March 26, 2001

NKK Corporation, Sumitomo Heavy Industries, Ltd. and Hitachi Zosen Corporation announced today that they have formally established a new sales company by integrating their steelworks plant and equipment sales departments. The three companies earlier agreed to form a business alliance in this sector. The new sales company, JP Steel Plantech Co. is set to begin operations on April 2.

The range of products to be offered by JP Steel Plantech has been substantially expanded, reinforcing its sales forces to provide customers with comprehensive products and services in the ironmaking, steelmaking, strip processing and long products rolling areas.

The three partners will continue studying specific programs intended for full integration of their operations in the steelworks plant and equipment business. Through JP Steel Plantech, the partners will further strive to offer highly reliable facilities and engineering services to customers in world markets.

Profile of new company:

#Name:
JP Steel Plantech Co.
#Head office:
Sphere Tower Tennozu 8F, 2-2-8 Higashi-Shinagawa, Shinagawa-ku, Tokyo 140-0002, Japan
#Capital: \200 million
#Investment:
NKK 34%
Sumitomo Heavy Industries 33%
Hitachi Zosen 33%
#Established: March 8, 2001
#Start up: April 2, 2001
#President: Yoshiyuki Fujiwara
#Employees: 30
#Major business areas:
Sales of steelworks plant and equipment, and engineering services in Japanese and overseas markets

Board of directors and officers:

#Representative Director and President:
Yoshiyuki Fujiwara*
(currently Vice President and Director, Plant Engineering Division, NKK)
#Director: Nobuyuki Hoshika*
(currently Vice President, Sales & Marketing, Machinery Group, Sumitomo Heavy Industries)
#Director: Motohiro Fujii*
(currently Associate Director, Engineering Division,
(Machinery Headquarters, Hitachi Zosen)
#Director, Domestic Sales & Marketing:
Tadashi Fukiage
(currently General Manager, Industrial Machinery Business Center, Machinery Group, Sumitomo Heavy Industries)
#Director, Overseas Sales & Marketing:
Masao Watanabe
(currently General Manager, Iron & Steel Making Machinery Business Department, Machinery Business Division, Hitachi Zosen)
#Director: Toshihiko Tanikoshi
(formerly Executive Vice President, Hitachi Zosen)
#Corporate Auditor: Koichiro Kubota*
(currently Planning Group Manager, Planning & Administration Department, Engineering Division, NKK)

* (Will hold both present and new positions concurrently)