Integrated Report 2022

A trading company 
that is second to 
none in its areas of 
expertise
Nippon Steel Trading’s strengths
01

NIPPON STEEL TRADING’s strengths in 
navigating the future in the Steel, Industrial 
Supply & Infrastructure, Foodstuffs, and Textiles 
business sectors
Human resources
A group of professionals that is second to none in its areas of expertise; a 
team that always responds to customers’ wishes, and creates new products 
and values at their own initiative
Business development benefitting from the combination of a high level of 
expertise and industry-leading competitiveness generating synergies with 
each other
Combined power
Expertise
Ability to provide secondary manufacturing capabilities that can process 
closer to the final product, and ability to respond to a wide range of 
customer requirements by enhancing total solution capabilities
The Icefields Parkway (Highway 93) is a road that was created based on the 
Canadian New Deal policies intended to deal with unemployment during the Great 
Depression in 1929. Said to be a road with a beautiful color and some of the best 
scenery in the world, it takes travelers through the great nature surrounding the 
Canadian Rockies, and is loved by people around the world. We believe that this 
road, which places great value on people and nature, shares some similarity with 
the corporate philosophy and materiality of Nippon Steel Trading, a corporate 
group that values people, and is striving to contribute to a decarbonized society 
and environmental conservation.
Icefields Parkway, Canada
02
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

The primary roles of Nippon Steel Trading as a trading company are “expanding sales opportunities for the 
manufacturers as the sellers,” and “procurement that is suitable for the needs of the users as the buyers.” Our 
company links manufacturers and users, and also identifies customer (user) needs and responds quickly and 
accurately to those needs in order to create products and services that provide new value to society (added value).
Nippon Steel Trading will make use of our strength in secondary manufacturing capabilities, digitalizing 
our trading company operations to improve the level of our logistics capabilities, information capabilities, and 
organization capabilities, and will invest funds and human resources in strengthening business development and 
management capabilities for carrying out our business. At the same time, we will create organic combinations of the 
various capabilities which Nippon Steel Trading possesses in order to provide total solution capabilities.
In our four business sectors of Steel, Industrial Supply & Infrastructure, Foodstuffs, and Textiles, each of which 
has an extensive history and is competitive at the top class of the industry, our employees will operate our business 
with advanced levels of expertise, while at the proper times deploying the effects of synergy through mutual 
collaboration.
The role of Nippon Steel Trading in 
connecting manufacturers and users
Utilizing value chain functions
Creation of added value
Identify customer needs and respond 
quickly and accurately to those needs 
in order to create products and services 
that provide new value to society.
Products and services
Manufacturer
Users
Buyers
(customers)
Seller
Primary capabilities for creating added value
1
2
3
Secondary manufacturing 
capabilities
4
Business development and 
management capabilities
Logistics capabilities
5
Market development capabilities
Information capabilities and 
organization capabilities
6
Risk management capabilities
Features of Nippon Steel Trading
03

NST
Customers
Automotive manufacturers
Construction companies
Electrical equipment 
manufacturers
Shipbuilders
The value chain is the series of processes involved in the creation of value through corporate business activities. As such, 
it covers a wide range of areas including procurement of raw materials and machinery, manufacturing and processing of 
products, shipping and delivery, sales to customers, and after-sales services.
For example, in the steel supply chain, we sell products that were produced by steelmakers to manufacturers of 
products such as automobiles, electrical equipment, and ships, as well as construction companies. We also supply 
steelmakers with the raw materials and machinery that are essential for steel manufacturing.
As the core trading company of the Nippon Steel Group, NST operates comprehensive services as a steel professional 
covering the range from procurement of raw materials and machinery to  processing and delivery. Aiming to ensure 
the stability and diversity of our supply sources, we procure materials from locations around the world. We have also 
established processing companies and sales companies for steel business in high-demand regions in Japan and overseas. 
In these ways, we are making further advances in our value chain. As we share strategies with the Nippon Steel Group and 
the Mitsui & Co. Group, we are strengthening our systems for procurement, logistics, and processing to precisely match 
customer needs, and are working to further expand the value chain.
Image of the value chain
Roles and strengths of Nippon Steel Trading in the steel value chain
1
Product 
purchasing
We are able to procure a wide range of steel products from the Nippon Steel Group, which 
is the largest steelmaker in Japan, and from other domestic and overseas steelmakers. We 
supply steel products utilizing the extensive domestic and overseas sales networks that we 
have constructed over many years.
2
Product sales
In order to dedicate ourselves to customer-oriented sales, we will further enhance our 
capabilities for quickly identifying customer needs that are becoming increasingly diverse and 
advanced, and providing solutions to them. By sharing a strategy with steelmakers, we are 
expanding sales in growth areas where increasing demand is expected, and are carrying out 
proposal-based sales that create new value in steel distribution.
3
Product 
processing
By making best use of our coil centers and other processing and distribution sites in Japan, 
North America, Asia, and around the world, we are constructing a complete service system 
which processes steel sheets, pipes and tubes, structural steel, construction materials, and 
other steel products to meet customer needs, and delivers the required quantity at just the 
right time.
4
Procurement of 
raw materials 
and machinery
Raw materials center on coking coal, steel scrap, ferro-alloys, and other steel raw materials, 
and we actively source them from a wide range of locations around the world, aiming to 
ensure the stability and diversity of our supply sources.
For machinery, we supply steelmaking machinery, rolls, machinery parts, and many other 
products to steelmakers and other customers, helping ensure the stable production of steel.
NST Group Companies
Secondary distribution
(wholesalers, etc.)
Steel processing companies
(coil centers, etc.)
Nippon Steel Group
Domestic and overseas steelmakers
Resource companies
Machine manufacturers
1
3
4
2
04
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

1870-1970
1971-1990
1991-2010
The path that Nippon Steel Trading 
has traveled
In its history of more than 100 years, Nippon Steel Trading has prevailed in the top-class 
position in its Steel, Industrial Supply & Infrastructure, Foodstuffs, and Textiles business 
sectors, and has transformed itself by incorporating diverse corporate DNA in response 
to the changing business environment. Through the continued supply of socially valuable 
products and services, we will endeavor to be a strong growth company that contributes 
to society over the next 100 years.
1920
Irimaru Sangyo
1977
Nittetsu Shoji
1893 - 1919
Stores named Machimura, Matsumotoman, 
Matsumoto Kiyoshi, and Hirose.
1872
Yoroto
1918
Yamamoto Kogyo*
1883
Itoman Shoten
1936
Osaka Kozai
1941
Igeta Steel Tube Sales
1962
Sumikin Bussan
1993
Sumikin Bussan and 
Itoman* merged.
*Itoman Shoten changed its name to Itoman 
(in Chinese characters) in 1943 and Itoman (in 
katakana (phonetic)) in 1991.
Prior to FY2013, the results of Nittetsu Shoji Co. and 
Sumikin Bussan Kaisha Ltd. were simply combined.
*Yoroto changed its name to 
Yamamoto Kogyo in 1918.
History of NST
External 
environment
Started a business 
selling steel and 
steel materials.
1872 1
Entered into 
a marine 
transportation 
business.
1896 2
Great Depression
1929
World War II
1939
Nixon Shock
1971
Second oil shock
1979
First oil shock
1973
Established an import 
JV of beef and pork in 
Australia.
1972
1981
Promoted the first female 
manager.
Started an in-house Chinese 
language training program.
1983
Started the overseas 
representative program 
for female employees. 
Nittetsu Shoji’s 
transaction amount 
reached ¥1 trillion.
1986 3
Established the Rojana 
Industrial Park in Thailand.
1988
Sumikin Bussan was 
listed on the First Section 
of the Tokyo Securities 
Exchange.
2006 5
The first Japan-China 
JV coil center began 
commercial operation in 
Shenzhen.
1990 4
Sumikin Bussan and 
Itoman merged.
1993
Nittetsu Shoji was listed 
on the First Section of 
the Tokyo Securities 
Exchange.
2010 6
Plaza Agreement
1985
Global 
financial 
crisis
2007
Economic bubble 
burst
Early 1990s
Asian currency 
crisis
1997
1916
Opened first overseas 
offices in Shanghai, 
Tianjin, and Hong Kong.
1955
Licensed as a food 
import trading 
company.
Licensed as a trading 
company in trade with 
China.
1962
3
4
5
Changes in ordinary profit
Source: Drawing by Fumio Nagasawa, provided by 
Shigetoshi Kizu
1
2
Post-war depression 
after World War I
1920
Great Kanto 
Earthquake
1923
1993
1994
1995
1996
1997
¥619
million
1993
History of Nippon Steel Trading
05

2011-
¥47,810
billion
2021
2013
Nippon Steel & 
Sumikin Bussan 
Corp.
2018
Acquired a part of the Steel 
Division of the Mitsui & CO. 
Group.
2019
Corporate name 
change
NIPPON STEEL 
TRADING
2013
Merged to form Nippon 
Steel & Sumikin Bussan 
Corporation.
2018
Acquired a part of the 
Steel Division of the 
Mitsui & CO. Group.
Changed the trade name 
to Nippon Steel Trading 
Corporation.
2019
COVID-19 pandemic
2020
Russian invasion 
of Ukraine
2022
Great East Japan 
Earthquake
2011
Diversity:
Diverse DNA
Resilience:
Self-
transformation 
power
History:
Centennial 
company
Into the future: 
Next 100 years
Becoming a strong growth 
company that contributes to 
society
The Textiles Division of NST 
merged with Mitsui Bussan 
I-Fashion Ltd.
P.69
2022
Relocated the Tokyo Head Office 
to Nihonbashi, Chuo-ku.
P.41
2022 7
2022
The Textiles Division of NST 
merged with Mitsui Bussan 
I-Fashion Ltd.
6
1998
1999
2000
2003
2006
2001
2004
2007
2009
2002
2005
2008
2010
2014
2018
2012
2016
2020
2011
2015
2019
2013
2017
2021
7
06
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Strengthening and expanding the four areas of business 
that make Nippon Steel Trading Corporation the core 
trading company of the Nippon Steel Group
1
Accelerating global strategies
2
Bringing to bear all of our strengths as a multiple specialty 
trading company
3
Enforcing strict corporate compliance
4
Management Principles
Values of Nippon Steel Trading
Corporate Philosophy
Continuing to be a corporate group driven by the 
aspiration of providing goods and services that offer new 
value to the larger society
1
Putting trust and reliability first, and by doing so 
developing together with our customers
2
Aiming to become the kind of organization that 
increasingly cultivates, utilizes, and values human 
resources and their talents
3
Values of Nippon Steel Trading, Contents and Editorial Policy, Etc. 
07

09 Message from the President
01 Nippon Steel Trading’s strengths: A trading company that is second to 
none in its areas of expertise
03 Features of Nippon Steel Trading: The role of Nippon Steel Trading in 
connecting manufacturers and users
05 History of Nippon Steel Trading: The path that Nippon Steel Trading has 
traveled
07 Values of Nippon Steel Trading (Corporate Philosophy, Management 
Principles)
08 Contents and Editorial Policy, Etc.
01 Introduction
14 Overview of the Medium- to Long-Term Management Plan
16 Progress of the Medium- to Long-Term Management Plan
20 Fiscal 2021 Financial Results Summary and Fiscal 2022 Business Forecast
21 Business Investment Process
23 Value Creation Process
25 Priority Issues (materiality) in ESG Management of the NST Group
26 ESG Promotion System
27 Initiatives and KPIs to Address Priority Issues (materiality)
13 Action Plan for the Future
29 Enhancing ESG Management:
What Nippon Steel Trading can do to realize a sustainable society
30 Environmental Initiatives
30 Contributing to a decarbonized society and environmental conservation
34 Contributing to the development of land and local communities
35 For our People
35 Utilization of diverse human resources
39 Together with Society
39 Optimization of the entire supply chain
40 Contributing to a recycling-oriented society and sustainable living
41 [Special Feature] Introducing the New Head Office
43 Corporate Governance
43 Management based on trust and reliability
47 Risk Management
49 Safety, Quality Control, Compliance
51 Executive Team
53 Message from Outside Directors
29 Enhancing ESG Management
57 Nippon Steel Trading Business at a Glance
59 Business Strategy for Each Division
59 Steel Division
61 Industrial Supply & Infrastructure Division
63 Foodstuffs Division
65 Employee Growth Stories: The next generation of Nippon Steel Trading 
as we take up challenges in each of our business areas
69
[Special Feature] MN Inter-Fashion
57 Business Portfolio
73 11-year Financial Summary
75 ESG Data
77 Investor IR Information
79 Company Information
73 Data Section
April 1, 2021 - March 31, 2022
(Including some information after April 2022)
Period 
Covered
November 2022
Publication 
Date
	 The International Integrated Reporting Council 
(IIRC) International Integrated Reporting 
Framework
	 The Guidance for Collaborative Value Creation 
(Ministry of Economy, Trade and Industry)
	
(Guidance for Integrated Corporate Disclosure 
and Company-Investor Dialogues for 
Collaborative Value Creation - ESG, Non-Financial 
Information and Intangible Asset Investment)
In identifying materiality related to ESG management, 
the following guidelines were used as a reference.
	 Global Reporting Initiative GRI Standards
	 Sustainable Development Goals (SDGs)
	 ISO26000
Guidelines 
Followed
Nippon Steel Trading Corporation and Nippon Steel 
Trading Group companies
133 companies as of March 31, 2022
(89 subsidiaries and 44 affiliated companies)
Organizations 
Covered
The logo mark uses four blue-based colors 
to express the “innovative” and “intelligent” 
nature of our four business areas, 
Steel, Industrial Supply & Infrastructure, 
Foodstuffs, and Textiles, and the four 
elements of our Employee Code of 
Conduct consisting of Growth, Reliability, 
Borderless, and Challenge. The white parts 
where the colors overlap represent shining 
light and suggest a blooming flower, 
expressing the image of a blooming flower 
to bring greater Shine into the future.
What we want to communicate by 
the logo mark
Nippon Steel Trading Corporation Logo Mark
CONTENTS
Editorial Policy, Etc.
Last year’s Integrated Report 2021 was the first to be 
issued by our company, and was edited primarily with 
a view toward improving the understanding of Nippon 
Steel Trading among all shareholders. In this year’s 
Integrated Report 2022, the editorial policy focused 
on reporting greater details to explain the strengths 
and appeals of Nippon Steel Trading. Aiming to be “a 
strong growth company that contributes to society” 
as prescribed in the basic concept of the Medium- 
to Long-Term Management Plan, we will introduce 
the company’s strategies and programs, focusing on 
increasing medium- to long-term corporate value in 
order to contribute toward the realization of a stable 
society. We hope that 
this Integrated Report will 
help all our stakeholders 
understand the company. 
We will continue to create 
Integrated Reports that 
are clearer and more 
extensive in terms of 
content. (SDGs Promotion 
Department)
Editorial 
Policy
08
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Shinichi Nakamura
President and Representative Director
Nippon Steel Trading was formed from the merger of Sumikin Bussan and 
Nittetsu Shoji in 2013, and in 2018 we acquired part of the Steel Division 
of Mitsui & Co. Group, creating our current position as the core trading 
company of the Nippon Steel Group. Since last year, we established the 
basic concept of becoming “a strong growth company that contributes to 
society” through the supply of socially valuable products and services. 
We are currently carrying out a Medium- to Long-Term Management Plan 
that is based on three strategic measures: (1) Building a robust corporate 
structure by implementing measures to strengthen the business 
foundation, (2) Achieving sustainable growth by advancing growth 
strategies, and (3) Enhancing ESG management.
I took over as president during the second year of this plan, and I 
intend to maintain our basic course and see this plan through to 
completion, and make every effort for further growth and development.
Becoming a strong 
growth company 
that contributes to 
society
Message from the President
09

Fig.1
Consolidated Ordinary Profit (billion yen)
2019
33.2
2020
25.7
2023
plan
42.0
2022
forecast
46.0
47.8
2021
result
Medium- to 
Long-Term 
Management Plan
2025
target
45.0+
(FY)
1 Environmental Recognition
The business environment surrounding the Nippon Steel 
Trading Group remains extremely uncertain, and we must 
face the fact that we have entered a time when sudden, large 
changes will come one after another. With the power struggle 
between the U.S. and China, the cyclic spread of COVID-19, 
accelerating movements towards carbon neutrality, 
disruptions of global supply chains, and Russia’s invasion of 
Ukraine, these factors all interact in complex ways that have 
brought large changes to global economic activities, soaring 
prices of energy and other commodities, and sudden 
changes in exchange rates and interest rates. We expect that 
we will see further large changes in the structures of society 
and industry in the future.
2 The Motto of Nippon Steel Trading
Under these conditions, no matter what kind of changes 
occur in the environment, a company must not stop on its 
path to growth. There are many companies that stopped, 
became comfortable with the status quo, and ended-up 
following the path of organizational decline. In order to be a 
company that can continue to contribute to our society and 
grow in any environment, I believe that we must establish a 
corporate culture where the growth of every employee leads 
to company growth.
Our company’s primary business resource is its people. 
When people take responsibility, make their own decisions, 
and take independent action, they are able to deploy their 
maximum abilities. Since taking office as president, I have 
asked all employees to dedicate themselves to “think, decide, 
and take action” in their everyday duties. As the business 
environment changes dramatically, we must combine 
everyone’s knowledge to strengthen the business foundation 
in preparation for risks, and develop a new growth strategy 
that will allow us to seize opportunities. These must be 
discussed within the organization, with organization leaders 
making rapid and accurate decisions, and the decisions must 
be carried out with the entire support of the organization. I am 
confident that our company can achieve further growth and 
be advanced as long as every individual employee grows, the 
strength of the organization is improved. The dual engines of 
“a stronger business foundation” and “growth strategy” run 
autonomously and continuously.
For the time being, I will be focusing on the following key 
points as President. At the same time, I will myself carry out 
the same “think, decide, and take action” that I have asked of 
all employees, and imagine a detailed future picture of Nippon 
Steel Trading as a trading company that continues to 
contribute to society and grow in any environment.
3 Current Key Programs
Thorough commitment to safety, quality control, and 
compliance
These are the basis for corporate operations. Even a single 
major incident could deprive employees of their happiness, 
cause large damage to our customers and other related 
parties, lose the trust of society, and put our company into 
a crisis that risks our survival. While we have continued to 
carry out various steady activities, these activities are not 
the end. We must commit ourselves to eliminating all risks 
and improving the quality of our activities as issues of the 
greatest importance to our company.
Fiscal 2023 targets achieved ahead of schedule in the 
Medium- to Long-Term Management Plan
Fiscal 2021 was the first year of the Medium- to Long-
Term Management Plan, and saw consolidated ordinary 
profit of 47.8 billion yen, exceeding the fiscal 2023 target 
of 42.0 billion yen in the Medium- to Long-Term 
Management Plan. This was due to rising steel prices and 
to implementation of the measures in the Medium- to 
Long-Term Management Plan. This fiscal year will really 
challenge our true capabilities, as the temporary profit 
resulting from rising steel prices and other factors will fall 
away. The company has announced a consolidated 
ordinary profit forecast for this fiscal year of 46.0 billion 
yen, exceeding the fiscal 2023 target. I am committed to 
carrying out the measures in this plan and achieving the 
target a year in advance.
Fig.1
10
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Fig.2
Revenue Improvement Plan
Implementation 
measures
Ordinary profit for FY2019
Expected deterioration in 
business environment
FY2023 ordinary profit (plan) 
FY2025 ordinary profit (target)
Building a robust corporate structure by implementing 
measures to strengthen the business foundation
Achieving sustainable growth by advancing growth 
strategies
Enhancing ESG management
(FY)
2019 
Result
2020 
Result
2023 
Plan
2025 
Target
¥33.2 
billion
¥25.7 
billion
¥42 
billion
¥45 
billion 
or 
more
+¥9 billion
+¥3 billion or more
 Changes in business 
environment 
+ Measures to strengthen 
the business foundation 
+ Growth strategy 
+ Deeper ESG management
¥33.2 billion
−¥10 billion
+¥9 billion
+¥10 billion
¥42 billion
¥45 billion or more
+ Additional amount
Strategic measures 
and fixed cost 
reduction +¥3 billion 
or more
Increase the efficiency of the entire Group and reduce fixed costs by reorganizing, consolidating, and eliminating manufacturing and 
sales bases. Inject management resources into areas and regions of growth through M&A and alliance formation to build new sources 
of revenue.
Fig.3
Building a Robust Corporate Structure
89
(End of FY2019)
76
(End of FY2021)
About 68
(End of FY2023, Plan)
Number of consolidated 
subsidiaries
−25%
4 Implementation Status of the Medium- to Long-Term Management Plan
Fig.2
Building a Robust Corporate Structure by 
Implementing Measures to Strengthen the Business 
Foundation
Shrinking of Japan’s economy, global supply change 
disruptions, and other structural changes in society and 
the business environment currently threaten to impact 
NST’s revenue performance. To manage this risk, we plan 
to drastically improve the value-added productivity of our 
Group employees, and to selectively reorganize, 
consolidate, or eliminate our manufacturing and sales 
bases, thereby increasing the efficiency of the entire 
Group and reducing the scale of fixed costs. We have 
established clear targets for each organizational unit, and 
in fiscal 2021 we reduced fixed costs by 5.4 billion yen, 
equal to 60% of the target. In fiscal 2022, we are working 
to achieve a reduction that is approximately 90% of the 
target.
Fig.3
Achieving Sustainable Growth by Advancing Growth 
Strategies
In order to successfully achieve our new growth strategies 
and achieve continuous profit growth, we must capture new 
demand from social needs such as those defined by the 
SDGs. We will also expand our processing facilities and 
sales networks in overseas markets which are projected to 
grow. By diversifying our supply sources in addition to 
expanding our networks, we aim to move more of our 
business operations to overseas. It is also important that we 
respond to changes in the global supply and demand 
environment, so we have formulated concrete strategies for 
profit growth in each sector/market and achieved 5.8 billion 
yen in profit growth in fiscal 2021, which is 58% of the target. 
We will aim for 100% or higher in fiscal 2022, working to 
achieve the target a year in advance of schedule. In addition, 
we are working to study and implement key measures such 
as the establishment of a DX platform that will lead to 
increased distribution efficiency and new business creation, 
as well as M&As and alliance formation.
Fig.4
Message from the President
11

1
Capturing of new demand
Focus on businesses that respond to SDGs-related social 
needs
5
Digital transformation strategies
Increase efficiency of the entire supply chain through 
digitalization of our trading company operations
3
Increasing sales and improving profit by collaborating 
with major customers, strengthening our distribution and 
processing capabilities, and providing new solutions
4
M&As and alliances that will lead to more efficient distribution 
and new business creation
2
A global strategy aimed at deepening and expanding 
overseas businesses
Accelerate the process of making overseas offices capable of 
independent management
Fig.4
Five Pillars Supporting our Growth Strategy
Enhancing ESG Management
Environment
In order to contribute to the realization of a carbon-free and 
recycling-based society, we are working on making SDGs 
related proposals to our customers in addition to our own 
group’s efforts towards environmental conservation and 
preventing climate change. 
In terms of measures to deal with climate change, acting 
as a member of society, we have set targets of reducing 
carbon emissions by 30% by fiscal 2030 (compared to fiscal 
2018) and achieving carbon neutrality by fiscal 2050, we aim 
to achieve these goals as early as possible through our 
group-wide efforts to reduce CO2 emissions.
In terms of our business-based eco-solution products 
for customers, in addition to proposals for high-tensile steel 
sheets for automobiles, high-performance electrical steel 
sheets, materials for offshore wind power generation, a solar 
power generation business, biomass fuel, recycled materials, 
and antibiotic- and hormone-free pork, we are also investing 
in a bio-carbon manufacturing and sales company.
Social 
As a trading company operating in this era when action is 
required to address diversity and inclusion and to ensure 
employee well-being, we are committed to creating a 
workplace and corporate culture where employees respect 
each other as individuals, thereby creating an environment 
where employees can comfortably work and grow.
As a working person, I believe it is important to maintain 
a healthy work-life balance. But during work hours it is also 
important to focus on improving oneself and one’s skills, and 
to enjoy that process of self-improvement. Every day I work 
alongside our employees with the hope that we will keep 
refining our creativity, planning skills, and practical 
capabilities.
Governance
Last year, a Governance Committee was established in 
addition to the existing Personnel and Remuneration 
Committee, while the Investment and Loan Committee, ESG 
Committee, and the Risk Management Committee were also 
established as subordinate bodies of the Management 
Meeting. Furthermore, in the event that a serious risk 
emerges, we will establish a Crisis Management Task 
Force Headquarters that will strengthen our ability to 
respond swiftly. We are thus improving our corporate 
governance and risk management capabilities. 
In regards to risk management, we are improving 
the overall effectiveness of the system so that 
management can function systematically when 
responding to risks in the critical areas of safety, quality 
control, compliance or any other risk to NST. For 
example, we are strengthening our autonomous internal 
controls by constructing a three-line defense and by 
establishing theme-specific task forces within the Risk 
Management Committee. These steps will ensure that 
the problem is quickly discovered and corrected in the 
event that any operation is not properly carried out.
Identification and Promotion of Materiality
In May 2021, we identified six key concepts related to 
ESG management (materiality) to focus on, based on 
internal and external opinions regarding what is needed 
in order to realize “a strong growth company that 
contributes to society” in the Medium- to Long-Term 
Management Plan.
 Contribution to a decarbonized society and environmental 
conservation
 Contribution to the development of land and local 
communities 
 Contribution to a recycling-oriented society and sustainable 
living
 Optimization of the entire supply chain (use of information 
and technology)
 Utilization of diverse human resources (nurturing people, 
making proper use of people, and taking care of people)
 Management based on trust and reliability
Materiality
In order to further promote ESG Management within 
NST, we have established the ESG Committee. Within 
the committee, we have set up the Environment 
Meeting, Social Meeting, and the Governance Meeting 
to deliberate how our company should proceed with 
ESG management and to take appropriate actions.
5 Conclusion
We anticipate that the future will bring a variety of changes 
to the business environment for our company to deal with. 
Regardless of what changes may occur, I am determined 
to take the lead in implementing our Medium- to Long-Term 
Management Plan and to realize our Corporate Philosophy, 
stated as follows: 1. Continuing to be a corporate group 
driven by the aspiration of providing goods and services 
that offer new value to the larger society, 2. Putting trust 
and reliability first, and by doing so developing together 
with our customers, and 3. Aiming to become the kind of 
organization that increasingly cultivates, utilizes, and values 
human resources and their talents.
I would like to thank all of our stakeholders for their 
understanding and support.
12
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

