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20063 Copyright c 2005 NIPPON STEEL Corporation, Ltd. All rights reserved.

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20063 *2005.9.8 2

18,634 12,454 6,180 3,013 2,363 650 2,944 2,200 744 80 1,956 1,421 535 15,092 9,414 5,678 1,422 945 477 1,359 838 521 11 810 513 297 3,542 3,040 502 1,591 1,418 173 1,585 1,362 223 91 1,146 908 238 18,400 12,300 6,100 2,750 2,250 500 2,700 2,150 550 70 1,800 1,350 450 234 154 80 263 113 150 244 50 194 10 156 71 85 15.8 9.0 6.8 14.7 1.1 3

150 470 *1 90 *3 200 (+100) 1,940 160 (-60) 1,300 190 *2 1 ;185110 75 285230, 150, 75 2 ; 3 ; 4030 10 10 4

18,634 12,454 6,180 3,013 2,363 650 2,944 2,200 744 80 1,956 1,421 18,400 12,300 6,100 2,750 2,250 500 2,700 2,150 550 70 1,800 1,350 234 154 80 263 113 150 244 50 194 10 156 71 535 450 85 5

76 28 48 3 48 45 21 21 47 47 20 20 80 11 91 6

A B AB 18,634 3,013 16.2% 15,092 1,422 9.4 % +3,542 +1,591 18,400 2,750 15,091 2,824 18.7% 12,089 1, 305 10.8 % +3,002 +1,519 14,900 2,630 1,277 24-1.9 % 870 57-6.6 % + 407 + 33 1,200 30 385 45 11.7% 250 17 7.0 % + 135 + 28 380 40 1,800 116 6.5 % 1,585 115 7.3 % + 215 + 1 1,800 100 647 46 7.2 % 657 41 6.3 % 10 + 5 640 40 330 2 365 1 35 + 1 330 0 899 2 725 2 174 + 4 850 30 13.6/ 7

05(05/9E) 04(05/3E) 05/9E05/3E 41,56730,687 38,72128,199 +2,846+2,488 1 2 1515 2 3+1,622+1,956337 +1,083 cf.13,574(05.911,669(05.3 1,817108 3 8

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H14 H15 H16 H17 18,719 15,612 12,822 D/E (Debt Equity ratio) 2.37 1.66 1.08 12,264(558) 0.84(0.24) H16H17 558 517 2,944 872 967 1,281 1,051 337 378 10

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20063 *2005.9.8 12

38,650 18,634 33,893 15,092 4,757 3,542 25,500 12,454 21,478 9,414 4,022 3,040 13,150 6,180 12,415 5,678 735 502 5,250 3,013 4,299 1,422 951 1,591 4,000 2,363 3,038 945 962 1,418 1,250 650 1,261 477 11 173 4,950 2,944 3,714 1,359 1,236 1,585 3,550 2,200 2,478 838 1,072 1,362 1,400 744 1,236 521 164 223 130 80 19 11 149 91 3,200 1,956 2,206 810 994 1,146 2,300 1,421 1,458 513 842 908 900 535 748 297 152 238 12.8 15.8 11.0 % 9.0 1.8 6.8 13

2,800 350 400 (+200) 260 (-110) 3,080 130 (-50) 400 *1 100*3 90*2 1 ;285 11075, 100 115 170, 150, 150, 100 2 ; 3 ; 30202030 14

38,650 25,500 13,150 5,250 4,000 1,250 4,950 3,550 1,400 130 3,200 2,300 900 38,800 25,700 13,100 5,100 3,900 1,200 4,900 3,700 1,200 90 3,100 2,300 800 150 200 50 150 100 50 50 150 200 40 100 100 15

(A) (B) (AB) 38,650 25,500 13,150 18,634 12,454 6,180 20,016 13,046 6,970 1,382 592 790 5,250 4,000 1,250 4,950 3,550 1,400 3,013 2,363 650 2,944 2,200 744 2,237 1,637 600 2,006 1,350 656 776 726 50 938 850 88 130 80 50 30 3,200 2,300 900 1,956 1,421 535 1, 244 879 365 712 542 170 16

100 50 200 150 200 130 180 *2 140 *3 920 *1 1 ;600200400 170705020 150150 2 ; 3 ; 1302020,30 17

AB 38,650 5,250 13.6% 33,893 4,299 12.7% +4,757 + 951 38,800 5,100 30,650 4,680 15.3% 26,207 3,769 14.4% +4,443 + 911 30,900 4,580 3,000 90 3.0 % 2,798 66 2.4 % + 202 + 24 3,000 90 1,030 100 9.7 % 892 85 9.5 % + 138 + 15 1,030 100 3,700 260 7.0 % 3,311 263 8.0 % + 389 3 3,600 250 1,500 120 8.0 % 1,465 113 7.8 % + 35 + 7 1,500 120 1,230 0 782 0 448 0 1,230 40 27/ 18

