Financial Information

Annual Report 2003

Anual Report2003 cover

Underpinned by its position as one of Japan's leading business groups and guided by a future-oriented perspective, the JFE Group will work harder than ever to establish high-level technologies and sharpen its competitive edge.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements regarding plans, strategies and activities that the JFEGroup may implement or undertake in the future. These forward-looking statements reflect assumptions and beliefs held by management based on information available to it at the time this annual report was prepared and inherently carry risks and uncertainties. Actual results may thus differ substantially from expectations,due to the impact of various factors, including but not limited to: general economic conditions and specific market conditions characterizing the respective operating environments of the Groupfs divisional companies;exchange rates; and evolving trends in demand for the Group's products and services.