On December 25, 2018, Nisshin Steel Co., Ltd. announced that Nippon Steel & Sumitomo Metal Corporation and the Company resolved at their respective board of directors’ meetings held to conduct a share exchange, and Nippon Steel & Sumitomo Metal will become a wholly owning parent company and the Company will become a wholly owned subsidiary, making it a wholly owned subsidiary of Nippon Steel & Sumitomo Metal, in order to realize the maximum effects of synergies at an early stage by accelerating the mutual utilization of management resources and further promoting deeper alliances. In addition, prior to the effective date of the Share Exchange, common shares of the Company will be delisted from the First Section of Tokyo Stock Exchange Inc on December 26, 2018.