Metal One Corporation

November 15, 2004

New Metal One Organization
(Board of Directors, Structural Changes and General Personnel)

Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Masashi Mizutani) hereby announces its new organizational setup (board of directors, structural changes and general personnel), to come into effect from January 4, 2005:

Board of Directors

[1] Company Executives (Effective from January 4, 2005)

1. Directors

Position	Name
President, Director	Moriji Kanada
Senior Executive Vice President, Director	Susumu Komori
Director	Masayuki Takashima (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)

2. Corporate Auditors

Position	Name
Corporate Auditor	Koichiro Kimura
Corporate Auditor	Kazuyoshi Yatabe (Group Controller, Metals Group, Mitsubishi Corporation)
Corporate Auditor	Yoji Sato (Managing Executive Officer, Sojitz Corporation)

3. Executive Officers ( : Representative Directors)

	Position	Name
	President, Director	Moriji Kanada
	Senior Executive Vice President, Director	Susumu Komori
	Senior Managing Executive Officer	Yoshiomi Yuasa
	Senior Managing Executive Officer	Minetsugu Takeda
	Managing Executive Officer	Tetsuro Nagai
	Executive Officer	Masaki Ono
	Executive Officer	Kyohei Aramaki
	Executive Officer	Yoshiharu Harima
	Executive Officer	Motoo Hamada
	Executive Officer	Saburo Takada
	Executive Officer	Shinichi Tateno
	Executive Officer	Shiro Ueno
	Executive Officer	Norio Okada*
	Executive Officer	Masashi Mizutani*

Directors who will retire from Metal One Corporation following the ordinary meeting of shareholders scheduled for March 2005. To become effective on the same day.

[2] Directors

1. New Directors (Effective from January 4, 2005; previously announced)

Name	New position	Present position
Moriji Kanada	President, Director	Senior Managing Executive Officer
Susumu Komori	Senior Executive Vice President, Director	Managing Executive Officer

2. Retiring Directors (Effective from January 4, 2005; previously announced)

Name	New position	Present position
Norio Okada	Executive Officer*	Chairman & CEO
Masashi Mizutani	Executive Officer*	President & COO

Directors who will retire from Metal One Corporation following the ordinary meeting of shareholders scheduled for March 2005. To become effective on the same day.

3. Right of Representation (Effective from January 4, 2005; previously announced)

Name	New position	Present position
Moriji Kanada	President, Director	Senior Managing Executive Officer
Susumu Komori	Senior Executive Vice President, Director	Managing Executive Officer

[3] Executive Officers

1. New Appointments (Effective from January 4, 2005)

Name	New position	Present position
Kyohei Aramaki	Executive Officer	General Manager, Beijing Representative Office
Yoshiharu Harima	Executive Officer	President & CEO, Metal One Steel Products Corporation
Motoo Hamada	Executive Officer	President, Metal One Holdings America, Inc.
Saburo Takada	Executive Officer	General Manager, Steel Products For Overseas Electrical Industries Department
Shinichi Tateno	Executive Officer	General Manager, Structural Steel & Construction Materials Department
Shiro Ueno	Executive Officer	General Manager, Stainless Steel Department

2. Retirement (Effective on the day of the March 2005 ordinary meeting of shareholders)

Name	New position	Present position
Norio Okada	N/A	Executive Officer
Masashi Mizutani	N/A	Executive Officer

3. Promotion (Effective from January 4, 2005)

Name	New position	Present position
Yoshiomi Yuasa	Senior Managing Executive Officer	Managing Executive Officer
Minetsugu Takeda	Senior Managing Executive Officer	Managing Executive Officer
Tetsuro Nagai	Managing Executive Officer	Executive Officer

[4] Areas of Responsibility (Effective from January 4, 2005)

Position	Name	Areas of Responsibility
President, Director	Moriji Kanada
Senior Executive Vice President, Director	Susumu Komori	Senior Assistant to the President, Group COO, Human Resources, Domestic & Overseas Branches, International Steel Operation Group
Senior Managing Executive Officer	Yoshiomi Yuasa	Group COO, Steel Plate, Tube, Construction Material, Steel Sheet Products, Automotive Steel Products Business Group
Senior Managing Executive Officer	Minetsugu Takeda	Group COO, Wire & Specialty Steel, Stainless Steel, Energy Project International Group
Managing Executive Officer	Tetsuro Nagai	CFO & Corporate Functional Officer (Corporate Administration)
Executive Officer	Masaki Ono	CIO & Corporate Functional Officer (Corporate Social Responsibility, General Affairs)
Executive Officer	Kyohei Aramaki	Division COO, Steel Sheet Products, Automotive Steel Products Business Division
Executive Officer	Yoshiharu Harima	Division COO, Wire & Specialty Steel Division
Executive Officer	Motoo Hamada	Corporate Functional Officer (Human Resources)
Executive Officer	Saburo Takada	Division COO, Stainless Steel Division
Executive Officer	Shinichi Tateno	Division COO, Steel Plate, Tube, Construction Materials Division
Executive Officer	Shiro Ueno	Corporate Functional Officer (Corporate Planning & Strategy)
Executive Officer	Norio Okada*	(In charge of special orders)
Executive Officer	Masashi Mizutani*	(In charge of special orders)

Directors who will retire from Metal One Corporation following the ordinary meeting of shareholders scheduled for March 2005. To become effective on the same day.

Structural Changes

[1] New Divisions (Effective from January 4, 2005)

1. Five new divisions will be established to cover 15 current departments.

Steel Plate, Tube, Construction Material Division	Steel Plate Department
	Tubular Products Department
	Construction & Structural Steel Department
	Steel Plate & Tubular Products Department (Osaka Branch)
	Steel Products Department (Nagoya Branch)
Steel Sheet Products, Automotive Steel Products Business Division	Steel Sheet Products Department
	Steel Sheet Products Department (Osaka Branch)
	Automotive Steel Products Business Department
	Automotive Steel Products Business Department (Nagoya Branch)
Wire & Specialty Steel Division	Wire & Specialty Steel Department
	Wire & Specialty Steel Department (Osaka Branch)
	Wire & Specialty Steel Department (Nagoya Branch)
Stainless Steel Division	Stainless Steel Department
International Steel Operation Division	Steel International Department
International Steel Operation Division	Steel Products For Overseas Electrical Industries Department

Note:

The Energy Project International Department will be supervised by Senior Managing Executive Officer Minetsugu Takeda.

General Personnel

[1] Managers of Divisions (Effective from January 4, 2005)

Name	New position	Present position
Kyohei Aramaki	Executive Officer, Manager, Steel Sheet Products, Automotive Steel Products Business Division	General Manager, Beijing Representative Office
Yoshiharu Harima	Executive Officer, Manager, Wire & Specialty Steel Division	President & CEO, Metal One Steel Products Corporation
Saburo Takada	Executive Officer,Manager, Stainless Steel Division	General Manager, Steel Products For Overseas Electrical Industries Department
Shinichi Tateno	Executive Officer, Manager, Steel Plate, Tube, Construction Material Division	General Manager, Structural Steel & Construction Materials Department
Terumitsu Kiba	Manager, International Steel Operation Division	General Manager, Steel International Department