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Nippon Steel Invests in Cold Rolling Mill in Nigeria

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Nippon Steel Corporation (President: Shoji Muneoka; hereinafter referred to as NSC) and Marubeni-Itochu Steel Inc. (President: Kenichiro Ushino; hereinafter referred to as MISI) are pleased to announce that they have reached an agreement with Midland Rolling Mills Limited (Managing Director: M.P. Singh; hereinafter referred to as MRM) in regard to equity investment in MRM. According to the agreement, each of NSC and MISI is to respectively invest US$ 3 million in MRM which manufactures and sells cold-rolled steel in Nigeria under management of SAFAL Group, who has long-term relationship with both NSC and MISI. Nippon Steel Corporation (President: Shoji Muneoka; hereinafter referred to as NSC) and Marubeni-Itochu Steel Inc. (President: Kenichiro Ushino; hereinafter referred to as MISI) are pleased to announce that they have reached an agreement with Midland Rolling Mills Limited (Managing Director: M.P. Singh; hereinafter referred to as MRM) in regard to equity investment in MRM. According to the agreement, each of NSC and MISI is to respectively invest US$ 3 million in MRM which manufactures and sells cold-rolled steel in Nigeria under management of SAFAL Group, who has long-term relationship with both NSC and MISI. MRM, which is the first company to install a cold rolling mill in Nigeria, has completed trial run leading to a commercial production expected to start in January 2011. NSC and MISI, after studying request from MRM for equity investment and stable supply of hot-rolled steel in coil as raw material, have decided to participate in the equity by means of a capital increase through third-party allotment by MRM. Both companies believe that this investment enables to serve the emerging steel demand in Nigeria and West African countries through supply of raw material coils to MRM. Africa is a growing market where future increase of steel consumption is anticipated due to population growth. Nigeria’s economy is expected to grow 5-7 % per year in GDP (real) growth rate. Both NSC and MISI believe that through this investment, they can enlarge the area for collaboration with SAFAL Group, develop further the business relationship and mutual trust, and strengthen the pipeline to the market, to capture demand of flat steel products for construction segment in Sub Saharan area. Source: Nippon Steel Corporation Project Name Cold Rolling Mill Location Abeokuta, Ogun State, Nigeria Commence January 2011 Completion NA Estimated Investment US$ 3 Million Capacity Pickling Line: 300,000 tons per annum Cold Rolling Mill: 150,000 tons per annum Key Players Nippon Steel Corporation, Marubeni-Itochu Steel Inc. and Midland Rolling Mills Limited

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