Nippon Steel Corp. · TSE:5401

Nippon Steel — Nippon Steel & Sumitomo Metal — Q1 FY2018 Earnings Presentation

57 slides from Nippon Steel's earnings presentation, Aug 2, 2018

  1. Slide 1: First Quarter FY2018 Earnings Summary

    5401: JP NSSMY: ADR (US) First Quarter FY2018 Earnings Summary August 2nd, 2018 Notes on this presentation material ‘NIPPON All volume STEEL figures & are SUMITOMO presented METAL in metric CORPORATION’ tons is abbreviated as ‘NSSMC’ Unless otherwise noted, all financial figures are on a consolidate

  2. Slide 2: Agenda

    2 Agenda 1. FY2018 1Q Results & 1H Forecast 2. FY2018 Full Year Forecast 3. Progress in Mid-Term Management Plan 4. Appendix © 2018 NIPPON STEEL & SUMITOMO METAL CORPORATION All Rights Reserved.

  3. Slide 3: 1. FY2018 1Q Results & 1H Forecast

    1. FY2018 1Q Results & 1H Forecast © 2018 NIPPON STEEL & SUMITOMO METAL CORPORATION All Rights Reserved.

  4. Slide 4: Overview: FY2018 1Q Results & 1H Forecast

    4 Overview: FY2018 1Q Results & 1H Forecast Business Environment Domestic steel demand : Firm, especially in the autos & industrial equipment sectors. Overseas’ steel demand : Increased steadily as a whole due to world economy’s recovery. (USA : Solid, China : Stable, Europe & emerging countries : M

  5. Slide 5: Key Indicators of Domestic Steel Demand

    Key Indicators of Domestic Steel Demand 5 Finished Auto Production (million units) Non-Residential Construction Starts (million m2) 2015 2016 2017 2018 2015 2016 2017 2018 2.60 2.52 2.55 2.53 15.00 2.48 14.17 2.50 2.48 13.68 13.90 14.05 2.43 14.00 13.59 13.11 2.40 2.32 2.37 2.40 2.39 13.20 12.69 2.3

  6. Slide 6: China's Steel Supply-Demand & Market Trend

    China’s Steel Supply-Demand & Market Trend 6 Crude Steel Production & China’s Export by Product Hot Rolled Sheets Prices by Region Channel Inventories in China (MMT) (MMT/day)(MMT/month) 10.2 ($/t) China HC (CNY/t) Ave. Daily Crude High operation 10 due to 700 (right axis) 4,000 2.0 Steel Production

  7. Slide 7: Key Indicators: FY2018 1Q Results

    Key Indicators: FY2018 1Q Results 7 Volume Sales approx. Crude Steel approx. 88 kĄ/t 3,300.0 Production approx. 22.00 Ave. Steel 85.8 21.51 21.11 21.30 MMT Selling Price 83.5 3,000.0 bn¥ 2,923.5 20.09 20.58 77.1 2,745.0 19.68 20.09 approx. 68.0 2,472.0 Steel Shipments 18.72 19.07 19.80 2,160.7 appro

  8. Slide 8: Key Indicators: FY2018 1Q Results

    Key Indicators: FY2018 1Q Results 8 Ordinary Profit / 1 Business Profit (bn.Ą) Net Profit* (bn.Ą) Figures in parentheses = IFRS basis Figures in parentheses = IFRS basis 2. % 157.6 150.0 10% 119.9 130.0 10%12.0% 10.0% 146.5 139.9 [190.0] 99.1 95.9 10.0% ROS 5.9% 5.7% [160.0] 8.0% ROE 8.6% 6.2% [130.

  9. Slide 9: Commodity Price Hike

    Commodity Price Hike 9 (US$/bbl) Oil Freight Scrap (US$/MT) 440 90 550 24 (US$/WMT, USA Scrap(No1HMS) 42 (US$/t, CIF Korea)(Left axis) 80 500 Cape size 180 thousand tons hull form) 400 Iron Scrap Bid Prices in Kanto Region 20 37 (1,000 yen/ton)(Right axis) 70 Arabian Light Crude (Left axis) 450 360

  10. Slide 10: Raw Materials and HC Prices Trend

    Raw Materials and HC Prices Trend 10 Hard Coking Coal Price (US$/wmt) 630 $309 $314 East Asia HC (US$/t) 300 590 $262 250 550 Market Price 510 200 $174 470 150 Contract Price $150 430 100 390 50 FY15 FY16 FY17 FY18 350 15.4 15.7 15.10 16.1 16.4 16.7 16.10 17.1 17.4 17.7 17.10 18.1 18.4 18.7 16.7 16.