In May 2021, Nippon Steel Trading Corporation formulated and implemented 
a Medium- to Long-Term Management Plan with the two aims of overcoming 
structural changes anticipated in the business environment of the future and 
becoming a “strong growth company that contributes to society” through the 
supply of socially valuable products and services.
Action Plan
for the Future
Overview of the Medium- to Long-Term Management Plan
P14
Progress of the Medium- to Long-Term Management Plan
P16
Fiscal 2021 Financial Results Summary and Fiscal 2022 Business Forecast
P20
Business Investment Process
P21
Value Creation Process
P23
ESG Promotion System
P26
Priority Issues (materiality) in ESG Management of the NST Group
P25
Initiatives and KPIs to Address Priority Issues (materiality)
P27
Overview of the Medium- to Long-Term Management Plan
13

Overview of the Medium- to Long-Term Management Plan
(announced May 2021)
Building a robust corporate structure by implementing measures 
to strengthen the business foundation
Main
measure
1
Achieving sustainable growth by advancing growth strategies
Main 
measure
2
Enhancing ESG management
Main 
measure
3
Becoming a strong growth company that 
contributes to society
P.16
P.17
P.18
(FY)
2025 target
¥25.7 
billion
¥42 
billion
¥45 
billion 
or more
+3 billion or more
+9billion
Environmental change
−¥10 billion
Measures to strengthen 
the business foundation
+¥9 billion
Growth strategy
+¥10 billion
Enhancing ESG 
management
+ Additional 
amount
Ordinary profit
Investment plan
Quantitative targets
Medium- to Long-Term CO2 
emission reduction target
2023 plan
¥33.2 
billion
2019 result
2020 result
¥75 billion
¥42
billion
¥26
billion
¥45
billion or more
¥28
billion or more
−30% 
Carbon neutrality
¥17 billion
9 - 10%
1.0 times
or less
Around 6%
30% or higher
(FY2021 - 2025)
(FY2023)
(FY2023)
(FY2030)
*Vs. FY2018
(FY2025)
(FY2025)
(FY2050)
(FY2021 - 2025)
Investment 
plan
Ordinary profit 
targets
Net profit 
targets
System 
investment 
plan
ROE
Net D/E 
ratio
ROIC
Dividend 
payout ratio
Medium- to Long-Term Management Plan Management Targets
Basic Concept
14
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Business Environment
Current business conditions and implementation status of the 
Medium- to Long-Term Management Plan
At the time when the Medium- to Long-Term Management Plan was formulated
Japan Iron and Steel Federation
World Steel Association
100
19
12
2021
2015
2010
2005
2000
1995
1990
Ref. 1
Japan’s steel consumption (million tons)
Ordinary profit
2006
2010
2015
2020
2023 
Forecast
20
15
10
Ref. 2
Global steel demand (100 million tons)
NST’s business environment is expected to recover from the 
COVID-19 pandemic, but is still structurally very problematic.
In the main Steel Division, domestic demand for steel products 
is projected to decrease mainly due to a declining population and an 
increasing shift to overseas production by our customers.
Ref. 1
Meanwhile, new demand in response to social needs including 
those related to the SDGs and global demand, mainly in Asia and 
North America, is forecasted to expand.
Ref. 2
We have been engaged in expanding business in Japan 
and abroad, mainly in trading, by diversified development of the 
Steel Division (the main business) and of the Industrial Supply & 
Infrastructure, Foodstuffs, and Textiles business sectors. However, 
as structural changes in the business environment are expected, we 
believe that we cannot expect growth if we just retain our existing 
business model unchanged on the premise of maintaining the current 
fixed costs.
The global economy saw a temporary recovery during 2021, however 
it was followed by the protracted Russian invasion of Ukraine, supply 
chain disruptions, and other factors that have brought a future which 
is extremely uncertain, including supply restrictions, increasing 
inflation caused by the soaring prices of fuel and raw materials, and 
monetary tightening.
The economy of Japan faces concerns of adverse effects from 
supply chain disruptions caused by factors such as the Russian 
invasion of Ukraine and the zero-COVID policy in China, as well as 
from high fuel and raw material prices and a rapid decline in the value 
of the yen.
In the Steel Division, quantities of steel materials have been 
decreasing, and while there are signs of a recovery, the forecast 
remains uncertain. Steel prices have been rising in Japan as the 
effects of high raw material costs, high energy costs, and a weak yen 
are passed onto the buyers, even as prices in international markets 
are falling.
In the Industrial Supply & Infrastructure Division, the overseas 
business environment is becoming increasingly difficult, while in the 
Foodstuffs Division there are concerns about declining demand for 
imported meat due to the rising costs of purchasing owing to high 
feed prices and the weak yen. In the Textiles Segment, there has been 
a recovery in personal consumption, however there is considerable 
variation in the degree to which the low value of the yen and rising 
costs of distribution have been passed on to the product prices.
In order to respond appropriately to the above situation, NST 
will drastically improve the value-added productivity of employees 
by implementing measures to strengthen its business foundation, 
and build a robust corporate structure by reducing fixed expenses 
through reorganization, consolidation, elimination, etc. of the Group’s 
manufacturing and sales bases. 
In addition, in order to sustainably expand profits by promoting 
new growth strategies, we will capture new demand in response 
to such social needs as achieving the SDGs. We will also meet the 
expansion of global demand, through such means as shifting to 
becoming a so-called integral member by expanding processing 
bases and sales networks in each region in growing overseas 
markets.
Moreover, we will make group-wide efforts for various 
improvements of distribution efficiency and new business creation 
through M&A, alliances, and digital transformation strategies. 
Furthermore, we will strongly enhance ESG management as part 
of our social contribution efforts. We will contribute to a carbon-free 
and recycling-based society by proposing eco solutions. In addition, 
we will give consideration to diversity and inclusion to develop human 
resources to lead the next generation and further improve safety and 
health management. We will conduct management based on trust and 
reliability, and will commit to generate favorable shareholder returns.
(FY)
¥42
billion
¥25.7
billion
¥47.8
billion
2023 plan
¥33.2
billion
2019 result
2020 result 
2021 result
Forecast totals for end of fiscal 2022
2022 forecast
65
¥46
billion
Strengthening the 
business foundation:
Progress:
Approx. 90%
+¥7.8 
billion
Progress:
Approx. 110%
Growth strategy: +¥11.1 
billion
Overview and Progress of the Medium- to Long-Term Management Plan
15

Improvement in value-added productivity
1
Building a robust corporate structure by implementing measures 
to strengthen the business foundation
We will reduce fixed expenses and general & administrative expenses by “drastic 
improvement of value-added productivity” and “reorganization, consolidation, and 
elimination of the Group’s manufacturing and sales bases.”
Main Measure 
Planned effects in FY2023 (compared to FY2019)
Current status
1
+¥9 billion
+¥2.8 billion
+¥2.7 billion
+¥1.6 billion
+¥1.9 billion
+¥2.3 billion
+¥1.8 billion
+¥0.9 billion
+¥7.8 billion
+¥5.4
billion
+¥2.4
billion
Results at end of FY2021
Revenue improvement
Approx.
90%
Progress:
1
Efficient allocation of workforce at NST: Drastic improvement in efficiency of the workforce through improvement 
of business processes, utilization of ICT tools, etc.
1
Improvement in efficiency of 
the subsidiary workforce
2
Reduction in fixed costs other than labor costs: Reduction in general and administrative expenses
2
Reduction in general and 
administrative expenses of 
subsidiaries
Number of 
consolidated 
subsidiaries
Ordinary profit per person
¥12.1 million
FY2019
¥10.9 million
FY2020
¥22.9 million
FY2021
While we work to optimize the 
Group structure by selection and 
concentration, we are also focusing 
on growth areas where we can 
demonstrate our competitive 
advantage in the future and are 
heavily injecting and allocating 
management resources in these 
areas so as to build the foundation 
for new sources of revenue.
Consolidation and elimination of 
departments, branches, and sub-
branch offices for streamlining the 
NST organization 
Date
Before reorganization
After reorganization
April 2020
Takahashi Steel/NST Welding Materials
NST Wire & Welding
April 2021
NSM Coil Center/NST Coil Center
NSM Coil Center
Part of NST’s mechanical steel pipe business/Okayama 
Harada Pipe & Tube/Furushou Sangyo
NST Mechanical Tubular 
Products Sales
NST Special Steel Nishinippon/ NST Special Steel Chubu
NST Special Steel
June 2021
Dongguan Tetsuwa Metals (China)/Dongguan Sumikinbussan 
Metal Products (China)
Dongguan Tetsuwa 
Metals (China)
April 2022
NST SANKOHAN/NST Wire & Welding
NS Kenzai Hanbai/NST Tekken Kanto
NST Wire & Welding 
NS Kenzai Hanbai
NST Nagoya Coil Center/San-ei Daimaru
NST Nagoya Coil Center
October 2022
NSM Coil Center/Sanwa Steel 
NSM Coil Center
Examples of reorganization and consolidation in the NST Group
Reference
Plan:
+¥4.4 billion
+¥4.6 billion
Plan:
Reorganization, consolidation, and elimination of the Group’s manufacturing and sales bases
2
+¥4.6 billion
+¥3.2 billion
Progress of the Medium- to Long-Term Management Plan
89
(March 2020)
76
(March 2022)
About 68
(Plan for March 2024)
−25%
Reference
+¥2.8 billion
FY2022 forecast
Total
Progress
FY2022 forecast Total
Progress
FY2022 forecast Total
Results
(FY2019 
 2021)
Reduced by 13
organizational units.
16
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Steel
 +¥9.8 billion
Foodstuffs
+¥700 million
Planned effects in FY2023 (compared to FY2019)
Current status
+¥10 billion or more
+¥11.1 billion
+¥5.8 billion +¥5.3 billion
Results at end of FY2021
FY2022 forecast
Total
Approx.
110%
Progress:
Achieving sustainable growth by advancing growth strategies
We will focus our management resources on growth sectors and regions, building the 
foundation for new sources of revenue.
Main Measure
2
Five Pillars Supporting the 
Growth Strategy
Capturing of new demand
Automotive sector (EV motors, battery materials, super-high tension steel, etc.)
Environmental materials (stainless steel for maritime scrubbers, materials for 
the renewable energy field, etc.)
High-performance materials for the information and communications fields 
(stainless steel for smartphones, etc.)
Roof-mounted solar power generation business
Fields related to ethical consumption (hormone-free pork, plant-based meats, etc.)
Steel
Industrial Supply & 
Infrastructure 
Foodstuffs
Focus on businesses that 
respond to SDGs-related 
social needs.
Capturing of new demand
1
Global strategies
[Percentage of consolidated overseas sales] FY2020: 27.8%   FY2021: 31.9%
Expanding sales for automobiles (China hot press materials and high-tension 
steel, North America, etc.)
Working to become an integral member of overseas regions (sales utilizing 
local mills, launching a coil center in Houston, etc.)
Expanding sales for aluminum and carbon fibers overseas
Establishing new processing sites and expanding sales routes in Southeast Asia
Steel
Industrial Supply & 
Infrastructure 
Foodstuffs
Accelerate the process of 
making overseas offices 
which are capable of 
independent management.
A global strategy aimed at 
deepening and expanding 
overseas businesses 
2
DX strategies
Carry out complete digitalization of trading operations in order to improve efficiency, increase 
operating accuracy, and improve quality management throughout the supply chain (users, 
distributors, manufacturers), and also to reduce inventory and loss, improve distribution efficiency, 
and improve productivity by making information visible in real time.
Development and launch of SPOD (improved entry system), N-SCM (automated financial 
management system), EXCSTM (new coil center system), and NST Business Online (customer 
portal site)
 P.39
Increase the efficiency of the 
entire supply chain through 
digitalization of our trading 
business.
Digital transformation 
strategies
5
Collaboration with major users, strengthening distribution and processing 
functions, and providing solutions
Steel
Expanding sales and improving 
profit by collaborating 
with major customers, 
strengthening our distribution 
and processing capabilities, 
and providing new solutions
3
M&As and alliances that 
will lead to more efficient 
distribution and new 
business creation
4
Distribution measures in the structural flat products field 
(Making Tsukiboshi Shoji Co., Ltd. a consolidated subsidiary: Utilizing the 
distribution and processing functions of Tsukiboshi Shoji, which has a high 
level of expertise in the high-performance materials field)
Marketing of new products for system 
architecture (TIO standard system architecture 
for single-story buildings, NEO advanced 
standard system architecture, etc.)
Reference
Industrial Supply & Infrastructure
+¥600 million
Progress of the Medium- to Long-Term Management Plan
17

Enhancing ESG management
We will promote environmental, social, and governance (ESG) initiatives in order to 
realize sustainable social development.
Main Measure
3
Environment
 P.30
Contributing to a decarbonized society and environmental conservation
Contributing to the development of land and local communities
CO2 emission reduction
Making proposals for reduction in automotive CO2 emissions and 
for EV-related products
Making proposals for products related to renewable energy and 
emission regulations (SOx, NOx)
Expanded supply of recycled steel raw fuels
Expanded supply of LCA-related products
Enhancement of the governance system and improved effectiveness of the Board of Directors to enhance 
management transparency and efficiency
 Further enhancement of discussions at the Board of Directors (medium- to long-term strategy, investment discussions, etc.)
Enhancement of shareholder return based on stable profit growth (target: dividend payout ratio of 30% or more)
Advancement of management based on the costs of funds and capital
 Improvement in funding and capital efficiency in light of ROIC and other factors (ROIC-based business portfolio remodeling, etc.)
Improved effectiveness of risk management through the enhancement of autonomous internal controls on each 
of three Defense Lines*
*First Defense Line:	
Departments engaged in sales assess and manage own risks as the front line of business activities.
 Second Defense Line:	Functional departments establish rules and systems for risk management, monitor the status of front-line activities, and guide 
improvement as needed.
 Third Defense Line:	
Checks and assess the risk management status of the first and second Defense Lines and reports to the management.
Target for NST CO2 emission reduction (starting year 2018: About 
33,000 tons)
Proposal and cooperation for Nippon Steel’s Carbon Neutral Vision 
2050
Contributing to the creation of towns that are resistant to disasters and that create vitality 
in the region
FY
2030 30% reduction
(compared to FY2018)
FY
2050
Governance
 P.43
Management based on trust and reliability
Social
 P.35
Optimization of the entire supply chain
 Further digitalization of trading operations and contributing to the improvement of efficiency across society 
by building a platform connecting ordering, materials, and trading information in the supply chain (supplier 
- company - customer)
Improvement of efficiency 
throughout the supply 
chain by utilizing DX 
measures and ICT
Contributing to a recycling-oriented society and sustainable living
 Provision of services to meet social needs, such as ethical consumption, and enhanced CSR initiatives in 
the supply chain
 Expanded transaction of fair-trade certified products
 Consideration given to the working environment by enhanced CSR audits at production sites, including 
overseas cooperation plants
 Expansion of green purchasing in procurement materials and supplies
Promotion of supply 
chain CSR that takes into 
account the working and 
natural environment
Utilization of diverse human resources
Realization of an action plan based on the currently promoted Act on Promotion of Women’s Participation and the Act for Measures to 
Support the Development of the Next Generation (further raising the level of Kurumin and Eruboshi certifications)
 Maintaining over 30% as the ratio of female new graduates hired as career-track employees, improving the ratio of women in management, 
and promoting continued employment of career-track female employees
 Creation of a work environment where diverse human resources play active roles and are challenged and rewarded (e.g., remote working, 
childcare and nursing care support, enhanced initiatives for personal development, etc.)
 Enhanced development of human resources and their career (advancement in career through systematic job rotation, execution of 
development programs, etc.)
Further strengthening 
efforts for diversity and 
inclusion
Enhanced efforts that 
contribute to further 
improvement of safety and 
health management
 Enhanced efforts aimed at eliminating accidents that require time off from work
 Enhanced efforts in health management (continuing to be certified as an excellent corporation for health and productivity management, and 
priority setting)
Carbon neutrality
18
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

1.6
25.7
Ordinary profit target by business division (billion yen)
Active investments to realize growth strategies
1
Business investment and capital investment will be ¥75 billion (cumulative for 5 years), and 
strategic investment including M&A will be actively considered and executed in each business 
area to improve distribution efficiency and create new businesses.
2
Through flexible recruitment activities, etc., NST will secure diverse human resources who will 
be leaders in the next generation.
3
NST will invest ¥17 billion yen in system over the next five years for measures such as promoting 
DX strategies, and strengthen its competitiveness based on digitalization of trading operations.
* FY2021 amount of capital and business investment: 
¥8.2 billion
¥75 billion
(FY2021 - 2025)
¥17 billion
(FY2021 - 2025)
Investment plan
System investment plan
(FY)
2019 Result
33.2
22.2
3.7
4.6
2.4
2020 Result
2021 Result
2023 Plan
Steel
Industrial Supply & Infrastructure
Foodstuffs
Textiles
2025 Target
45 or more
2022 Forecast 
Medium- to Long-Term Management Plan
42
2020 Result
2021 Result
2022 Forecast
2023 Plan
2025 Target
Ordinary profit
¥25.7 billion
¥47.8 billion
¥46 billion
¥42 billion
¥45 billion
or more
Net profit attributable 
 to owners of parent
¥15.9 billion
¥35.4 billion
¥31 billion
¥26 billion
¥28 billion
 or more
ROE
6.5%
13.2%
Around 10%
9 - 10%
ROIC
3.9%
5.2%
Around 5%
Around 6%
Net D/E ratio
0.95 times
1.36 times
About 1.3 times
1.0 times or less
Revenue and financial targets (FY2023 and FY2025)
By implementing various measures of the Medium- to Long-Term Management Plan and improving funding and capital efficiency through 
ROIC/ROE management, NST is striving for sustainable profit growth with the aim of achieving the following indicators in FY2023 and FY2025.
Financial strategy
Profit indicators
1  ROIC of around 6% 
Securing ROIC of around 6%, exceeding NST’s weighted 
average cost of capital (WACC) of 4%
2  ROE of 9-10% 
Securing a level that exceeds NST’s equity cost of 8%
Rating Agency
Long-term rating
Short-term rating
Rating and Investment Information 
Center (R&I) 
A
a-1
Japan Credit Rating Agency (JCR)
A+
J-1
As of March 31, 2022
Maintaining a bond credit rating of A: Maintain stability of the net D/E 
ratio of about 1.0 to facilitate low-cost financing through issuance of 
corporate bonds and CP.
FY2019
FY2020
FY2021
FY2022 Forecasts
First Half
Second Half
Net profit
¥20.7 billion
¥15.9 billion
¥35.4 billion 
¥17.1 billion 
¥13.9 billion
¥31 billion
Dividends
200 yen
160 yen
350 yen
170 yen
140 yen
310 yen
Payout ratio
31.2%
32.4%
31.9%
32.3%
Shareholder Return Policy
Dividend-related indicators
We believe that returning profits to shareholders is one of our management priorities, and we aim to achieve a consolidated dividend payout 
ratio of 30% or more while making active investments to realize our growth strategies.
1.1
40.8
1.4
2.5
46.0
43.2
2.1
2.9
47.8
19.1
2.5
2.3
33
4
3.9
4.1
31
3.7
3.5
4
5
+ Additional 
amount
Progress of the Medium- to Long-Term Management Plan
19

Balance sheet / cash flows (billion yen)
Ordinary profit
 Net profit
Reference
Amount of consolidated NST steel sales (10,000 tons)
Reference
NST steel sales unit price (¥1,000 / ton)
FY2020
FY2021
Change
Consolidated total
1,686
1,865
+179
Non-consolidated
1,291
1,413
+121
Subsidiaries
395
452
+58
2020/1Q
FY2020
88.8
85.5
92.4
121.6
95.1
102.9
118.5
130.6
135.0
2Q
3Q
4Q
2021/1Q
2Q
3Q
4Q
 In the business results for fiscal 2021, we recorded our highest-ever levels of ordinary profit and net profit attributable to owners 
of parent. This was a result of carrying out measures (reinforcement of the business foundation, growth strategy) in the Medium- 
to Long-Term Management Plan, and also of a recovery in the business environment (steel volumes, prices, etc.).
 The future of the global economy in fiscal 2022 remains extremely uncertain. However the NST Group will carry out various 
measures in the Medium- to Long-Term Management Plan, and also enact the necessary reinforcement measures, in order to 
overcome changes in the business environment. By supplying products and services which are of value to society, we aim to 
achieve ¥46.0 billion in ordinary profit, exceeding the target for fiscal 2023 in the Medium- to Long-Term Management Plan.
Fiscal 2021 Financial Results Summary and Fiscal 2022 Business Forecast
In our primary business area of the trading business, demand 
for additional funding increased as a resulting of the expanding 
scale of our business. In fiscal 2021, as a result of factors 
including an increase in accounts receivable due to rising sales, 
total assets increased by ¥217.1 billion from the end of the 
previous fiscal year to reach ¥1,100.4 billion. Total net assets 
increased by ¥30.1 billion from the end of the previous fiscal year 
to reach ¥308.1 billion.
Balance sheet
Primarily as a result of an increase in operating capital 
resulting from higher sales, cash flow from operating activities 
was -¥113.0 billion.
Cash flows
FY2020
FY2021
Operating CF excluding change 
in operating capital
23.6
49.4
Change in operating capital
23.5
-162.4
Cash flow from operating activities
47.2
-113.0
Cash flow from investing activities
-6.4
-5.3
Free cash flow
40.8
-118.3
Cash flow from financing activities
-9.9
100.6
Change in cash and deposits
30.4
-16.4
Primary financial indicators
FY2020
FY2021
Equity capital
255.3
282.5
Equity ratio
28.9%
25.7%
Ordinary profit and net profit attributable to owners of parent
(FY)
¥25.7 
billion
¥15.9 
billion
¥47.8 
billion
¥35.4 
billion
¥20.7 
billion
¥33.2 
billion
2019 Result
2020 Result
2021 Result
¥46 
billion
¥31 
billion
2022 Forecast
Improvement in steel 
prices, etc.
+¥7.7 billion
Profit on inventory 
sales
+¥7.3 billion
Growth strategy
+¥4.8 billion
Strengthening of 
business foundation
+¥0.8 billion
+¥22 billion
FY2021
Others
90.5
+31.1
End of FY2020
End of FY2021
Total assets
¥883.2 billion
+217.1
Total assets
¥1,100.4 billion
Current 
assets 
935.9
Fixed 
assets
164.4
Trade 
and other 
payables
376.6
Interest-
bearing 
debt 
415.6
Net 
assets
308.1
Current 
assets
731.5
Fixed 
assets
151.7
Trade 
and other 
payables
306.7
Interest-
bearing 
debt 
298.3
Net assets
278
20
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Executive 
Officers of the 
division
Requesting 
department 
of the 
division
Business Investment Process
Decision-making process
Main check and review items
Check
The investment contents proposed by each division are discussed by the 
Investment and Loan Committee in advance of discussion by the Management 
Meeting. In addition to business feasibility and risk analysis for each proposal, the 
Investment and Loan Committee also conducts examinations and studies based 
on a company-wide perspective.
Investment and Loan Committee
Chairman
Executive Officer in charge of the Corporate Planning & 
Administration Division
Vice-chairman
Executive Officer in charge of the Corporate Planning & 
Administration Division
Members
Executive Officer of the Corporate Planning & Administration 
Division, Executive Officers and General Managers in charge of 
the Accounting & Finance Department and Legal Department, 
General Manager of the Corporate Planning & Administration 
Division, General Manager of the Sales Planning Department in 
the requesting division, others
Suitability of the business plan
Withdrawal standards and 
withdrawal method
Approval
Approval
Management Meeting
Board of Directors
Investment contents 
and purpose
1
2
3
4
5
Suitability of the 
business plan
Investment 
profitability
Risk analysis
Withdrawal 
standards and 
withdrawal method
Investment profitability
Verification of investment amount 
suitability
Checking investment profitability 
(after-tax cash flow IRR on a 
consolidated basis must be at or 
above the target profit margin) and 
the effects from changes in 
preconditions
Verification from perspectives of 
sustainability and ESG
...Etc.
Checking the certainty of 
preconditions based on forecasts
Careful examination of the 
business plan (including 
sensitivity analysis)
Study of response measures for 
risk cases
...Etc.
Establishment of withdrawal 
standards (quantitative 
withdrawal conditions)
Study of a feasible withdrawal 
method
Application of withdrawal 
standards and withdrawal 
method to the shareholder’s 
agreement
...Etc.
A multi-level decision-making process is in place in order to 
maximize investment returns and reduce investment risks.
The department in charge of applications in each division submits a proposal 
document which includes the study and confirmation items necessary for 
an overview of the investment proposal, the business plan, investment 
profitability, and creating a final proposal.
For the investment proposed by the department in charge of applications, the 
related functional departments of the Corporate Planning & Administration 
Division submit opinions based on their individual areas of special knowledge 
and expertise, and apply them to the proposal document.
The Investment Support Committee conducts risk analysis from both 
qualitative and quantitative perspectives, and verifies that the opinions 
from the related functional departments of the Corporate Planning & 
Administration Division have been applied to the proposal document.
Functional 
departments of 
the Corporate 
Planning & 
Administration 
Division
Investment decisions
1
Investment and Loan 
Committee
2
3
5
Business Investment Process
21

