Metal One Corporation

October 25, 2004

Changes to Board of Directors

Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Masashi Mizutani) announces the following changes to its board of directors, effective from January 4, 2005.

1. Retiring Directors

Present position

New position

Norio Okada

Chairman & CEO

Executive Officer

Masashi Mizutani

President & COO

Executive Officer

*The above-named retiring directors shall each assume the post of Executive Officer until the ordinary meeting of shareholders scheduled for March 2005. Their responsibilities will be taken over by the two prospective directors listed below. The above-named directors will retire from Metal One Corporation on the same day as the ordinary meeting of shareholders.

2. Prospective Directors

Present position

New position

Moriji Kanada

Senior Managing Executive Officer

Director (nominated as Representative Director)

Susumu Komori

Managing Executive Officer

Director (nominated as Representative Director)

*The revised top management structure, including the positions of the two prospective directors and other Executive Officers, will be determined within this year and announced thereafter.

<For supplementary reference>

Directors and auditors of Metal One Corporation (effective from January 4, 2005)

Representative Director

Moriji Kanada

Representative Director

Susumu Komori

Director

Masayuki Takashim (Senior Executive Vice President,
Group CEO, Metals Group, Mitsubishi Corporation)

Director

Ichiro Mizuno (Managing Executive Officer,
Mitsubishi Corporation)

Director

Hiroyuki Tanabe (Senior Managing Executive Officer,
Sojitz Corporation)

Corporate Auditor

Koichiro Kimura

Corporate Auditor

Kazuyoshi Yatabe (Group Controller, Metals Group,
Mitsubishi Corporation)

Corporate Auditor

Yoji Sato (Managing Executive Officer, Sojitz Corporation)