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Annual Report, etc.
Financial Information

March 4, 2004
Nisshin Steel Co., Ltd.

Consolidated and Non-consolidated Projection for Year Ending March 31, 2004

1. Projection

(Billions of yen)

      
Consolidated
Non-consolidated

Net
sales

Income before
special items

Net income (loss)
Net
sales
Income before
special items

Net income (loss)

Year ending
Mar. 31, 2004
Current
447.0
24.0
9.0
331.0
21.0
8.0

Previous
(03/11/06)

442.0
23.0
10.0
326.0
21.0
10.0
(Reference-
Actual)
Year ended
Mar. 31, 2003
412.4
6.3
(2.6)
294.6
5.5
(1.1)
Six-month
period ended Sep.
30, 2003
221.4
13.5
5.4
163.3
13.4
5.9

Note: The above projection is based on information available at the time of this release and includes certain assumptions.

2. Dividend for Year Ending March 31, 2004

Board resolved to pay a 2 yen/share year-end dividend (4 yen/share in annual total) subject to shareholders' approval.
We thank our shareholders for continued support of the Nisshin Steel Group.

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