To Our Shareholders, Customers and Employees

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  I assumed office as president of JFE Holdings, Inc. on April 1, 2005. Since the establishment of the JFE Group, we have been creating a business organization that will allow for sustained growth befitting a world-leading corporate group centered around the steel and engineering businesses. At the same time, we have been striving to expand the Group's overall profitability. We are now fully prepared to respond swiftly to changes in the business environment and market trends, and raise enterprise value for the Group as a whole by establishing a business structure that ensures stable profits.

  The JFE Group - contributing to society with the world's most innovative technology
Our corporate vision remains close to our hearts. At JFE, we vow to ensure that social responsibility remains at the core of our corporate activities, and are confident that by doing so we will be able to grow and develop as a truly excellent organization in the 21st century.

July 2005

Fumio Sudo President and CEO