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September 6, 2007
    

Consolidated Financial Results for the First Half of FY2007

(Based on Japanese GAAP)

Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Moriji Kanada) is pleased to announce the interim results of operations for the six-month term ended June 30, 2007, as follows:


Outline of Financial Results for the First Half of FY2007

[Overview of financial results for the first half of FY2007]
Sales, gross profit, operating income, and ordinary income all improved compared to the same period in the previous year thanks to the continuing robustness of domestic transactions, such as construction steel products, and transactions of automotive steel products along with sharply higher stainless steel prices. Net income for the first half of FY2007 (January to June), however, fell 0.3 billion year on year, to 19.7 billion, due to such factors as a decrease in extraordinary gain compared to the year before.

[First-half results]
According to consolidated results for the first half of FY2007 (January to June), sales of 1,507.2 billion exceeded those for the same period in the previous year by 171.7 billion (12.9%). Gross profit rose 5.7 billion year on year (7.9%), to 77.7 billion, and operating income of 33.0 billion exceeded that for the first half of FY2006 by 2.2 billion (7.2%). Ordinary income rose to 34.2 billion, a year-on-year increase of 2.9 billion (9.2%). Net income of 19.7 billion was 0.3 billion (1.5%) less than the previous year in response to a 2.4 billion drop in extraordinary gain compared to the year before.
(Unit: ¥ million)
Item First half FY2007
(Jan. to Jun.)
First half FY2006
(Jan. to Jun.)
Sales
1,507,213
1,335,465
Gross profit
77,665
71,978
Operating income
33,000
30,777
Ordinary income
34,193
31,320
Net income
19,739
20,048

[Financial status]

Regarding the Company's financial position at the end of the first half of FY2007, increases in accounts receivable, inventories, and investment securities resulted in consolidated gross assets rising to 1,317.7 billion (an increase of 89.3 billion compared to the end of FY2006), and consolidated interest-bearing debt rose to 417.8 billion, up 46.8 billion compared to the close of the same period in the previous year.
Net assets, excluding minority shareholders' equity, came to 304.7 billion, a 14.5 billion increase compared to the end of FY2006, due to rises in retained earnings and net unrealized gains on securities.


Outlook for consolidated performance for fiscal year ending December 31, 2007

Consolidated net income for the second half of FY2007 (July to December) is expected to fall 4.4 billion compared to the first half because neither a sharp drop in stainless steel prices nor the generation of extraordinary gain is expected. However, due to the healthy first-half performance, 3,000 billion in sales for all of FY2007 (January to December) are now forecast, which is 100 billion more than initially projected, and the forecast for net income has been revised upward to 35 billion, an increase of 1.5 billion compared to initial projections.
Note that because the Company plans to shift to a fiscal year ending in March from the current December close, financial results for this fiscal year only will be for a 15-month period. Based on a 15-month fiscal year, from January 2007 to March 2008, consolidated net income is forecast to be 38.5 billion.
 
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