Slides
Page 1
TYO : 5401 OTC : NPSCY(ADR) Aug. 4, 2026 Q1 FY2026Financial Results Notes on this presentation material Unless otherwise noted, all volume figures are presented in metric tons. Unless otherwise noted, all financial figures are on consolidated basis. Unless otherwise noted, profit represents profit attributable to owners of the parent. For purposes of underlying business profit, “Domestic” refers to the Domestic Steel Business, the Domestic Steel Group Companies, and the 3 Non-Steel Segments, while “Overseas” refers to the Overseas Business and the Raw Materials Business.
Page 2
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 2 ◆ U. S. Steel emerges as the primary earnings driver of the Group. Underlying business profit is expected to be ¥180 billion or more (change from the previous forecast: +¥80 billion). ◆ Operating synergies are expected to increase to $0.3 billion per year in FY2026. Finalized strategic investment plans reached approximately $3.7 billion cumulatively. ◆ Against a sluggish base demand in Japan and overseas, and concerns that the situation in the Middle East will lead to a further economic slowdown, China's excess supply and related factors are developing trade measures and the formation of economic blocks across countries and regions, resulting in widening disparities in steel market conditions across countries and regions. ◆ In anticipation of these global structural changes, we have made focused investments in regions such as North America and Europe, where are less susceptible to developments in China, and are expected to achieve growth. ◆ As a result, despite changes in the external environment, including the impact of the situation in the Middle East resulting in both a rise in raw materials and fuel costs and a decrease in steel exports to the Middle East, we aim to secure underlyin g business profit (BP) of ¥700.0 billion (¥250.0 billion in H1 and ¥450.0 billion in H2) or more, with U. S. Steel driving earn ings for the Group. ◆ In particular, for H2 of FY2026, we forecast underlying BP of ¥900.0 billion or more on an annualized basis, laying a solid foundation for growth toward a 1-trillion-yen scale, driven by the expansion in overseas business earnings from FY2027 and beyond. Overview See p. 7 See p. 4-6 FY2026 outlook in light of the current business environment See p. 23-25 U. S. Steel underlying business profit outlook
Page 3
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 3 1. FY2026 Q1 Results and FY2026 Outlook 2. FY2026 Initiatives (Progress on the 2030 Mid- to Long-term Management Plan) ・Domestic Business - Domestic Steelmaking Business, Other Group Companies and 3 Non-Steel Segments ・Overseas Business - Overseas Steel Business and Raw Material Business Contents
Page 4
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 4 FY2026 Q1 Results and FY2026 Outlook unit: JPY billion FY2025 1Q H1(f) H2(f) FY2026 (f) Prev. forecast (May 13) Change from prev. forecast H1→H2 Change from FY2025 Sales 10,063.2 2,821.1 5,600.0 5,600.0 11,200.0 11,000.0 +200.0 ～ +1,136.8 Underlying Business Profit Excl. inventory valuation. Etc. 650.4 108.4 250.0 450.0 700.0 700.0 ～ +200.0 +49.6 Domestic 527.6 47.1 100.0 280.0 380.0 470.0 - 90.0 +180.0 -147.6 Overseas 122.8 61.3 150.0 170.0 320.0 230.0 +90.0 +20.0 +197.2 U. S. Steel (5.6) 32.2 90.0 90.0 180.0 100.0 +80.0 ～ +185.6 Inventory valuation (43.2) 50.2 80.0 - 80.0 10.0 +70.0 -80.0 +123.2 Non-operating profit and loss, consolidation adjustments, etc. (93.1) (13.1) (70.0) (80.0) (150.0) (180.0) +30.0 -10.0 -56.9 Business Profit 514.1 145.5 260.0 370.0 630.0 530.0 +100.0 +110.0 +115.9 ROS 5.1% 5.2% 4.6% 6.6% 5.6% 4.8% +0.8% +2.0% +0.5% Additional line items (271.2) - - (30.0) (30.0) (30.0) ～ -30.0 +241.2 finance costs/income※1 (70.1) (31.6) Profit※2 17.1 75.2 120.0 170.0 290.0 220.0 +70.0 +50.0 +272.9 EPS 3 14 23 33 55 42 +13 +10 +52 Dividend※3 24 - 12 12 24 24 ～ ～ ～ FX (JPY/USD) 150 160 160 160 160 155 5 yen dep. ～ 10 yen dep. ◆In Q1, earnings were adversely affected mainly by the Middle East situation (approx. ¥25.0 bn.) and other factors, resulting in underlying business profit of ¥108.4 bn. and profit attributable to owners of the parent of ¥75.2 bn. ◆Despite the impact of higher raw material and fuel costs and reduced exports to the Middle East, U. S. Steel is expected to drive the Group’s earnings, and underlying business profit for FY2026 is projected to exceed ¥700.0 bn. ◆Profit attributable to owners of the parent is forecast at ¥290.0 bn. (+ 70.0 from the previous forecast), supported in part by an increase in inventory valuation gains resulting from yen depreciation and higher raw material and fuel costs. ※1：forecast disclosed ※2：Profit attributableto owners of the parent ※3：calculated as if the stock split at a ratio of five had occurred or more Overseas Steel Business + Raw Material Business Domestic Steel Business + Other Group Companies + 3 Non-steel Segments Business Results or more or more
Page 5
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 5 H1 250.0 H2 450.0 ①Environment Change ：Higher logistics and energy costs driven by increases in crude oil and natural gas prices, rising scrap, coking coal and market-based raw material prices, impact of yen depreciation ②Cost Reduction ：Expanded use of lower-cost raw materials, reductions in raw material and fuel costs, and fixed cost improvements through selective maintenance expenditures ③U. S. Steel ：Higher U.S. steel prices, full realization of blast furnace restart benefits, and progress in synergies ④Raw Material Business：Profit increase from higher coking coal prices and yen depreciation, mitigating cost increases in the Domestic Steel Business FY2026(f) Underlying BP: Change from previous forecast 600.0 Billion JPY/year FY2026(f) (prev. forecast) 700.0 ① Environment Change (Incl. Middle East situation) 700.0or more excl. Middle East impact FY2026(f) 900.0 or more H2 on an annualized basis +10.0 -100.0 +80.0 +10.0 Domestic -90.0 Overseas +90.0 ⇒p. 7 ② Cost Reduction ③ U. S. Steel ④ Raw Material Business Overseas 230.0 Domestic 470.0 Overseas 320.0 Domestic 380.0 (Incl. Middle East Impact) ⇒p. 6 Middle East Impact approx.-60.0 （1Q -25.0） Business Results 700.0or more incl. Middle East impact
