity ratio) 0.73 0.82 *1 06 12,200 0.7 0506 38 0.03 *11,000 2.37 1.66 1.08 0.73 0.82 D/E 0.70 19
III 20
5,806 2,897 2,909 11,272 5,680 5,592 1,740 891 849 3,190 1,638 1,552 1 1,541 754 787 3,132 1,581 1,552 1,716 <1,571> 845 <770> 871 <801> 3,395 <3,120> 1,708 <1,573> 1,688 <1,547> 1,542 759 784 2,959 1,476 1,484 73.4 71.6 75.2 74.3 73.4 75.2 32.3 32.2 32.4 30.8 31.6 30.1 115 115 116 113 109 117 1 21
7,864 3,895 3,969 7,754 3,814 3,940 4,922(63%) 4,803(62%) 6,425 2,784 3,641 591 1,377 3,176 1,376 1,800 290 681 3,249 6,358 3,125 1,408 2,789 1,383 1,841 301 696 3,569 572 1,340 1,742 275 646 3,233 1,406 1,827 297 694 1,439 719 720 1,396 689 707 125 64 61 125 64 61 7,212 3,781 3,431 7,220 3,765 3,455 1,750 851 899 1,650 775 875 1,125 555 570 1,089 519 570 785 385 400 771 391 380 22
623 615 572 464 463 559 567 555 542 531 533 533 512 573 503 520 537 536 548 554 524 528 526 541 429 393 398 413 421 393 376 371 376 377 374 386 384 393 360 458 426 414 417 404 23
24 (US$/t, CIF) US$/t 170t (US$/tFOB) (US$/t, FOB) 2006.10
2006.10 (US$/tLME) (MWMUS$/lb-Mo) MBM US$/kg-V) (OPEC, US$/, ) (PLATT'S JAPAN 380CST, US$/MT) 25
03 04 05 06 1,6001,840 1,8501,805 2,0501,833 2,8001,950 1,2001,340 1,4001,299 1,6501,306 2,1001,400 2006.9.7 26
(Gr) 06 05 04 03 02 250 1 251 258 259 258 71 + 2 69 71 73 86 321 + 1 320 329 332 344 20022006 * 20052006 200676 27
* 06 05 04 03 02 ROS / 13.6 14.0 11.0 5.9 2.5 ROA / * 12.0 12.4 10.1 5.3 2.6 / * 0.86 0.86 0.88 0.79 0.73 / * 5.51 6.06 5.99 5.41 4.92 / 35.6 36.9 30.7 25.3 21.0 / * 33.9 31.3 37.8 53.4 68.1 D/E / 0.82 0.73 1.08 1.66 2.37 1999 /. / / 28
V 29
. 30
.3,000 CB NS 100% * * CB 52.228%SWAP+0.7% 56Libor+1.7% 5 740/1019150%5.96% 20061192012113 R&I<70%>JCR<75%>Moody s<75%> UFJ 31
. 20008 5 JV 20058 20061020 200756 9 53 51001202007 20 RHF 220/2 RHF HBI 3.322550 2.171.7 32
RHF RHF (Rotary Hearth Furnace) RHF [] () ) CSC 33
20064 100 20066 15 NS 20067 20061020067 20068 200612 20065 44.736.3 200610 2007 320061026 2007 4 20065 34
35