Business investments including M&A and alliances are essential for the NST Group to carry out its 
growth strategy and achieve continual profit growth. In the business area of each division, we are actively 
considering and implementing strategic investments and working to improve distribution efficiency and 
create new business. When carrying out business investment, we strictly verify the suitability of the 
business plan and the investment profitability, and establish withdrawal standards and a withdrawal 
method in advance to prevent trouble if we withdraw from a business. For existing investments as well, 
continual monitoring is performed once each year including results tracing based on the first business 
year results after investment, and on the full-year financial results for all affiliated companies, which make 
it possible to quickly identify problems and enact complete measures in response.
Results reporting 
after business 
investment
Results tracing
 (in general once each 
year)
Business review 
based on results 
tracing
Each division discusses the 
results from the first business 
year after investment at 
the Investment and Loan 
Committee, and reports them 
to the Management Meeting.
The Corporate Planning & 
Administration Division in 
general conducts results 
tracing based on the full-
year financial results for all 
affiliated companies.
If it was concluded that an affiliated 
company meets or may meet the 
standard for investment withdrawal, 
the division discusses with the 
Investment and Loan Committee 
the policy for whether to withdraw 
from or continue the business, 
and then brings the matter to the 
Management Meeting.
Asset replacement
Business withdrawal 
standard
Withdrawal
Continuation
When the prospects for 
improving profits are high 
and the formulated business 
improvement plan was approved
Carrying out the 
investment
2
Investment results management
(continual monitoring after investment)
3
22
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Safety
Value Creation Process
Corporate Philosophy 
 of the NST Group
Continuing to be a corporate group driven by the aspiration of 
providing goods and services that offer new value to the larger 
society.
 P.07
Contributing to a 
decarbonized society and 
environmental conservation
Contributing to the 
development of land and 
local communities
Inputs
Business activities
 P.57
 P.59
 P.61
 P.69
 P.63
Natural capital
As of March 31, 2022
Financial capital
A sound financial structure and a 
stable earnings structure
Net assets
Domestic subsidiaries
¥308.1 billion
42 companies
Coil centers
29 bases
15 countries,
47 companies
25.7 %
Equity ratio
Overseas subsidiaries
Resources required for business 
activities (FY2021)
Human capital and 
intellectual capital
A group of professionals that is second 
to none, professionals who ceaselessly 
respond to customers’ wishes and from 
time to time create new products and 
values by themselves
1,327
Employees (non-consolidated)
6,584
Employees (consolidated)
Organizational and 
Group capital
Brand capital
A diverse and extensive 
network in Japan and overseas
NST’s global 
processing bases
Response to a variety of customer 
needs by providing secondary 
manufacturing capabilities and 
enhanced total solution capabilities
Core trading company of the 
Nippon Steel Group
Steel Division
Industrial Supply 
& Infrastructure 
Division
Foodstuffs 
Division
Textiles Segment
Current business activities
Steel
90%
Foodstuffs
6%
Industrial Supply & 
Infrastructure
4%
Ordinary profit by 
business division
Risk Management
 P.47
 P.49
296,192 GJ
Amount of energy used
30,000 t-CO2
CO2 emissions (Scope 1 + 2)
15,812,000 sheets
Amount of paper used (non-consolidated)
Priority issues (materiality) in 
ESG management
 P.25
Nippon Steel Trading contributes to the realization of a 
sustainable society.
Management infrastructure and corporate governance 
that support growth
 P.43
Value Creation Process
23

Quality control
Compliance
Nippon Steel Trading Corporation (NST) has been expanding our business in Japan and abroad, mainly in 
trading, by integrated operation of the Steel Division (the main business), Industrial Supply & Infrastructure 
Division, Foodstuffs Division, and Textiles Segment. As action focused on sustainability is accelerating 
throughout the world, we are necessarily committed to contributing to the realization of a sustainable 
society. We have therefore developed and are implementing growth strategies to realize a strong growth 
company that contributes to society, by overcoming challenges in the future business environment.
Putting trust and reliability first, and by 
doing so developing together with our 
customers.
Aiming to become the kind of organization that 
increasingly cultivates, utilizes, and values human 
resources and their talents.
Optimization of the 
entire supply chain
Contributing to a 
recycling-oriented society 
and sustainable living
Utilization of diverse human 
resources
Management based 
on trust and reliability
Outputs and outcome
Value provided to 
stakeholders
Realization of a strong growth company that 
contributes to society
 P.16
 P.17
 P.18
Building a robust corporate structure by 
implementing measures to strengthen 
the business foundation
Achieving sustainable growth by 
advancing growth strategies
Enhancing ESG management
Ordinary 
profit
Net profit
ROE
Net D/E ratio
Financial 
health
Economic value
Target indicators
¥47.8 billion
¥35.4 billion
13.2%
1.36 times
FY2021 result
¥45 billion or more
¥28 billion or more
9 − 10%
1.0 times or less
FY2025 target
Value created by 2025
Three key strategies of the Medium- to Long-Term Management Plan 
 (Main measures) 
 P.14
Customers
Creating products and services that 
offer new value to the larger society
 P.03
Employees
Creating work-friendly workplaces 
where every employee can grow
Developing human resources through 
rewarding work
 P.35
Shareholders and investors
Continual growth and improving the 
medium- to long-term corporate value
 P.77
Society
Cooperating and collaborating to 
resolve problems
 P.39
The environment
Contributing to a decarbonized society 
and environmental conservation
Maintaining a sustainable global 
environment
 P.30 
 P.49
 P.50
Growth 
potential
Profitability
Return on 
invested 
capital
Target indicators
Social value
Carbon neutrality
 P.31
−30%
About 
33,000 tons
CO2 
emission 
reduction
SDGs
FY2018 result
FY2030 target
FY2050 target
Contributing to the 
sustainable growth of 
society
Value generated over the medium- to 
long-term
24
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Contributing to a decarbonized society 
and environmental conservation
Contributing to the development of 
land and local communities
Management based on trust and 
reliability
Optimization of the entire 
supply chain
Utilization of diverse human 
resources 
Global mega-trends (Macro changes that occur at the global level over the long term)
Identification process and materiality
Economics
Technology
Politics
Environment
Social 
Priority Issues (materiality) in ESG 
Management of the NST Group
NST organizes the stakeholder issues (NST business issues) that were identified based on the 17 goals and 169 targets of 
SDGs, which are considered to comprehensively represent global social issues, and based on the international frameworks 
for CSR and ESG (such as ISO26000 and GRI standards). We also organize the issues which need to be addressed by 
NST, and consider the strengths of the NST Group and the roles which it should play in the future. Based on these results, 
NST identifies social issues which are of particular importance and which the company should give priority to addressing. 
A wide range of input regarding the identified important issues is obtained from within and outside the company, and the 
issues are discussed and approved by the Management Meeting and Board of Directors to decide materiality.
Contributing to a recycling-oriented 
society and sustainable living 
NST priority 
issues 
(materiality)
Examples 
of issue
...Etc.
NST Group’s stakeholders
Priority issues (materiality) to be addressed by the NST Group
Shareholders
Investors
Business 
customers
CO2 emissions
Ethical consumption
Six materiality issues were identified 
after dual assessments based on (1) the 
importance to society and stakeholders and 
(2) the importance to the NST Group, and 
following the assessment of priorities.
National resilience
Abnormal weather
Recycling
Waste loss
Digitalization
Employees
Issues of NST stakeholders 
(= NST business issues)
NST Group’s Corporate Philosophy and role
Business Domain
Corporate Philosophy
Steel, industrial supply & 
infrastructure, foodstuffs, and textiles
1 Continuing to be a corporate group driven by the aspiration of providing 
goods and services that offer new value to the larger society. 
2 Putting trust and reliability first, and by doing so developing together with 
our customers.
3 Aiming to become the kind of organization that increasingly cultivates, 
utilizes, and values human resources and their talents.
Issues which need to be addressed by NST
High
High
Perspective of the impact on the 
NST Group
Perspectives of society and 
stakeholders
S
o
c
i
a
l
E
n
v
i
r
o
n
m
e
n
t
G
o
v
e
r
n
a
n
c
e
Climate change and 
resource exhaustion
Changes in demographics 
and society
Changes in economic 
activity
Technology innovation
Changes in the political 
environment
Priority issues (materiality) in ESG management of the NST Group, ESG promotion system
25

ESG Promotion System
In order to create sustainable social and economic value through our business activities, we have established an 
ESG Committee chaired by the President. As we find it important to incorporate sustainability into business 
strategy and to conduct the PDCA cycle, the ESG Committee has the Environment Meeting, Social Meeting, and 
Governance Meeting as its subordinate bodies with executive officers as the head of each to promote activities 
in each respective area concerning sustainability.
1  Support implementation and follow-up of major 
SDGs-related measures taken by each business 
division (growth strategy, etc.).
2  Implement and conduct follow-up for achievement of 
the Group’s CO2 emission reduction target.
3  Conduct the Group’s environmental management 
(including ISO14001 certification).
4  Conduct and support improvement of supply chain 
CSR with consideration to the natural environment.
5  Respond to the Task Force on Climate-related 
Financial Disclosure (TCFD).
Major roles
1  Strengthen diversity and inclusion efforts.
2  Strengthen efforts that contribute to further 
improvement of safety and health management.
3  Strengthen development of human resources and 
their career.
4  Further promote workstyle innovation to support the 
empowerment of employees.
5  Implement and support improvement of supply chain 
CSR with consideration to human rights.
6  Implement, support, and conduct follow-up for 
improving efficiency throughout the supply chain 
using DX measures and ICT.
Major roles
1  Evaluate the progress of each corporate governance 
measure, and deliberate and review future policy and 
specific measures.
Major roles
Chairman
President
Members
Full-time Directors, full-time Audit & Supervisory Board Member, Executive Officer in charge of the Corporate Planning & 
Administration Division, and Counsellor
Secretariat
SDGs Promotion Department, Human Resources Department, and General Affairs & Corporate Communications Department
Functions
1  Discuss the policies, strategies, plans, and measures related to the Group’s ESG management.
2  Set KPIs (targets) and annual plans for the NST Group’s priority issues (materiality) related to ESG management.
3  Approve annual plans for each meeting and initiatives, update the progress of the major measures, and review and provide guidance 
on issues (including deliberations and decision-making concerning the NST Group’s Environmental Management System).
4  Review other important matters related to the promotion of ESG management.
ESG Committee
Responsible 
person
Executive Officer in charge of the SDGs 
Promotion Department
Participants
Executive Officers, Counsellors, and General 
Managers of the Corporate Planning & 
Administration Department, SDGs Promotion 
Department, Accounting & Finance 
Department, and General Manager of each 
Sales Planning Department
Secretariat
SDGs Promotion Department
Responsible 
person
Executive Officer in charge of the Human 
Resources Department
Participants
Executive Officers, Counsellors, and 
General Managers of the Human Resources 
Department, Human Resource Development 
Department, ICT Promotion Department, and 
Technical Support & Safety Management 
Department, and General Manager of each 
Sales Planning Department
Secretariat
Human Resources Department, Human 
Resource Development Department, ICT 
Promotion Department, and Technical 
Support & Safety Management Department
Responsible 
person
Executive Officer in charge of the General 
Affairs & Corporate Communications 
Department
Participants
Executive Officer and Counsellor of the 
Corporate Planning & Administration Division, 
and General Managers of the General Affairs 
& Corporate Communications Department, 
Corporate Planning & Administration 
Department, Accounting & Finance 
Department, Legal Department, and Internal 
Control & Audit Department
Secretariat
General Affairs & Corporate Communications 
Department
Members
Members
Members
Environment Meeting
E
Social Meeting
S
Governance Meeting
G
A cycle to incorporate sustainability into the business strategy
Matters discussed by the ESG Committee
Meeting 
held in
Nov. 
2021
Mar. 
2022
Primary matters discussed
Plan
Formulation of policies, 
strategies, plans, and measures 
related to ESG management
Action
Revision of policies, strategies, 
plans and measures based on 
reviews
Check
Progress management, review, 
etc.
Do
Implementation of key measures 
at each meeting
1  Selection of important SDG-related 
business themes to be given priority 
attention
2  Second half of FY2021 plan for the 
Environment Meeting, Social Meeting, 
and Governance Meeting
1  Progress of important SDG-related 
business themes
2  Roadmap for reduction of NST Group 
CO2 emissions
3  FY2022 plan for the Environment 
Meeting, Social Meeting, and 
Governance Meeting
26
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Materiality
SDG targets
Item (important business theme)
Contributing to a 
decarbonized society 
and environmental 
conservation
1. Eco solution proposals
1  Proposals for reduction in automotive CO2 emissions and for products related to electric vehicles (HV, EV, FCV) 
 High-tensile steel sheet, hot-stamped steel sheet, aluminum and other lightweight materials 
 High-performance electrical steel sheet, EV battery cases, FCV and other fuel cell materials and related 
products
PRIMARY 
GOALS
2  Proposals for products related to renewable energy and for emission regulations (SOx, NOx) 
 Materials for offshore wind power generation 
 Materials for solar power generation 
 Materials related to hydrogen 
 Materials for appropriate emissions regulations
3  Proposal and cooperation for Nippon Steel's Carbon Neutral Vision 2050 
 Environmentally friendly raw materials
2. NST Group’s CO2 emissions reduction (starting year 2018: 33,000 tons)
Contributing to the 
development of land 
and local communities
1. Contributing to the creation of towns that are resistant to disasters and that create vitality in the region
Contributing 
to a recycling-
oriented society and 
sustainable living
1. Eco solution proposals
1  Expanded supply of recycled steel raw fuels 
 Expanded supply of scrap (iron, stainless steel, etc.) (for blast furnaces, electric arc furnaces, etc. of Nippon Steel) 
 Expanded supply of biomass fuels and reducing agents
2  Expanded supply of products related to LCA (Life Cycle Assessment) 
 Reduced weights of steel can materials (tin) 
 High corrosion-resistance SuperDyma and ZAM (high corrosion-resistance plated steel) 
 NS ECO-PILE (screw piling method) 
 Ultra-high-tensile wire materials with reduced environmental load, etc.
2. Promotion of supply chain CSR that takes into account the working and natural environment
1  Provision of services to meet social needs such as ethical consumption
 Foodstuffs (alternative plant-based meat, antibiotic-free and growth hormone-free pork) 
 Sustainable textiles (organic cotton, recycled lyocell, recycled polyester, bamboo, kapok, kenaf, etc.) 
 Expanded transaction of fair-trade certified products
2  Enhanced CSR initiatives in the supply chain
 Consideration given to the working environment by enhanced CSR audits at production sites, including overseas 
cooperation plants
 Expansion of green purchasing in procurement materials and supplies
Optimization of the 
entire supply chain 
(use of information and 
technology)
1. Improvement of efficiency throughout the supply chain by utilizing DX measures and ICT
1  Digitization of steel trading operations 
 Contributing to the improvement of efficiency across society by building a platform for linking ordering, materials, 
and trading information in the supply chain (supplier - NST - customer)
Utilization of diverse 
human resources 
(Nurturing people, 
making proper use of 
people, and taking care 
of people)
1. Further strengthening of diversity and inclusion efforts
1   Maintaining over 30% as the ratio of female new graduates hired as career-track employees
2  Creation of an environment where diverse human resources play active roles and are challenged and 
rewarded (e.g., remote working, childcare and nursing care support, enhanced initiatives for personal 
development, etc.)
2. Enhanced efforts that contribute to further improvement of safety and health management
1  Enhanced efforts aimed at eliminating lost-worktime accidents
2  Enhanced efforts of health management (continuing to be certified as an excellent corporation for health 
and productivity management, and setting of priority issues)
Management based on 
trust and reliability
1. Enhancement of governance system and improved effectiveness of the Board of Directors to enhance 
management transparency and efficiency 
 Further enhancement of discussions at the Board of Directors (medium- to long-term strategy, investment discussions, etc.)
2. Improved effectiveness of risk management through the enhancement of autonomous internal 
controls on each of three Defense Lines
3. Advancement of management based on the costs of funds and capital
 Improvement in funding and capital efficiency in light of ROIC and other factors (restructuring of business portfolios 
based on ROIC, etc.)
4. Enhancement of shareholder return based on stable profit growth
In order to contribute to the realization of a sustainable society, the NST Group has identified six priority issues 
(materiality) related to ESG management that must be focused on, based on the issues of stakeholders, the Group’s 
Initiatives and KPIs to Address 
Priority Issues (materiality)
E
S
G
Initiatives and KPIs to address priority issues
27

Reference 
page
Main initiatives (results) and KPI
Materials that contribute to 
reducing automobile weights
 Focus on obtaining orders for high-tensile steel sheet, hot-stamped steel sheet, and aluminum – materials where further use is expected for 
model changes and new models.
Materials that contribute to the 
needs for electric vehicles
 Expand sales of and construct a supply chain for the high-performance electrical steel sheet used in EV motors and for EV components. 
(Capture growing demand for motors from OEM and parts manufacturers in Japan and Asia.)
Products that contribute to 
 achieving zero-carbon emissions  Reliably capture demand related to electric vehicles and environmentally friendly automobiles. (Expand sales channels for CNG/LNG/FCV 
fuel tanks, and create new sales channels for aluminum parts, tire pressure monitoring systems (TPMS), and other detection systems.)
Underwater foundations for offshore wind power generation
 Continued sales of jacket thick plates for Japan and Taiwan
Carbon fibers
 Sales of carbon fibers to the China blade beam manufacturers selected by major European manufacturers of wind power generators
Solar power frames
 Continued sales of high corrosion-resistant plated steel (SuperDyma, ZAM, others) for solar panel frame use in Japan and overseas
Hydrogen-related equipment
 Sales of steel tubes for hydrogen gas vessels, steel tubes for hydrogen circulation in overseas hydrogen towns, and titanium foil for fuel cell 
stack separators
Scrubbers (desulphurization equipment)  Sales of stainless steel sheet used in scrubbers
Steel raw materials
 Program for sales of black pellets from the U.S. company Aymium
 P.33
Introduction of electrical power from renewable energy sources at 
the NST Head Office
Creation of a roadmap for reducing CO2 emissions by 2030, aiming 
to achieve medium- to long-term environmental targets
KPI - FY2021 result
CO2 emissions: 30,000 tons
KPI targets
2030: Reduction by 30% (compared to 2018) 
2050: Carbon neutrality
 P.31
Distributed solar power generation
 We have established a power generation company with Looop Inc. and are operating a power sales business using solar power generation 
in Japan and overseas.
Scrap (high-grade scrap, SUS scrap)
 Expanding sales of high-grade scrap and SUS scrap for Nippon Steel Group blast furnaces and electric arc furnaces
Black pellets fuel for biomass power generation  Developing power companies and other users for a mass production plan starting in 2024
Lighter weights
 Creating thinner can products
Longer lifetimes
 Expanding use of SuperDyma and ZAM in Japan and overseas for solar power frames and other applications which require 
corrosion resistance
Balancing environmental and economic 
performance
 Expanding sales of NS Eco-Pile, which is effective in reducing noise and vibration, and reducing the amounts of waste soil, while 
allowing work to be performed in narrow spaces
Energy-saving materials
 Use of wire materials where heat treatment can be omitted during wire processing in large-scale bridge and other projects
Plant based meat  Sales of DAIZ Co. ingredients to major ham and sausage manufacturers, and promoting further product development and customer development
Pork free of antibiotics and growth hormones
 Focusing on expanding sales of Finnish Pure Rare pork to volume retailers through collaboration with major food product 
manufacturers
Recycled fibers
 Development and sales of fabrics and products using fibers from discarded banana tree stems
 P.64
 P.40
 P.71
CSR procurement controls
 Independent audits and improvement support for working environments and general CSR
Recycled products
 Production of original recycled products such as the next-generation REVIBELE leather made from recycled cut scraps
 DX strategy: Four systems related to improvement of steel ordering operations, automation of financial resource management in repeat transactions, operations and business 
management at processing sites, and the information interface with customers will begin full-scale operation during fiscal 2021 and fiscal 2022. 
We are continuing with functional expansion, increasing the number of product categories, and expanding the number of sites as a medium- to long-term project.
 P.39
 Promoting and supporting women’s empowerment, and providing 
support for balancing work with childcare and nursing care
 Promoting employment and empowerment of persons with 
disabilities, preventing harassment, support for LGBTQ
 Further working style innovations to support the empowerment of 
employees, promoting staggered shifts, making effective use of 
remote working and mobile working, reducing overtime work
KPI - FY2021 results
Ratio of female new graduates hired as career-
track employees: 31.8% 
Ratio of employees with disabilities: 2.3%
KPI targets
Ratio of female new graduates hired for career-
track employees: over 30%
Ratio of employees with disabilities: 2.3% or more
 P.37
 Carrying out autonomous safety activities, preventing work 
injuries
 Constructing a health management system (involvement of 
management), expanding it among employees, and enacting 
measures based on KPI
KPI - FY2021 results
Regular medical check participation rate: 100% 
Ratio of high stress employees in stress check: 
8.2% 
Percentage of paid annual leave taken by 
employees: 63.2% 
KPI targets
Elimination of lost-worktime accidents 
Regular medical check participation rate: 100% 
Ratio of high stress employees in stress check: 
less than 10% 
Percentage of paid annual leave taken by 
employees: over 70%
 P.38
Identification of the skills required by Board of Directors members, 
further focusing, expanding, and accelerating discussion and 
reporting at Board of Directors meetings, various support for 
maximizing the value and roles of Outside Directors
KPI – As of June 30, 2022 
Ratio of independent outside directors: One-third (3 out of 9 directors)
 P.44
Thorough management over the COVID-19 pandemic, reconfirming 
and strengthening the functions of risk management personnel, 
support for more effective voluntary inspections
KPI - FY2021 result
Conducted an awareness survey to employees of NST and Group companies. Response rate: 98.6%
 P.50
Intensive investment of business resources in growth fields and 
regions, in addition to strengthening the business foundation
KPI - FY2021 result
ROIC: 5.2%
KPI targets
2023/2025: ROIC of about 6%
 P.19
Dividend of 350 yen/share in FY2021, an increase of 190 yen/share 
from the previous year
KPI - FY2021 results
ROE: 13.2% 
Payout ratio: 31.9%
KPI targets
2023/2025: ROE of 9-10% 
Payout ratio: 30% or more
 Steel   
 Industrial Supply & Infrastructure   
 Foodstuffs   
 Textiles
corporate philosophy and roles, and growth strategies. Initiatives related to these issues will lead us to the achievement of 
SDGs corresponding to each of the materiality components we identified. Recognizing the role that our stakeholders and 
society expect us to play, we are actively working to resolve the issues and achieve the SDGs.
Each division selects priority themes to address and creates a detailed action plan, which it then carries out. The ESG 
Committee also conducts regular monitoring of progress and operates a PDCA cycle in connection with the business 
strategy to reliably achieve results. We will utilize key performance indicators (KPIs) that evaluate the results from efforts 
to address materiality to conduct proper follow-up and ensure full implementation, thereby contributing to sustainable 
social growth and enhancing corporate value.
 P.62
28
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Enhancing ESG Management
What Nippon Steel Trading can do to realize a sustainable society
E
S
G
Environmental 
Initiatives
Together with 
Society
For our People
Corporate 
Governance
P.30
P.39
P.35
P.43
Optimization of the entire supply chain
M
M
M
Contributing to a recycling-oriented 
society and sustainable living
Utilization of diverse human resources
Contributing to the development of 
land and local communities
M
M
Contributing to a decarbonized society 
and environmental conservation 
Materiality
Materiality
M
Management based on trust and reliability
Materiality
Environment
Social
Governance
29
Enhancing ESG Management, Environmental Initiatives

