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March 24, 2003
    
Change in the Share Allotment Ratio for Shin-Nakako, Ltd. and New President
 

We wish to advise you that Taiyo Steel Co., Ltd. ("TSC"), a manufacturing subsidiary of Nittetsu Steel Sheet Corporation ("NSSC"), and Metal One Corporation ("MOC") have agreed to a change in their shareholding in Shin-Nakako, LTD. and the appointment of a new president, on the occasion that Shin-Nakako, in which both of our companies have shareholding stakes, formulated a business plan this time containing a review of the earning structure.

1. Purpose of the Change in the Share Allotment Ratio
Shin-Nakako was founded by Mitsubishi Corporation ("MC") and TSC with shareholding stakes of 60% and 40%, respectively. Nakako, LTD., is an enterprise rehabilitated under a company reorganization plan, and its trade rights for corrugated sheets, metal roofs and so forth were transferred to Shin-Nakako in 2000.

While the management of the company since then had to go through harsh conditions stemming from the depressed construction industry, it is now thought that the operation will go into the black from FY 2003 and after, following the review of the current business plan, which contains drastic rationalizing.

In view of this, it has been decided that TSC undertakes majority shareholding of and sends the new president to the company, in consideration of the fact that both shareholders had, at the time of the inauguration of the new company, agreed that the role of the company was to be reinforced as a manufacturing firm with TSC's majority shareholding as soon as its post-establishment operation stabilizes.

Hereafter, Shin-Nakako will endeavor to cooperate more than before with TSC which is to be its parent company, aiming at consolidating further the system of manufacturing and technological development as well as realizing the construction of a solid earning base. At the same time, we are confident that we can progressively satisfy various demands and expectations of our customers better than in the past, acting as the key firm in the development of the fabricated products business of the NSSC Group, through reinforcement of sales channels, etc., and the development of high added value products, which applied the fabricating/processing technologies achieved in the tie-up with NSSC.
Incidentally, MOC will continue to be directly in charge of sales.
   
2. Key Aspects of the New Company
 
(1) Share allotment ratio: TSC and MOC will own 85.1% and 14.9% of Shin-Nakako, respectively.
(2) New capital: To be ¥200 million
(3) Time of the change: Scheduled to be in effect around the end of May
   
3. Appointment of the New President
 

Mr. Takashi Yoshioka, who is now an auditor of TSC, will take the office of the new president. The time of the change of the president is to be as of April 1, 2003. (The current president, Mr. Takimoto, will resign from the office.)

   
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