Page 6
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 6 ①Production and Shipment ：Improved export market conditions and recovery in domestic activity levels, etc. ②Price Adjustments to recover increased costs ：Price adjustments to specific customers reflecting increases in raw material and fuel costs, and continued penetration of price hikes in domestic distribution sales ③Cost reduction ：Benefits from the startup of Nagoya next-generation hot strip mill, etc. ④Group Companies and other seasonal factors ：Other Group Companies +40.0、3 Non-steel segments +16.0, depreciation, etc. ⑤Overseas Group Companies ：Spread recovery and sophistication of order-mix at AM/NS India, USSK improvement, etc. 3,000 Billion JPY/ half year FY2026 H1(f) 4,000 ② Price Adjustments to recover increased costs ① Shipment Domestic +180.0 Overseas +20.0 FY2026 H2(f) 250.0 or more ④ Group Companies and other seasonal factors +50.0 +20.0 +100.0 900.0 or more Overseas 170.0 Domestic 280.0 Overseas 150.0 Domestic 100.0 +20.0 H1⇒H2 ＋200.0 450.0 or more +10.0 ③ Cost reduction ⑤ AM/NS India, USSK etc. Business Results FY2026(f) Underlying BP: Change from H1 to H2 H2 on an annualized basis
Page 7
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 7 FY2025 +20 (one-offs eliminated) FY2026 - 30 (BF relining costs etc.) External environment +10.0 180.0 or more 1H 70.0 2H 30.0 （1H→2H -40） FY2026(f) vs. FY2025: +185.6 U. S. Steel FY2026(f) Underlying BP: Change from previous forecastBusiness Results (5.6) FY2025 Excl. one-offs 14.0 ¥bn. Profit improvement +110.0 Non-recurring items -10.0 The U.S. steel market recovery +120.0 Inflation impacts -110.0 Cost improvements +40.0 BR2 ramp-up +60.0 Others +10.0 *Consolidated from FY2025 FY2025: 9 M (Jul. 2025 – Mar. 2026), FY2026: 12 M (Apr. 2026 – Mar. 2027) *All UBP figures include USSK on this slide. 100.0 or more Includes the impact of the Middle East situation for the full-year of FY2026 FY2026(f) Includes limited impact of the Middle East situation already emerging FY2026(f) as of May ◆ FY2026 Underlying BP outlook is expected to exceed the previous forecast significantly (+¥80 billion), reaching more than ¥180 billion. ◆ Major earnings growth driven by: - External Environment +¥60 billion: Capturing demand amid higher U.S. steel prices - Earnings Improvement Initiatives +¥20 billion: Profit improvement efforts, incl. synergy realization and full-year blast furnace restart benefits FY2026(f) vs. previous forecast : +80.0 U.S. steel market price increase (incl. cost inflation) +60.0 Profit improvement efforts +20.0 1H 90.0 2H 90.0 （1H→2H ～）
Page 8
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 8 HRC market price in the U.S. continues upward trend 400 500 600 700 800 900 1,000 1,100 1,200 1,300 7 10. 1 4 7 10 1 4 7 10 1 4 7 10 1 2023 2024 2025 2026 2027 Acquisition considered Acquisition announced Acquisition completed Assumption when considered acquisition $/ｔ 百万ｔ/年 81 80 82 84 87 85 86 89 91 55% 60% 65% 70% 75% 80% 50 60 70 80 90 100 2023 2024 2025 2026.1 2 3 4 5 6 U.S. crude steel production U.S. steelmaking capacity utilization rate ($/st) (1,000) (1,100) (900) U.S. Business Environment U.S. crude steel production remains firm, with decreasing global production 2025: 81.9 million tons > Japan 80.7 million tons U.S. production volume surpassed Japan for the first time in 44 years July 2025-March 2026 Forecast assumption for FY2026 Million tons per year Previous forecast assumption (as of May) Annualized since Jan. 2026 Steel Market Business Results 〔U.S. Business Environment〕 Production Trends
Page 9
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 9 30 41 56 -94 -7 138 151 119 70 3 55 6 8 2 14 18 15 16 12 129 8 8 2 18 18 17 16 12 12 9 14 16 2 2 32 36 32 32 24 24 30.4% 31.7% 28.4% 26.6% 23.1%23.9% 26.8% 45.6% 45.3% FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 （Minus） FY2026(single year) : Approx. 43% FY26 (f) FY2016-2020 Average Approx. 32% FY2021-2025 Average Approx. 30% （Excl. Impairment loss ） （Excluding the effects of the one-off loss associated to the U. S. Steel transaction） Year- end Interim *Historical dividend figures have been retroactively adjustedon a post five-for-one stock split basis ⚫ 2030 Medium- to Long-Term Management Plan (FY2026–FY2030) Maintain the current dividend policy (target payout ratio of approx. 30%) while introducing a minimum dividend (¥24 per share) ⚫ FY2026(f) Dividend Based on the minimum dividend level outlined above and other considerations, as previously announced, a dividend of ¥24 per share is currently planned FY2026(f) DividendBusiness Results 〔Shareholder Returns〕 Minimum Dividend:¥24 per share Payout Ratio : Approx. 30% Full-year dividend (JPY/share) EPS (JPY/Share) Dividend Policy Payout Ratio FY2026～2030 Minimum Annual Dividend ¥24 per share
Page 10
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 10 Asset Sales 12,397 0 100 200 300 400 500 600 700 800 900 1000 13.3E 18.3E 19.3E 20.3E 21.3E 22.3E 23.3E 24.3E 25.3E 26.3E Strategic shareholdings hold by subsidiaries etc. Nikkei Stock Average(¥) 51,064 Deemed holdings of shares ¥800.0 bn. ¥1 trillion ¥700.0 bn. ¥440.0 bn. ¥570.0 bn. Non-consol. Consolidated Strategic Shareholdings Asset sales of ¥100.0 bn. or more in FY2026 Asset Sales Reduced strategic shareholdings by approx. 80% in real terms since FY2013* Consolidated Strategic Shareholdings 0.48 0.30 0.52 0.14 0.10 0.23 0.34 0.10 FY 12-14 FY 15-17 FY 18-20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 From FY2021 to FY2025 Total approx. ¥0.91tn. From FY2012 to FY2025 Total approx. ¥2.2tn. FY2026 : ¥100.0 bn. or more Sales of strategic shareholdings etc. : ¥100.0 bn. Business Results 〔Financial Structure〕 *Simple correction for the impact of stock price fluctuations by the Nikkei Stock Average fluctuation 0.10 or more [not included] Partial transfer of shares in equity-method affiliate (NS United Kaiun) : Approx. ¥36.0 bn.
