CONSOLIDATED FINANCIAL HIGHLIGHTS

JFE Holdings, Inc. and Consolidated Subsidiaries
Years ended March 31, 2004 and 2003

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    Millions of yen
(Unless otherwise specified)
Thousands of
U.S. dollars (1)
    2004 2003 2004
OPERATING RESULTS (FOR THE YEAR)
  Net sales ¥2,473,725 ¥2,426,886 $23,405,482
  Operating income 253,605 146,879 2,399,522
  Ordinary income(2) 218,372 104,670 2,066,161
  Net income 106,872 15,951 1,011,184
         
FINANCIAL POSITION (AT YEAR-END)
  Total assets 3,724,441 3,831,643 35,239,296
  Total shareholders' equity 746,298 594,563 7,061,200
  Debt outstanding 1,837,404 2,057,105 17,384,847
         
         
RATIO
  Return on sales (ROS)(3) 8.8% 4.3%  
  Return on assets (ROA)(4) 6.5% 3.7%  
  Return on equity (ROE)(5) 15.9% 2.7%  
  Equity ratio 20.0% 15.5%  
  Debt-to-equity(6) 246.2% 346.0%  
         
    Yen U.S. dollars(1)
PER SHARE DATA
  Net income ¥   185.84 ¥    27.74 $   1.76
  Shareholders' equity 1,289.54 1,035.98 12.20
  Cash dividends 30.00 15.00 0.28
Notes: (1) Translations of the Japanese yen amounts into U.S. dollars are made at the rate of ¥105.69 = U.S.$1.00, solely for the convenience of readers.
  (2) Ordinary income = operating income + non-operating income - non-operating expenses
  (3) Return on sales = ordinary income/net sales ×100
  (4) Return on assets = (ordinary income + interest and discount expenses)/total assets*×100
* (Total assets at beginning of term + total assets at end of term)/2
  (5) Return on equity = net income/total shareholders' equity**×100
**(Total shareholders' equity at beginning of term + total shareholders' equity at end of term)/2
  (6) Debt-to-equity = debt outstanding/total shareholders' equity

Net Sales and ROS / Ordinary Income and ROA

Net Income and ROE / Total Shareholders' Equity  and Debt-to-Equity