NKK Corporation and Kawasaki Steel Corporation made an announcement on April 13, 2001 that the two firms agreed to combine their entire operations, and have been proceeding with the agreed consolidation process. To this date, however, no agreement has been reached between NKK and Kawasaki Steel with respect to the stock-to-stock exchange ratio to form the holding company, and overseas business operations including ones in the North America and Thailand.

   Stock-to-stock exchange ratio to form the holding company will be determined by both companies, taking into consideration fairness opinion from independent professional institutions.