July 31, 2008
Nisshin Steel Co., Ltd.

Interim Dividend Projection for First Half of Fiscal 2008

Nisshin Steel Co., Ltd. has revised the projected interim dividend for the first half of fiscal 2008 (April 1, 2008 to March 31, 2009) to ¥4.0 per share as detailed below which was previously undecided.

1. Reasons for the Revision
As the business performance outlook for the concerned interim period has now been determined, the Company has set the interim dividend at ¥4.0 per share based on that performance outlook.

The Company has left the year-end dividend projection undecided at this time because of the large number of uncertain factors that will influence business performance, starting with future fuel and raw materials prices.

2. Interim Dividend

	Dividend per share (yen)
Record date	Interim	Year-end	Annual total
Previous projection (announced on April 28, 2008)	Undecided	Undecided	Undecided
This revised projection	¥4.0	Undecided	Undecided
Prior year (fiscal 2008, ended March 31, 2008) Actual	4.0	¥6.0	¥10.0

Note: The fiscal 2008 year-end dividend included a ¥2.0 commemorative dividend.