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News Release

JFE Steel Corporation

JSW Steel to Become Equity Method Affiliate of JFE Steel

Tokyo --- JFE Steel Corporation announced today that it has raised its ownership ratio in JSW Steel Limited to 15% by partly converting global depositary receipts with no voting rights into common shares.

JSW Steel will become an equity-method affiliate of JFE Steel from this quarter based on the ownership increase and JFE Steel’s current seating of a part-time director on JSW Steel’s Board.

This change has no effect on JFE Holdings’ consolidated results forecast that the company announced on January 30.

The increase is based on an agreement between JFE Steel and JSW Steel, and is in line with Indian SEBI Takeover regulations that were revised last year.

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