Environmental Initiatives
Environment
The Nippon Steel Trading Group (NST Group) is engaged in diverse business activities throughout 
the world, providing products and services in a wide range of fields. In order to reduce the various 
environmental impacts that arise from daily business activities, NST and its Group employees are 
now committed to a sustainable global environment by making efforts to preserve and improve it.
The NST Group has established “contributing to a decarbonized society and environmental conservation” as one materiality related 
to ESG management. By reducing CO2 emissions, proposing eco-solutions through our business, and other means, with the goal of 
becoming carbon neutral in 2050, we are aiming to achieve both preservation of the global environment and economic activity, and 
contribute to the creation of a sustainable society. In May 2022, we announced our agreement to the TCFD recommendations, and we 
have been carrying out information disclosure in line with the TCFD framework in order to clearly communicate information about the 
risks and opportunities of climate change in our business to all our stakeholders.
Board of Directors
Management Meeting
Business divisions and Group 
companies in Japan and overseas
Investment 
and Loan 
Committee
ESG 
Committee
Risk 
Management 
Committee
Environment 
Meeting
Social 
Meeting
Governance 
Meeting
Communi-
cation and 
discussion
- TCFD Action 
Study Team
Searching 
for risks and 
opportunities
Action in 
response 
to risks and 
opportunities
Individual 
business divisions
Monitoring 
and review
- Board of 
Directors
-Management 
Meeting
-ESG 
Committee
Climate change risk management system
(diagram)
Identification 
of risks and 
opportunities
Analysis of 
risks and 
opportunities
Assessment 
of risks and 
opportunities
4  Indexes and targets
 P.31 Preventing climate change
In May 2021, the NST Group identified six priority issues (materiality) related to 
ESG management, one of which is “contributing to a decarbonized society and 
environmental conservation.” We have decided CO2 emission reduction targets 
consisting of a 30% reduction (as compared to fiscal 2018) in fiscal 2030 and achieving 
carbon neutrality in fiscal 2050, and are taking action to eliminate carbon emissions.
3  Risk management
NST identifies the risks and opportunities resulting from climate change at the 
Environment Meeting, and operates an effective PDCA (plan, do, check, act) 
management cycle in order to carry out improvements. For identification, analysis, 
assessment, and action in response to climate change risks and opportunities, 
an internal cross-organizational project team (hereafter, the “TCFD Action Study 
Team”) has been established and is conducting studies. The ESG Committee 
considers and discusses the risks and opportunities which were identified by 
the TCFD Action Study Team, and then reports the results for discussion by the 
Management Meeting and Board of Directors.
2  Strategies
The TCFD recommendations include performing analysis based on multiple climate 
scenarios when disclosing strategies. At present, in our primary business area of 
steel, our company analyzes risks and opportunities, and studies the impact on our 
business, based on two scenarios: one scenario in which the measures necessary 
are carried out to limit the average rise in global temperatures to less than 1.5°C 
compared to pre-industrial revolution times, and one scenario in which these 
measures are not carried out and global average temperatures rise by 4°C.
1  Governance
 P.26 ESG promotion system
 P.43 Sustainability (Corporate Governance, etc.) Promotion System
From the perspective of promoting sustainability, Nippon Steel Trading has 
constructed a Sustainability Promotion System intended to improve corporate 
governance, enhance ESG management, and further strengthen risk management. 
As part of this, the ESG Committee that is chaired by the President is held twice 
every year, and we consider basic policies and measures related to promotion of 
our ESG management, including matters related to climate, comprehensively and 
across the entire NST Group. The Environment Meeting is a subordinate body of the 
ESG Committee and carries out implementation and follow-up of various climate-
related and other measures. The issues considered and discussed by the ESG 
Committee are reported to and discussed by the Management Meeting and Board 
of Directors at least once each year. The Board of Directors carries out regular 
supervision of this process, and provides instructions for action as necessary.
E
M
Contributing to a decarbonized society and environmental conservation
NST Group’s CO2 emissions 
(excluding the Textiles Segment)
FY2018
FY2030 
target
30% reduction (vs. FY2018)
(Carbon 
neutral)
FY2050 
target
About 
33,000 
tons
About 
23,000 
tons
 Information disclosure based on recommendations from the TCFD 
(Task Force on Climate-related Financial Disclosure)
30
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Preventing climate change
The NST Group has created a roadmap for CO2 emissions reduction up to 2030, aiming to achieve our Medium- to Long-Term 
environmental targets.
Because approximately 80% of CO2 emissions in the NST Group are due to the use of electrical power, we will carry out a range of energy-
saving measures, systematically switch to power from renewable energy sources, and utilize environmental certificates (non-fossil fuel 
certificate, J-Credit, etc.) as we aim to achieve the targets.
3  Roadmap for CO2 emissions reduction
1  Previous efforts
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026 - 2029
FY2030
Nippon Steel 
Trading
Group 
companies 
(Japan and 
overseas)
Challenge 30 activity
(Promotion of programs such as complete electrical energy conservation and education through environmental training aimed 
at reducing CO2 emissions and addressing SDG environmental issues with the participation of all Group employees)
Challenge 30 activity
(Promotion of programs such as complete energy conservation and education through environmental training aimed at 
reducing CO2 emissions and addressing SDG environmental issues with the participation of all Group employees)
Various energy-saving measures
(Introduction of solar power generating systems, switching vehicles to EVs or other eco-cars, changing to high-efficiency, 
energy-saving equipment, etc.)
Use of environmental certificates
(non-fossil fuel certificate, J-Credit, etc.)
Switching to power from renewable energy sources, use of environmental certificates 
(non-fossil fuel certificate, J-Credit, etc.)
NST (introduced)
Offices, branch office, and 
sub-branch offices
M
Contributing to a decarbonized society and environmental conservation
CO2 emissions (Scope1, Scope2) resulting from energy use in business operations of the NST Group are as shown below.
2  CO2 emission results (thousand t-CO2)
Scope
FY2018
FY2019
FY2020
FY2021
Scope1
(direct emissions)
NST and 
consolidated 
subsidiaries 
in Japan and 
overseas
7.0 (21%)
7.2 (22%)
5.8 (21%)
6.8 (22%)
Scope2
(indirect emissions)*1
26.2 (79%)
25.5 (78%)
22.4 (79%)
23.5 (78%)
Scope1+2*2
33.2
32.7
28.2
30.3
*1: In the NST Group, indirect CO2 emissions (Scope2) resulting from electrical power use at companies in Japan and overseas account for approximately 80% of total emissions.
*2: As a result of the merger of the NST Textiles Division and Mitsui Bussan I-Fashion Ltd. in January 2022, the numbers have been retroactively corrected (excluding the amount from the 
Textiles segment) for the transition period (FY2018 – FY2020).
Breakdown of FY2021 CO2 emissions
2021
2022
NST
6%
Domestic 
subsidiaries
41%
Overseas 
subsidiaries
53%
May 2021
Identified priority issues  (materiality) related to ESG 
management. / Established CO2 emissions reduction 
targets (Scope1 and Scope2) for the NST Group.
November 2021
Established the ESG Committee (Environment Meeting).
March 2022
Created the Roadmap for NST Group CO2 emissions reduction.
May 2022
Announced our agreement to the TCFD recommendations 
and participation in the TCFD Consortium.
November 2022
Began information disclosure based on 
the TCFD recommendations.
2050
Carbon 
neutral
2030
30% reduction 
(as compared to 
FY2018)
About 
30,000 
tons 
31
Environmental Initiatives

Environmental management
NST has established the Environment Meeting as a subordinate body of the 
ESG Committee, and has constructed an environmental management system 
chaired by the President.
In Japan, we acquired ISO14001 international environmental management 
certification in 2002. Our top management including the President operates 
an effective PDCA (plan, do, check, act)  cycle, and we engage in Group-
wide activities for environmental preservation and reduction in environmental 
impacts, observe environmental laws and regulations, conduct environmental 
training, and take other actions.
Overseas as well, all Group companies are already actively involved in 
environmental management, and we are striving to improve the management 
level globally.
Internal environmental audits
Educational activities (environmental training)
Nippon Steel Trading Corporation recognizes that conservation of the global environment is our No. 1 priority for 
business management, and will work to balance global environmental protection and economic activities in all areas of 
the Group’s global business, aiming for the development of a sustainable society.
Complete Environmental Compliance
In addition to observance of all legal regulations related to the environment, we will act with respect for the spirit underlying these regulations.
Consideration for the Natural Environment
In our business activities, we will give full consideration to the effects on natural ecosystems, and will carry out measures for 
environmental protection.
Efficient use of Resource Energy
We recognize that the Earth’s resources are limited, and will promote their efficient use, strive for extensive reduction and reuse of waste 
materials, and work for the efficient use of resources.
Continual Improvement of the Environmental Management System
We will establish an environmental management system based on our Environmental Policy, and endeavor to maintain and improve it.
Communication and Complete Observance of the Environmental Policy
We will communicate this Environmental Policy to all employees, conduct training activities, and improve the level of environmental 
awareness among all Group members, aiming to be business persons who are able to understand the importance of protecting the 
global environment and take actions toward that goal.
Diagram of the Environmental 
Management System
Basic 
Philosophy
Action 
Policy
Status of 
ISO14001 
acquisition
 NST: 23 sites
 Domestic Group companies: 39 sites at 16 companies 
(certified as a group), 6 companies (certified individually)
 Overseas Group companies: 10 companies (certified individually)
2  Environmental Management System
3  Main Initiatives
1  Environmental Policy
Management Meeting
ESG Committee
Environment Meeting
Steel Division
Environmental 
Manager 
NST offices 
Group 
companies
Industrial 
Supply & 
Infrastructure 
Division
Environmental 
Manager 
NST offices 
Group 
companies
Foodstuffs 
Division
Environmental 
Manager 
NST offices 
Group 
companies
Corporate 
Planning & 
Administration 
Division
Environmental 
Manager 
NST offices 
Group 
companies
The NST Group conducts internal environmental audits in order to verify within NST Group 
organizations that the environmental management system conforms to the ISO14001 
standards, and is operating and being maintained correctly. All NST offices and domestic 
subsidiaries conduct voluntary verification based on the “Internal Environmental Audit 
Checklist.” Sampling checks are also conducted by environmental auditors appointed by the 
President, and steps are taken in order to improve and expand management awareness.
The NST Group carries out environmental training each year 
both for each employee level and Group companies in order to 
prevent violations of environmental laws and regulations, and to 
improve environmental awareness.
In Fiscal 2021, we conducted an explanation by video broadcast 
for all employees concerning the effects of global warming, 
global trends related to reducing carbon emissions, the NST 
targets for reducing CO2 emissions, and actions that each of 
us can take in order to promote action by all employees related 
to “Contributing to a decarbonized society and environmental 
conservation,” which is material to our ESG management.
Investigation of environmental risks at overseas Group 
companies
In order to reduce environmental risks and construct a 
management system on a global scale, in fiscal 2021 the 
NST Group utilized an external consultant to investigate 
environmental risks at overseas manufacturing and processing 
subsidiaries.
The investigation results showed that there were no sites where 
environmental risk was classified as high, and assessed that 
the overall level of environmental risk at overseas subsidiaries 
was low. We continue regularly to check the conditions of risk 
improvements at each company to reduce risk.
Rina Kawashima
SDGs Promotion 
Department
Corporate Planning & 
Administration Division
32
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

M
Contributing to a decarbonized society and environmental conservation
Introducing 
businesses 
that respond to 
SDGs-related 
social needs
Contributing to a 
decarbonized society 
and environmental 
conservation
Kazuki Sato
Raw Materials 
Department
Steel Division
Carbonized wood (raw material)
(before pelletizing)
Final product
(after pelletizing)
Steel 
Business
Reason for choosing Aymium as a partner
Aymium is a strong start-up venture that manufactures 
high-quality bio-carbon using its own original patented 
technologies. In the U.S. state of Michigan, it is currently 
operating the largest bio-carbon production plant in North 
America, where it produces primarily black pellets.
As a result of its original technologies, Aymium products 
feature higher heat values and higher levels of fixed carbon 
than ordinary black pellets. In addition, because the handling 
properties allow these pellets to be used as a substitute 
for ordinary coal products, it is not necessary to change 
equipment specifications in order to use them. Aymium has a 
strong foundation in both production using its original patented 
technologies and sustainability, and we concluded that it is a 
partner whom we can work with as the NST Group works to 
operate a zero-carbon business in the future.
Black pellets
Black pellets are created from wood biomass raw material, 
which is carbonized by torrefaction under conditions that are 
shut-off from air and then formed into pellet shapes. Black 
pellets are positioned as carbon neutral products.
Aymium has acquired CoC* certification from an international 
forestry certification agency, and strictly manages its supply 
chain, including its raw material suppliers, and has taken 
complete action so that its products are fully compliant with 
laws and sustainable.
Nippon Steel Trading Americas, Inc. (hereafter, “NSTA”) is a subsidiary of NST 
in the United States. In March 2022, NSTA accepted an allocation of newly 
issued shares  from NCT Holdco, LLC (hereafter, “Aymium”), a company which 
manufactures and sells bio-carbon (black pellets).
 Investment in bio-carbon (black pellets)
Expected benefits for the environment
Black pellets are made by semi-carbonizing pulverized, dried, 
and torrefied wood materials. In addition to their use as a 
substitute for ordinary coal in electricity production, they can 
also be used as a carburizer, sintering fuel, PCI fuel, or other 
materials in steelmaking applications. As a result, they are 
expected to be an efficient and practical means of reducing 
CO2 emissions by steelmakers, power companies, and others 
aiming for carbon neutrality.
In particular the Aymium black pellets enable the production 
of high heat value products (approximately 50% higher heat 
value compared with low-temperature torrefaction), and allow 
reductions in various costs (especially transport costs) per 
unit of heat value. Another advantage is that the high-calorie 
biomass collected following the high-temperature torrefaction 
process can be reused in raw material drying and thermal 
decomposition processes, reducing environmental impacts.
Future prospects
At present, Aymium is constructing new U.S. plants located 
in California and on the Pacific Northwest coast. The funds 
acquired from this capital increase will be utilized for this 
construction. The company will continue to expand production 
capacity in the west coast and the southeast, where ample 
supplies of wood biomass are available. In addition to sales 
in the U.S., it also plans to supply products to consumers in 
Japan, Asia, and Europe.
The high-quality black pellets of this company can be used as 
a power generating fuel and as a steelmaking raw material. By 
becoming actively involved in sales activities, the NST Group 
will contribute to realizing a zero-carbon society.
Beginning from carbon-neutral supply of raw materials,
aiming to get a foothold toward zero-
carbon business operations
* Acronym for “Chain of Custody.” This is a system for tracking raw material certification 
information to verify that it has been appropriately processed and distributed at all 
stages until the product reaches the consumer when using wood material or recycled 
material that has received forestry management certification.
Source: Aymium website
Aymium bio-carbon manufacturing process
The raw materials used 
are sustainably sourced 
from forestry and 
agriculture.
Sizing, drying, and 
cleaning of raw materials 
are carried out to create 
the optimal conditions 
for loading into the next 
process.
Using patented 
technologies, the 
biomass is converted to 
high-purity bio-carbon 
and bio-gas.
Product specifications 
can be tailored for 
different applications.
Raw materials
Processing
Thermal 
decomposition
Finishing
Because the energy and 
water used at Aymium are 
generated in-house, the 
environmental impact is 
extremely low.
33
Environmental Initiatives

M
Contributing to the development of land and local communities
Yusuke Nakano
Infrastructure, Machinery 
& Railway Department
Industrial Supply & 
Infrastructure Division
Industrial Supply 
& Infrastructure 
Business
The Rojana Ayutthaya Industrial Park in Thailand 
employs 100,000 people in Ayutthaya, and has 
grown in area to be the third-largest industrial park 
in Thailand.
When I look at the numbers, I can sense the importance of the 
role that our company has played in industrial park projects, 
and I feel a large sense of accomplishment at the scale of the 
industrial park. Although corporations of a wide range of sizes 
operate at the industrial park, the largest companies employ 
more than 5,000 local employees. In particular at the Rojana 
Ayutthaya Industrial Park in Thailand, the overall industrial park 
employs a total of 100,000 local people, and has made a large 
contribution to regional development.
Difficulties in the growth process
In October 2011, the Rojana Industrial Park suffered 
unprecedented damage from flooding. At that time I gained a 
renewed recognition of the threats that natural disasters pose, 
and of the missions of the companies which protect the human 
and production infrastructure.
Through the development and operation of industrial parks, and associated 
business supplying electricity, water, and drainage, NST is providing full 
support to Japanese companies entering overseas markets. We have 
gained much expertise through our more than 30 years of our involvement 
with operation of the Rojana Industrial Park, one of the largest in Thailand.
Since the flood, each year during the rainy season we share 
flood-related information based on simulations conducted by 
the consulting company TEAM with the corporate residents of 
the industrial park.
Provision of clean and stable infrastructure is 
essential.
From the early days, the Rojana Industrial Park began 
supplying power generated by natural gas to its customers. 
Today we provide a stable supply of clean, environmentally-
friendly energy to the local power authority from our solar 
power business.
As the trend towards addressing global SDGs also accelerates, 
our company is putting greater efforts into development of 
our renewable energy business. Mexico in particular has an 
environment that is well-suited to solar energy production utilizing 
its ample sunlight and large tracts of land at reasonable prices.
Our company utilized subsidies from the Ministry of Economy, 
Trade and Industry to conduct a commercialization study for 
possible provision of a distributed solar power generating 
service to the 200 corporate residents (of which 70 are 
Japanese companies) at the Lintel Industrial Park in Mexico. 
Unfortunately the commercialization project has been delayed 
due to the effects of COVID-19, however as we wait for 
the pandemic to end, we continue to study demand from 
Japanese companies.
Future prospects
Due to the COVID-19 pandemic, it continues to be difficult for 
people to travel overseas from Japan to examine industrial 
parks. In order to help customers who are considering 
business in Thailand but are unable to come to examine the 
actual site, our company has begun making site proposals 
utilizing aerial video shot using drones. We would like to 
expand the industrial park total support functions that we have 
developed in Thailand to other countries.
We are engaged in sales at Lintel Industrial Park in Mexico and 
at Phu My 3 Specialized Industrial Park in Vietnam. In addition to 
gaining further experience and capital participation in industrial 
parks, we would also like to contribute to regional development by 
becoming involved in general electricity, water supply and sewage, 
and logistics infrastructure business at these places in the same 
way we do at the Rojana Industrial Park.
Utilizing more than 30 years of  experience in 
industrial park projects in Thailand,
setting our sights on expanding to 
Vietnam and Mexico
 We received advice from the Japan International Cooperation Agency (JICA) 
indicating that when the new embankment was constructed, it should have 
extra height of 6.05 m above the maximum water level during the 2011 flood. 
Based on this, we have constructed a new flood embankment that is 6.05 m 
above sea level and stretches for 73 km around the periphery.
 Flood gates have been installed in two locations using funds provided 
by Japanese government ODA. These prevent backflow of water into the 
Khaomao Canal when the water level rises during the rainy season.
  All entrances (9 locations) have been raised to the same height as the flood 
embankment of 6.05 m above sea level.
 Overseas industrial park projects
Introducing 
businesses 
that respond to 
SDGs-related 
social needs
Contributing to the 
development of land 
and local communities
New embankment
Old embankment
34
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

The Employee Code of Conduct (EECC) is a concise statement that 
describes the mindset and attitude required of each employee in 
order to make our Corporate Philosophy a reality. When the EECC 
was created immediately following our business integration in 2013, 
it was repeatedly discussed and formulated by a diverse task force 
composed of manager-class employees from each business 
division, our Corporate Planning & Administration Division, and our 
Tokyo, Osaka, Nagoya, and Kyushu branches. 
We strive to fully understand the values incorporated in the EECC, 
and for each employee to take the initiative and put them into practice 
during their daily work so we can enact our Corporate Philosophy and 
create a new, stronger, and better company with our own hands.
Our company’s most valuable asset is its people. We have established “Aiming to become the kind of organization that 
increasingly cultivates, utilizes, and values human resources and their talents” in our Corporate Philosophy, and the 
development and utilization of human resources is an important management theme. We are hiring employees from different 
backgrounds and working to prepare work environments where every individual can put their abilities to maximum use in their 
respective business areas. The ultimate goal of our human resource strategy is to grow employees who understand our 
Corporate Philosophy, Management Principles, and Employee Code of Conduct and can independently put them into 
practice, so that we can continue to be a corporate group that can pull together individual abilities to produce new value.
We place great importance on further expanding our strengths: 
employee training and development and our secondary manufacturing 
capabilities. We have developed a human resources strategy for this 
purpose and are aiming to accelerate company growth. In addition to 
training for each employee level, we have also prepared a program for 
improving specialized expertise and global business capabilities.
 Human resources strategy to foster expertise 
and professionalism in each business
Challenge
Growth
“Advance to a higher stage with enthusiasm!”
We never fear failure and willingly take the first 
step forward with a positive attitude, 
enthusiasm, curiosity, and the desire to improve.
We are never satisfied with the status quo, have 
an awareness of potential and existing 
problems, and generate new value.
We constantly stay ahead of the 
times with a sense of professionalism. 
We study, conduct and take action 
proactively in order to achieve 
mutual growth.
Reliability
We invest time in daily communication.
We establish solid relationships of 
reliability through mutual respect.
Borderless
We maintain a flexible mind, 
breaking free of the confines 
of existing concepts.
We bring together individual 
abilities to demonstrate 
comprehensive strength in 
all fields.
“Achieve organizational 
strength through 
integration of individuality.”
“Be the one that can be trusted 
and relied upon constantly.”
“Realize corporate growth 
through personal growth.”
Nurturing 
newly hired 
employees
 OJT mentorship for new hires (development planning documents, monthly reports, 
development interviews)
 Training of new employees’ mentors, etc.
Enhancement 
of expertise
 Training to improve specialized knowledge for each division
 Financial support for obtaining qualification, and personal development
 Training on legal affairs and management
 Practical knowledge acquisition (internal certification system, e-Learning, IT training 
sessions), etc.
Enhancement 
of global 
capabilities
 Overseas Challenge Program 
(two-year foreign language study program and work training; sent to USA, Mexico, 
China, Hong Kong, Thailand, Vietnam, France, Australia, and Brazil)
 Short-term overseas English study program
 Short-term overseas training program for new hires (all new graduates for main career track)
 Program to learn about an assigned country and seminars on overseas crisis management
 Measures to enhance English language skills, English self-development courses, etc.
 English-speaking regions: 33 persons
 Chinese-speaking regions: 18 persons
 Other language regions: 9 persons
A total of 60 employees have 
completed the Overseas Challenge 
Program, which began in fiscal 
2009.
Overseas Challenge Program 
participants by language
For our People
Social
The Nippon Steel Trading Group (NST Group) is striving to create a “worker-friendly 
workplace” where each employee can grow while respecting each other’s individuality 
and diversity, and to develop human resources that are trusted by stakeholders through 
“challenging and rewarding work.”
S
M
Utilization of diverse human resources  
(nurturing people, making proper use of people, and taking care of people)
 Employee Code of Conduct
35
For our People

Training by level
Career-track employees
Managers
Executive 
Officers
Career-track employees and managers
Mandatory training
Selected  
training
Selective 
training
Common
General staff
Career
Training on enhanced engagement, career mindset, development of junior staff, and communication 
All levels
Training for improving specialized knowledge for each division; subsidies for lectures and in obtaining qualifications
Others: Prevention of harassment (e-Learning, etc.)
Strengthening of global response capabilities (for newly appointed overseas representatives, expatriates, etc.) Overseas pre-assignment training, crisis management seminar
Training on global mindset
Measures to strengthen English language capabilities; individual selective measures by level (e-Learning, online English conversation, mobile apps, etc.)
Enlightenment activities for language learning (posting of annual schedule, introduction of free learning tools such as the Benefit Station)
Global mindset fostering
Addressing a variety of 
learning needs
Promote the training of personnel 
who can achieve our business 
strategies while following our 
Corporate Philosophy and 
Management Principles. 
Give consideration to the 
realization of time productivity, 
diverse workstyles, and work-life 
balance, as well as the provision 
of educational opportunities to 
local and overseas workers.
Encourage employees to do self-
directed learning and support 
those who are proactive for skill 
development.
1
2
3
OJT mentorship program 
(development planning 
documents and monthly reports)
Program for officers: e-MBA 
Online learning
Online learning for managers and section managers
Training in overseas business skills
Development interview 
(1st and 2nd years)
Internal certification, basic practical knowledge, and e-Learning
Training for mentors of new employees
Career Vision Training
Briefing on 
pension 
system, etc.
Prospective Employee Training
Introductory training for 
new employees
Follow-up training for new 
employees
Introductory training for new 
employees
Follow-up training for new 
employees
Legal training [Basic] 
Management training 
[Basic]
Legal training [Intermediate]
Training for newly 
appointed managers
Training for newly appointed 
section managers
Training for newly appointed 
general managers
Executive Seminar at the Nippon Steel Group
Training for executive officers
10th year training
Follow-up training for career-
track employees 
e-MBA
Training 
for general 
managers
Training for 
managers
Training 
for section 
managers
Training for superiors of female 
career-track employees 
Career training for female career-track 
employees
Overseas Challenge Program 
(3rd to 10th year for career-track employees)
Short-time overseas 
training program for 
new employees
Online learning and e-MBA for particular jobs
(*only for those who have completed all e-Learning subjects 
on basic practical knowledge)
Online learning 
for general 
managers
Training for newly appointed 
expert staff
Abilities development is conducted primarily through OJT, and is combined with various training for each employee level, 
specialized training, and other group training. Group training includes training for younger employees to improve their level of 
the knowledge needed to carry out their work, manager training for learning about management and acquiring the knowledge 
and skills for contributing to strengthening Group business, global training for developing human resources who can be 
active in a wide range of business areas, and training for female managers or supervisors to support the activities of female 
employees. We have also created a system that allows employees to learn at their own initiative, including online learning 
where employees can choose the curriculum that they want to study.
1  Basic approach to abilities development
2  Diagram of the abilities development system
36
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