Page 11
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 11 Adjustment page
Page 12
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 12 1. FY2026 Q1 Results and FY2026 Outlook 2. FY2026 Initiatives (Progress on the 2030 Mid- to Long-term Management Plan) ・Domestic Business - Domestic Steelmaking Business, Other Group Companies and 3 Non-Steel Segments ・Overseas Business - Overseas Steel Business and Raw Naterial Business Contents
Page 13
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 13FY2026 Underlying Business Profit Outlook: Domestic and Overseas Businesses (JPY bn.) H1 H2 FY2025 Q1(a) Q2(f) H1(f) H2(f) FY2026 (f) 2030 Mid- to long- term Management Plan Underlying BP 345.7 304.7 650.4 108.4 141.6 250.0 450.0 700.0 1,000.0 Domestic 257.9 269.7 527.6 47.1 52.9 100.0 280.0 380.0 500.0 Domestic Steel Business 136.6 109.9 246.5 (12.4) 12.4 0.0 120.0 120.0 Domestic Steel Group Companies 80.3 103.5 183.8 39.0 21.0 60.0 100.0 160.0 3 Non-steel Segments 36.0 54.6 90.6 20.5 21.5 42.0 58.0 100.0 Overseas 87.8 35.0 122.8 61.3 88.7 150.0 170.0 320.0 500.0 Overseas Steel Business 47.3 (8.9) 38.4 38.5 66.5 105.0 130.0 235.0 of these, U. S. Steel 22.2 (27.7) (5.6) 32.2 57.8 90.0 90.0 180.0 Raw Material Business 40.5 43.9 84.4 22.8 22.2 45.0 40.0 85.0 or more U. S. Steel emerges as the primary earnings driver of the Group or more or more or more or more Business Results [Domestic and Overseas Businesses]
Page 14
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 14 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 244 222 366 260 247 120 129 205 246 219 184 160 62 60 47 73 91 100 135 95 132 74 38 235 119 142 133 155 84 85 190 185 95 155 75 935.0 793.7 690.0 650.4 Aug. 4 Announcement 500.0 or more 500.0 or more 734.0 1,000.0 or more 700.0 or more May 13 Announcement 700.0 or moreImpact of Middle East situation 320.0 380.0 FY2031～ Leap to the Next Profit Level FY2021～2025 average Approx.¥760.0bn. FY2016～2020 average Approx.¥200.0bn. FY2026～2030 Achieve ¥1 tn. or more per year Domestic Overseas Toward Underlying Business Profit of Over JPY 1 Trillion Underlying BP (JPY bn.) FY2026(f) FY2030 Target H1: 250.0 H2: 450.0 900.0 or more Annualized H2 Run Rate: Business Results 〔Earnings Power〕 Domestic Overseas Three non-steel segments Other group companies Raw material business Overseas steel business Domestic steel business
Page 15
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 15 18 19 19 18 15 15 16 16 16 16 16 21 22 21 20 18 20 19 18 17 17 17 22 22 22 21 19 20 18 17 16 16 16 62 63 62 59 53 55 53 52 50 49.0 48.5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 MT/Y Automotives Other manufacturing sectors Construction and civil engineering Domestic Steel Market Environment 9.91 8.35 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 FY2013 FY2015 FY2017 FY2019 FY2021 FY2023 FY2025 (mn. Units/yr) Previous Forecast 8.35 Finished auto production ◆Continued weak domestic demand ◆Domestic HRC-to-raw-material spreads have stabilized since the start of 2026, but rising other procurement costs continue to weigh on earnings Domestic Steel Demand 0 30 60 90 120 4 7 10 1 4 7 2025 2026 (B) Coking coal price (Australia FOB)x0.9 (C) Fine iron ore (Australian FOB)x1.7 (A)Domestic HRC Prices Domestic HRC-to-Raw-Material Spreads 20 40 60 80 4 7 10 1 4 7 2025 2026 (k¥/t) 150 200 Apr Jun Aug Oct Dec Feb Apr Jun Import Price Index (2020 = 100) 2025 2026 Domestic 〔Steel Market Environment〕 (k¥/t) (A)-(B)-(C)HRC-to-Raw-Material Spreads
Page 16
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 16 Nagoya next-generation hot strip mill High-temperature test operation started on Apr. 1, Commercial operation scheduled to start in Aug. 2026 Further Strengthening of Our Competitive Edge First High-temperature test operation (Apr. 1, 2026) Nagoya next-generation hot strip mill Enhanced production capability and dramatically improved competitiveness for high-grade sheet products such as advanced high-strength steel sheets for automobiles Domestic Domestic steel business Significantly improved rolling and temperature control Precise control of steel microstructures at the microscopic level Enabling stable and large-scale production of high-grade steel products State-of-the-art facility with the world's highest load capacity (annual production capacity: 6 million tons)
Page 17
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 17 255.0 244.0 222.0 260.2 246.5 120.0 FY 2018 Bar: Underlying Business Profit * (JPY bn./year, excluding inventory valuation effects, etc.) FY 2025 FY 2015 FY 2016 FY 2017 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2014 As of May 13 As of Aug. 4 48.23 33.00 38.68 34.25 34.99 34.25 33.88 35.00 35.00 Line: Nippon Steel domestic steel business crude steel production, including former NS Stainless (MT/year) *FY2019 and earlier : Includes former Nisshin Steel's Kure Area and Hanshin Area. FY2025 onward : Includes former NS Stainless and former Nippon Steel Pipe. 365.9 Underlying Business Profit Trend – Nippon Steel (Standalone) 190.0 Domestic Domestic steel business Domestic steel business headwinds, including higher raw material and fuel costs, resulting in a ¥80bn earnings decline from volumes and margins despite price adjustments and other measures (incl. ¥40bn from the Impact of middle east developments). Additional cost improvements of ¥10bn partially offset the impact, resulting in a net ¥70bn earnings decline vs. the previous FY2026 forecast. FY2026(f) −¥70bn vs. previous forecast
Page 18
