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September 7, 2004
    
Consolidated Financial Results for the Six Months Ended June 30, 2004
(Based on Japanese GAAP)
 

Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Masashi Mizutani) is pleased to announce the interim results of operations for the six-month term ended June 30, 2004, as follows:

1. Operating results for the term (January-June 2004, consolidated)
In the term under review, consolidated sales amounted to approximately ¥1,078.2 billion, an increase of ¥153.8 billion (16.6%) over the corresponding period last year, with operating income of approximately ¥21.8 billion, an increase of ¥10.3 billion (89.7%) over last year. In addition, through the contributions of affiliated companies (net equity earnings of affiliated companies were ¥1.5 billion) and other favorable conditions, ordinary income was about ¥23.0 billion, an increase of ¥11.7 billion (102.7%) over the corresponding period last year. With extraordinary gains of ¥4.3 billion from the sale of listed shares, extraordinary losses of ¥4.3 billion due to the impairment of fixed assets, income taxes of ¥10.3 billion and minority interest of ¥1.1 billion, net income for the term more than doubled to approximately ¥11.6 billion, an increase of ¥6.2 billion (112.9%) over the corresponding period last year.

Backed by the recovery of the steel market, both Metal One Corporation and its subsidiaries achieved higher levels of sales and gross profit than originally forecast for the term under review, with net income for the six-month period almost reaching the target (¥12.5 billion) for the full year ending December 31, 2004.

2. Financial position at the end of the term
At the end of the six-month term under review, consolidated gross assets stood at ¥957.3 billion (an increase of ¥45.9 billion, on a consolidated basis, compared with the six-month term ended December 31, 2003), consolidated interest-bearing debts totaled ¥337.4 billion (an increase of ¥22.1 billion, on a consolidated basis, compared with the term ended December 31, 2003) and shareholders' equity amounted to ¥183.6 billion (an increase of ¥13.0 billion, on a consolidated basis, compared with the term ended December 31, 2003).

3. Outlook for the fiscal year ending December 31, 2004
As the performance in the first six-month period exceeded the original forecast (as outlined above) due to the improvement of the global steel market, the forecasts were revised. As a result, sales for the full year (2004) are expected to total ¥2.2 trillion (previously ¥2.0 trillion), with net income of ¥17 billion (previously ¥12.5 billion).

4. Consolidated income statement
  (Unit: ¥ million)
 
  For the 6-month period ended June 30, 2004 For the 6-month period ended June 30, 2003
Sales
1,078,204 
924,395 
Gross profit 59,892  46,903 
Operating income 21,768  11,473 
Ordinary income 22,991  11,343 
Net income
11,584 
5,440 
 
 
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