  11. Slide 11: NSSMC Operational Highlights

    NSSMC Operational Highlights 11 FY17 FY18 Change (million tons) 17/1Q 17/1H 1Q 2Q 1H 4Q 2H 1Q 2Q[E] 1H[E] vs. vs. 18/1Q 18/1H[E] Pig-iron production *1 9.92 10.13 20.05 10.49 20.57 40.61 10.25 11.00 21.20 +0.33 +1.15 approx. approx. approx. Consolidated Crude 11.44 11.69 23.12 12.02 23.70 46.82 11.8

  12. Slide 12: FY2018 1Q Results and 1H Forecast

    FY2018 1Q Results and 1H Forecast 12 FY17 FY18 Change 17/1Q 17/1H (Ą in billions) 1Q 2Q 1H 4Q 2H 1Q 2Q[E] 1H[E] vs. vs. 18/1Q 18/1H[E] Net Sales 1,355.4 1,389.6 2,745.0 1,504.1 2,923.5 5,668.6 1,440.8 1,559.2 3,000.0 +85.4 +255.0 Operating Profit 66.5 33.4 99.9 44.3 82.3 182.3 48.1 -18.4 Ordinary Pr

  13. Slide 13: Extraordinary Profit & Loss

    Extraordinary Profit & Loss FY17 FY18 (? in billions) 1Q 2Q 1H 4Q 2H 1Q Extraordinary Profit (Loss) (2.9) (2.9) (20.0) (4.7) (7.6) 10.2 Gain on sales of investment securities — 1.1 25.6 25.6 10.2 Impairment loss (15.6) (15.6) (15.6) Loss on inactive facilities (2.9) (2.9) (5.7) (8.7) (11.6) Restruct

  14. Slide 14: Ordinary Profit Variance Analysis [FY17/1Q vs. FY18/1Q]

    Ordinary Profit Variance Analysis [FY17/1Q vs. FY18/1Q] [JGAAP] 14 FY17/ FY18/ *1 Crude steel production: +0.39MMT(9.90?10.29) (Ą in billions) 1Q 1Q Change Steel shipment: +0.23MMT (9.34?9.57) [A] [B] [A?B] * Figures of FY17/1Q incl. impacts of Oita Plate Mill fire accident, but not incl. impacts on

  15. Slide 15: Ordinary Profit Variance Analysis [FY17/4Q vs. FY18/1Q]

    15 Ordinary Profit Variance Analysis [FY17/4Q vs. FY18/1Q] [JGAAP] FY17/ FY18/ *1 Crude steel production: -0.21MMT(10.50?10.29) (Ą in billions) 4Q 1Q Change Steel shipment: -0.10MMT (9.67?9.57) [A] [B] [A?B] *2 Incl. carry over -3.0(+9.0?+6.0) *3 Forex flow: +1.0, Ordinary Profit 72.0 87.7 +15.7 Rec

  16. Slide 16: Ordinary Profit Variance Analysis [FY17/1H vs. FY18/1H(E)]

    16 Ordinary Profit Variance Analysis [FY17/1H vs. FY18/1H(E)] [JGAAP] FY17/ FY18/ *1 Crude steel production: (Ą in billions) 1H 1H(E) Change approx.+1.21MMT (20.09?approx.21.30) [A] [B] [A?B] Steel shipment: approx.+1.08MMT (18.72?approx.19.80) * Figures of FY17/1H incl. impacts of Oita Plate Mill f

  17. Slide 17: Ordinary Profit Variance Analysis [FY17/2H vs. FY18/1H(E)]

    17 Ordinary Profit Variance Analysis [FY17/2H vs. FY18/1H(E)] [JGAAP] FY17/ FY18/ *1 Crude steel production: (Ą in billions) 2H 1H(E) Change approx.+0.72MMT (20.58?approx.21.30) [A] [B] [A?B] Steel shipment: approx.+0.73MMT (19.07?approx.19.80) *2 Incl. carry over -6.0(+8.0?+2.0) Ordinary Profit 139

  18. Slide 18: Non-Steel Business Sales & Ordinary Profit

    Non-Steel Business 18 Sales & Ordinary Profit (¥ in billions) Change in Ordinary Profit (FY17/1H vs. FY18/1H(E)) (Non-steel business total) Engineering & Moderate recovery in business environment. Sales & profit increase thanks to steady Sales 409.3 404.0 449.0 Construction Increase progress in resp