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 18 122.0 129.0 205.0 245.8 218.7 183.8 185.0 160.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 EAFs (& Stainless steel) Incl. overseas subsidiaries owned by domestic subsidiaries Secondary processing makers Operational supporters Trading companies <EAFs & Stainless steel> FY2016 Q1 onward: Includes Tokyo Kohtetsu (consolidated under Osaka Steel) <Trading companies> FY2023 Q1 onward: Includes Nippon Steel Trading (NST) as a consolidated subsidiary <EAFs & Stainless steel> FY2019 Q1 onward: Includes Sanyo Special Steel as a consolidated subsidiary * Includes former Nisshin Steel group companies and former Nisshin Steel's stainless steel business. Through FY2024: Includ es former NS Stainless and former Nippon Steel Pipe. <Secondary processing makers> FY2025 Q1 onward: NS Pipe dissolved (Mechatubes reclassified to Domestic Steel Business) <Stainless steel> FY2025 Q1 onward: NS Stainless Steel merged into Nippon Steel (reclassified to Domestic Steel Business) Domestic Other Group Companies <EAFs> Apr. 2027 (planned): Sanyo Special Steel to be merged into Nippon Steel (reclassified to Domestic Steel Business and Overseas Business) Domestic steel business headwinds from higher raw material and fuel costs, resulting in a −¥25bn earnings impact vs. the previous FY2026 forecast despite price adjustments and other measures (incl. −¥20bn. from the impact of middle east situation). Underlying Business Profit Trend Bar: Underlying Business Profit of Group Companies * (JPY bn./year, excluding inventory valuation effects, etc.) FY2026(f) As of May 13 As of Aug. 4 −¥25bn vs. previous forecast
Page 19
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 19 16.5 19.4 22.1 23.2 26.5 26.1 23.9 30.8 32.1 35.5 38.8 43.3 47.59.2 4.0 6.2 17.3 25.0 18.4 7.6 25.3 16.1 12.7 19.4 24.2 25.5 18.7 12.1 6.8 9.1 9.4 10.7 17.7 6.3 11.6 (1.3) 14.6 23.1 22.0 45.0 36.0 35.0 50.0 61.0 55.0 49.0 62.0 60.0 47.1 72.8 90.6 95.0 100.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Engineering & Construction Chemicals & Materials System Solutions Business Profit of Three Non-steel Segments (excl. inventory valuation etc.) (¥bn.) 29.0 48.5 23.0 As of May 13 Expanding earnings, driven by growth areas such as AI and semiconductors, with combined earnings of the three segments reaching ¥100 bn. All three segments revised forecasts upward from the previous forecast and are aiming to achieve record-high earnings P/L Trend (Underlying Business Profit) *excl. inventory valuation from FY2023 FY2022 (excl. inventory valuation) ¥11.4bn. ** Incl. one-off losses on of crane failures on offshore work vessels, etc. Three Non-Steel Segments Domestic * * +¥1.0bn. vs. prev. forecast +¥3.5bn. +¥1.0bn. FY2026(f) As of Aug. 4
Page 20
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 20 FY 2025 H1 FY 2026(f) Prev. Forecast 1Q Order intake 340.9 89.9 200.0 420.0 ~ Revenue 394.4 83.3 170.0 370.0 ~ Business profit 23.1 4.2 6.0 23.0 +1.0 FY 2025 H1 FY 2026(f) Prev. Forecast 1Q Revenue 257.9 73.8 150.0 310.0 +30.0 Business profit 21.9 9.2 16.0 27.0 +3.5 Underlying 24.2 6.6 15.0 29.0 +3.5 FY 2025 H1 FY 2026(f) Prev. Forecast 1Q Revenue 382.8 93.8 200.0 419.0 +2.0 Business profit 43.3 9.5 21.5 48.5 +1.0 (Excl. the Middle East impact) Standardization and Reduced Construction Lead Time for Data Centers Utilizing “STAN Package R” system construction solution, data center buildings are designed with a low-rise structure, while data halls, electrical facilities and HVAC systems are modularized by function, reducing the overall lead time for permitting, design and construction by up to approximately 50% (in collaboration with NTT FACILITIES, INC.) Conceptual Rendering of a Modular Data Center (Provided by NTT FACILITIES, INC.) Development of Distinctive Products Leveraging Organic and Inorganic Material Technologies ・Resin materials for rigid PCBs used in AI servers (Sales volume projected to increase by 50% vs. FY2025) New plant under construction at the Kyushu Works Production to begin in FY2028 Semiconductor Chip Bonding Wire Rigid Printed Circuit Boards (PCBs) and PCB Materials ・Bonding wires for semiconductor packaging (Sales volume : +15% vs. FY2025) ・Capacity expansion underway at Nippon Micrometal Corporation ・Leveraging AI-driven development platforms such as “NSDevia” to drive the transformation and efficiency improvement of the entire development process, from planning and design through development and testing Application of AI to Customer Services ・Supporting enhanced productivity and operational efficiency through AI for customers, primarily in the manufacturing sector ・Supporting customers, primarily in the manufacturing sector, in improving productivity and operational efficiency through AI Application of AI to System Development System Solutions Chemicals & Materials Engineering& Construction Earnings Summary / Topics (AI and Semiconductor-Related Businesses) (Excl. the Middle East impact) (Excl. the Middle East impact) ¥bn. ¥bn. ¥bn. Increase in sales of functional materials for semiconductor applications Three Non-Steel Segments Domestic
Page 21
