JFE Holdings, Inc
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  March 6, 2003

  JFE Holdings Announces Earnings Forecasts and Dividends
for Fiscal Year ending March 31, 2003

TOKYO - JFE Holdings, Inc. announced today its updated forecasts for consolidated and non-consolidated earnings in the company's first reporting term (fiscal year ending March 31, 2003).

1. Consolidated Earnings Forecast

JFE is anticipating higher steel business earnings as a result of strong sales, while engineering business earnings are expected to be lower primarily due to a delay in order bookings. As a result, the company forecasts an operating income of ¥142.0 billion, unchanged from the previous prediction. Improvements in non-operating income or loss are also projected, bringing ordinary income to ¥97.0 billion, higher than the previous forecast.

The company also forecasts that special charges will be ¥1.0 billion more than the previous projection. Added to this figure was a tax allocation that followed reviews during the consolidation process, resulting in an estimated net income of ¥11.0 billion, which is lower than the previous forecast.

(Unit: ¥ billion)
  Net Sales Operating Income Ordinary Income Net Income
Current forecast 2,440.0 142.0 97.0 11.0
Previous forecast
(January 28, 2003)
2,428.0 142.0 94.0 16.0

2. Non-consolidated Earnings Forecast

(Unit: ¥ billion)
  Net Sales Operating Income Ordinary Income Net Income
Current forecast 14.0 12.0 12.0 12.0
Previous forecast
(January 28, 2003)
14.0 12.0 12.0 12.0

3. Dividends

JFE Holdings considers the return of profits to shareholders to be among its top management priorities and has a policy of distributing dividends in line with results and needs for retained earnings to bolster the base of operations for the group as a whole. In light of the forecasted results and retained earnings, JFE has set a dividend guideline of ¥15 per share for this first term of business.

Note: The forecasts in this document are based upon management's assumptions and beliefs in the light of information available at the date of publication. Actual results may differ materially from these forecasts.

For further information, please contact:

Mr. Shinji Okutsu
Public Relations, General Administration and Legal Division
JFE Holdings, Inc.
Tel: +81-3-3217-4030


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