Summary of the Consolidated
Business Results for FY 2004 (1)

Business environment of FY 2004

Demand environment

• JAPAN
  - Automotive production-related and capital expenditure-related demand remained strong throughout the year
  - Demand from the semiconductor and liquid crystal display production equipment sectors weakened from Q3
• OVERSEAS
  - The Americas : Robust demand in Brazil.
  Strong demand from Japanese carmakers in North America
  - Europe: Gradual recovery in demand
  - Asia: Robust automotive production in Thailand
  Strong industrial demand in China

World-wide increase of steel prices