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 21 0 400 800 1,200 4 7 10 1 4 7 2025 2026 ($/t) *China Market (CFR Basis) 0 20,000 40,000 60,000 80,000 100,000 120,000 4 7 10 1 4 7 2025 2026 (INR/ｔ) 0 400 800 1,200 4 7 10 1 4 7 2025 2026 ($/ｔ) 0 50 100 150 200 FY23 FY24 FY25 FY26 0 10 20 30 FY23 FY24 FY25 FY26 0 50 FY23 FY24 FY25 FY26 0 10 20 30 FY23 FY24 FY25 FY26 ＜USSK・Ovako・Suzuki Garphyttan＞ ＜AM/NS India・JCAPCPL, etc.＞ ＜NS-SUS・G/GJ Steel・NSBS Thai , etc.＞＜U. S. Steel・Standard Steel・ICI, etc.＞ 0 400 800 1,200 4 7 10 1 4 7 2025 2026 ($/ｔ) (A)HRC price (As of 4 August 2026) Overseas Business Overview of Business Footprint in Four Key Overseas Regions United States Europe India Thailand Macro Environment (HC price) Business Environment Underlying Business Profit ¥bn. Excluding USSK ◆IMF World Economic Outlook (GDP Growth Forecast, %) (ASEAN-5 GDP Growth Forecast) (B)Coking coal price(CNY/t) (Australia FOB)x0.9 (C)Fine iron ore(CNY/t) (Australian FOB)x1.7 Scrap price ◆IMF World Economic Outlook (GDP Growth Forecast, %) ◆IMF World Economic Outlook (GDP Growth Forecast, %) ◆IMF World Economic Outlook (GDP Growth Forecast, %) Including USSK
Page 22
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 22 96.1 96.1 91.9 97.8 99.8 97.6 80.0 97.0 94.5 90.5 89.1 90.9 92.4 0 20 40 60 80 100 120 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026f Steel demand in the U.S. （Mt/Y） -0.8% -0.6% -0.4% -0.2% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 2023.1 4 7 10 2024.1 4 7 10 2025.1 4 7 10 2026.1 4 Construction spending in the U.S. vs. previous month (%) ($/t) 0 50 100 150 200 250 300 2023.1 4 7 10 2024.1 4 7 10 2025.1 4 7 10 2026.1 4 (2020 average = 100) 300 400 500 600 700 800 900 1000 1100 1200 1300 1 4 7 10 1 4 7 10 1 4 7 2024 2025 2026 HC price Overseas Business 〔U.S. Business Environment〕 Steel Business Environment in the U.S. U.S. demand: Demand is stable U.S. steel trade: Steel imports trending lower -> U.S. Crude steel production continues to increase Imports HRC price in the U.S. Producer Price Index in the U.S. Price trends: Further inflation since 2H 2025 and staying elevated (ref.) Scrap price U.S. Market Trends: Prices continue to rise beyond market expectations, supported by declining steel imports and tight domestic supply-demand fundamentals Trends in demand sectors: Energy sectors remain stable. Construction; Weakness in private-sector offset by robust public infrastructure and data center construction 88.2 78.8 78.5 81.6 86.6 87.8 72.7 85.8 80.5 81.4 79.5 81.9 86.8 0 20 40 60 80 100 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026.1-6 Crude Steel Production in the U.S. （Mt/Y） 2026 (Annualized)45 40 35 30 25 20 15 10 5 0 5 10 15 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025.1-3 2025.4-6 2025.7-9 2025.10-12 2026.1-3 2026.4 Exports Line: Net import/export Steel Import/Export in the U.S. （Mt/Y）Including semi-finished products
Page 23
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 23 2. Advance cost competitiveness 5. Collaboration between North American Flat Roll and Mini Mill 6. Incorporate synergy with NSC 8. Carbon neutrality FY2026 FY2028 FY2030 ～FY2035 (Mid-Term) (Mid-Term) (Mid-Term) Overseas Business (2030 Medium- to Long-Term Management Plan) Significant Profit Growth at U. S. Steel Jun. 2025 Closing Development of the 100-Day Plan Nov. 2025 U. S. Steel Mid- to Long-Term Management Plan Outlined Advancing evaluation of 66 initiatives across 8 pillars ◆ Quality improvement ◆ Operational improvement (productivity and cost) ◆ Fuel cost, yield, and energy efficiency improvements ◆ Raw material-related initiatives --> Enhancement of cost competitiveness and manufacturing capabilities, etc. Expansion of dispatchers to approx. 100 (including short-term assignments)NSC dispatchers (approx. 50, Primarily engineers) FY2026-FY2030 Deployment of our advanced technologies and management resources Maximization of synergies and acceleration/execution of strategic investments Realization of investment benefits centered on strategic projects ◆ Throughput improvement ◆ Energy efficiency improvement ◆ Productivity improvement ◆ Quality improvement --> Upgrading product mix, expansion of product offerings, and expansion of supply capacity Planned large-scale growth investments of $11 bn in the U.S. by the end of 2028 Introduction of our advanced tech and know-how 260 improvement initiatives Operational Tech Decarboni- zation Tech Introduction of NSC’s Advanced Tech Product Tech Equipment Tech U. S. Steel Mid- to Long-Term Management Plan 1. Renewal of production facilities / Enhancement of competitiveness 8 Pillars / 66 Initiatives 3. Improve productivity and quality in relation to existing facilities 4. Enhance steel products (incl. upgrading downstream facilities) 7. Construction of new plant / Expansion of business area (Outlined Nov. 4, 2025) Capital investments Operational synergies EBITDA Improvement vs. FY2024 ($ bn) $3.0 bn Synergies $0.5 bn (60% progress) $0.3 bn Benefits from capital investments $2.5 bn Synergies $0.2 bn (as of May)
Page 24
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 24 BR2: Sustained High-Level Stable Production, Maximizing Investment Returns #14 BF Relining in Progress U. S. Steel's Largest BF Relining #14 BF on schedule (May-Aug 2026, ~100 days) #B BF (1.4 Mt/year capacity) restarted in late March after 2.5 years, now operating smoothly Stable Operations at #B Blast Furnace Collaboration with dispatchers operational and cost improvements On-site initiatives of Nippon Steel Introduction of know-how Other BFs: Cost Improvements Underway Gary Big River Steel Rolling Operations & Quality Improvements Mon Valley Synergies Ahead of Mid-Term target (FY2026 Progress: 60%) Granite City 0.3 0.4 0.6 4-6 7-9 10-12 1-3 4-6 7-9 10-12 1-3 2025 2026 Big River 1 Big River 2 Accelerating advanced technology deployment, operational improvements and actively driving early synergy realization with support from dispatched technical personnel to strengthen manufacturing capabilities and early realization of