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(Japan) Nippon Steel ManagementManagement GoalsGoals andand MediumMedium--TermTerm Strategies/BusinessStrategies/Business PlanPlan June 2003 Nippon Steel Corporation Copyright （c） NIPPON STEEL Corporation 2003 All rights reserved. 0 Contents I. Steel Business ① Business Environment ② Nippon Steel’s Competitive Advantages ③ Key Issues and Strategies II. Medium-Term Financial Goals (FY2003 - FY2005) * Names of companies appearing in this presentation have been abbreviated 1 I. Steel Business 2 Nippon Steel: Progressing Into A New Phase of Earnings Growth BusinessBusiness EnvironmentEnvironment GlobalGlobal demand demand supported supported by by brisk brisk growth growth in in Southeast Southeast Asia, Asia, espec especiallyially China China CapacityCapacity limitations limitations leading leading to to favorable favorable demand demand for for high high value value-added-added products products StableStable and and firm firm steel steel prices prices due due to to tight tight supply supply caused caused by by indus industrytry consolidation consolidation GlobalGlobal steel steel commodity commodity price price convergence convergence favorable favorable for for Japanese Japanese steel steel makers makers StrategiesStrategies && GoalsGoals ExpandExpand sales sales of of high high value value-added-added products products in in growing growing markets, markets, especially especially China China CapitalizeCapitalize on on strong strong relationships relationships with with key key Japanese Japanese customers customers EstablishEstablish global global alliances alliances with with foreign foreign steel steel manufacturers manufacturers (e.g (e.g.,., Arcelor Arcelor)) IncreaseIncrease efficiencies efficiencies of of domestic domestic mills mills by by expanding expanding blast blast furna furnacece volume volume InvestInvest in in downstream downstream production production facilities facilities in in Asia Asia (e.g., (e.g., JV JV wit withh Bao Bao Steel Steel in in China) China) Goal:Goal: achieve achieve record record high high recurring recurring profit profit of of ¥ ¥250bn250bn ($2.1bn) ($2.1bn) in in FY2005 FY2005 3 I. - ① Business Environment 4 Worldwide Demand for Crude Steel: Asian Market as a Significant Growth Driver WorldwideWorldwide && AsiaAsia ChinaChina (millions of tons) 829 255 900 780 868 2001→ 2003E 240 Worldwide ＋11% 232 Worldwide 700 Asia ＋20% 210 211 Worldwide ex-Asia 449 ＋3% 180 500 422 174 372 150 Global Crude Steel 300 Asia Production (CY2001) 120 CY2001 CY2002E CY2003E CY2004E 100 CY2001 CY2002E CY2003E Worldwide 846m tons 2001→ 2003(E) Asia 351m tons China ＋33% JapanJapan China 75 73 72 72 Others 149 495 KoreaKorea 65 60 Korea 16% 55 increase 44 50 Japan 44 44 Asia - 45 103 38 Others 40 55 35 CY2001 CY2002E CY2003E (Source: International Iron and Steel Institute) 30 20 5 CY2001 CY2002E CY2003E Global Consolidation Has Helped Recover Pricing Powers <CY1995CY1995CY1995 <2002CY2002CY2002cy> Crude Steel Output Ranking (millions of tons) Crude Steel Output Ranking (millions of tons) 1 Nippon Steel (Japan) 26.8 1 Arcelor (EU) 44.0 2 POSCO (Korea) 23.4 2 Nippon Steel (Japan) 30.9 3 British Steel (EU) 15.7 3 JFE （Japan） 30.3 4 Usinor Sacilor (EU) 15.5 4 POSCO (Korea) 28.9 5 Riva (EU) 14.4 5 LNM Gr (Ispat) (EU) 27.5 6 Arbed Grp. (EU) 11.5 6 Shanghai Baosteel ※ (China) 19.5 7 NKK (Japan) 11.3 7 Thyssen Krupp (EU) 17.0 8 US Steel (US) 11.0 8 Corus(EU) 16.8 9 Kawasaki Steel (Japan) 10.4 9 Riva (EU) 15.2 9 Sumitomo Metals (Japan) 10.4 10 US Steel (US) 14.5 Footnote: Blue represents Nippon Steel alliance partners Crude steel based on group output volume CrudeCrude SteelSteel OutputOutput (growing(growing marketmarket shareshare ofof toptop tenten steelsteel makers)makers) ※ currently under negotiations CY1995 CY2002 Production Volume Market share Production Volume Market share Top 5 9,591 13% 16,150 18% Top 10 15,058 20% 24,447 27% Total (Worldwide) 75,226 100% 90,279 100% 6 (Source: Metal Bulletin, IISI) Prices in Japan, The Lowest Worldwide, Have Recovered Significantly Steel Sheet Products Price Index Steel Sheet Products Price Index PricePrice TrendsTrends ofof SteelSteel ProductsProducts inin JapanJapan (Nippon(Nippon SteelSteel estimatesestimates asas ofof FY2002FY2002--3Q)3Q) (¥1000／ton） ASEAN Japan EU US (Thailand) China 60 Hot-rolled sheets 10 11 10 11 120 50 Cold-rolled sheets Cold-rolled sheets 10 11 12 11 130 Plates 40 Coated steel sheets 10 10 13 - 130 Hot-rolled sheets (Index based on Japan as 100) 30 Ｈ-beams Small pipes (Tokyo) 130 140 130 20 100 105 120 115 130 100100 11 120 100 10 11 120 80 100 11 10 Scrap (Tokyo) 60 0 40 9 12 6 9 12 6 9 12 6 9 12 6 9 12 6 9 12 1997-6 1998-3 1999-3 2000-3 2001-3 2002-3 2003-3 20 Cold-rolled sheets (1.0xS) Hot-rolled sheets (2.3xS) Plates (19mm) Coated steel sheets 