  19. Slide 19: Balance Sheet

    Balance Sheet 19 End of End of End of End of D/E Ratio (¥ in billions) (¥ in billions) Mar. 2018 Jun.2018 Mar. 2018 Jun. 2018 Current Assets 2,399.5 2,440.9 Liabilities 4,010.8 4,125.9 1.06 D/E ratio Interest-bearing Inventories 1,380.0 1,436.7 debt 2,068.9 2,279.3 0.86 0.72 Fixed Assets 5,126.8 5,1

  20. Slide 20: CAPEX and Depreciation

    CAPEX and Depreciation 20 (Ą in billions) NSSMC FY17? (Upper : NSC FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18(E) FY18(E) Lower (SMI) change 466.0 397.1 397.4 421.4 257.0 304.3 304.6 351.0 411.9 Approx. Approx. CAPEX (329.4) (287.2) (281.7) 440.0 * +28.0 * (136.6) (109.9) (115.7) Incl. Nisshin

  21. Slide 21: 2. FY2018 Full Year Forecast

    21 2. FY2018 Full Year Forecast © 2018 NIPPON STEEL & SUMITOMO METAL CORPORATION All Rights Reserved.

  22. Slide 22: FY2018 2H and Full Year Forecast

    22 FY2018 2H and Full Year Forecast FY2017 FY2018 change 1H 1H(E) 2H(E) (E) 17/1H ? 18/1H(E) ? 18/1H(E) 18/2H(E) [JGAAP] [JGAAP] [JGAAP] [IFRS] [IFRS] [IFRS] [JGAAP] [IFRS] Net Sales (bn.Ą) 2,745.0 5,668.6 3,000.0 3,000.0 3,300.0 6,300.0 +255.0 +300.0 Ordinary / (bn.Ą) 157.6 297.5 150.0 160.0 190.0

  23. Slide 23: Business Profit Variance Analysis [FY18/1H(E) vs. FY18/2H(E)]

    23 Business Profit Variance Analysis [FY18/1H(E) vs. FY18/2H(E)] [IFRS] FY18/ FY18/ *1 Crude steel production: (Ą in billions) 1H(E) 2H(E) Change approx.+0.7MMT(approx.21.30?approx.22.00) [A] [B] [A?B] *2 Forex flow: +1.0, Increase in depreciation, Recover from heavy rainfall impact etc. Business Pr

  24. Slide 24: Major adjustments between JGAAP and IFRS

    24 Major adjustments between JGAAP and IFRS FY2018/1H(E) <Disclosure plan > Ordinary / Net Profit Mandatory disclosure Business Profit ?FY2018/1~3Q:JGAAP basis JGAAP 150.0 130.0 ?FY2018 year end:IFRS basis ?FY2019/1~3Q or later : IFRS basis also plan to disclose IFRS basis figures in the same period

  25. Slide 25: Interim Dividend Forecast

    Interim Dividend Forecast 25 In accordance with the basic profit distribution policy, NSSMC plans the interim dividend payment of¥40 per share. (representing a consolidated payout ratio of 32% (IFRS basis))¥/share Year-end dividend (left axis) Interim dividend (left axis) Payout ratio (right axis) 1

  26. Slide 26: Technological Superiority

    26 Technological Superiority New Version of CLEANWELL® DRY, Environmentally Friendly OCTG Premium Connection, First Running in Offshore Norway -Achieving Both Utmost Performance and Environmental Responsiveness- Applied in offshore Norway where the world’s most strict HSE* regulation placed Simple a

  27. Slide 27: Nippon Steel Corporation

    27 Nippon Steel Corporation Apr. 2019 Acceralate and enhance cooperation with Continue growth other steel manufacturers in global markets with origins in Japan Oct. 2012 Business Integration © 2018 NIPPON STEEL & SUMITOMO METAL CORPORATION All Rights Reserved.

  28. Slide 28: 3. Progress in Mid-Term Management Plan

    28 3. Progress in Mid-Term Management Plan © 2018 NIPPON STEEL & SUMITOMO METAL CORPORATION All Rights Reserved.

