Metal One Corporation* (president, Masashi Mizutani), headquartered in Minato Ward, Tokyo, is pleased to announce the interim results of operations for the six-month term ended June 30, 2003, as follows:

(* Metal One Corporation was established in January of this year as a corporate venture aimed at integrating the steel product businesses of Mitsubishi Corporation and Nissho Iwai Corporation.)

1. Results of operations for the term under review (January-June 2003, consolidated)
In the term under review, sales amounted to approximately ¥924.4 billion, with operating profits of approximately ¥11.5 billion. Because the dividends on domestically listed shares and the performance of affiliated companies to which the equity method is applied was favorable (the investment profit by the equity method was ¥700 million), ordinary profits were about ¥11.3 billion. After subtracting special losses of ¥800 million due to the disposition, consolidation, etc., of assets, corporate taxes, etc., totaling ¥4.4 billion and the minority shareholders' interest of ¥700 million, net income for the term came to approximately ¥5.4 billion.

During the term under review, the domestic steel market recovered and the subsidiaries, particularly in Asia and China, were prosperous. As a result, both Metal One Corporation and its subsidiaries achieved their expected levels of sales and gross profits, and net income for the six-month term reached 60% of the target for the full year ending December 31, 2003.

2. Asset conditions at the end of the term under review
At the end of the six-month term under review, consolidated gross assets were ¥845.2 billion (non-consolidated: ¥536.1 billion), consolidated interest-bearing debts were ¥316.3 billion (non-consolidated: ¥152.9 billion) and shareholders' equity was ¥165.3 billion (non-consolidated: ¥160.0 billion).

3. Prospects for the full term (January-December 2003, consolidated)
As the performance in the first six-month period was favorable, as outlined above, sales for the full year 2003 are expected to total ¥2 trillion, with net income of ¥9 billion.