As we are working at increasing the global scale of our business, we actively recruit non-Japanese employees, and as of April 1, 
2022, 32 non-Japanese employees are working at NST. In addition to the value of their language skills in connection with 
international transactions, they engage in in-depth dialogues and play an essential role based on their understanding of the 
culture and economy of both Japan and their country. We aim to stimulate non-Japanese employees and Japanese-national 
employees with each other and to create synergies.
In April 2022, Outside Director Inoue delivered a lecture for female career-track employees 
based on her own experience, providing advice for career advancement by women, and 
explaining what is important for work (planning a career). She had experience being assigned 
overseas together with her children after joining the Ministry of Agriculture, Forestry and 
Fisheries, as well as acquiring lawyer qualifications, at a time when there were still few women 
in the ministry. One participant said she learned that Ms. Inoue, despite her spectacular career, 
felt the same concerns and ideals as she herself did. She also indicated that she became able 
to envision a specific career for herself.
Outside Director Inoue
Lecture on the subject of careers and women’s 
empowerment
At present, the environment surrounding Nippon Steel Trading (NST) Corporation is constantly changing and, as globalization 
continues, we are committed to realizing our corporate philosophy and management policies and to achieving sustainable 
growth. We will create a workplace environment where diverse human resources, including women, the elderly, non-Japanese, 
and people with disabilities can continue to work. We are strengthening efforts to diversify our organization, and aim to become 
an inclusive company where all diverse employees can grow and play an active role.
Target 1
Aim to increase the percentage of female employees promoted 
to manager-class to 80% or more of that of male employees by 
preparing work environments where female employees can be 
active in management positions in every workplace.
Initiatives
Target 2
Aim for the retention ratio of female career-track employees 
in around the 10th year after employment to be 80% or more 
of the ratio of male career-track employees by fostering a 
corporate culture in which female employees can continue to 
work with favorable motivation.
Initiatives
Targets and initiatives
New hires
(FY)
Women
2020
2021
2019
51
48
22
16
16
7
17
17
33.3
33.3
33.3
33.3
31.8
31.8
Total
Ratio of 
women (%)
Managers
2.5
2.5
2.4
Women
Total
Ratio of 
women (%)
(FY)
2020
2021
2019
653
676
591
16
16
17
17
14
14
1
3
2
Plan period
April 01, 2021
March 31, 2024 (3 years)
Our challenges
Based on the corporate philosophy of cultivating, utilizing and valuing human resources, we 
have formulated an action plan to create an environment in which female employees can play 
an active role, and we are actively working on it.
M
Utilization of diverse human resources (nurturing people, making proper use of them, and taking care of them)
 Diversity & Inclusion
1  Efforts to promote women’s empowerment
2  Efforts to recruit non-Japanese employees
Topics
Conduct an awareness survey to identify issues related to the 
promotion of women’s empowerment, and use results for the 
formulation and implementation of improvement measures.
1
Conduct career training for women career-track employees.
1
Raise the ratio of women in management. 
Challenge 1
Continue diversity management education for management.
2
Implement management programs for managers with women career-
track employees.
2
Increase the duration of continued employment of female career-
track employees.
Challenge 2
Strengthen training to develop subordinates for section managers. 
3
Hold seminars for employees involved in childcare, nursing care, etc., 
with the aim of promoting balancing work with personal life.
3
Eliminate anxiety about enabling a balance of work and personal life 
events for female career-track employees and create an environment 
that will enable them to look forward to career advancement.
Challenge 3
 Promote working efficiency so as to improve work-life balance.
4
37
For our People

Certification for the third consecutive year as a 2022 Outstanding Health 
& Productivity Management Organization (large corporation category) and 
reinforcing initiatives for health and productivity management
Kazuki Obana works in our Credit Management Department, and he was chosen for the SIXES 
Japanese men’s national lacrosse team at The World Games 2022 that were held in Alabama in 
the United States in July 2022. He scored the winning goal in the third place playoff match versus 
England, bringing victory to the team and winning the bronze medal.
After joining the company, I was assigned to the Credit Management Department and was busy every 
day with credit management work or the departments I was responsible for. At first, I was unsure 
whether I could balance my life with lacrosse, however there were many athletes who continued playing 
lacrosse while working in a trading company or a bank and I thought I would give it my best try.
As a lacrosse player, I spend as much time as possible on weekdays with personal training such 
as running and strength training. On days off, I repeatedly train and hold practice matches with my 
club teammates. Although the workloads can be heavy when urgent issues arose, and during the 
month-end and year-end busy periods, at those times I make special efforts such as training that 
can be done in short periods of time. In addition, thanks to the special leave granted to me by the 
company and the support shown by everyone in the workplace, I have been able to balance both 
work and lacrosse. In the future, I will continue to be grateful for the understanding and support 
given to me by the company and those around me, and hope to grow further as a Nippon Steel 
Trading employee and as a lacrosse player.
Comments from Kazuki Obana
Improving the Work-Life Balance
An employee of our company was selected for the Japanese men’s national 
lacrosse team and won a bronze medal at the world championships.
Provided by the Japan Lacrosse Association.
Online guidebook produced by NST
3 Initiatives for further leveling-up
 Introduce a health information management 
system (electronic medical charts).
 Utilize devices (Free Style Libre glucometer) 
to visualize blood sugar and other vital data.
 Begin introduction of a “diabetes prevention 
program” that provides data-based health 
guidance (advice for improving living habits) 
from public health nurses and others.
2 Countermeasures to infectious 
diseases
 Conduct workplace vaccinations with 
COVID-19 vaccines.
 Prepare a system for protecting the health 
of employees and their family members 
throughout the Group.
 Provide PCR test and antigen test kits from 
cooperating medical institutions.
1 Continuing initiatives
 Maintain a 100% examination rate for regular 
health examinations.
 Conduct screening for breast cancer, ovarian 
cancer, and colon cancer, and maintain a 
high screening rate of 90% or more.
 Prepare a system for other cancer screening.
 Improve the family member health examination rate.
 Communicate the importance of receiving specific 
health guidance for preventing lifestyle diseases, 
and promote to increase the participation rate.
 Expand employee interviews by physicians and 
others for mental health measures.
Initiatives
In the 2019 fiscal year, the Human Resources Department began to send employees 
recommendations to encourage utilization of the benefit of childcare leave, via the head of the 
department, for male employees who had submitted a report of family changes. Subsequently, 
the acquisition rate has increased significantly. In order to further improve work-life balance, we 
have advocated a 100% acquisition of the childcare leave for male employees. We will continue to 
promote the use of the system and increase the acquisition rate and the number of leave days.
We are continuing to carry out health-focused measures so that employees can work with peace of mind, and maintain and improve 
their physical and mental health, working towards creating a strong growth company that contributes to society.
NST understands that employees who are in good shape are 
able to make maximum use of their abilities, and can improve 
productivity and increase the vitality of an organization, leading 
to sustained corporate growth. In 2019, we formulated the 
“Nippon Steel Trading Health Declaration” and the company and 
health insurance association are working together and devoting 
efforts to health and productivity management.
In order to prevent illness and promote health among employees, 
we are cooperating with the health insurance association and 
carrying out a range of initiatives with a focus on cancer and 
women’s health.
NST and the health insurance association will work together 
to support the health improvement of each employee.
1
NST will promote work-way reform and productivity 
improvement, and enhance work-life balance.
3
In order to achieve a “work-friendly, work-challenging” 
situation, NST and its employees work together to 
create a working environment where everyone is excited 
and rewarding.
2
Health Declaration
Anri Kitasaka
Human Resources 
Department
Corporate Planning & 
Administration Division
 Well-being
2  Childcare leave system for male employees
1  Initiatives for health management
Topics
38
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Order 
receipt
Through the use of Information and Communications Technology, we aim to achieve distribution reform by 
thoroughly digitalizing trading company operations and promoting efficiency throughout the supply chain. For 
this purpose, we have developed a new steel distribution DX platform that covers a wide range of areas, including processing 
centers, and have decided to digitalize the entire trading company operations, from order inquiry to quotation, order receipt and 
placement, processing, shipping, and money collection. As shown in the overview below, four systems related to order 
placement work, inventory management, exchange of transaction data, and processing site management will begin operation 
during fiscal 2021 and fiscal 2022. This will lead to 1) improved efficiency of the entire flow involving customers, distributors, and 
suppliers, 2) significant improvement in accuracy of operations and quality control, and 3) reduction in inventory / loss and 
improvement in logistics efficiency and productivity through real-time usage and visualization of information.
 Progress of DX strategies
“SPOD” Improved order 
entry system
“NST Business Online” 
Information exchange 
portal
Order 
inquiry
Delivery 
management
Acceptance/billing and 
collection
After 
service
Coil centers
(including processing centers)
Market 
information
Delivery 
information
Order 
placement
Production 
information
Specification 
review
Payment
“EXCS™” New coil center 
system
“N-SCM” Integrated 
inventory management 
system
Trading Company
Steelmakers
Steel Users
Blast 
furnace
Electric 
furnace
Rolling 
manufacturer
“SPOD” Improved order entry system
Standardization of order placement work and strengthening the check functions are intended to improve accuracy 
and efficiency, and work towards zero human errors.
Began operation in the second half 
of fiscal 2021. Functional expansion 
and increase of the number of 
product categories are issues that 
we are continuing to address.
“N-SCM” Integrated inventory management system
Automation of inventory control in repeating transaction fields is intended for quicker responses to changes in the situation.
“NST Business Online” Information exchange portal
A new interface infrastructure for business partners that will yield smoother and more efficient exchange of 
transaction data.
Will begin operation in fiscal 2022. 
Functional expansion and deployment 
to new sites will be carried out over 
the Medium- to Long-Term.
“EXCSTM” New coil center system
The core business management systems at NST subsidiary coil centers will be updated and consolidated.
DX Platform
Together with Society
Social
S
M
Optimization of the entire supply chain (utilization of information and technology)
Keisuke Ito
DX Promotion Department
The DX Promotion Department was established directly under 
the President in July 2020. Some members of the Department 
are concurrently placed in business divisions in order to 
conduct review and development in response to the actual 
state of sales operations. As described above, the Steel 
Division will carry out full digitalization in distribution of steel 
products, and the Industrial Supply & Infrastructure Division, 
Foodstuffs Division, and Corporate Planning & Administration 
Division will also study and develop DX measures from the 
unique perspective of their individual fields.
In order to prepare the environment for the use of the latest 
ICT, we plan to spend ¥17 billion over the five years from fiscal 
2021 to fiscal 2025 for introduction of systems, including 
approximately ¥5 billion for DX measures.
In order to operate in an integrated manner with management, 
the DX project roadmap will be regularly discussed at the 
executive level and also reported to the Board of Directors. We 
are also developing a personnel training plan to improve ICT 
literacy among all employees.
1  Overview of DX 
measures
2  DX promotion, ICT training, etc.
The Nippon Steel Trading Group (NST Group) will capture new demand that meets social 
needs in order to contribute to a recycling-oriented society and sustainable living, and will 
actively promote the use of various technologies to optimize the entire supply chain.
39
Together with Society

M
Contributing to a recycling-oriented society and sustainable living
Toshiki Komatsu
Meat Department No. 2 
Foodstuffs Division
Foodstuffs 
Division
The Foodstuffs Division is now selling Pure Rare pork from Finland 
that is produced without the use of growth hormones or antibiotics. 
Here we introduce the passion that is dedicated to Finnish meat 
products, which are known worldwide for their top-class level of 
safety.
Produced in Finland by Atria, sold in Japan
Atria Plc has set a target of achieving carbon neutrality from 
feed production through product shipping by 2035. Whenever 
possible, all processes up to product shipping use clean 
energy from solar and wind power that does not produce CO2. 
This has produced a ratio of CO2 generated to CO2 reductions 
of 50:50 as the company aims to become carbon neutral. 
The total surface area of the solar panels installed by Atria is 
among the highest of any place in Finland, and the company 
has begun construction to double this area.
CO2 reductions in Atria feed
All feed provided to the pigs is produced using only domestic 
Finnish grains, not imported feed from overseas. In addition, 
materials such as residues from purified alcohol made for 
human use are recycled and used at its plants, and the 
company is reducing its CO2 emissions throughout the food 
chain. As a result, Atria has reduced its CO2 emissions per 1 
kg of pork to approximately 50% of the global average.
Free of hormones and antibiotics
Giving pigs antibiotics causes some bacteria in the body to 
survive by developing resistance to the antibiotics. These 
drug-resistant bacteria have evolved so that antibiotics are 
less effective on them, and there is the risk that they can be 
absorbed into the human body through the meat.
In addition, a portion of the drugs is ejected from the pigs’ 
bodies and accumulates on the floor of the pigpen. These 
drugs can adhere to the soles of the workers’ shoes and 
farming equipment, and then disperse into the soil around 
the pigpen, increasing the risk that the drug contamination 
will flow into rivers through underground water. By avoiding 
the use of hormones and antibiotics, Atria has eliminated 
these risks.
Helping so that Japanese consumers choose Pure 
Rare pork from Finland
NST has obtained exclusive sales rights from Atria, and as the 
only company selling Finnish pork in Japan, we have exhibited 
together with Atria at exhibitions, aiming to increase the 
products’ level of recognition, and are increasing the presence 
of these products in the Japan market.
Informing not only Japanese consumers but also 
Japanese pork producers
We will also communicate the ideas of “protection of the 
global environment,” “protection of animals,” and “maintaining 
health through food” ideas that are the themes of Finnish Pure 
Rare pork to farmers in Japan, and will work to construct a 
sustainable food culture that is friendly to both nature and 
livestock farming throughout the Japanese livestock industry.
Exhibit booth at the Supermarket Trade Show (SMTS) held in February 2022
Initiatives for Ensuring Food Safety
Working to increase awareness of 
Pure Rare pork produced in Finland
Introducing 
businesses 
that respond to 
SDGs-related 
social needs
Contributing to a 
recycling-oriented 
society and 
sustainable living
40
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Introducing the New Head Office
The promotion of DX (adoption of IT, change to digital work, 
etc.) ensures complete paperless and clear desk operations, 
allowing for working styles and an office that are not restricted 
by paper, objects, and locations, and also helps contribute to 
energy conservation and environmental preservation.
Paperless meetings
Monitors are installed in all meeting rooms and open meeting seats, 
for paperless meetings that do not use paper materials.
Reduction of document storage quantities
Compared to the previous office, the new office has reduced the quantity 
of stored documents by 60%. Company-wide inventory of documents 
is conducted regularly to prevent documents from increasing, and 
efforts are also carried out for bill-less operations such as conversions 
to electronically recorded monetary accounts receivable. We have also 
introduced a digital contract signature service and other improvements 
from the perspective of work efficiency. We will keep continuing the 
transition to paperless documents. We have also consolidated the lockers 
in document storage areas into a single shared area.
Monitors are used to conduct paperless meetings.
Locker areas have been 
consolidated into a single location.
Employees are assigned personal 
lockers, and store PCs and 
documents together in them.
When the Head Office was relocated, NST utilized 
non-fossil fuel certificates for renewable energy 
sources in order to become materially CO2-free. 
This is expected to produce CO2 emissions resulting 
from electrical power use that are practically zero, 
and reduce annual emissions at the Head Office 
by approximately 1,000 t-CO2. (Electricity use is 
approximately 50% compared to the previous office.) 
We also carry out regular activities that encourage 
employees to turn off lights and completely turn off 
all lights during the nighttime.
E Environment
Aiming to improve work efficiency and productivity, 
we are promoting appropriate workplace utilization 
and have prepared an environment which 
increases inventiveness, creativity, imagination, 
and improvement capabilities.
Work area (free-address layout)
The overall atmosphere is bright and healthy. In order 
to flexibly accommodate diversifying working styles 
including remote work and a flex time system, we 
changed from the previous fixed desk layout to a 
free-address layout.
In addition to notifications via a company network, 
information which should be communicated to 
employees in real time is displayed on monitors 
installed in the work area ceilings to improve 
employee convenience.
ABW desks (ABW: Activity Based Working)
In order to support teams and other web-based 
meetings and work involving concentration, booths 
have been prepared in the work space for use by 
small numbers of people.
Discussion desks have also been installed and do not 
require reservations so that meetings can be held in 
a workshop style.
S Social
The greatest resource of NST is its 
people. The new office aims to embody 
our investment in our human resources.
Opinions from 
employees!
Topics
Introduction of power from renewable energy 
sources
In February 2022, our Head Office was relocated from Akasaka in Minato-ku, Tokyo to Nihonbashi in 
Chuo-ku. At the time of the relocation, a project team was formed to hold repeated discussions and 
studies so as to create an office layout that incorporated employee opinions as much as possible. At 
the same time, our office which had previously been divided into two buildings was consolidated into a 
single building, aiming to further increase productivity.
41
[Special Feature] Introducing the New Head Office

Features of the new office from the perspective of ESGs
Tokyo Nihonbashi Tower, where 
our new office is located, is 
connected directly to Nihonbashi 
Station and is within walking 
distance of Tokyo Station, 
providing good access to three 
stations and 20 rail lines. This is 
convenient for commuting, and 
in terms of access, it improves 
the convenience of sales visits to 
and from customers.
Blue circles indicate the positions of employees 
at desks as shown on a smartphone.
The café area not only provides a cafeteria, but 
also serves as a multi-function area that can be 
used for a wide range of purposes, functioning as 
a place that promotes relaxation, health support, 
and communication.
We are aiming to carry out further risk management including 
a BCP (Business Continuity Plan), and to ensure complete 
effective use of the entire office as well as the flexibility 
necessary to withstand changes.
Disaster preparedness
Disaster preparedness training
In addition to evacuation training and safety confirmation 
training in case of earthquake or fire, training is also 
conducted in the use of fire extinguishers by the self-
defense and disaster preparedness team.
Seismic isolation structure
As one measure for earthquake preparedness, the 
new office building facilities utilize a seismic isolation 
structure that is extremely resistant to earthquakes, 
providing a safer and more secure environment for 
employees and visitors.
Measures in case of power outage
In the event of an earthquake, emergency power is 
provided by private power generators that are installed in the building, 
allowing a rapid resumption of business.
Use of teleconference 
systems
The main conference rooms are 
equipped with teleconference 
systems that can connect NST 
to sites operating globally in 
Japan and overseas, for more 
active communication.
Employee positioning system
Even with the free-address layout, it is 
possible to find the location of an employee 
immediately by means of mobile phones.
G Governance
Contributing to energy conservation and 
environmental preservation
E Environment
Preparing an environment that can improve 
employee work efficiency and productivity, 
achieve work-life balance, and increase 
inventiveness, creativity, imagination, and 
improvement capabilities
S Social
Further risk management
G Governance
Visitor area
Visitor areas have been consolidated into a single 
location that welcomes visitors with a bright and 
warm atmosphere.
Cafeteria and café area
The cafeteria is set up in a café style, and is used as 
a multi-purpose space that brings employees from 
a wide range of departments together, produces 
natural conversations, and allows the exchange 
of information. It is also used for conducting sales 
negotiations in a relaxed atmosphere.
An office is a place where people meet, combine their knowledge, and share ideas. As remote working is now an established practice, 
individual working styles are continuously changing. The most important business resource of our company is its people. Even as 
working styles change in diverse ways, we want to create workplaces that bring people together and continually expand the circle of the 
organizations (teams) by enabling individuals to think seriously, share knowledge, and produce answers.
Compared to the previous 
office, all the facilities are a 
better level of quality.
There is greater respect for 
autonomous working styles, 
making it easier to achieve a 
work-life balance.
There is higher awareness of the 
need for paperless operations 
and clear desks, and the work 
spaces are neatly organized.
Because we can select 
the best location for our 
work, productivity and work 
efficiency are higher.
Motohiro Sato
General Affairs & Corporate Communications Department
Corporate Planning & Administration Division
42
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Basic views on corporate governance
 Sustainability (corporate governance, etc.) promotion system
Executive Officers
Group Companies (Employees)
Management Meeting
Crisis Management Task Force Headguarters
Employees
Internal Control & Audit Department
General Meeting of Shareholders
Elect & dismiss
Audit & 
Report
Report
Report
Report
Report
Elect, dismiss & supervise
executives
Submit important matters
Report business execution
Audit
Accounting 
audit
Cooperate
Cooperate
Cooperate
Instruct
 Report audit plan 
and results
 Internal audit
 Planning and 
thorough 
implementation 
of internal 
control plan
Board of Directors
Audit & Supervisory 
Board
Audit & Supervisory 
Board Members
Investment and Loan Committee
ESG Committee
Risk Management Committee
Governance Committee
Personnel and 
Remuneration Committee
Accounting Auditor
Meeting of Auditors
1
Nippon Steel Trading (NST) has established its Corporate 
Philosophy, Management Principles and Employee Code of 
Conduct, and its Directors, Audit & Supervisory Board 
Members and employees strive to put them into practice in 
the daily management and business of NST.
2 NST works on enhancing its corporate governance based on 
the principles of the Corporate Governance Code in order to 
continue to implement the Corporate Philosophy, etc.
3
NST endeavors to achieve sustainable growth and the 
increase of its corporate value over the mid- to long-term 
through the continuous improvement of corporate 
governance under consolidated management.
4
NST has resolved a Basic Policy about Internal Control 
System at the meeting of the Board of Directors. By 
appropriately operating this policy, NST further enforces its 
corporate governance, ensures “compliance with laws and 
ordinances,” “reliability of financial reporting,” and 
“effectiveness and efficiency of operations,” and aims to 
improve it continuously.
5
NST’s Board of Directors is composed of Executive 
Directors with thorough knowledge about the business and 
management of NST and two or more Outside Directors 
with a wealth of experience and deep insight in the area of 
corporate management. The Board makes decisions about 
the basic policy of management and important business 
executions, and also supervises the execution of duties by 
Directors. Furthermore, Audit & Supervisory Board 
Members, who have strong authority, attend the meetings of 
the Board of Directors and audit the business executions of 
Directors, etc., from an independent standpoint. NST judges 
that such structure is effective to ensure the efficiency and 
soundness of management, and adopts the governance 
system of a “Company with an Audit and Supervisory Board.”
6
NST has adopted the Executive Officer System and aims at 
the efficient operation of the Board of Directors by 
separating the function of decision-making and supervision 
and the function of business execution, and has adopted a 
system to promptly cope with changes in the management 
environment.
President
Corporate Governance
Governance
G
M
Management based on trust and reliability
Based on its Corporate Philosophy, Management Principles and Employee Code of Conduct, 
the Nippon Steel Trading Group (NST Group) strives to build a fair and favorable relationship with 
stakeholders and to achieve sustainable growth and increase corporate value over the medium to long 
term. The Group has established a business execution system that ensures soundness, transparency, 
and efficiency in management as well as an effective corporate governance system that appropriately 
incorporates monitoring and supervision functions and risk management.
43
Corporate Governance