  29. Slide 29: Overview of Special Steel Business's Integration & Reorganization

    Overview of Special Steel Business’s Integration & Reorganization29 As Is Integrate and Enhance To Be Technology and product superiority (1) NSSMC will underwrite Other in special steel share Other Sanyo’s Third Party holders shareholders Allotment 100% 51% 15%¥67.2bn. subsidiary subsidiary Equity m

  30. Slide 30: Vision and Expected Synergies

    30 Vision and Expected Synergies Realize synergies of ¥10 bn. /year as NSSMC Group by addressing globalization of customers’ business & increasing needs for high-quality special steel products Efficient production for the Capability to respond to Cost reduction for NSSMC Group as a whole customer’s

  31. Slide 31: Schedule

    31 Schedule Aug 2nd, 2018 – Execution of agreements, (a) making Sanyo Special Steel a subsidiary of NSSMC, (b) transferring all the shares of OVAKO to Sanyo from NSSMC After Aug, 2018 – Approval from competition authorities in Japan and overseas Around Feb. 2019 (plan) – Extraordinary general shareh

  32. Slide 32: Overview of NSSMC's Special Steel Bar & Wire Rod Business

    Overview of NSSMC’s Special Steel Bar & Wire Rod Business 32 <Location> Yawata Muroran Muroran (Kokura Area) Special Steel Bar &Wire Rod Crude steel production 1.43MMT/year 1.20MMT/year Other products (FY2017) Initiatives for strengthening Yawata special steel business’ competitiveness Kokura Area Y

  33. Slide 33: Product Lineup of Sanyo Special Steel and OVAKO

    Product Lineup of Sanyo Special Steel and OVAKO 33 Bearing steel High-carbon chromium steel Bearing steel Linear motion bearing High cleanliness steel used for bearings, with higher loads, downsizing effect, and longer service life Alloy steel Isotropic and ultra clean steel with Special Steel Marke

  34. Slide 34: Main Markets & Locations of Sanyo Special Steel and OVAKO

    34 Main Markets & Locations of Sanyo Special Steel and OVAKO < Market > < Customers > < Market > < Customers > North Europe Asia, North America America Others Autos Others Autos Asia Industrial Industrial Japan machinery Europe machinery < Locations > Sanyo Special Steel (Himeji city, Hyogo pref.) <

  35. Slide 35: Financial Highlights of Sanyo Special Steel and OVAKO

    Financial Highlights of Sanyo Special Steel and OVAKO 35 CY2017 FY2017 (130Ą/€) Crude steel 1.30 MMT/year (2EAFs) 1.01 MMT/year (3EAFs) Sales volume 1.07 MMT/year 0.78 MMT/year Net sales¥157.4 bn. € 921 mil. (approx.¥120.0 bn. ¥7.0 bn. € 15.2 mil. (approx.¥2.0 bn. Net profit FY2018(E)¥8.0 bn. Jan.-J

  36. Slide 36: Basic Concept of Impacts on Sanyo's Consolidated Net Profit

    Basic Concept of Impacts on Sanyo’s Consolidated Net Profit 36 Cf. Targeted synergy effect Before tax : more than¥5.0 bn. Goodwill After tax : more than¥3.5 bn. amortization Synergy etc. Procure the cf. Shares to be funds Jan.-Jun, issued necessary for OVAKO’s FY2018 72% through TPA acquiring Net pr

  37. Slide 37: Integrate & Enhance NSSMC Group's Stainless Steel Business

    37 Integrate & Enhance NSSMC Group’s Stainless Steel Business (1)* Making Nisshin a wholly owned subsidiary (Jan. 2019 (planned)) (2)* Integrate stainless steel sheet business of NSSMC, Nisshin & NSSC** (Apr. 2019(planned)) (3) Integrate & reorganize welded stainless steel pipe & tube business Aug.

  38. Slide 38: Overview

    38 Overview Current investment ratio 51% Additional acquisition by share exchange 49% (1) Making Nisshin a Wholly Owned Subsidiary th Special Stainless (Jan. 2019) (released on May, 16 ) Steel Sheet (partly) Business wholly owned wholly owned wholly owned assumption OEM subsidiary subsidiary subsidi

  39. Slide 39: Business Environment of Stainless Steel

    Business Environment of Stainless Steel 39 Realize approx.¥10 bn. synergy ( on top of the¥20 bn. synergy from making Nisshin subsidiary (51%) ) and enhance competitiveness Making Nisshin a wholly owned subsidiary (Jan. 2019) Integration of stainless steel businesses (Apr. 2019) The harsh business en

  40. Slide 40: Business Scale of Stainless Sheet / Pipe & Tube

    Business Scale of Stainless Sheet / Pipe & Tube 40 To Be Stainless Steel Stainless Steel Sheet Nisshin Pipe & Tube Stainless New Company Steel Tubing New Company (NSPC) Stainless sheet and TIG/laser welded ERW bar & wire business pipe & tube business pipe & tube business Sales volume Approx. 1.50 MM

  41. Slide 41: 4. Appendix

    41 4. Appendix © 2018 NIPPON STEEL & SUMITOMO METAL CORPORATION All Rights Reserved.

