February 18, 2002 
Kawasaki Steel Corporation
NKK Corporation

Kawasaki Steel and NKK Unveil Details of New JFE Group

TOKYO - Kawasaki Steel Corporation and NKK Corporation today unveiled basic details about the JFE Group. The two companies reached a final agreement in December 2001 to create the JFE Group.

1. Head Offices

JFE Holdings, Inc.: 1-1-2 Marunouchi, Chiyoda-ku, Tokyo
(current NKK head office)
JFE Steel Corporation: 2-2-3 Uchisaiwaicho, Chiyoda-ku, Tokyo
(current Kawasaki Steel Tokyo head office)
JFE Engineering Corporation: 1-1-2 Marunouchi, Chiyoda-ku, Tokyo
(current NKK head office)

The locations of JFE Urban Development Corporation and JFE R&D Corporation will be determined separately.

2. Succeeding Companies

JFE Steel Corporation will succeed Kawasaki Steel.
JFE Engineering Corporation will succeed NKK.

3. Management Structure of JFE Holdings, Inc.

1) Board of Directors

Chairman, Co-CEO and Representative Director:
Kanji Emoto (currently: Chairman, Kawasaki Steel)

President, Co-CEO and Representative Director:
Yoichi Shimogaichi (currently: Chairman, NKK)

Executive Vice President and Representative Director:
Cho Otani (currently: Executive Vice President, NKK)

Executive Vice President and Representative Director:
Tetsuo Miyazaki (currently: Executive Vice President, Kawasaki Steel)

Director (absentee): Fumio Sudo (currently: President, Kawasaki Steel)*1
Director (absentee): Shigeharu Dote (currently: Executive Vice President, NKK)*2

*1 To be appointed to president of JFE Steel Corporation.
*2 To be appointed to president of JFE Engineering Corporation.

2) Corporate Officers

Senior Vice President, General Affairs and Personnel:
Yoshiyuki Nabasama (currently: Director, Kawasaki Steel)

Senior Vice President, Accounting:
Toshikuni Yamazaki (currently: Senior Vice President, NKK)

Senior Vice President, Corporate Planning
Osamu Saito (currently: Senior Vice President, NKK)

Vice President, Environmental Solutions Business
Mikito Wakamatsu (currently: Vice President, NKK)

Vice President, Finance
Eiji Hayashida (currently: General Manager, Kawasaki Steel)

Corporate auditors will be determined separately.

4. Preparation for Establishment of New Companies

Aiming to establish JFE Holdings in October this year and smoothly reorganize entire businesses into five operating companies in April 2003, preparatory operations, which are currently led by the Consolidation Preparation Committee, will be reorganized into the Consolidation Committee and the Foundation Preparation Committee.

1) Roles of Committees

The Consolidation Committee will discuss and approve matters related to the JFE Group as a whole. The Foundation Preparation Committee will discuss and approve matters related to respective companies.

2) Chairmen and Committee Members

Consolidation Committee

  Kawasaki Steel NKK
Chairmen ChairmanKanji Emoto ChairmanYoichi Shimogaichi
Vice Chairmen   PresidentFumio Sudo PresidentMasayuki Hammyo
Members Exec. V.P.Osamu Sato Exec. V.P.Cho Otani
  Exec. V.P.Hirotoshi Fujimori   Exec. V.P.Shigeharu Dote
  Exec. V.P.Tetsuo Miyazaki Exec. V.P.Hiroyuki Ito
  Exec. V.P.Yuichi Moriyama Exec. V.P.Sumiyuki Kishimoto

Chairmen of Foundation Preparation Committee

  Kawasaki Steel NKK
JFE Holdings ChairmanKanji Emoto ChairmanYoichi Shimogaichi
JFE Steel PresidentFumio Sudo PresidentMasayuki Hammyo
JFE Engineering Exec. V.P.Hirotoshi Fujimori   Exec. V.P.Shigeharu Dote
JFE Urban Development   DirectorYoichi Kamon V.P.Noriaki Shigemi
JFE R&D V.P.Tetsuya Fujii Senior V.P.Toyofumi Kitada
Chemical company V.P.Koichiro Tsukano Akio Kuribayashi
(name TBA)   (ADCHEMCO Corp. President)

Notice to U.S. Investors
The business combination referred to in this release (the "Transaction") involves securities of foreign companies. The Transaction is subject to disclosure requirements of a foreign country that are different from those of the United States. Financial information included in this release has been prepared in accordance with foreign accounting standards that may not be comparable to similar financial information of U.S. companies. It may be difficult for you to enforce your rights and any claim you may have arising under the federal securities laws, since Kawasaki Steel and NKK are located in a foreign country, and some or all of their officers and directors may be residents of a foreign country. You may not be able to sue a foreign company or its officers or directors in a foreign court for violations of U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to an U.S. court's judgement.

For further information, please contact:
    Public Relations Department, Kawasaki Steel Corporation
  Tel: +81-3-3597-3161
  Public Relations Department, NKK Corporation
  Tel: +81-3-3217-2140


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