Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Masashi Mizutani) will launch Stainless One Corporation on January 1, 2005, under the integration and reorganization of subsidiaries, the kernel of the company's Mid-term Consolidated Management Plan. Stainless One Corporation will constitute the core of the Metal One Group's cold rolled stainless steel processing and distribution business in the Kanto region.

Metal One Steel Products Corporation (headquartered in Osaka; President: Yoshiharu Harima) will transfer its stainless steel business in the Kanto region to NI Stainless Center Co., Ltd. (headquartered in Chiba; President: Shintaro Oiwa), and NI Stainless Center will change its name to Stainless One Corporation.

The company will inherit NI Stainless Center's paid-in capital of ¥200 million (77.5% held by Metal One Corporation and 22.5% held by Nisshin Steel Co., Ltd.).

Details:   1. Name:   Stainless One Corporation   2. Headquarters:   231 Shinminato, Mihama-ku, Chiba   3. Sales Division:   Kanda Iwamoto-cho Tosei Bldg. 9F 3-8-1 Iwamoto-cho, Chiyoda-ku, Tokyo   4. Capitalization:   ¥200 million   5. Main shareholders:   Metal One Corp.: 77.5%; Nisshin Steel Co., Ltd.: 22.5%   6. Launch date:   January 1, 2005   7. Scale of operations:   Approx. ¥10 billion (for the period to December 2005)   8. Directors:   Shintaro Oiwa, president         Yoshiki Okumura, managing director         Masahiro Nishimura, director         Shiro Ueno, director (General Manager, Stainless Steel Department, Metal One Corp.)         Taketoshi Yamamoto, director (Unit Leader, Domestic Business Unit, Steel Investment Administration Business Office, Business Strategy Department, Metal One Corp.)         Katsuhiro Kawaguchi, director (Section Manager, Domestic Business Section A, Stainless Steel Department, Metal One Corp.)         Harumi Tomoyasu, director (General Manager, Stainless Steel Sales Department, Nisshin Steel Co., Ltd.)         Teruhiko Yasui, corporate auditor (Unit Leader, Accounting Unit B, Corporate Administration Department, Metal One Corp.)