  42. Slide 42: Key Indicators of Demand

    Key Indicators of Demand 42 FY17 FY18 Change [ Domestic ] 2Q 1H 17/1Q 17/1H 1Q 2Q 1H 4Q 2H 1Q [E] * [E] * 18/1Q vs. 18/1H[E]vs. * Housing Starts (million houses) 0.25 0.25 0.50 0.21 0.45 0.95 0.25 0.23 0.48 -0.00 -0.02 Non-residential Construction Starts (million m2) 13.90 14.05 27.95 12.42 25.36 53

  43. Slide 43: Domestic Steel Consumption by Industrial Sector

    Domestic Steel Consumption by Industrial Sector 43 FY17 FY18 Change (million tons) *1 *1 17/1Q 17/1H 1Q 2Q 1H 4Q 2H 1Q 2Q[E] 1H[E] vs. vs. *1 18/1Q 18/1H[E] Crude Steel Production in Japan 26.09 25.94 52.04 26.41 52.80 104.84 26.57 26.54 *2 53.11 +0.48 +1.08 approx. approx. approx. Domestic Steel Co

  44. Slide 44: World Economic Outlook

    44 World Economic Outlook < Released on Jul. 16th, 2018 by IMF > [ ] : Outlook as of Apr. 17th, 2018 CY18 CY19 (GDP growth rate) CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 [E] [E] World Total 3.0 -0.5 5.3 3.9 3.4 3.4 3.4 3.4 3.2 3.8 [3.9] 3.9 [3.9] 3.9 Developed Countries 0.5 -3.4 3.2 1.7 1.2

  45. Slide 45: World Steel Demand

    45 World Steel Demand < Released on Apr. 17th, 2018 by World Steel Association > [ ] : Previous forecasts as of Oct. 16, 2017 World < CY14 > < CY15 > < CY16 > < CY17 > < CY18(E) > < CY19(E) > Total 1.54 1.50 1.58 1.59 1.62 1.63 [1.62] [1.65] *FY16~ : including illegal induction furnaces ( billion to

  46. Slide 46: World Crude Steel Production

    World Crude Steel Production 46 CY18 CY18 CY17 Jan—Change (million [A] Jan—Apr—[C] (A ? B) tons) Mar Apr May Jun Jun Jun (B*12/6) [B] World * 1,673.0 425.1 148.2 154.4 151.4 454.0 881.5 1,762.9 +89.9 Total [YoY] [5.4%] [4.1%] [4.1%] [6.3%] [5.8%] [5.4%] [5.0%] [5.4%] 104.7 26.4 8.7 9.1 8.8 26.6 53.0

  47. Slide 47: Hot Rolled Sheets Prices by Region

    Hot Rolled Sheets Prices by Region 47 ( Prices of Hot Rolled Sheets in Local Currency as of Apr. 2014=1.0 ) 1.40 Japan 1.30 USA Europe 1.20 S.Korea 1.10 China BaoSteel Prevailing List Price 1.00 0.90 0.80 0.70 0.60 0.50 ‘14/0406 09 12 ‘15/03 06 09 12 ‘16/03 06 09 12 17/03 06 09 12 ‘18/03 06 (Source

  48. Slide 48: Domestic Steel Consumption Trend

    Domestic Steel Consumption Trend 48 (million tons) 120 122 118 120 114 113 112 111 113113 111 112 108 108 110 107 110 105 107 106 106 106 107 106 106 105 105 102 103 104 102 101 101 103 102 101 100 99 100 100 96 96 97 98 96 104 94 91 Crude Steel Production 88 89 81 82 81 79 79 80 76 77 77 76 78 74 7

  49. Slide 49: Domestic Crude Steel Production

    Domestic Crude Steel Production 49 All Japan (million tons) FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 121.51 105.50 96.45 110.79 106.46 107.30 111.52 109.84 104.23 105.17 104.84 (MMT) (MMT) 30.00 20.00 28.08 28.14 27.89 26.57 26.23 26.39 26.33 26.33 26.09 26.41 SMI *1 (Left axis) 26.74