History of improving corporate governance
Implementing improvements based on the analysis and evaluation of 
Board of Directors effectiveness
 Analysis and evaluation of the effectiveness of board of directors
NST’s Office of the Board of Director performs quantitative analysis comparing performance with prior years in terms 
such as the number of proposals submitted and reported to the Board of Directors and the discussion times. This office 
also collects opinions from each Director and Audit & Supervisory Board Member by means of questionnaires and 
individual interviews concerning operation of the Board of Directors. Based on these results, the Board of Directors 
analyzes and evaluates the effectiveness of the overall Board of Directors once each year, and utilizes the results to 
improve the future operation of the Board of Directors. Based on the evaluation results of the effectiveness of the Board 
in fiscal 2021 (at the meeting of the Board of Directors held in June 2022), the Board of Directors was evaluated to be 
effective from a comprehensive perspective. This was mainly because respective proposals submitted and reported to 
the Board of Directors were explained appropriately in advance, and were examined and discussed prior to adoption from 
various viewpoints including those of Outside Directors based on an approach aimed at sustained company growth and 
improving the Medium- to Long-Term corporate value in accordance with the Companies Act and internal rules.
Internal 
Directors
61.5%
(8 directors)
Outside 
Directors
38.5%
(5 directors)
June 30, 
2022
Male 
directors
92.3%
(12 directors)
Female 
directors
7.7%
(1 director)
June 30, 
2022
Ratio of female directors
Outside Director qualities and standards for 
judging their independence 
Ratio of Outside Directors
June
2016
Appointed two Outside 
Directors. Established 
the Personnel and 
Remuneration 
Committee. Adopted 
a system for exercise 
of voting rights via the 
Internet and other means 
at General Meetings of 
Shareholders.
June
2019
Appointed three 
Outside Directors. 
Appointed a female 
director.
June
2021
Ratio of Outside 
Directors is 1/3.
December
2021
Created and published 
the skill matrix of Board 
of Directors members.
June
2020
Posted a video showing 
(partial) scenes 
from the Ordinary 
General Meeting of 
Shareholders on our 
website.
November
2021
Established the 
Governance 
Committee, ESG 
Committee, and 
Risk Management 
Committee. Issued the 
Integrated Report.
NST judges the independence of 
Outside Directors in accordance with 
the independence standards set by the 
Tokyo Stock Exchange, considering each 
individual’s personal relationship, capital 
relationship, transactional relationship and 
other interests with NST.
FY2021
FY2022
 Deepen discussions on overall management issues 
and ensure the transparency of management under a 
governance system in which at least one-third of the 
Directors are Independent Outside Directors.
 Make discussion and reporting by the Board of Directors even 
more sharply focused, richer in content, and more prompt.
Established in fiscal 2021, this committee discusses and considers basic policies and measures for improving the level of 
corporate governance, and leads to discussion of these matters by the Board of Directors.
 Increase opportunities for advance discussion of 
important matters.
 Check the progress status of important matters decided 
by the Board of Directors at more suitable timing.
Further strengthening of Board of 
Directors functions
Governance Committee
Further improvement of 
corporate governance
Strengthening the supervision functions 
in general management
44
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Board policies and procedures for the nomination of candidates for Directors and Audit 
& Supervisory Board Members and the appointment/dismissal of senior managers
 Board policies and procedures for determining the remuneration of Directors
 Composition and functions of the Personnel and Remuneration Committee
For the appointment of senior management and the 
nomination of candidates for Directors and Audit & 
Supervisory Board Members, NST’s policy is to consider not 
only each candidate’s experience, insight and expertise, but 
also the overall size of the Board of Directors and the Audit & 
Supervisory Board, and a good mix of members including 
the candidates for each board so that there is an optimum 
board composition in which each member is able to 
appropriately fulfill his or her role and responsibilities and 
properly respond to management issues of the NST Group’s 
business. It is NST’s policy to dismiss an individual senior 
manager if, for example, the person no longer is considered 
to have the required qualifications outlined above.
Each Director’s remuneration (excluding that of Outside Directors) 
consists only of monthly remuneration in cash, and is based 
entirely upon the operating performance of NST, in order to 
provide incentives for the NST Group’s sustainable growth and 
the improvement of its corporate value. Remuneration for Outside 
Directors consists only of fixed monthly remuneration in cash in 
view of their roles and independence from business execution.
Specifically, NST sets the base amount of remuneration 
for each Director’s rank, taking into consideration each 
Director’s required skills and responsibilities, and this base 
amount varies within a specific range depending on NST’s 
consolidated profit or loss for that fiscal year (consolidated 
ordinary profit or loss, and profit or loss attributable to owners 
of parent for that fiscal year) and each division’s results for 
consolidated profit or loss from the previous fiscal year. The 
amount of each Director’s remuneration is determined within 
the limits approved by the General Meeting of Shareholders.
Remuneration for each Director is discussed by the Personnel 
and Remuneration Committee and then decided by a 
resolution of the Board of Directors based on the policies for 
determining the amounts of remuneration and other matters 
for Directors described at left and within the limits approved 
by the General Meeting of Shareholders. Remuneration for 
Audit & Supervisory Board Member consists of fixed monthly 
remuneration in cash in consideration for the details of duties 
independent from business execution. The amount is 
determined through consultation with the members of the 
Audit & Supervisory Board within the limits approved by the 
General Meeting of Shareholders.
In regards to the policies for determining remuneration and 
other matters for each director, the NST Board of Directors 
has established the Policy and Procedures for 
Determination of the Amount of Remuneration for Directors.
1 Policies for the appointment/dismissal and the 
nomination of candidates for Directors and Audit & 
Supervisory Board Members
1 Policies for determining the amounts of 
remuneration and other matters for Directors
2 Procedures for the appointment/dismissal and the 
nomination of candidates for Directors and Audit & 
Supervisory Board Members
2 Procedures for determining the amounts of 
remuneration and other matters for Directors
The appointment of senior management and the nomination 
of Director and Audit & Supervisory Board Member 
candidates are resolved by the Board of Directors following 
deliberation by the Personnel and Remuneration Committee, 
which is composed of the President and three Outside 
Directors who have extensive experience and advanced 
knowledge related to corporate management. Each Director’s 
remuneration is also decided by a resolution of the Board of 
Directors following deliberation by this committee. During the 
previous fiscal year, this committee met twice and received 
appropriate participation and advice from Outside Directors.
Executive category
Total amount of 
remuneration 
(million yen)
Total amount of remuneration by type 
(million yen)
Number 
of subject 
executives
Fixed 
remuneration
Performance-based 
remuneration
Directors 
(excluding Outside 
Directors)
221
–
221
8
Audit & 
Supervisory 
Board Members 
(excluding Outside 
Auditors)
44
44
–
2
Outside 
Directors
40
40
–
7
Concerning the appointment/dismissal of senior managers 
and the nomination of candidates for Directors and Audit & 
Supervisory Board Members, such decisions are made by 
the Board of Directors taking into account 
recommendations by the Personnel and Remuneration 
Committee. Regarding Audit & Supervisory Board Member 
candidates, prior approval by the Audit & Supervisory 
Board must be obtained.
FY2021 results
45
Corporate Governance

Communication among the Audit & Supervisory Board System, Audit & Supervisory 
Board Members, Accounting Auditors, and the Internal Control & Audit Department
Two of the four Audit & Supervisory Board Members are Outside Audit & Supervisory Board Members who are a certified 
public accountant or corporate director with a wealth of experience and a wide range of knowledge in various fields. By 
appointing such Audit & Supervisory Board Members, NST strengthens the functions for monitoring and supervision of the 
Board of Directors, which has decision-making and business supervisory authority. Audit & Supervisory Board Members 
cooperate with one another to execute the daily audit engagements according to the schedule and determines the legitimacy 
of the Directors’ business execution and the validity and rationality of operational judgment from independent perspectives, 
and do so at meetings of the Board of Directors and other important meetings. This constitutes the basic policy for 
appointment of Audit & Supervisory Board Members, and it is believed that the system for monitoring and supervision of NST 
management is functioning effectively.
For details about corporate governance, please see the Corporate Governance Report and Securities Report.
 Cross-Shareholdings
Regarding basic policy on cross-shareholdings (all 
holding shares except shares of NST Group 
companies), the Group conducts regular evaluations of 
the holdings’ significance, economic rationale, etc. 
Shares for which the validity of holding is not 
recognized are to be reduced through adequate 
dialogue with the counterparty company.
Regarding voting rights concerning cross-shareholdings, 
the assumption is that said shares contribute to NST’s 
financial performance. The votes are approved internally 
in accordance with the prescribed procedure following 
the responsible division’s appropriate deliberation and 
In addition, the Board of Directors regularly verifies and 
examines whether these cross-shareholdings serve the 
purpose of holding from the medium- to long-term 
perspective and whether the benefit and risk of holding 
them are appropriate for the cost of capital, on an individual 
company basis, to confirm the appropriateness of 
continuation of those shares.
1 Policy on cross-shareholdings 
3 Policy on the exercise of voting rights
Numbers of investee companies and balance sheet totals for investment shares held for purposes other than pure investment
The primary causes of the decrease in the balance sheet total in FY2019 and the increase in FY2020 is an increase in the share market price valuation difference.
 Balance sheet total (left)  
 Number of investee companies (right)
(Billion yen)
(Companies)
50
40
30
20
0
FY2017
FY2018
FY2019
FY2020
FY2021
200
160
120
80
0
2 Examination of holdings’ significance and 
economic rationale
judgment based on the investee company’s financial 
performance and other factors and in order to contribute 
to its sustainable growth and higher mid- to long-term 
corporate value.
40.2
33.7
24.1
28.6
182
187
187
172
144
Corporate Governance Report
Securities Report
https://www.nst.nipponsteel.com/sustainability/
governance/governance_policy.html
https://www.nst.nipponsteel.com/ir/library/
securities_report/
 Supporting System for Outside Directors and Audit & Supervisory Board Members
So that Outside Directors are able to correctly carry out their duties, the General Affairs & Corporate Communication 
Department serves as a point of contact and supplies necessary information appropriately. To support the duties of Outside 
Audit & Supervisory Board Members, NST has established the Audit & Supervisory Board Members’ Office and has assigned 
office staff to it. The General Affairs & Corporate Communication Department also supplies Outside Directors and Audit & 
Supervisory Board Members with necessary support including advance explanation of proposed Board of Directors 
resolutions, and observation visits to NST sites, subsidiaries, and other entities.
45.0
46
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Risk Management
The NST Group operates a wide range of businesses in Japan and overseas including various products, business 
investments, and provision of services. This involves continual exposure to various risks including political and geopolitical 
risks, investment risks, and risks related to business operations. These risks have in recent times become increasingly 
diverse, advanced, and complex. We recognize that risk management for suitably managing and addressing these various 
risks is essential to ensure the soundness of business management and to maintain and improve corporate value. We 
have prepared the necessary risk management system and management methods, and are addressing these risks.
Main risk items
Macroeconomic environment
External environment risks
Market risks
Country risks
Risks related to the environment 
and society
Risks related to natural disasters, 
infectious diseases, etc.
Risks related to safety and quality
Risks related to impairment of 
fixed assets
Credit risks
Business investment risks
Business risks
Risks related to legal 
regulations
Risks related to information 
systems and information security
Financing risks
Business foundation risks
When a risk manifests in the NST Group, 
it is addressed by the Crisis Management 
Task Force Headquarters.
Instructions for 
action
Individual business 
divisions
Group companies in 
Japan and overseas
Investment and Loan 
Committee
ESG Committee
Risk Management 
Committee
Identifi-
Identifi-
cation
cation
Review
Review
Counter-
Counter-
measure
measure
Implemen-
Implemen-
tation
tation
Board of Directors
Management Meeting
Discussion and study
Managing risk comprehensively and across the entire Group
 Risk management system
We have prepared a system to address changes in the macro political and economic environment that surrounds our 
company management. This involves reliable discussion and consideration of these changes at suitable times by the 
internal Management Meeting, ESG Committee, and other bodies, and quickly linking the results to action. Furthermore, 
aiming to manage the risks that surround our Group comprehensively and across the entire organization and take rapid 
action, we have established the Risk Management Committee, which is specifically intended for identifying, discussing, 
and studying risks. In order to improve our ability to respond to risks, this committee discusses and considers the specific 
action to take in response to an individual specific risk, and gives instructions for carrying out this action to related 
departments. Through this risk management system, we endeavor to prevent risks from manifesting, and take precise, 
rapid action in response when a risk does manifest.
Instructions 
for action
Reporting
47
Risk Management

Risk item
Description
Primary action in response
External environment risks
Macroeconomic 
environment
 Effects of economic trends and changes in demand 
in major regions (Japan, North America, Asia)
 Effects on existing business models
 Implementing growth strategies through global strategies for capturing 
new demand related to SDGs and other social needs, and extending and 
expanding overseas business
Market risks
(exchange rate risks, 
interest rate risks, 
product price risks, 
share price risks)
 Risk of exchange rate changes in transactions 
conducted in foreign currencies
 Risk of interest rate fluctuations in the 
procurement of business funds
 Price fluctuation risk inherent in some of the 
products which we sell
 Risk of valuation loss on securities resulting 
from changes in the price of shares which we 
own in business partners
 Use of forward exchange contracts based on actual demand
 Reducing interest rate fluctuation risks using interest rate swaps and other 
means
 Reducing risks and preventing losses related to business transaction risks 
based on business management regulations
 Regular monitoring of stocks which we own (share price)
Country risks
 Risk that claims, loans, or investments may 
become impossible or difficult to recover due 
to policy changes or changes in the politics, 
society, economy, environment, or other area in 
countries where we engage in trade, overseas 
investments, or loans
 Preventing unexpected losses resulting from increases in country risks 
based on the country risk management regulations
Risks related to 
the environment 
and society
 Risks of business delays or interruptions, 
diminished corporate reputation, or other 
consequences in the event of a problem related 
to the environment or society
 Identification of important issues (materiality) related to ESG management
 Scenario analysis based on TCFD recommendations (now being studied)
 Calculating CO2 emissions, setting reduction targets, and taking action to 
reduce emissions
 Acquisition of environmental management system (ISO14001) certification
 Formulation of policy to address human rights and formulation of human 
rights due diligence guidelines (now being studied) 
Risks related to 
natural disasters, 
infectious 
diseases, etc.
 Effects on business from earthquakes and other 
natural disasters, or from the COVID-19 pandemic
 Effects from large-scale accidents, terrorism, or 
other unforeseeable events
 Formulation of a BCP (Business Continuity Plan); implementation of 
disaster preparedness measures, disaster drills, etc.
Business risks
Risks related to 
safety and quality
 Effects on the lives and health of NST Group 
employees, as well as effects on society’s trust 
and other consequences in the event of a problem 
in health and safety, quality control, or similar area
 Risk of expenses for product recall, repair, and 
other measures in the event of a quality problem 
occurring in the products which we sell
 Group-wide activity to eliminate occupational accidents; ensuring quality 
based on regulations related to safety, reliability, labeling, and other 
matters for products which we sell; measures to secure the trust of 
customers and end users
Credit risks
 Risk of deteriorating credit status at customers 
in Japan and overseas, and problems in meeting 
loan obligations to the NST Group
 Quantitative and qualitative evaluation of customers based on credit 
management regulations and other regulations, setting credit limits 
(Expiration dates are set for credit limits, which are renewed regularly.)
Business 
investment risks
 Investment recovery risk in the event that 
corporate value of an investee company 
declines due to worsening of business results
 Investment management based on standards for new investment and 
standards for business assessments
Risks related to 
impairment of 
fixed assets
 Risk of declining asset value resulting from a 
drop in the current price of business real estate, 
a decline in profitability, or other factor
 Risk of declining asset value of other tangible or 
intangible fixed assets (including goodwill)
 Regular monitoring of current commercial real estate prices and 
profitability
Business foundation risks
Risks related to 
legal regulations
 Risk of effects on NST Group business 
activities resulting from new or changed laws or 
regulations in Japan or overseas
 Complete observance of laws and regulations related to our business 
activities based on the Compliance Manual
Financing risks
 Risk of inability to procure funds from financial 
institutions and investors, and risk of increasing 
financing cost, in the event of a disruption in 
financial systems in major financial markets
 Dispersing financing sources and diversifying financing means
 Ensuring a certain amount of long-term funds through long-term bank 
loans and issue of corporate bonds
Risks related 
to information 
systems and 
information 
security
 Risk of loss or leakage of important information, 
and risk of system stoppage, resulting from 
cyber attacks
 Risk of system stoppage due to server or 
network damage
 Risk of system stoppage due to natural disaster
 Preparation of regulations related to suitable protection and 
management of information assets, and complete information security 
training for employees
 Continual monitoring for cyber attacks by specialist security vendors
 Strengthening measures against failure through duplication of 
important servers and networks, and through Cloud use
 Action taken in response to business and other risks
 P.25
 P.30
 P.32
 P.17
 P.21
48
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Safety, Quality Control, Compliance
(Priority measures)
1  Improving safety awareness and ensuring rule compliance
	
 Carry out standardization for all work and improve the level of work standards.
	
 Ensure rule compliance through the use of monitoring cameras.
2  Complete identification of and countermeasures to risks
	
 Reliably implement equipment countermeasures and management countermeasures.
	
 Make countermeasure locations and risks visible. (Thoroughly shared with operators and 
supervisors)
3  Redevelopment of safety awareness using training and other means
	
 Reliably carry out exercises, KYT, risk simulation training, case studies of disasters at 
similar organizations, etc.
	
 Further develop safety awareness using DVDs, VR, and the Web.
1  Stringent selection of processing plants, and thorough 
analysis and tracing of ingredients, including sub-materials
2  Strengthening of recall training on the production side and 
study of recall training in cooperation with sales partners
3  Engagement of insurance to insure against damages in 
cases when responsibility is not clear
4  Expansion of support for human resources development 
(further improvement of safety measures through the 
use of highly skilled employees)
The Steel Division aims to eliminate 
the danger of serious disasters and 
prevent disasters and accidents 
causing lost worktime. It is carrying 
out independent safety activities 
focusing on the three priority 
measures listed at right.
Measures against foreign matter 
inclusion (including allergens) in 
processed foods
1  Follow-up by checking the progress of the voluntary safety audit 
 Support was provided to enable each manufacturing site to establish and further 
strengthen a system in which it can continue its own efforts to identify and resolve 
improvement issues based on independent safety audits.
2  Sharing of information and continuing global liaison meetings for disaster prevention 
among the Global Headrest System (GHS) groups
Steel Division (Technical Support & 
Safety Management Department)
1  Double-checking through monitoring of the sales department’s order entry operations
	
 Confirm and optimize the double-checking conditions, and apply them to work standards, 
in order entry and processing order operations.
	
 Create and maintain order data masters.
2  Support for improvement of priority management items in affiliated companies
	
 Utilize bar coding, and conduct automatic transmission and judgment of measured values 
with the aim of reducing reliance on human resources.
3  Study of remote support measures
	
 Study remote support systems such as using wearable cameras.
The Division has designated the 
period up to system implementation 
by the DX Promotion Department as 
the priority management period, and 
is reducing the numbers of check 
items and carrying out thorough 
double- and triple-checking.
Steel Division (Technical Support & 
Safety Management Department)
Industrial Supply & Infrastructure 
Division (Industrial Supply & 
Infrastructure Planning Department)
1  “N-SCM” Integrated inventory management system
	
 Automation of inventory control in repeating transaction fields in order to produce faster 
responses to changes in conditions, and to prevent shipping problems caused by missing 
materials or wrong materials
2  “SPOD” Improved order entry system
	
 Standardization of order placement operations and strengthening of the check functions 
to improve accuracy and efficiency, and to eliminate human errors
3  “EXCSTM” New coil center system
	
 Updating and consolidating the core business management systems at NST 
subsidiary coil centers
(N-SCM and SPOD began operation in the second half of fiscal 2021. We are continuing 
to expand the functions and increase the number of product categories. The EXCSTM 
infrastructure will be launched in fiscal 2022. We will then expand the functions and increase 
the number of sites as a medium- to long-term initiative.)
In quality control, operations requiring 
manual operation cannot be zero 
risk. In July 2020, NST established 
the DX Promotion Department under 
the direct control of the President to 
address the challenge of eliminating 
this quality risk by digitalizing 
operations across all manufacturers, 
distributors, and customers.
DX Promotion Department
1  Thorough guidance and continuous monitoring of key suppliers in the Mobility Business 
Department and the Functional Materials Department
2  Measures against mistakes in order entry: Consider introducing a scheme to prevent 
mistakes in order entry, in cooperation with the Steel Division.
Industrial Supply & Infrastructure 
Division (Industrial Supply & 
Infrastructure Planning Department)
Foodstuffs Division (Food Quality 
Assurance Department)
(Note) Information about preventing foreign substance contamination of processed foods in the Foodstuffs Division is listed in 
its initiatives for quality control.
Among the various risks, NST focuses its attention on further strengthening company-wide efforts concerning 
risks related to safety, quality, and compliance. It includes cooperative efforts with the business and functional 
divisions to identify the critical risks that could have a serious impact on management, and to examine and 
implement measures to eradicate them.
Initiatives for safety
Initiatives for quality control
Photo shows overseas testing company 
affiliated with NST.
49
Safety, Quality Control, Compliance

In June 2022, the Whistleblower Protection Act was revised and whistleblower protections were strengthened for the 
purposes of protecting the confidentiality of whistleblower information and protecting whistleblowers from retaliation. 
Based on this revision, the internal reporting system (Compliance Hotline) for the Nippon Steel Trading Group was reviewed 
so that users can be more confident when using the system. The new system began operating in April 2022.
The “Compliance Hotline System” has been established and operated to serve as an internal reporting contact and 
consultation office related to risks related to business operations for use by employees of NST and its subsidiaries. 
Confidentiality regarding reports and other matters is maintained, and whistleblowers will be protected from retaliation. A 
contact point with commissioned outside experts has also been set up so that whistleblowers can report and consult with 
them with confidence, and NST will make efforts to enhance the system and continuously improve it. In addition, NST and 
its subsidiaries have no relationship with anti-social forces, and will respond with a firm attitude when receiving 
unreasonable requests from them.
NST has clarified its basic attitude to emphasize compliance in accordance with the Corporate Philosophy, Management 
Principles and Employee Code of Conduct. NST implements and operates internal control appropriately, further 
strengthens its corporate governance, endeavors to ensure “compliance with laws and ordinances,” “reliability of financial 
reporting,” and “effectiveness and efficiency of operations,” and aims to improve them continuously.
NST’s internal control system is based on three lines 
of defenses: the first line of defense comprised of 
departments engaged in sales, etc.; the second line 
of defense including functional departments, mainly 
comprised of the Corporate Planning & Administration 
Division and its departments as well as each sales 
planning department; and the third line of defense 
comprised of departments engaged in internal controls 
and auditing. 
The departments engaged in sales, etc. construct 
and implement their internal control systems based 
on autonomous internal control, and each department 
manages the operation of internal control at its own 
initiative under the responsibility of each Executive Officer 
who supervises such department. 
The functional departments identify and evaluate risks 
surrounding the companies, construct a framework 
to control risks in cooperation with the departments 
engaged in sales, etc. and provide them with necessary 
support, as well as take appropriate action including 
education and enlightenment. 
The departments engaged in internal controls and 
auditing confirm and evaluate the appropriateness of 
the structural and operational conditions of the internal 
control system of the entire Group, and promote 
improvements to them, while ensuring independence and 
keeping an objective standpoint.
NST and each subsidiary shall establish internal regulations 
to ensure the appropriateness of business in accordance 
with the Corporate Philosophy, Management Principles 
and Employee Code of Conduct, and hold business 
strategy in common based on the business characteristics 
of each division and subsidiary. Thus, NST and each 
subsidiary shall operate as a single group. Each Executive 
Director, Executive Officer and general manager in NST 
and the directors of each subsidiary shall have employees 
fully understand the Corporate Philosophy, Management 
Principles, Employee Code of Conduct and regulations, 
and perform self-checks and monitoring. The department 
in charge of the management of each subsidiary shall 
operate the subsidiary appropriately in accordance with 
the “Subsidiary Management Regulations,” the “Subsidiary 
Management Standards,” etc., under the responsibility of 
the Executive Officer who supervises such department. 
NST shall dispatch its Executive Directors, Executive 
Officers or employees to subsidiaries as Directors or Audit 
& Supervisory Board Members in case of necessity, and 
ensure the appropriateness of business execution. The 
department(s) engaged in internal controls and auditing 
shall cooperate with the department(s) engaged in 
functions, instruct and support the internal control system 
of NST and its subsidiaries, hold information with the 
subsidiary in common, and aim to fulfill the requirements 
of internal control.
Based on the revised Whistleblower 
Protection Act, these requirements are 
prescribed in regulations related to the 
internal reporting system and are fully 
carried out.
Protect the personal information of 
consultation users.
Prevent retaliation after 
consultation.
Previous 
system
From April 2022
Internal reporting system (Compliance Hotline) 
Internal Control & Audit Department
General Affairs & Corporate 
Communications Department
Compliance Hotline
Human Resources Department
Harassment 
Consultation Office
1 Internal control in business execution (three defense 
lines)
2 NST Group’s Internal Control Systems
 Basic approach to internal control systems
 Internal reporting system (Compliance Hotline)
Initiatives for compliance
50
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

President and 
Representative Director
Shinichi Nakamura
Director, Member of the 
Board, and Managing 
Executive Officer
Yasuyuki Tomioka
Director, Member of the 
Board, and Managing 
Executive Officer
Hiroshi Tashiro
In supervision of the Steel Division and the 
Industrial Supply & Infrastructure Division
In charge of the Foodstuffs Division
In charge of the Steel Division and the 
Industrial Supply & Infrastructure Division
In supervision of the Foodstuffs Division 
In charge of General Affairs & Corporate 
Communications, Corporate Planning, SDGs 
Promotion, ICT Promotion, Accounting 
& Finance, Sales Accounting, Credit 
Management, and Legal
Also in charge of the Textiles Segment
In charge of the Steel Division
Director, Member of the 
Board, and Executive 
Vice President
Hidetake Ishihara
Director, Member of the 
Board, and Managing 
Executive Officer
Kazuhiro Koshikawa
Director, Member of 
the Board and Senior 
Advisor
Yasumitsu Saeki
April 1982
Joined Nippon Steel Corporation 
(Current Nippon Steel Corporation)
April 2018
Representative Director and Executive 
Vice President, Nippon Steel & 
Sumitomo Metal Corporation (current 
Nippon Steel Corporation)
June 2022
June 2022	 President and 
Representative Director, the Company 
(present)
April 1983 Joined Itoman Co., Ltd. (current 
Nippon Steel Trading Corporation)
April 2011
Executive Officer, Sumikin Bussan 
Corporation (current Nippon Steel 
Trading Corporation)
June 2016
Director, Member of the Board, and 
Managing Executive Officer, the 
Company (present)
April 1985 Joined Mitsui & Co., Ltd.
April 2018
Director, Mitsui & Co., Ltd.
June 2022
Director, Member of the Board, and 
Managing Executive Officer, the 
Company (present)
July 1971
Joined The Industrial Bank of Japan, 
Limited (current Mizuho Bank, Ltd.)
April 2002
Managing Executive Officer, Mizuho 
Corporate Bank, Ltd. (current Mizuho 
Bank, Ltd.)
June 2007 Director, Senior Managing Executive 
Officer, Sompo Japan Insurance Inc.
June 2013 Outside Board Member, Nippon 
Suisan Kaisha, Ltd.
June 2016 Outside Director, the Company 
(present)
April 1975
Joined The Seibu Department Stores, 
Ltd. (current Sogo & Seibu Co., Ltd.)
March 
2013
Representative Director and 
President, Sogo & Seibu Co., Ltd.
May 2013
Director, Seven & i Holdings Co., Ltd.
June 2017 Outside Director, PALTAC Corporation
November 
2019
Director, G Three Holdings 
Corporation
June 2021 Outside Director, the Company 
(present)
April 1981
Joined the Ministry of Agriculture, 
Forestry and Fisheries
April 2016
Deputy Director-General, Agriculture, 
Forestry and Fisheries Research 
Council, Ministry of Agriculture, 
Forestry and Fisheries
November 
2017
Registered as attorney-at-law, Atsumi 
& Sakai (present)
February 
2019
Member of Employers Committee, 
Central Labor Relations Commission 
(present)
June 2019 Outside Director, the Company 
(present)
June 2021 Outside Director, Cosmo Energy 
Holdings CO., Ltd. (present)
April 1979
Joined Nippon Steel Corporation 
(Current Nippon Steel Corporation)
April 2016
Representative Director and Executive 
Vice President, Nippon Steel & 
Sumitomo Metal Corporation (current 
Nippon Steel Corporation)
June 2018 President and Representative 
Director, the Company
June 2022
Director, Member of the Board 
and Senior Advisor, the Company 
(present)
April 1986 Joined Nippon Steel Corporation 
(Current Nippon Steel Corporation)
April 2018
Executive Officer, Nippon Steel & 
Sumitomo Metal Corporation (current 
Nippon Steel Corporation)
June 2021
Director, Member of the Board, and 
Managing Executive Officer, the 
Company (present)
April 1985 Joined Nippon Steel Corporation 
(Current Nippon Steel Corporation)
April 2019
Managing Executive Officer, Nippon 
Steel Corporation
June 2022
Director, Member of the Board, 
and Executive Vice President, the 
Company (present)
Outside Director
Independent Director
Keishiro Kinoshita
Outside Director
Independent Director
Ryu Matsumoto
Outside Director
Independent Director
Ryuko Inoue
Significant 
concurrent 
positions
Attorney-at-law, Atsumi & Sakai
Member of Employers Committee, 
Central Labor Relations Commission
Outside Director, Cosmo Energy Holdings CO., Ltd.
 Directors
 Outside Directors
(as of June 30, 2022)
51
Executive Team

