Nisshin Steel announced the conclusion of the Technical Assistance Agreement concerning a manufacturing technology of stainless steel-making, hot-rolling, and cold-rolling with "JINDAL STAINLESS LIMITED" (hereinafter referred to as "JINDAL").
JINDAL is India's largest integrated stainless steel manufacturer, which is continuing growth through positive measures, such as a construction project of a new ferro- chromium factory, as well as pursuing an expansion program of a new stainless steel plant, and it expects the further development and has keenly requested cooperation from Nisshin Steel which has many years' experience in actual performance of various Technical Assistance projects.

From the standpoint of Nisshin Steel, this Technical Assistance will not only promote further the international cooperation in a stainless steel field, but also will help develop the positive global strategy of Nisshin Steel.

[ Outline of the agreement ]

(1) Contract Term: Two (2) years from January, 2004
(2) Scope: Rendering technical know-how on manufacturing operation of stainless steel

***[ Company Profile of JINDAL ]
(1) Company Name: JINDAL STAINLESS LIMITED
(2) History: 1970 JINDAL STRIPS LIMITED founded
1977 stainless steel production started
2003 reorganized as JINDAL STAINLESS LIMITED.
(3) MD: Mr. Ratan Jindal (Vice Chairman)
(4) The number of employees: About 2200 persons
(5) Total assets 18,280 million rupee (about 45,700 million yen)
(6) Shareholder funds 4,260 million rupee (about 10,700 million yen)
(6) Sales 20,150 million rupee (about 50,400 million yen)
(7) Net profit after tax 900 million rupee (about 2,300 million yen)
(8) Production scale Steel-making: About 450,000MT, Hot-rolling: About 350,000 MT, Cold-rolling: About 80,000 MT (The above figures: FY2002 basis)