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News Release

JFE Steel Corporation

JFE Steel Acquires Stake in Vietnam's Sun Steel

TOKYO — JFE Steel Corporation announced today that it acquired 16.64 million shares, or 8%, of Sun Steel Joint Stock Company (SUNSCO), a leading manufacturer of galvanized steel sheet and steel pipe in Vietnam. The shares were purchased from Maruichi Steel Tube Ltd., which remains the leading stakeholder in SUNSCO.

JFE Steel will cooperate closely with SUNSCO to support customer acquisition and market development in the Indochina region, where the demand for steel products mainly for construction and infrastructure is expected to be strong. As part of the new arrangement, JFE Steel will provide SUNSCO with a stable supply of hot-rolled sheets over the long term.

SUNSCO, which is capitalized at 130 million USD, is based in the suburbs of Ho Chi Minh City and headed by Yuji Wada from Maruichi Steel Tube. The company sold about 150,000 tons of steel sheets, bars and pipes in 2009 and estimates this will rise sharply to about 200,000 tons in 2010.

SUNSCO Facilities

Sheets :   Cold rolling mill x1, hot-dip galvanizing line x1, color coating line x1
Bars :   Steel bar mill x1
Pipes :   Steel pipe mill (ordinary steel) x7, steel pipe mill (stainless) x11

Note: A 16" pipe mill (10,000 ton/month) will start operating in May, and two 3" pipe mills (3,000 ton/month) will start operating in the Hanoi area in August.

SUNSCO Stakeholders

SUNSCO Stakeholders

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