Senior Audit & 
Supervisory Board 
Member (full-time)
Shingo Maeda
Audit & Supervisory 
Board Member  
(full-time)
Tadayoshi Minatani
April 1983 Joined Nittetsu Shoji Co., Ltd. (current 
Nippon Steel Trading Corporation)
April 2018
Managing Executive Officer, the 
Company
June 2019 Audit & Supervisory Board Member, 
the Company (full-time, present)
April 1983 Joined Itoman Co., Ltd. (current 
Nippon Steel Trading Corporation)
April 2011
General Manager, Audit Department, 
Sumikin Bussan Corporation (current 
Nippon Steel Trading Corporation)
June 2017 Audit & Supervisory Board Member, 
the Company (full-time, present)
July 1987
Joined Nippon Steel Corporation 
(Current Nippon Steel Corporation)
April 2021 Managing Executive Officer, Nippon 
Steel Corporation (present)
June 2021
Audit & Supervisory Board Member, 
the Company (present); Director, NS 
Solutions Corporation (present)
April 1974
Joined Tohmatsu Awoki & Co. (current 
Deloitte Touche Tohmatsu LLC)
April 1978
Registered as a certified public 
accountant
July 1989
Partner, Tohmatsu Awoki
January 
2016
Established Shigeji Sugimoto Certified 
Public Accountant Office (present)
May 2016
Outside Audit & Supervisory Board 
Member, AEON Fantasy Co., Ltd. 
(present)
June 2016 Outside Audit & Supervisory Board 
Member, the Company (present)
June 2020
Outside Audit & Supervisory Board 
Member, Osaka Steel Co., Ltd. 
(present)
Particularly expected skills and areas of expertise
Name
Age*1
Position
Years in 
position*2
Gender
Independent 
Director
Corporate 
management
Business 
knowledge
Global
ESGs and 
sustainability
Human resources 
and human resource 
development
IT/DX
Finance and 
accounting
Legal affairs 
and risk 
management
Shinichi Nakamura
(63)
President and 
Representative Director
Male
Hidetake Ishihara
(59)
Executive Vice President
Male
Yasuyuki Tomioka
(62)
Managing Executive Officer
6
Male
Kazuhiro Koshikawa
(60)
Managing Executive Officer
1
Male
Hiroshi Tashiro
(60)
Managing Executive Officer
Male
Yasumitsu Saeki
(67)
Senior Advisor
4
Male
Keishiro Kinoshita
(73)
Outside Director
6
Male
Ryuko Inoue
(65)
Outside Director
3
Female
Ryu Matsumoto
(70)
Outside Director
1
Male
Shingo Maeda
(61)
Senior Audit & Supervisory 
Board Member (full-time)
3
Male
Tadayoshi Minatani
(62)
Audit & Supervisory Board 
Member (full-time)
5
Male
Shigeji Sugimoto
(70)
Outside Audit & 
Supervisory Board Member
6
Male
Hirofumi Funakoshi
(59)
Outside Audit & 
Supervisory Board Member
1
Male
Name
Position
Shinichi Nakamura President
Hidetake Ishihara
Executive Vice 
President
Toshihiko Kunishi
Senior Managing 
Executive Officer
Yasuyuki Tomioka Managing 
Executive Officer
Kazuhiro Koshikawa Managing 
Executive Officer
Hiroshi Tashiro
Managing 
Executive Officer
Name
Position
Masanori Tochika
Managing 
Executive Officer
Masao Mizumoto
Managing 
Executive Officer
Hiroyuki Okayama
Managing 
Executive Officer
Takaaki Hirose
Managing 
Executive Officer
Kazuyuki Isobe
Managing 
Executive Officer
Satoru Ohashi
Managing 
Executive Officer
Name
Position
Tetsuya Okamoto
Managing 
Executive Officer
Hideki Takahara
Managing 
Executive Officer
Jun Terada
Managing 
Executive Officer
Masahiro Hattori
Managing 
Executive Officer
Shinji Otsu
Executive Officer
Yasuhiro Nomura
Executive Officer
Name
Position
Hiroyuki Ueda
Executive Officer
Masato Ikura
Executive Officer
Shigehiro 
Yoshinaga
Executive Officer
Toshiaki Iwata
Executive Officer
Katsunori Suzuki
Executive Officer
Masayasu Abiko
Executive Officer
Name
Position
Nobuyuki 
Watanabe
Executive Officer
Kazuaki Hata
Executive Officer
Outside Audit & 
Supervisory Board 
Member
Independent Director
Shigeji Sugimoto
Outside Audit & 
Supervisory Board 
Member 
Hirofumi Funakoshi
Significant 
concurrent 
positions
Certified public accountant, Shigeji Sugimoto Certified 
Public Accountant Office
Outside Audit & Supervisory Board Member, AEON 
Fantasy Co., Ltd. 
Outside Audit & Supervisory Board Member, Osaka 
Steel Co., Ltd.
Significant 
concurrent 
positions
Managing Executive Officer, Nippon Steel Corporation 
Director, NS Solutions Corporation
*1: As of June 30, 2022  *2: As of the conclusion of the ordinary general meeting of shareholders in June 2022. Years in position is indicated as “-” for newly appointed executives.
Skill matrix of NST executives
Executive Officers
 Audit & Supervisory Board Members
 Outside Audit & Supervisory Board Member
52
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Message from Outside Directors
Ryuko Inoue
Mrs. Inoue became an Outside Director 
of NST in June 2019. Utilizing her 
many years of career at the Ministry of 
Agriculture, Forestry and Fisheries and 
her knowledge and experience gained as 
an attorney-at-law, she provides much 
useful advice and performs supervisory 
functions, mainly from a multilateral 
perspective and legal aspects.
Keishiro Kinoshita
Mr. Kinoshita became an Outside 
Director of Nippon Steel Trading 
Corporation (NST) in June 2016. Utilizing 
his numerous years of experience at 
financial institutions and knowledge 
and experience gained through his 
career with listed companies, as well as 
international experience, he provides 
much useful advice and performs 
supervisory functions, mainly from a 
management perspective.
Ryu Matsumoto
Mr. Matsumoto became an Outside 
Director of NST in June 2021. He 
has a long history of working in the 
distribution industry and served as 
president of Sogo Seibu Co., Ltd. 
Utilizing his knowledge and experience 
in general management, he provides 
much useful advice and performs 
supervisory functions, mainly from a 
management perspective.
53
Message from Outside Directors

Keishiro Kinoshita
Functions of Outside Directors 
demanded by society
There are many situations even outside 
Board of Directors meetings where 
Outside Directors are asked for their 
opinions and comments. Many of these 
matters have already been discussed for 
a sufficient length of time, and Outside 
Directors do not frequently identify new 
risks or arguments for discussion. In 
addition, Outside Directors do not have 
greater expertise than the personnel of 
any business area within the company. 
However there are cases when 
knowledge, experience, and wisdom 
based on the expertise which an Outside 
Director has in other fields may serve as a 
catalyst that helps draw the Directors’ 
attention to new ideas and enhances 
discussions. When we view matters from 
different perspectives and examine them 
from multiple points of view, we have an 
opportunity to better identify their true 
nature. Although it may not be written in 
any textbook, I will be overwhelmingly 
pleased if you understand our functions to 
be the following: an important observer’s 
perspective and useful diversity.
Changes in Nippon Steel Trading 
between the time of appointment 
as Outside Director and the 
present
A corporation is no longer a simple and 
classic entity which must only utilize 
business resources effectively, generate 
large income, and deliver profits and 
services to its stakeholders. Corporations 
are now strongly required to contribute to 
the advancement of general society by 
addressing a wide range of social issues. 
As a member of society, a corporation 
must not only function in the passive role 
of observing laws and ethical obligations, 
but must actively and on its own initiative 
meet a wide range of needs. Failing to do 
so may lead to loss of trust from society, 
and also may prevent the expected 
growth in corporate value from being 
achieved. This trend is most pronounced 
in the markets of developed countries, 
and I recognize that it is a path which our 
company must follow if we are to grow as 
a global player. NST has endeavored to 
create organizational systems, and to 
establish internal systems including 
in-house training, so that we can respond 
rapidly to these kinds of changes in the 
social environment. We have also been 
careful to communicate the necessary 
relevant information both within and 
outside the company in a timely manner. 
This is a matter that can never be perfectly 
achieved, and I hope that we will continue 
working to make progress together with 
society, while maintaining a high antenna 
and strong information sensitivity.
What made an impression on me 
during discussions at a recent 
Board of Directors meeting
The theme of the bio-carbon project in 
the U.S. is ESG investment aimed at 
achieving zero carbon emissions – an 
issue that is shared by all of humanity. 
However I was impressed at the fact that 
this project also has several excellent 
characteristics in terms of commercial 
viability.
(1) This is a business using 
revolutionary and patent-protected 
technologies where feasibility has already 
been verified. NST brings its secured 
sales channels including end users to its 
participation in this project. This limits risk 
to some extent and will allow us to play a 
pioneering role in the bio-carbon market 
where large future demand is expected.
(2) Bio-carbon pellets can be used as 
a substitute for coal, and are created by 
torrefaction and forming of wood scraps, 
residues, and similar materials. As a 
result, no new capital investment is 
required and this technology has 
advantages in terms of cost. In addition to 
the points above, one more important 
point which I raised is that by using raw 
materials which have received various 
certifications, it will be possible to provide 
many customers with carbon neutral 
materials which were produced with no 
impact on the natural environment. 
Achieving zero carbon emissions 
inevitably involves various restrictions and 
obstacles in the areas of technical 
development and costs. While discussion 
from an overarching perspective is 
necessary, I felt that it is also important to 
steadily and repeatedly carry out this kind 
of project that is sustainable in the sense 
that it is profitable while involving minimal 
risks.
Expectations for company 
directors on the executive side
“If you want 1 year of prosperity, grow 
grain. If you want 10 years of prosperity, 
grow trees. If you want 100 years of 
prosperity, grow people.” This is an 
ancient Chinese proverb. From the 
perspective of a corporation pursuing 
continual growth, what is the source of 
this growth? In every industry, it is an 
intangible value that is not contained in 
the balance sheet. It is technical 
development strength for a manufacturer, 
and hospitality for the tourism business. 
For a trading company, I believe that the 
driving force behind fundamental growth 
is trust and human resources. Because 
trust is a common responsibility shared 
by all management and employees, in the 
end it comes down to people. The 
business model of a trading company 
remains constant no matter what changes 
occur in the social environment. The 
important issue here is determining how 
to effectively mediate demand and supply 
in the flows of people, products, money, 
and information. Our lifeline for tomorrow 
is finding and developing human 
resources who can flexibly adapt to 
changes in the world, or identify such 
changes early and search for reliable 
business opportunities, and who can 
create a truly marketable deal flow. I hope 
that we will continue to devote our total 
strength to the development of promising 
human resources who are filled with an 
enterprising spirit and equipped with 
creativity, and to decisive hiring and 
staffing with consideration for diversity.
54
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Functions of Outside Directors 
that are required by society
I believe that the functions of Outside 
Directors are to aim for continual 
company growth and improving 
corporate value in ways including (1) 
presenting the overall direction for 
corporate strategies and the like, (2) 
supporting appropriate risk-taking, and 
(3) providing highly effective 
supervision of directors and other 
personnel. During a time of social and 
economic changes including ESGs, 
COVID-19, geopolitical risks, and high 
resource prices, naturally the immense 
experience accumulated within the 
company serves as its foundation. In 
addition, each Outside Director must 
be able to contribute by utilizing our 
own experience and expertise.
In my case, my knowledge of 
company management is limited, 
however I believe that I can contribute 
as a lawyer and based on my 
experience working in central 
government agencies in ways such as 
by verifying facts from documents and 
reports, identifying issues, and 
considering various problems from an 
international perspective and the 
perspective of the relationship between 
corporations and government.
Changes in Nippon Steel 
Trading between the time of 
appointment as Outside Director 
and the present
Since I was appointed as a director in 
2019, there have been dramatic social 
and economic changes that have 
produced a wide range of issues which 
need to be addressed. Under these 
conditions, I have been impressed at 
how the company has carried out a 
number of actions including 
strengthening the business foundation 
and enacting a growth strategy through 
the Medium- to Long-Term 
Management Plan. We were also 
supported by a recovery in the 
environment surrounding the Steel 
Division which represents our primary 
business segment, and as a result of 
these factors, fiscal 2021 was a very 
good year that saw the highest profits 
in our history.
While it is important to meet the 
needs of society and continually 
generate profits, other events which I 
believe are notable have included (1) 
carrying out steel distribution 
improvements using the DX strategy in 
our primary business segment – the 
Steel Division, (2) proceeding with 
reorganization and consolidation of our 
business while striving for health 
management, with the results of an 
employee survey conducted after the 
Head Office relocation in February 
2022 showing a generally high level of 
employee satisfaction, and (3) the 
construction of corporate governance 
and risk management systems, in 
addition to the enhanced activities of 
the Internal Control & Audit 
Department and the Audit & 
Supervisory Board.
What made an impression on me 
during discussions at a recent 
Board of Directors meeting
I was impressed by the discussions 
concerning investment in a company 
working to achieve zero carbon 
emissions, and concerning 
consolidation in the textiles business.
Listed companies, and particularly 
companies listed on the Tokyo Stock 
Exchange Prime Market, are recently 
required to have a high level of 
governance and stronger risk 
management in accordance with laws 
such as the Companies Act and 
Financial Instruments and Exchange 
Act, and also in accordance with the 
Corporate Governance Code and other 
materials. However as we experience 
dramatic changes in the social and 
economic conditions, in order to 
achieve continued company growth 
and improve the corporate value, it is 
also important to, in some cases, 
boldly address challenges while 
accepting some risks that are difficult 
to predict. I expect NST to continue 
further expanding its existing business 
and also to boldly challenge itself with 
new business opportunities.
Expectations for company 
directors on the executive side
In order to achieve the goal of being “a 
strong growth company that 
contributes to society,” the Medium- to 
Long-Term Management Plan for 2021 
through 2025 that was formulated in 
the midst of the COVID-19 pandemic 
prescribes (1) building a robust 
corporate structure, (2) achieving 
sustained growth, and (3) enhancing 
ESG management.
In its primary business segment 
which is the Steel Division, NST is 
responsible for supplying a wide range 
of steel materials including automotive 
materials and renewable energy 
materials. The Industrial Supply & 
infrastructure Division supplies multi-
materials that meet the needs of 
society, while the Foodstuffs Division 
and Textiles Segment support our daily 
life. In this way, our businesses is 
contributing to improving ecological 
and affluent societies and basic needs 
in Japan and around the world.
 I expect that NST will continue to 
powerfully carry out this mission under 
the direction of the new president 
Shinichi Nakamura.
Ryuko Inoue
55
Message from Outside Directors

Functions of Outside Directors 
that are required by society
It is the nature of a corporation to 
pursue profits. Therefore within the 
company, we proceed in a straight line 
in a single direction. It is the function of 
Outside Directors to signal a flashing 
yellow light for this process.
In textbook terms, their work is to 
“provide supervision of major decision-
making, business execution, and 
management as members of the 
company management team.”
However in simpler terms, I would 
prepare two large pieces of poster 
paper on the floor, each with a large 
circle on it, with one labeled “society” 
and the other labeled “the company.” I 
think it is the job of an Outside Director 
to stand firmly with one foot planted 
squarely in each of these circles.
Nearly all internal company 
directors stand in the company circle. 
While I have management experience, 
when I look back at myself I also had 
both feet placed on the company side. 
I think it is critical for an Outside 
Director to stand with his or her two 
feet solidly placed on both the society 
and company sides, and to continually 
make balanced decisions.
Changes in Nippon Steel 
Trading between the time of 
appointment as Outside Director 
and the present
I was appointed a little more than a 
year ago, and am not in a position to 
speak about the entire company. 
However if I had to describe 
something, I would say that while 
Nippon Steel Trading is not particularly 
flashy, it does make steady progress 
step by step.
I also think it is wonderful how 
business is handed over so seamlessly. 
In the companies where I worked 
before, there was always a large shift 
in policy right away each time when 
the president was changed.
While the presidency changed this 
year from Yasumitsu Saeki to Shinichi 
Nakamura, that hand-over process 
was truly smooth and there were no 
difficulties at all. In a sense I think this 
indicates the high character of the 
company.
When the transition is not smooth, 
this invites the risk of a blank period in 
company activities as everyone can 
only wait and watch what is going on.
Of course, I should also report that 
I can sense ambition in President 
Nakamura to take on many challenges 
in the future.
What made an impression on me 
during discussions at a recent 
Board of Directors meeting
The Steel Planning Department 
proposed capital investment in 
countries where future growth is 
expected. This investment was 
intended for constructing a new parts 
supply site for a certain major 
manufacturer. The amount of the 
investment was not so large as to risk 
the future of the company, however it 
was substantial.
The proposal from the responsible 
director was presented very rationally, 
and included information such as the 
future potential of the client’s business 
and its management policies. The 
director then explained the background 
such as the conditions of economic 
development in the country, conditions 
of competition, and business potential.
After explaining the details of the 
capital investment, the business plan, 
investment profitability, and schedule, 
the director emphasized that sufficient 
growth in sales would still be possible 
even if business with that client was 
discontinued.
This was a good proposal for 
investment that was both careful and 
bold, without relying too much on any 
one element, and the proposal made 
me realize its importance.
Expectations for company 
directors on the executive side
I have two major expectations for 
President Nakamura.
Continuing from the previous 
section, the first is active investment. 
This is an issue that faces all 
companies where the president is not 
the owner, and it means carrying out 
bold investment from a long-term 
perspective. Of course the best case 
would be pursuing profits in energy-
related areas and other SDG areas.
The other is building a company 
which is grounded in well-being and is 
a rewarding place to work. While 
expanding break room is also good, 
what I mean is building a company 
where not all employees are directly 
seeking a management post.
I believe there are a mountain of 
possibilities, including pursuing 
specialized knowledge and creating 
posts focusing on the feeling of 
achievement and sense of mission.
I hope to see the President 
accomplish this while optimally utilizing 
the power of youth, and also focusing 
on empowering female employees.
Ryu Matsumoto
Message from Outside Directors
56
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Steel Division
Industrial Supply & 
Infrastructure Division
Foodstuffs Division
Textiles Segment
Nippon Steel Trading Business at a Glance
FY2021 results
Net sales
¥1,593.7 billion
Ordinary 
profit
¥43.2 billion
Total assets
¥938 billion
Number of 
employees 4,400 (consolidated) 893 (non-consolidated)
Net sales
¥89.9 billion
Ordinary 
profit
¥2.1 billion
Total assets
¥72.7 billion
Number of 
employees
842 (consolidated) 63 (non-consolidated)
Net sales
¥106.4 billion
Ordinary 
profit
¥2.9 billion
Total assets
¥49.6 billion
Number of 
employees
156 (consolidated) 93 (non-consolidated)
Net sales
¥75.6 billion
Ordinary 
profit
-¥0.5 billion
Total assets
¥31.6 billion
Ordinary 
profit ratio
90%
(¥43.2 billion)
Ordinary 
profit ratio
4%
(¥2.1 billion)
Ordinary 
profit ratio
6%
(¥2.9 billion)
57
Business Portfolio

(FY)
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2,500
2,000
1,500
1,000
500
0
50.0
40.0
30.0
20.0
10.0
0
(billion yen)
43.2
43.2
(billion yen)
26.4
26.4
19.1
19.1
25.3
25.3
(FY)
1,000
800
600
400
200
0
(billion yen)
Net sales (left) 
Ordinary profit (right)
Total assets
686.1
686.1
574.6
574.6
691.0
691.0
938.0
938.0
773.0
773.0
22.2
22.2
1,674.9
1,674.9
2,162.9
2,162.9 2,118.6
2,118.6
(FY)
100
80
60
40
20
0
5
4
3
2
1
(billion yen)
2.1
2.1
(billion yen)
2.7
2.7
2.5
2.5
3.7
3.7
(FY)
100
80
60
40
20
0
(billion yen)
Net sales (left) 
Ordinary profit (right)
Total assets
62.2
62.2
61.5
61.5
61.3
61.3
72.7
72.7
60.3
60.3
3.7
3.7
92.3
92.3
88.9
88.9
87.7
87.7
62.4
62.4
89.9
89.9
(FY)
150
120
90
60
30
0
5
4
3
2
1
0
(billion yen)
(billion yen)
2.8
2.8
2.3
2.3
2.4
2.4
(FY)
50
40
30
20
10
0
(billion yen)
Net sales (left) 
Ordinary profit (right)
Total assets
39.3
39.3
42.5
42.5
39.3
39.3
49.6
49.6
44.5
44.5
2.4
2.4
142.4
142.4
143.1
143.1
142.8
142.8
89.5
89.5
106.4
106.4
(FY)
200
160
120
80
40
0
7.5
6.0
4.5
3.0
1.5
0
(billion yen)
(billion yen)
4.4
4.4
1.6
1.6
3.4
3.4
(FY)
100
80
60
40
20
0
(billion yen)
Net sales (left) 
Ordinary profit (right)
Total assets
51.3
51.3
83.7
83.7
78.0
78.0
31.6
31.6
57.0
57.0
4.6
4.6
150.8
150.8
153.6
153.6
130.0
130.0
96.8
96.8
75.6
75.6
2.9
2.9
1,593.7
1,593.7
1,021.8
1,021.8
-0.5
-0.5
* The Accounting Standard for Revenue Recognition and other standards were applied beginning from the start of fiscal 2021. The important management indexes and other numbers 
related to fiscal 2020 that are listed here are those following retroactive application of these accounting standards.
58
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Understanding of the external environment
 Growing country risks resulting from deteriorating global 
political and economic conditions
 Stagnating trade caused by the trade policies of various 
countries, enacted to address geopolitical risks and 
other factors
 Disruption of supply chains resulting from an insufficient 
supply of semiconductors and other components
 Increase in various costs resulting from the high price of resources 
caused by efforts to reduce carbon emissions and other factors
 Effects on business profits resulting from sudden exchange 
rate changes and rising interest rates
Risks
 Expansion of new businesses to meet growing needs for measures to 
combat climate change and environmental measures
 Expansion of business related to clean energy (hydrogen, solar power, 
wind power)
 Expansion of new demand resulting from the transition to EV automobiles
 Expansion of civil engineering and construction demand resulting 
from the promotion of national resilience
 Expanding use of new materials resulting from an accelerating 
transition to multi-materials
Opportu-
nities
As a trading company linked directly to steelmakers, we can share strategies with 
manufacturers as we operate our business.
Sharing strategies with steelmakers allows us to invest our resources in growth areas where demand is expected to increase, and 
to pursue the creation of value-added distribution in the steel business.
We are accelerating our global strategy mainly in Europe and America by transferring part 
of the steel business from the Mitsui & Co. Group.
In overseas markets where steel demand is growing, with the aim of capturing demand of not only Japanese companies but also 
local companies, we are working to make maximum use of the business foundations and business competitiveness of both NST 
and the Mitsui & Co. Group, and to be a best partner that can plan and propose total solutions that match the global needs of a 
wide range of customers around the world.
We have strength in steel product purchasing.
We are able to purchase a wide range of steel products from Nippon Steel Corporation, the largest steelmaker in Japan. This 
allows us to supply steel products using the domestic and overseas sales networks that we have constructed over many years.
1
2
3
 Competitive advantages
As a steel professional, we will provide 
optimal total solutions.
Steel Division
The Steel Division uses its domestic and overseas sales networks to provide comprehensive services, from raw material procurement 
to product delivery to customers. Through thorough customer-oriented sales, we will enhance the function and ability to timely grasp 
customers’ requirements, which are increasingly diversifying, advance and provide solutions, and make efforts to construct a new 
value chain in steel distribution.
Major products
Business activities
 Steel sheet (hot rolled coils, cold rolled coils, coated steel sheets, plates, 
electrical steel sheets, tinplate and others)
 Steel pipes and tubes (seamless pipes and tubes, welded pipes and tubes, 
large-diameter pipes, pipes for piling, fittings, and others) 
 Structural steel (rails, section steel, wide flange shapes, light H-shaped steel, 
reinforcing bars, and others)
 Rods, bars, and specialty steel (bars, wire rods, bars in coils, cold finished 
steel bars, welding materials, and others)
 Construction materials (steel sheet piles, structural materials for civil 
engineering and construction, and others)
 Other types of steel products, stainless steel, titanium
We have established a processing 
service organization for pressing, 
cutting, and machining of steel products 
including steel sheets, steel pipes and 
tubes, structural steel, and construction 
materials.
 Raw materials (coking coal, coke, pig iron, steel scrap, reduced-iron, ferro-
alloys, blast-furnace slag, heavy oil, oil products, LPG, and others)
We are working for stable and diverse 
supply sources centering on steelmaking 
raw materials such as coking coal, steel 
scrap, and ferro-alloys.
 Machinery (steelmaking machinery, machine tools, metal processing machinery, 
machinery parts, energy-related machinery, construction machinery, general 
industrial machinery, rolls, and others)
We supply a wide range of products 
including steelmaking machinery, rolls, 
and machinery parts to steelmakers, 
contributing to their stable steel production.
Kazuhiro Koshikawa
Managing Executive Officer
 Business activities
Hiroshi Tashiro
Managing Executive Officer
59
Business Strategy for Each Division