(A) () (AB) 38,650 5,250 18,634 3,013 20,016 2,237 + 1,382 776 30,650 4,680 15,091 2,824 15,559 1,856 + 468 968 3,000 90 1,277 24 1,723 114 + 446 138 1,030 100 385 45 645 55 + 260 10 3,700 * * * 260 1,800 116 1,900 144 + 100 28 1,500 120 647 46 853 74 + 206 28 1,230 0 568 4 662 4 94 8 2713.6 19

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H14 H15 H16 H17 18,719 15,612 12,822 D/E (Debt Equity ratio) 2.37 1.66 1.08 11,100(1,720) 0.74(0.34) H16H17 1,720 1,180 4,950 1,870 2,040 2,070 1,530 340 880 21

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5,735 5,680 2,896 2,783 11,289 5,638 5,651 1,581 788 793 3,007 1,465 1,541 1 1,708 <1,573> 856 <785> 852 <788> 3,279 <2,988> 1,608 <1,461> 1,671 <1,527> 1,476 743 733 2,951 1,429 1,522 73.4 70.8 76.0 61.6 58.1 64.9 31.6 32.2 31.1 31.6 31.1 32.1 7 1 23

7,456 3,694 3,762 7,315 3,598 3,717 6,349 3,144 3,205 6,248 3,070 3,178 2,741 1,368 1,373 2,795 1,376 1,419 3,608 1,776 1,832 3,453 1,694 1,759 585 286 299 487 241 246 1,337 659 678 1,308 641 667 1,107 550 557 1,067 528 539 119 62 57 119 62 57 7,086 3,747 3,339 7,070 3,723 3,347 1,600 775 825 1,400 680 720 1,070 525 545 1,062 513 549 834 404 430 745 373 372 24

623 615 572 559 567 574 555 542 531 533 533 537 548 536 512 520 526 503 466(05.8) 464 463 459 429 412 421 392 398 393 376 371 376 377 386 374 384 393 360 25

26 (US$/t, CIF) US$/t 170t (US$/tFOB) (US$/t, FOB) 2005.10.

27 2005.10. (OPEC, US$/, ) PLATT'S JAPAN 380CST, US$/ (US$/tLME) (MWM US$/lb-Mo) (MBM US$/kg-V)

28 13.9 % 34.1 % 12.5 % 9 % 29 % 2,509 3,283 2,864 3,354 3,200 01FY 02FY 03FY 04FY 05FY

1,3501,960 1,6001,840 1,8501,805 2,1001,920 250(115) 8501,430 1,2001,340 1,4001,299 1,7001,400 300(100) 29

(Gr) 05 04 03 02 116 2 114 110 105 144 144 149 153 260 2 258 259 258 44 1 45 48 60 25 1 26 25 26 69 2 71 73 86 329 329 332 344 160 1 159 158 165 20022005 30

* 05 04 03 02 01 ROS / 15.8 11.0 5.9 2.5 0.6 ROA / * 14.6 10.1 5.3 2.6 1.2 / * 0.90 0.88 0.79 0.73 0.64 / * 5.47 5.99 5.41 4.92 4.37 / 35.2 30.7 25.3 21.0 22.5 / * 32.9 37.8 53.4 68.1 78.1 D/E / 83.9 107.9 166.3 237.2 222.3 1999 /. / / 31

32 483,601 419,525 6,806,981 04/9E 470,611 419,525 6,806,981 05/3E 461,786 419,525 6,806,981 05/9E -8,825 05/9E05/3E 6,806,981 56,387 1,621,843 646,757 2,719,189 1,762,805 05/3E 48,587 2,792,196 2,767,777 54,944 614,928 701,699-56,164 1,554,870 1,565,679 156 55,893 56,543 6,806,981 1,715,283 05/9E 6,806,981-47,523 1,789,094 05/905/3E 04/9E (0.7%) (0.7%) (0.8%) (0.8%) ( ) (26.3%) (41.0%) ( 9.0%) (22.8%) ( 0.8%) (25.9%) (40.0%) ( 9.5%) (23.8%) ( 0.8%) (25.2%) (40.7%) (10.3%) (23.0%) ( 0.8%)

55.9 21.5 20.2 2.4 40.0 25.9 23.8 9.5 40.7 25.2 23.0 10.3 33

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35 9 2,500 ROS 02 2.5 688 10,000 1.6 16,000 ROA 7,894 2.37 18,719 2.6 37,000 37,571 D/E 3,600/3 FCF 1,874 +300/3 +850/3 27,493 29,000 03 5.9 1,728 9,385 1.66 15,612 5.3 37,059 3,399 +300 +350 29,258 11.0 3,714 11,884 1.08 12,822 10.1 38,721 3,644 +850 +700 33,893 () (155%) (342%) (212%) (280%) (148%) () (228%) (124%) (313%) (235%) 9 04 05 12.8% 4,950 15,100 0.74 11,100 12.1% 41,567 1,180 +940 +1,050 38,650 2 1 20022005 29/2 305 3 3

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