synergies. $0.5bn BR2 is steadily ramping up production following full start- up, achieving a record monthly output of 204 Kst in June 2026. FY2025: 1.4 Mst → FY2026 Plan: 2.5 Mst (0.6Mst/Q) Collaboration between dispatchers and on-site teams Sequential execution of 260 specific improvement initiatives Integrated Quality Control Management “ Ikkan QC” Integrated improvement of production and sales “SEIHAN” Production Mst/Q 2026 2026 2028 2030 (May) (Mid-Term) (Mid-Term) BRS Strengthening Manufacturing Capabilities and Early Realization of Synergies at U. S. SteelOverseas Business <Financial Support for U. S. Steel> ・Executed equity capital injection by Nippon Steel ・Issued US$1.2 bn. guaranteed bonds (Refinanced 2029 maturities) ⇒Reduced interest costs Synergy effects EBITDA Improvement vs. FY2024 ($ bn) NAFR USSK Tubular (60% progress) BF Operational Stabilization Know-how Driving Unit Cost Improvements Reduced material losses, improved quality, and fewer claims in rolling operations through end-to-end process optimization BR1 & BR2 pursuing stable high-level production and productivity, capturing demand in a favorable U.S. market environment. $0.3bn $0.2bn 0.6
Page 25
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 25 MN PA AR OHIN MI IL AL Accelerating efforts to finalize plans and start construction on strategic capital investments across multiple U. S. locations that will contribute to U. S. Steel's profit growth U.S. : Progress of U. S. Steel Strategic Capital Investment Plan New 2030 Plan＄11 bn.（～2028） ○ Update of Steelmaking Process and Other equipment Productivity improvement, enhance product flexibility, quality and cost improvement ●Upgrade existing hot strip mill Enabling production of heavy gauge line pipe steel sheets and automotive high-strength steel sheets (announced on Sep. 25, 2025) Investment: $0.23 bn. Completion of work: Scheduled for FY2026 Q3 (Jul. - Sep.) ●Relining No.14 BF Secure production capacity Long-term cost efficiencies (announced on Dec. 23, 2025) Investment: $0.35 bn. Construction period: 2026.May-Aug. (~100 days) Gary <BF mill> Big River <EAF> ●New DRI plant construction Stable production of high-quality, cost- competitive direct reduced iron (DRI), the primary raw material for EAFs, utilizing own- mined ore suitable for high-grade pellet production (Execution approved on Apr. 2026) Investment: $1.88 bn. Completion of work: Scheduled for 2029 * DRI: Direct Reduced Iron Planned for approval in FY2026 Planned for approval in FY2026 ○ Update of Hot Strip Mill Productivity, quality and cost improvement Mon Valley <BF mill> Fairfield < Pipe and Tube mill> Major Approved Projects Cumulative approved projects (as of Aug 2026) Approx. $3.7 bn. ●Expansion of Steel pipe Quench & Tempering Line Expansion of integrated capacity by eliminating bottleneck processes, expansion of high-value tubular capabilities (Execution approved on Jun. 2026) Investment: $0.475 bn. ●Install New Slag Recycler Revenue expansion through slag sales (announced on Sep. 25, 2025) Investment: $0.09 bn. Construction period: 2026 - 2028 ●Install New Premium Thread Line Cost reduction through in-house thread cutting (announced on Nov. 4, 2025) Investment: $0.07 bn. ○ Install New Hot Strip Mill Productivity, quality and cost improvement, Expansion of high-grade steel manufacturing capabilities Overseas Business
Page 26
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 26 0 400 800 1200 4 7 10 1 4 2025 2026 ($/ｔ) 0 100 200 300 400 500 600 4 7 10 1 4 2025 2026 ($/ｔ) ASEAN ASEAN Concentration of Customer Manufacturing Facilities in CEE ◆ Tariff Rate Quota (TRQ) reduced to 18.3Mt (-47%) ◆ Over-quota tariff increased 25%→50% Strengthening EU Steel Import Restrictions Tightening Supply in Europe and Shift Toward Regional Sourcing European Market Developments Securing Regional Demand Amid Favorable European Market Dynamics Accelerate the strengthening of group management and operating structure in Europe Capture regional demand and Drive profit growth through maximizing group synergies Key Region: EuropeOverseas Business 2026.10.1 Transition to Direct Ownership2027.4.1 Direct Ownership ◆Crude steel production capacity 1.0 MT/Y ◆Special steel bars and wire (bearing steel) Integrated EAF-based specialty steel bar and wire rod production site Integrated BF-based flat steel production site Nippon Steel Slovakia(NSSK) ◆Crude steel production capacity 4.5 MT/Y ◆Diverse product portfolio of sheet product ◆Broad range of demand sectors Additional personnel assignments to maximize synergies Advancing studies of decarbonization and growth investment projects Advancing initiatives to maximize throughput and profitability (Yield improvement, Productivity enhancement, Quality improvement) Further synergy realization through transition to direct ownership Capturing growing regional demand (Product mix upgrading, Strengthen European distribution channels) ◆Steel import to EU projected to decline by 8Mt 20Mt (2025) → 12Mt (2027) (EUROFER estimate) ◆Shift from imported steel to regional source <Sweden, Finland> <Slovakia> HC spot price in Northern Europe Main raw materials margin in Northern Europe (B)Coking coal price(CNY/t) (Australia FOB)x0.9 (C)Fine iron ore(CNY/t) (Australian FOB)x1.7 ◆ CEE AutoHUB Established (July 2026) Joint platform involving automotive associations of 6 key CEE countries* ◆ Strengthening of the CEE Automotive Cluster Region accounts for over one- third of EU vehicle production * CEE 6 key countries: Poland, Czech Republic, Slovakia, Hungary, Romania, and Austria Regional steel prices increase (+€30/t in July)
