Metal One Metal One Coporation
January 5, 2004
New Year's Greeting
Happy New Year!

Metal One Corporation is now celebrating its first anniversary. As we enter a new year, I would like to focus on the direction our company should take in the future.

Metal One was founded with the goal of "revolutionizing steel distribution." We drew up a three-year "Mid-term Consolidated Plan" based on our vision as a "Metal Market Maker" and our mission as a "Metal Value Optimizer," which has received wide publicity both internally and outside the company. This coming year marks the plan's second year.

I would like to take this opportunity to point out some important considerations for this year.
1. Our action plan is embodied in the three pillars of Post Merger Integration (PMI), Business Process Integration/Innovation (BPI) and Growth Strategy, and will continue to evolve as we grow. This year marks the most important stage in our plan for us to demonstrate positive results at the end of the three-year term. As the economic environment surrounding the industry is rapidly undergoing change, it is vital that our ability to transform our plans into reality keeps pace with new developments.
2. This year we will pursue further development of the personnel, human resource, accounting and credit management systems, and refine our financial soundness and information system - of which are the foundation of business management - not just for our company but for each company within the group with an eye towards developing business for the entire group.
3. It is important for Metal One, which has its origin in general trading companies, to pursue business development on the basis of "complexity" and "intricacy" while maintaining its comprehensiveness in order to achieve further progress.
4. Corporate Social Responsibility is an important issue that the entire group must wrestle with. Metal One is active not only in the Japanese market but globally, and we must work to become not just a company which blindly pursues profits, but a company that contributes to society in all areas, including economics, the environment and compliance, and is widely recognized as a socially-minded company.

While revolutionizing steel distribution not just from the standpoint of what is best for us, but from the standpoint of what is best for the market, Metal One also plans to continue maximizing its corporate value by creating new functions and new business models.

  Norio Okada
  Chairman and CEO
New Year's Greeting
The beginning of this new year coincides with the start of Metal One's second year. On this occasion, I would like to share with you some of my thoughts concerning the challenges we will face in the near future.

Our first year here at Metal One has been successful thanks to the support of our clients, and the backup we received from our parent companies. To them I express my gratitude, and also to our employees for their hard work.

This year will be the second in our three-year "Mid-term Consolidated Plan", and it will be an extremely important year in ensuring that the overall plan is a success. I believe we must accelerate implementation of the structural reforms: Post Merger Integration (PMI), Business Process Integration/Innovation (BPI) and Growth Strategy.

I would like to outline this year's plan while reviewing our first year of business.
1. Regarding PMI, the steel pail business is moving forward as a result of our merger with Nippon Steel and a JFE subsidiary. Also, progress was made in the merger between NI Steel Products and NIK Metal Corporation, as well as in the creation of a construction steel company.
Metal One pursues joint business opportunities with other members of the group. We intend to strengthen group business as a whole in the future, and support the well-being of all members of the group, enhance the business strength of the entire group and improve profitability.
2. In the area of BPI, we will continue to pursue greater introduction of IT, thereby quickening the pace of office management rationalization, and improve the efficiency of management operations. BPI is not a very noticeable area, but we plan to continue steadily moving forward in this regard.
3. In the area of growth strategy, we will bolster the functions that have secured domestic trade rights for Metal One. Overseas, we will pursue a customer and product strategy vis-á-vis the automobile, energy and home electrical appliance fields in the Chinese, ASEAN, and the North and South American markets.
We have selected around 90 investment and loan cases from a suggested 180. Ten of these cases are now in the implementation stage and should be finalized in the near future.
As you can see, I believe that Metal One will continue to wrestle to revolutionize steel distribution based on Metal One's vision - Metal Market Maker - and its mission - Metal Value Optimizer.

Meanwhile, human resources are key to company development. I would like to create a human resource exchange pool, with the purpose of building leaders for the next generation, which will be shared among the 130 or so companies in our group.

Furthermore, I would like to see all employees abide by social standards and pursue corporate activities in a fair and reasonable manner so that full compliance is met.

  Masashi Mizutani
  President and COO
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