0 Ｈ-beams (200x100) Samll pipes (SD295-19mm Tokyo) Scrap (Tokyo) Cold-rolled sheets Japan Hot-rolled sheets EU US China ASEAN (Thailand) (Source: Japan Metal Daily, Nihon Keizai Shimbun) 7 I. - ② Nippon Steel’s Competitive Advantages 8 Our Competitive Advantages SolidSolid customer customer base base in in the the domestic domestic market market TopTop market market share share for for high high value value-added-added products products StrongStrong capacity capacity for for delivering delivering total total steel steel product product solution solution to to globalizing globalizingcustomercustomer base base CostCost competitiveness competitiveness through through production production facility facility enhancement enhancement EstablishedEstablished supply supply network network for for stable stable and and speedy speedy delivery delivery StrategicStrategic business business alliances alliances with with leading leading overseas overseas steel steel makers makersforfor capturing capturing growthgrowth opportunities opportunities as as well well as as delivering delivering technology technology innovation innovation 9 A Solid Domestic Base Relationship with Leading Domestic Customers (Nippon Steel figures are based on non-consolidated accounts) ・・SteelSteel ProductProduct ShipmentsShipments DomesticDomestic shipmentsshipments 66%,66%, ExportExport ratioratio 34%34% HighHigh weightingweighting toto longlong--termterm contractscontracts withwith manufacturingmanufacturing ・・CompositionComposition ofof DomesticDomestic industryindustry (especially(especially automobiles)automobiles) DomesticDomestic ConsumptionConsumption andand NipponNippon SteelSteel ShipmentsShipments ofof SteelSteel ProductProductss Breakdown by User Demand （（FY01) Breakdown by User Demand FY01) （（IndexedIndexed basedbased onon FY1990FY1990 asas 100100）） 100 Overall Industry 8 8 25% 90 86 Nippon Steel 30% 80 40% 73 55% 70 Manufacturing 30% (ex.automobiles) 20% 60 Automobile Construction & 50 Retail FY96 FY02 Domestic Nippon Steel Source: Japan Iron and Steel Federation monthly statistics Source: Japan Iron and Steel Federation steel statistics, Nippon Steel estimates 10 Top Market Share for High Value-added Products Specialized thin steel sheets Galvanized steel sheets ブリキ (High tensile特殊鋼薄板 strength steel) for automobiles Steel鋼材 materials Nippon Steel approx. 25% Nippon Steel Nippon Steel approx. 40% approx. 50% 軌条Rails Electrical電磁鋼板 steel Tinブリキ &TFS Nippon Steel Nippon Steel approx. 65% Nippon Steel approx. 40% approx. 50% (Note: Market share based on non-consolidated account) 11 (Source: Order inflow statistics) Nippon Steel’s Market Share for Automotive Flat Steel in Asia AsiaAsia (including(including Japan)Japan) 8 Major Customers in Asia Toyota Nippon Steel Honda Others Total demand of 8 est. 48% 52% major customers (Japan & Asia) 8.2m tons Nissan／ Mitsubishi Motors／ Mazda／ Isuzu ／ Fuji Heavy／ Suzuki／ 12 Meeting the Needs of an Ever Changing Competitive Environment/Customer Requirements ShiftingShifting naturenature ofof competitioncompetition duedue toto globalizationglobalization inin marketsmarkets aandnd technological,technological, productproduct andand processingprocessing developmentdevelopment (e.g. auto industry) SocialSocial ResponsibilityResponsibility GlobalizationGlobalization ofof AutomobileAutomobile manufacturersmanufacturers GlobalGlobal environmentalenvironmental problemsproblems ExpansionExpansion ofof overseasoverseas productionproduction LightLight--weightweight forfor fuelfuel efficiencyefficiency IncreaseIncrease inin worldwideworldwide launchlaunch ofof automobilesautomobiles (i.e.,(i.e., globalglobal models)models) ReductionReduction ofof pollutantpollutant releaserelease ReductionReduction inin automobileautomobile developmentdevelopment leadlead timetime PursuitPursuit ofof collisioncollision safetysafety (4(4 yearsyears →→ 11 year)year) AutomobileAutomobile manufacturersmanufacturers areare requestingrequesting thatthat thethe steelsteel industryindustry developdevelop aa ““globalglobal supplysupply structurestructure””asas wellwell asas maintainingmaintaining ““highlyhighly technicaltechnical productsproducts equallyequally onon aa globalglobal basis.basis.”” DeliveringDelivering totaltotal solutionssolutions throughthrough collaborationcollaboration withwith automobileautomobile manufacturersmanufacturers 13 “Close-to-Customer” Capacities Promptly Responding to Needs such as “Just-in-Time” Production Muroran Nationwide order inflow in millions tons, （）regional weighting actual figures for 1st Half 2002 （annualized base） Source: Steel and metal demand monthly statistics Hokkaido 1.58 (3%) Chugoku 4.96 (9%) Tohoku Kamaishi 2.18 (4%) Mazda Hirohata Kyushu Hikari Nissan Honda 4.36 (7%) Yawata Kimitsu Toyota Kanto 18.6
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