  50. Slide 50: Domestic Steel Products Prices

    Domestic Steel Products Prices 50 Plates & H-flange beams Hot-rolled sheets & Cold-rolled sheets (kĄ / ton ) (kĄ / ton ) 90 Aug, 1st 90 Aug, 1st H-flange beams (200×100) Hot-rolled sheets (2.3xS) 86.0 87.0 Plates(19mm) 85.0 Cold-rolled sheets(1.0xS) 80 80 81.0 70 70 60 60 50 50 ‘13/03 06 09 12 ‘14/0

  51. Slide 51: Domestic Steel Inventory

    Domestic Steel Inventory 51 Rolled Sheets Inventory *1 H-flange beams*2 Inventory (MMT (Times) (MMT) (Times) Inventory quantity (Left axis) 7.0 Rolled sheets inventory (Left axis)*1 0.5 3.5 Ordinary steel products inventory turnover ratio (Right axis) Inventory turnover ratio (Right axis) 3.0 1.5 0.

  52. Slide 52: Iron Ore & Coking Coal Prices

    Iron Ore & Coking Coal Prices 52 Iron Ore (Fine) Hard Coking Coal US NSSMC Contract Price NSSMC Contract Price 200 400 FOB from Australia to Japan FOB from Australia to Japan 150 300 100 200 50 100 0 0 FY04 FY06 FY08 1Q 10/3Q 1Q 11/3Q 1Q 12/3Q 1Q 13/3Q 1Q 14/3Q 1Q 15/3Q 16/1Q 16/3Q 17/1Q 17/3Q 18/1Q

  53. Slide 53: Market Trends: Crude Oil & Scrap

    Market Trends < Crude Oil & Scrap > 53 Crude Oil Scrap (US$/bbl) (US$/MT) (US$/ton) (kĄ / ton) 600 60.0 120.0 900.0 100.0 750.0 Aug, 1st 80.0 68.1 400 40.0 360 460.5 34.3 60.0 450.0 Aug, 1st 40.0 300.0 200 20.0 USA Scrap(No1HMS) 20.0 Arabian Light Crude (Left axis) 150.0 (US$/t, CIF Korea)(Left axis

  54. Slide 54: Market Trends: Freight & Mold Pig Iron

    Market Trends < Freight & Mold Pig Iron > 54 Freight Mold Pig Iron (US$ (US$ 35.00 600 From Brazil to China Mold Pig Iron(US$/t,CIF Korea) From Western Australia to China 30.00 500 Aug, 1st 25.00 Aug, 1st 425 400 22.6 20.00 300 15.00 200 10.00 8.9 100 5.00 0.00 0 ‘13/03 06 09 12 14/03 06 09 12 15/03

  55. Slide 55: © 2018 $ (US Jan-05 Jan-05 May-05 May-05 /bbl NIPPON Sep-05 Rig Sep-05 US

    © 0 50 0 20 40 60 80 2018 100 150 200 100 120 140 $ (US Jan-05 Jan-05 May-05 May-05 /bbl NIPPON Sep-05 Rig Sep-05 US STEEL Jan-06 Jan-06 May-06 May-06 & Oil Energy Sep-06 World North Sep-06 Jan-07 Jan-07 May-07 May-07 Counts Sep-07 SUMITOMO Sep-07 America Price Jan-08 METAL Jan-08 (Jan. (BakerHughes

  56. Slide 56: Forex Trend

    Forex Trend 56 (USD/JPY) (USD/KRW) 160 1,600 145 1,450 USD/KRW Aug.1st, 2018 130 1,300 112 USD/JPY 1,120 USD/KRW 115 1,150 100 1,000 Apr.1st, 2008 101.9 USD/JPY USD/JPY 985 USD/KRW85 850 70 700 ‘08/04 06 09 12 ‘09/03 06 09 12 ‘10/03 06 09 12 ‘11/03 06 09 12 ‘12/03 06 09 12 ‘13/03 06 09 12 ‘14/03 06

  57. Slide 57: Form F-4 and share exchange notice

    57 When NSSMC conducts the Share Exchange with Nisshin Steel, in relation thereto, NSSMC will file a registration statement on Form F-4 with the SEC. Form F-4 will include a prospectus and other documents. When Form F-4 is filed and becomes effective, the prospectus filed as part of Form F-4 will be

Nippon Steel & Sumitomo Metal — Q1 FY2018 Earnings Presentation on 6ix