Page 27
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 27 FY2021～2025 FY2026～2030 Sep. 2022 decided Operation from 2027 onward Expansion of upstream facilities, hot-strip mill Apr. 2022 decided 2025 Operation started Expansion of steel sheets facility in Hazira Works Land acquisition for construction of integrated steel works in Rajayyapeta Apr.2025 Acquisition (Dec. 2019) Expansion of Integrated Steelmaking Capacity at Hazira Works Construction of a New Integrated Steel Works Consideration of investment plan for new integrated steel works Production Capacity Expansion Full-scale entry into the automotive segment From Jul. 2025: Galvanizing line started operation From Apr. 2026: Pickling and cold rolling line started operation From H2 of 2026: Cold rolling and aluminum coating line scheduled to start operation Start of supply of highly corrosion-resistant galvanized steel for construction From Jan. 2024: Operation started 9 15 2023 2027~ +6 +α Approx. +7 Southern new steel works （Rajayyapeta） （MT/Y） 2031~ Product Mix Enhancement Capture steadily growing steel demand in India and promote capacity expansion aimed at product types sophistication. 0 50 100 150 200 250 2014 2016 2018 2020 2022 2024 2030f India steel demand （MT/Y） 2031～ Phase I Vizag Pellet Plant Paradip Pellet Plant Kirandul Ore dressing plant Dobuna Ore dressing plant Mumbai Delhi Kolkata Chennai Indore Bhuj Hazira （Gujarat State） Pune Khopoli （Maharashtra State） Integrated steel works Downstream manufacturing base Ore dressing plant Pipeline Steel sheet processing base (service center) Pellet plant Gandhidham （Gujarat State） Rajayyapeta (Andhra Pradesh State) Site for construction of integrated steel works Knedrapara (Odisha State) marine transport Overseas Business (2030 Medium- to Long-Term Management Plan) Groundbreaking ceremony Mar.2026 Key Area: India —AM/NS India
Page 28
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 28 India Indicators 2025 2026f 2027f GDP growth rate +7.7% +6.4% +6.7% Steel demand 0.16 bn. t 0.17 bn. t 0.19 bn.t 0 1 2 3 4 2014 2016 2018 2020 2022 24.1-3 24.7-9 25.1-3 25.7-9 26.1-3 (Mt/Y) India steel import incl. semi-finished products 76 80 84 89 97 103 89 106 116 133 148 160 171.6 0 50 100 150 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026f (Mt/Y) India steel demand Capacity Expansion and Product Mix Enhancement Business environment and Performance [Current Environment] ⚫ Steel demand continues to exceed prior-year levels, while steel imports remain below 2024 levels. ⚫ Emerging signs of domestic supply-demand easing and market correction, driven by monsoon-related demand moderation, increased supply following maintenance shutdown completion and capacity expansions at major mills, as well as reduced export opportunities for India under trade measures, including the new EU safeguard regime, warrant close monitoring. [Performance] ⚫ Continued year-on-year growth in domestic shipments during Apr.– Jun. 2026 ⚫ 31% quarter-on-quarter increase in EBITDA ⚫ Promoting capacity expansion to capture growing steel demand and support product mix enhancement through increased production of higher-value-added products ⚫ Existing plant expansion (Hazira Works) ・Full-scale entry into the automotive segment through expansion of steel sheet facilities (decided in April 2022), with coating line operation started in July 2025, pickling and cold rolling line started operation in Apr. 2026, and cold rolling and aluminum coating line scheduled to start operation in H2 FY2026 Start of supply of corrosion resistant coated steel for construction materials (operation started Jan. 2024) ・Under construction for expansion of upstream facilities and hot-strip mill (decided in Sep. 2022), with operation scheduled from FY2027 onward Crude steel capacity approx. +6Mt/Y(from approx. 9 Mt/Y to 15 Mt/Y) ⚫ New integrated steel works (Andhra Pradesh, Southern India) ・Environmental approval obtained in Mar. 2026 and land development commenced; investment plan remains under evaluation Key Area: India —AM/NS India 257 0 200 400 600 800 1-34-67-910-121-34-67-910-121-34-67-910-121-34-67-910-121-34-67-910-121-34-67-910-121-34-6 2020 21 22 23 24 25 26 （US$ million/Q） EBITDA 0 50 100 150 200 250 1-34-67-910-121-34-67-910-121-34-67-910-121-34-67-910-121-34-67-910-121-34-67-910-121-34-6 20 21 22 23 24 25 26 Crude steel production Domestic shipments （kt/Q）Crude steel production Domestic shipments Overseas Business 0 1 2 3 4 5 2014 2016 2018 2020 2022 24.1-3 24.7-9 25.1-3 25.7-9 26.1-3 (Mt/Q) India steel export incl. semi-finished products India Indicators 20000 40000 60000 80000 14710147101471014.710.1471014710147 20 21 22 23 24 25 26 India HRC market (INR/t)
Page 29
