MAJOR CONSOLIDATED SUBSIDIARIES AND EQUITY METHOD AFFILIATES

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Name	Paid-in Capital**	Main Business Operations	Voting Shares (%)
JFE Steel Corporation	239,644	Steel Business	100.0
JFE Precision Co., Ltd.	3,400	Resources/Raw Materials	100.0
JFE Mineral Co., Ltd.	2,000	Resources/Raw Materials	96.5
Mizushima Ferroalloy Co., Ltd.	1,257	Resources/Raw Materials	93.8
JFE Refractories Co., Ltd.	948	Resources/Raw Materials	98.7
NKK Steel Sheet & Strip Corp.	45,000	Electric Furnaces/ Shape Steel Makers	100.0
Daiwa Steel Corp.	5,050	Electric Furnaces/ Shape Steel Makers	73.6
Touhoku Steel Co., Ltd.	300	Electric Furnaces/ Shape Steel Makers	87.5
Toyohira Steel Corp.	1,560	Electric Furnaces/ Shape Steel Makers	51.3
JFE Welded Pipe Manufacturing Co., Ltd.	22,700	Steel Product Processing/ Processed Products	99.7
JFE Metal Products & Engineering Inc.	5,000	Steel Product Processing/ Processed Products	94.9
JFE Galvanizing Co., Ltd.	5,000	Steel Product Processing/ Processed Products	98.4
JFE Container Co., Ltd.	2,365	Steel Product Processing/ Processed Products	54.4
JFE Pipe Fitting MFG. Co., Ltd.	958	Steel Product Processing/ Processed Products	82.4
River Steel Co., Ltd.	900	Steel Product Processing/ Processed Products	90.0
Nippon Chuzo K.K.*	2,102	Steel Product Processing/ Processed Products	42.2
JFE Kozai Corp.	488	Distribution/Processing	94.5
JFE Civil Engineering & Construction Corp.	2,300	Facilities & Maintenance/ Construction	100.0
JFE Mechanical Co., Ltd.	1,700	Facilities & Maintenance/ Construction	93.8
JFE Electrical & Control Systems, Inc.	400	Facilities & Maintenance/ Construction	100.0
Kawatetsu Bridge and Steel Structure Corporation	1,500	Steel Structures/ Temporary Construction	100.0
Gecoss Corp.*	4,397	Steel Structures/ Temporary Construction	39.4
JFE Logistics Corp.	4,000	Logistics/Contracting	83.7
JFE Systems, Inc.	1,390	Information Systems	67.7
Exa Corp.*	1,250	Information Systems	49.0
Fukuyama Joint Thermal Power Co., Ltd.*	5,000	Electric Power/Utilities	50.0
Mizushima Joint Thermal Power Co., Ltd.*	4,000	Electric Power/Utilities	50.0
K.K. JFE Sanso Center*	90	Electric Power/Utilities	40.0
JFE Chemical Corp.	6,000	Chemicals	100.0
JFE Life Corp.	2,000	General Services/ Assets Management	99.9
JFE Techno-Research Corporation	100	Intellectual Property & Technology Information/ Inspection & Analysis	100.0
JFE Shoji Holdings, Inc.*	20,000	Trading Company	39.6
NKK U.S. Corporation	US$347,446 thousand	Investment and Loan	100.0
NKK Capital of America, Inc.	US$208,869 thousand	Group Finance	100.0
California Steel Industries, Inc. [CSI] (USA)*	US$10,000 thousand	Steel Product	50.0
Thai Coated Steel Sheet Co., Ltd. [TSC] (Thailand)	THB2,206 million	Steel Product	81.4
Thai Cold Rolled Steel Sheet Public Co., Ltd. [TCR] (Thailand)*	THB10,703 million	Steel Product	38.4
Philippine Sinter Corporation [PSC] (Philippines)	PHP485 million	Resources/Raw Materials	100.0
JFE Engineering Corporation	10,000	Engineering Business	100.0
JFE Koken Corporation	3,494	Civil Construction/ Pipeline Construction	100.0
JFE Plant & Service Corporation	1,360	Machinery Construction/ Plant Construction	100.0
JFE Kankyo Corp.	650	Environment & Recycling	80.0
JP Steel Plantech Co.*	1,955	Machinery Construction/ Plant Construction	25.6
Universal Shipbuilding Corporation*	25,000	Shipbuilding	50.0
Nippon Chutetsukan K.K.*	1,855	Manufacture and Sale of Water Pipes and Gas Pipes	29.3
JFE Urban Development Corporation	3,000	Urban Development Business	100.0
Kawasaki Microelectronics, Inc.	5,046	LSI Business	99.7
JFE R&D Corporation	10	R&D Operations	100.0
JFE Finance Corporation	50	Group Finance	100.0
Other 189 consolidated subsidiaries and 31 equity method affiliates