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 29 100 29 (6) (36) (12) (12) (8) (8) (6) -50 0 50 100 150 1-3 4-6 7-9 10- 12 1-3 4- 6* 21 22 23 24 25 26 EBITDA (G/GJ Steel) Strategic positioning of the Thai market within our global operations 62 168 102 96 89 0 50 100 150 200 '21 '22 '23 '24 '25 (US$ million) EBITDA (NS-SUS) * *Excluding former STP 40 60 80 100 1-6 7-12 1-3 4-6 7-9 10-12 1-3 24 25 26 G Steel Yield Improvement and Variable Cost Reduction (Index: Jan–Jun 2024 = 100) (US$ million) Performance and Initiatives of NS-SUS ⚫ Steady performance supported by high grade steel demand for automotive, home appliances, and can manufacturing ⚫ Challenging business environment continues, including a significant compression of metal spread ⚫ Improving earnings, driven by strengthened collaboration among Group companies in sales and scrap procurement, operating cost reductions, and volume-growth measures including reduced import inflows through trade remedies Performance and Initiatives of G/GJ* Steel *The only integrated EAF hot- rolled mill in Thailand, acquired by Nippon Steel in 2022 Key Area: Business Development in Thailand: NS-SUS, G/GJ Steel Launch of the Thailand Project ⚫ Establishment of the Thailand Project in Apr. 2026 to centrally drive Nippon Steel Group's overall business in Thailand Approx. Approx. Approx. Approx. Approx. 400 600 800 1000 147 1014710147101471014710 147 21 22 23 24 25 26 China HRC market(US$/t) *June quarter earnings release scheduled on Aug. 6, 2026 ASEAN's top-priority home market Market share expansion through end-to-end strengthening from upstream steelmaking to downstream supply chains ⚫ Operations in Thailand since 1963, with approximately 30 companies and 8,000 employees ⚫ 9-million-ton flat steel market, including automotive and other high-grade steel demand, with commodity steel accounting for approximately two-thirds of the market; current Group market share of approximately 30% Overseas Business
Page 30
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 30 109 121 109 111 111 109 106 112 135 144 153 150 155 160 -40 -20 0 20 40 60 80 100 120 140 160 180 200 220 240 260 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 India Others (South America, China, EU)135.0 13.0 Line : FX rate (USD-JPY) Bar : Business profit of overseas business (¥bn.) 73.8 95.0 38.4 FY2026(f) 131.8 155.0 ASEAN North and Central America As of May 13 235.0 P/L Trend (Underlying Business Profit)Overseas Business ⚫ Equity method consolidation of AM/NS Calvert, Q1 2014 ⚫ Equity method consolidation of AM/NS India, Q1 2020 ⚫ Consolidation of G/GJ Steel as a subsidiary, Q1 2022 ⚫ BNA deconsoli- dation, Q4 FY2024 Ordinary profit (subsidiaries) + share of profit in investments accounted for using equity method (equity method affiliates), both underlying profit excl. inventory valuation Overseas companies other than USS and NS SUS are consolidated Jan. - Dec. results to Nippon Steel’s Apr. - Mar. NS BlueScope US operations are included in “ASEAN” U.S. Steel's European operations are included in "North and Central America. ⚫ AM/NS Calvert deconsolidation, Q1 FY2025 ⚫ Consolidation of U. S. Steel as a subsidiary, Q2 2025 ⚫ USIMINAS deconsolidation, Q4 FY2025 USS earnings increase +¥80bn vs. previous forecast As of Aug. 4
Page 31
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 31 56.0 119.0 142.0 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 155.3 132.5 75.084.4 85.0 1 4 7 1 0 1 4 7 1 0 1 4 7 1 0 1 4 7 1 0 1 4 7 1 0 1 4 7 1 0 1 4 7 1 0 1 4 7 1 0 1 4 7 1 0 1 4 7 1 0 1 4 7 1 0 1 4 7 1 0 1 4 7 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 26 0/0 450/150 300/100 150/50 P/L Trend (Underlying Business profit) ¥bn. Business profit of raw material business Cf. All of raw material businesses are operated in Jan.-Dec. term and consolidated to Nippon Steel’s Apr.-Mar . Market price of coking coal Market price of fine iron ore (US$/t, FOB)Coal/Ore 600/200 Equity method consolidation of Boggabri in 2015 Equity method consolidation of EVR in Q1 FY2024 Raw Material Business Equity method consolidation of Blackwater in Q2 FY2025 Upward in raw material market conditions Overseas Business +¥10bn vs. previous forecast FY2026(f) As of May 13 As of Aug. 4
Page 32
© 2026 NIPPON STEEL CORPORATION All Rights Reserved. 32 This presentation does not constitute an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. No warranty is given as to the accuracy or completeness of the information contained herein. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering, if any, should be made solely on the basis of information contained in an offering circular published in relation to such an offering. By participating in this presentation, you agree to be bound by the foregoing limitations. This presentation contains statements that constitute forward looking statements. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of Nippon Steel Corp. or its officers with respect to its financial condition and results of operations, including, without limitation, future loan loss provisions and financial support to certain borrowers. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward looking statements as a result of various factors. The information contained in this presentation, is subject to change, including but not limited, to change of economic conditions, financial market conditions, and change of legislation / government directives. Any statements in this document. other than those of historical facts, are forward-looking statements about future performance of Nippon Steel Corporation and its group companies, which are based on management’s assumptions and beliefs in light of information currently available, and involve risks and uncertainties. Actual results may differ materially from these forecasts. The Tender Offer is not directly or indirectly conducted in or into the United States, does not make use of the U.S. mails or other means or instrumentality of interstate or international commerce (including, but not limited to, telephone, telex, facsimile, email and internet communication), and is not conducted through any facility of a national securities exchange within the United States. Furthermore, the press releases for the Tender Offer or other related documents are not, and shall not be, sent or distributed in, into or from the United States using mails or other means.