Changes in ordinary profit (billion yen)
Ordinary Profit (billion yen)
In April 2022, the NST Group carried out an absorption-type company split in which the wire materials 
division of NST SANKOHAN Co., Ltd. (hereafter, “NST SANKOHAN”) was inherited by NST Wire & Welding 
Co., Ltd. (hereafter, “NSTWW”). Following the split, we also merged NST SANKOHAN, NS Kenzai Hanbai 
Co., Ltd. (hereafter, “NS Kenzai Hanbai”), and NST Tekken Kanto Co., Ltd. (hereafter, “Tekken Kanto”).
By consolidating the wire materials division of NST SANKOHAN and NSTWW, we aim to strengthen 
functions by increasing the efficiency of sales sites and distribution centers. By integrating the NST 
SANKOHAN warehouses and sales functions for construction materials and other products with the 
construction project functions of NS Kenzai Hanbai and the machining functions of Tekken Kanto to 
construct a more robust business foundation, we will aim to further increase the level of customer 
satisfaction.
Reorganizing the business of domestic construction 
and wire materials subsidiaries
Topics
 Strengthening the business foundation
 Growth strategy
1
Improve work efficiency through means such as utilizing 
ICT tools.
 Promote complete digitalization of trading company operations by developing a 
new steel distribution DX platform
2
Reorganize departments, branch offices, and sub-
branch offices.
3
Reorganize and consolidate Group companies.
Consolidate NST Nagoya Coil Center Co., Ltd. and San-ei Daimaru Co., Ltd.
Consolidate NST Special Steel Nishinippon Co., Ltd. and NST Special Steel 
Chubu Co., Ltd.
Reorganize the business of domestic construction and wire material subsidiaries.   
...Etc.
1
Capturing new demand that meets social needs related to SDGs
 Automotive field (EV motors, fuel cell materials, super-high tension steel, etc.)
 Environmental materials (stainless steel for maritime scrubbers, materials for the 
renewable energy field, etc.)
 High-performance materials for the information and communications fields 
(stainless steel for smartphones, etc.)
2
Carrying out global strategies for deepening and 
expanding overseas business
 Expanding sales for automobiles (China hot press materials and high-tension steel, 
North America, etc.)
 Working to become an integral member of overseas regions (expanding sales 
utilizing local mills, launching a coil center in Houston, etc.)
3
Cooperation with major users to improve sales and profitability
 Expansion of raw materials business (scrap, black pellets, etc.)
 Expansion of sales in the construction field (marketing of TiO/NEO system 
construction standard products, etc.)
4
M&A and alliance strategies
 Increasing synergy by making NS Architectural Steel Services Corporation and 
Tsukiboshi Trading Co., Ltd. consolidated subsidiaries
5
DX strategy to reform steel distribution
 Creating value
Correctly identify customer needs that are becoming 
increasingly diverse and advanced, and meet new demand.
Strengthen the value chain construction solutions functions that are at the heart of steel distribution.
Reduce climate change and environmental impacts, and contribute to 
the construction of a sustainable society.
Contribute to the construction of safe and secure societies through 
steel products.
Become a strong growth company that contributes to society.
Propose environmentally-friendly steel products 
and raw materials, as well as eco-solutions.
Contribute to the creation of towns that are resistant 
to disasters and that create vitality in the region.
2019
2020
2021
2022
Forecast
2023
Medium- to Long-Term 
Management Plan
(FY)
50
40
30
20
10
0
22.2
19.1
43.2
31.0
40.8
+21.0
Fiscal 2021 
business 
review
The business environment in the Steel Division turned for the better due to a recovery in steel demand in Japan and overseas. Steel prices rose largely due to factors such as 
an improved balance of supply and demand, and the high prices of raw materials. Ordinary profit was 43.2 billion yen. In addition to the effects from implementing our growth 
strategy and strengthening the business foundation, this was also due to an increase in sales volumes and to profit on sales of inventory resulting from rising steel prices.
 Business review
Strengthening the 
business foundation
+4.5
+1.9
+6.4
Growth strategy
+5.0
+4.8
+9.8
Environment 
changes, etc.
+11.5
-9.1
+2.4
Total
+21.0
-2.4
+18.6
2019  2021
2019  2022 Forecast
2021  2022 Forecast
60
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Functional 
Materials 
Department
Mobility Business 
Department
Infrastructure, 
Machinery 
& Railway 
Department
We sell a lineup of non-ferrous materials including aluminum, copper, carbon fiber, plastic, silicon, and 
glass products, and are capable of proposing materials that meet a wide range of industry needs for 
lighter weights and the use of multi-materials. We also provide a supply chain fully supported by our 
network of branches located in Japan and around the world.
Centered on the crankshafts that we developed in our business for commercial vehicles over many 
years, we provide a wide range of automotive parts (primarily cast and forged products) including engine 
components and parts for low emission vehicles (LEVs). We also have constructed a global supply 
system consisting of 13 sites in eight countries around the world that provide parts such as headrest 
stays and other seat components.
Utilizing the expertise in industrial park operations that we have developed over 30 years at the Rojana 
Industrial Park, which is one of the largest in Thailand, we provide overseas business solutions in 
Thailand, Vietnam, and Mexico - three countries where Japanese companies are particularly active. 
We control the largest domestic share of Nippon Steel Corporation railway car wheels, axles, and other 
products, selling these products in Japan and also exporting them. We also sell welding machines, track 
maintenance equipment, instruments, and other products produced overseas to railway companies in 
Japan and other countries. In addition, we have created a maintenance system and provide services 
which contribute to improving the efficiency of customer work.
1
2
3
Business unit
Products handled
Functional materials
Aluminum products, copper products, metal silicon, magnesium, carbon fibers, etc.
Mobility
Cast forged steel parts, precision machined parts, fuel tanks, automotive seat parts, etc.
Infrastructure, machinery & railways
Operation and sales of industrial parks, electric power business, machine tools, general 
industrial tools, railroad vehicles, railway equipment, etc.
Infrastructure
Functional materials
Mobility
Machinery and railways 
We aim to be a top player in our global niche and 
deepen our global consolidated management.
Industrial Supply & 
Infrastructure Division
Hiroshi Tashiro
Managing Executive Officer
The Industrial Supply & Infrastructure Division is composed of three business units. We provide integrated total services including 
raw materials, machining, unit parts, and installation and sale of machine tools, as well as industrial parks with infrastructure including 
the electricity supply. We are also working to establish and reinforce quality control and maintenance functions, to strengthen 
partnerships with other divisions, for instance, the Steel Division, to open up new areas of business, and to collaborate with partners 
in order to increase the added-value of our business.
 Business activities
 Understanding of the external environment
 Growing country risks resulting from deteriorating global 
political and economic conditions
 Effects on business profits from changes in the prices of 
aluminum and other non-ferrous metals
 Rising raw material prices
Risks
 Growing aluminum demand resulting from moves to reduce carbon 
emissions and trends to reduce product weights
 Expansion of business related to clean energy (hydrogen, solar power, 
wind power)
 Expanding use of new materials resulting from an accelerating 
transition to multi-materials
 Increasing opportunities for industrial park sales business resulting 
from the shift in production sites away from China
Opportu-
nities
 Competitive advantages
61
Business Strategy for Each Division

Major European wind power generator manufacturers have used carbon fibers produced 
in Japan for many years. During this time, NST is cooperating with a China manufacturer 
and proposed a delivery scheme so that we were chosen as the production site, beginning 
deliveries in May 2022. Japan-made carbon fibers provided by NST are processed to create 
intermediate blade products at the China production site, and are exported primarily to 
Europe. Europe has established a target of 30% or more renewable energy for all energy 
consumed in the region by 2030. In particular, large numbers of power plants are being 
constructed in the offshore wind power field, and carbon fibers are used in many increasingly 
large wind turbine blades due to their light weight and sturdy characteristics. We are 
considering also utilizing this same kind of delivery system in India beginning in or after 2030, 
and will actively contribute to the creation of a zero carbon society through our business.
Expanding sales of carbon fibers for turbine blades to major 
European wind power generator manufacturers
Topics
Develop new business areas by providing integrated total services, deepen 
cooperation with partners, and create and expand added value.
Supply the best and most suitable services to meet 
customer needs.
Meet a wide range of customer needs with top-class technical development strength and 
quality control. Create an independent supply chain, and propose and supply the best and 
most suitable materials and products.
Provide precision local services and high-quality products 
to meet the needs for overseas expansion in each industry.
Utilize specialized expertise for customer needs, provide 
fast and accurate proposals, and resolve issues.
Global expansion
Highly expert sales system
1
Strengthening of response to the expansion of worldwide 
demand for aluminum and diversification of suppliers
2
Global expansion of the headrest parts business
3
Expansion of exports of railroad track maintenance 
equipment and kitchen automation equipment
4
Expansion of roof-mounted solar power generation 
business
1
Maximize profit and sales from existing investments.
2
Strengthen relationships with partners, develop new 
businesses, and expand horizontally to other businesses.
3
Collaborate with the Steel Division in multi-materials.
4
Assess existing investments and select new investments 
in the GHS (Global Headrest) business.
2019
2020
2021
4.0
3.0
2.0
1.0
0
3.7
2.5
2.1
1.4
3.7
-1.6
2023
Medium- to Long-Term 
Management Plan
2022
Forecast
Ordinary Profit (billion yen)
(FY)
 Business review
Changes in ordinary profit (billion yen)
Strengthening the 
business foundation
+0.7
+0.2
+0.9
Growth strategy
+0.4
+0.2
+0.6
Environment 
changes, etc.
-2.7
-1.1
-3.8
Total
-1.6
-0.7
-2.3
2019  2021
2019  2022 Forecast
2021  2022 Forecast
Fiscal 2021 
business 
review
In the Industrial Supply & Infrastructure Division, although there were increased sales of aluminum and other high-performance materials, the business environment 
continues to be difficult in the automotive parts business and other business areas that are affected by declining manufacturer production. Ordinary profit was 2.1 
billion yen, due in part to declining profits at Group companies.
 Strengthening the business foundation
 Growth strategy
 Creating value
62
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Pioneer in imported meat products
We have an industry position and product knowledge that were developed over many years.
Top share in Japan for imports of these products
We have efficiently secured profits with a limited number of members.
Stable supply system and a sales network capable of adapting to changes in the environment
We purchase safe and reliable meat and processed foods from countries around the world, and provide the information we have 
collected from overseas suppliers to our customers.
1
2
3
Main products 
Business activities
Beef 
Pork 
Chicken 
Processed meat products
In the field of imported meat such as beef, pork, and chicken – a field that NST was 
one of the frontrunners, we conduct stable imports in cooperation with leading 
overseas suppliers and production plants, which carry out operations from breeding to 
processing. We are always among top players in transaction volume. 
Utilizing our global procurement capabilities, we will continue to expand our transaction 
volume of meat, processed livestock, and processed agricultural and fishery products.
Based on the industry knowledge, field power and pioneering efforts to food safety 
accumulated in the mainstay imported meat business, we provide high-quality, safe, 
and reliable foodstuffs that match the tastes of Japanese in food.
In addition, we are contributing to the enhancement of food culture by expanding 
globally to the growing overseas markets. Demand for food is expected to increase 
further, particularly in emerging countries, and we are actively promoting business 
related to food SDGs.
Fishery products such as shrimp and 
crabs, and processed fishery products
Agricultural products, processed 
agricultural products, and other foods
A creator of food value 
We provide new food value and solutions that are environmentally 
friendly and prioritize reliability and safety.
Foodstuffs Division
Yasuyuki Tomioka 
Managing Executive Officer
The Foodstuffs Division is engaged mainly in the import and export and trilateral intermediate trading of beef, pork, and chicken 
meat, as well as processed meat and fishery products. We are promoting the development of high-value-added products, 
strengthening the departments dedicated to safety and quality control, and further extending our food value chain to respond 
appropriately to consumer needs.
 Business activities
 Understanding of the external environment
 Slowdown in the domestic food-service industry and 
changes in the demand structure resulting from the 
prolonged COVID-19 pandemic
 Changes in meat prices resulting from imbalance 
in supply and demand due to climate change and 
conditions overseas
 Effects on business profits resulting from sudden 
exchange rate changes
Risks
 Increasing needs for food products resulting from a recovery in 
inbound demand
 Increase in meat consumption resulting from changing consumer food 
preferences  (In Japan, as the population and birthrate decline and the 
population ages, older persons are consuming large amounts of meat.)
 Growing attention on imported meat as the domestic meat supply declines
 Growing meat demand resulting from population growth in Southeast 
Asia and other developing nations
 Increasing needs focused on food safety, security, and sustainability
Opportu-
nities
 Competitive advantages
63
Business Strategy for Each Division

Programs for PBM (Plant Based Meat)
Topics
1
Expand sales of products that meet social needs for action on SDGs.
 Plant based meat 
Promote sales of plant based meat to combat fears of inadequate protein consumption resulting from growth of the global population.
 Pork produced without the use of antibiotics or growth hormones 
As no hormones or antibiotics at all are used, the livestock is raised on 100% natural feed, helping reduce the impact that the excrement has on the environment.
2
Strengthen local sales overseas.
Develop Southeast Asia markets where future population increases and market growth are expected.
3
Strengthen the value chain by carrying out M&A and an alliance strategy.
In addition to expanding our primary trading business, expand the scale of business through M&A and an alliance strategy.
4
Strengthen the personnel needed to carry out our growth strategy, assign the most suitable personnel to each position, and hire 
local staff in order to expand local sales overseas.
5
Carry out the DX strategy.
In addition to increasing the efficiency of office work through the system development that we are already conducting, also create order receipt and placement 
work systems that connect with distributors and customers.
 Growth strategy and strengthening the business foundation
Growing existing business and expanding the value chain
Strengthen sales for restaurants and other end users, as well as for volume retailers and the 
take-out industry.
Carry out M&A and investment involving fabless manufacturers and secondary wholesalers.
Provide new food value and solutions, with top priority on the environment, safety, 
and reliability.
In addition to our current five sites in the United States, 
China, Thailand, Malaysia, and Vietnam, expand 
overseas local sales mainly in Southeast Asia.
Strengthen the development and sales of SDG-
related products.
Overseas strategy
Expanding products related to SDGs
2019
2020
2021
3.5
2.8
2.1
1.4
0.7
0
2.4
2.3
2.9
3.5
2.5
+0.5
2023
Medium- to Long-Term 
Management Plan
2022
Forecast
Ordinary Profit (billion yen)
(FY)
 Business review
Changes in ordinary profit (billion yen)
Strengthening the 
business foundation
+0.2
+0.2
+0.4
Growth strategy
+0.4
+0.3
+0.7
Environment 
changes, etc.
-0.1
-0.9
-1.0
Total
+0.5
-0.4
+0.1
2019  2021
2019  2022 Forecast
2021  2022 Forecast
Fiscal 2021 
business review
The business environment surrounding the Foodstuffs Division continues to be difficult due to the effects of temporary restaurant closures and reduced operating 
hours. In terms of performance, ordinary profit was 2.9 billion yen as a result of carrying out growth strategies including capturing demand for ready-made meals.
 Creating value
The environment surrounding the foodstuffs industry is becoming increasingly difficult as a result of 
droughts, floods, and other abnormal climate events caused by the growing global population and global 
warming. As a specific means of reducing environmental impact and ensuring a future supply of protein, 
in November 2020 NST formed a business alliance with DAIZ Co. – a foodtech venture that produces 
raw material for plant based meat from germinated soybeans. We are working for development and 
sales of the PBM products (trademark: Miracle Meat) developed by DIAZ. The strengths of Miracle Meat 
include nutrition that is two to 10 times more than normal, that is achieved by storing nutrients in nodules 
when the soybeans germinate. It reproduces meat extremely well, and features umami that is no less 
than real meat, as well as a high level of texture and flavor. As a result, it enables the development and 
marketing of a substitute meat with a new feeling of value that is a complete change from the previous 
image. The Foodstuffs Division has established a top-class position with its trading business for meat, 
together with processed meat, agricultural, and fishery products. Utilizing the extensive sales channels 
that we have developed in this business, we are focusing on sales of Miracle Meat and processed food 
products using Miracle Meat in order to contribute to creating a sustainable society.
64
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Improving expertise as a railway 
professional
The Infrastructure, Machinery & Railway 
Department where I am assigned 
primarily, sells Nippon Steel 
Corporation railway car components 
(such as wheels and axles) to major 
domestic railway companies, and 
imports and sells overseas-made 
(primarily European) railway equipment 
to domestic railway companies.
After joining the company, I was 
responsible mostly for sales of railway 
car components in Japan. The 
products that I worked with operated in 
support of public transportation, and I 
found the work very fulfilling as work 
related to important social 
infrastructure. Order arrangements, 
price negotiations, delivery date 
coordination, and other tasks were very 
difficult work, however I believe that it 
helped me build a solid foundation as a 
businessman.
In 2018 I made use of the overseas 
training system to study business in the 
U.S. state of California. From 2019, I 
was posted at a NST affiliated machine 
tool company located in Chicago, and 
gained extremely valuable experience 
including learning the operations of the 
affiliated company and communication 
with local employees.
Since returning to Japan in January 
2021, I have been focused on launching 
a business for import and sales of large-
size track maintenance equipment 
(vehicles) from Austria. At present, 
railway companies in Japan now 
conduct track maintenance work (such 
as rail grinding and rail correction) at 
night after train service has ended. 
However securing the operator 
personnel is a difficult struggle and it 
has become necessary to perform this 
work efficiently with smaller numbers of 
operators. The products which NTS 
handles allow more efficient work with 
fewer persons and also can improve 
work quality. Therefore we expect their 
introduction to proceed well. At present, 
another company is dominating the 
Japan market share, however our 
present target is to capture some 
degree of market share and establish 
our presence in the industry.
My approach and that of the 
company are the same: First give 
it a try.
I think my motivation comes from the 
fact that at a trading company, we are 
free to pursue those ideas which we 
can put together. Individuals’ 
judgments plays a large role in our 
operations, and a person can 
formulate a plan from scratch and put 
it into action. Of course we need 
approval from superiors to actually 
implement it, however there are many 
cases when they also have the 
forward-looking thinking of “First give 
it a try,” and this allows me to remain 
extremely highly motivated in my work. 
Once I discovered a German-made 
instrument at an overseas exposition, 
planned for its sale in Japan, and 
actually delivered results.
The importance of “on-site 
capabilities”
What is important for me as I carry out 
my work is “on-site capabilities.” I visit 
the customer sites directly and strive 
to fully identify what it is that the 
customers truly need.
This was taught to me by my 
immediate superior when I first joined 
the company. Even now when 
communications tools such as email 
and telephones have become so 
advanced, there are matters one 
cannot understand without visiting and 
talking with the customers. This makes 
it possible to obtain information and 
business opportunities which are 
unavailable from just the office. There 
have been cases when a customer 
gave me information, or made a new 
request, based on our personal 
relationship. At such times, I felt that 
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Steel Division 
On loan to Nippon Steel Trading Austria GmbH
Jonghyeob Park
Joined NST in April 2016.
Responsible for purchasing and sales of steel 
products in the Europe steel business.
The next generation of Nippon Steel Trading as we 
take up challenge in each of our business areas
65
Employee Growth Stories

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Infrastructure, Machinery & Railway Department, 
Industrial Supply & Infrastructure Division
Keita Kawabata
Joined NST in April 2010.
Responsible for imports of overseas railway equipment primarily 
from Europe, and sales to railway companies in Japan.
What is important is quickly 
identifying customer needs 
as they become increasingly 
diverse and advanced
After joining NST, I learned the basics 
of trading operations in the Logistics 
Management Department and then 
gained sales experience in the Tinplate 
Sales Department for around three 
years. In August 2021, I was assigned 
to Nippon Steel Trading Austria. At 
present, I work in purchasing and sales 
of steel products.
A renewed understanding I gained 
after taking this new assignment was 
the importance of continuously 
studying, keeping an antenna raised 
high, and identifying customer needs. 
Europe is home to many powerful steel 
mills with long traditions. In addition, 
environmental regulations are strict 
and there are also EU trade regulations 
(such as safeguards and anti-dumping 
regulations) as well as regulations in 
individual countries. Overall, this 
makes it a region with a high barrier to 
trade. In order to present new 
proposals to customers, it is necessary 
to present contents which clear these 
barriers and are also appealing. 
Because these regulations and 
systems are all changing, it is 
necessary to keep an antenna 
extended and consider how these 
changes will affect our business. It is 
not easy, however I am able to learn 
how countries and industries around 
the world view the projects I have been 
involved in. This makes it very 
interesting and I enjoy my work.
Strengthening solution proposal 
capabilities and delivery 
abilities
In Europe, trading company functions are 
not widely recognized and their 
advantages are not understood by many 
customers. In order to overcome this, we 
speak repeatedly with the customers and 
work to continually identify customer 
needs. As one example, during repeated 
conversations with a customer, I learned 
that the company’s machining capacity 
and storage space were lacking. When I 
proposed a scheme utilizing the 
machining equipment and warehouses 
of a NST supplier, we were able to 
conclude a contract. At that time, 
logistics costs were high due to the 
COVID-19 pandemic, and we were 
unable to make proposals with 
competitive prices. However as a result 
of persistence and spirit of never giving 
up, we were eventually able to make a 
proposal that met the customer needs 
and produced results.
New objectives developed when 
assigned overseas
My objective is to expand business in 
Europe. Various investment and 
development is being carried out in 
Europe from the perspective of 
sustainability, and I feel that there are 
potential business opportunities in a 
wide range of fields. Although there are 
difficulties, I will continue to approach 
my job seriously and challenge myself 
in developing new business and 
expanding existing business.
my efforts as the person in charge 
were entirely worthwhile, and felt that 
my efforts were entirely worthwhile. 
NST has many employees who are 
able to put this kind of on-site 
capabilities into practice. We have 
been able to construct strong 
relationships of trust with the 
customers, and I believe this is one of 
our company’s advantages.
My goals are “working in Europe,” 
“starting up a new business,” and 
“management.”
I am now working in Europe on a 
business travel basis, however I would 
like to be posted here on a long-term 
basis in the future.
My first overseas post was taken up 
entirely by studying from start to finish, 
and I want to put what I have learned on 
my own into practice. Europe is not only 
a world-leading region in terms of 
railways, but I believe it is a source of a 
wide range of business opportunities 
such as environmental technologies. I 
would very much like to challenge 
myself to search for new business in this 
region, and then launch that business 
starting from scratch. I would like to 
have experience in a position of 
company management, further advance 
my career, and become a businessman 
with a broader perspective on the world.
66
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Changing from general staff 
to a career-track position, and 
being assigned to an overseas 
supplier: My history of personal 
challenges
When I first joined the company, I 
worked as general staff for around 
three years, and was involved with ship 
loading management and sales 
support operations for import 
purchasing of frozen pork. However 
because I also wanted to be involved 
in final delivery of the purchased pork 
to customers in Japan, I volunteered to 
work as a sales representative and 
changed to a career-track position. 
Over the next four and a half years, I 
worked as a sales representative for 
import purchasing of frozen pork and 
in its sales within Japan. It was then 
suggested that I be sent for training to 
Vion in the Netherlands – the largest 
supplier in my department. In July 
2022, I started in my new position.
At Vion, I now have opportunities to 
learn about the upstream flow of 
products in the supply chain from the 
pig farmers and meat processing plants 
to pork export and sales. There was 
much that I discovered from being able 
to understand more deeply from an 
upstream position, which was different 
from the supply chain mid-stream 
position I had before. During this training 
period, I want to work to strengthen the 
relationship between NST and Vion, and 
to utilize the experiences I have gained 
in expanding future sales.
Changes that came to me as I 
was only focusing on sales: The 
future of our business
One project of NST and Vion that I am 
involved in is a project for joint 
development of pigs which are fed an 
original fermented lactic acid bacterium 
feed to stabilize their intestinal 
environment, make them healthy and 
attractive, and reduce the environmental 
impact. The livestock industry around 
the world is directly faced with 
environmental problems and issues of 
animal welfare. There is particularly 
active discussion in this area in Europe. 
As I am in a place where I can regularly 
encounter cutting-edge thinking, and as 
a person working in the livestock 
industry, I am thinking about what the 
future of our business will look like. By 
participating in this project, I feel 
enthusiasm for approaching the world 
with the products I sell, aiming to create 
a better society.
Working so that people want to 
sell to and buy from Morita
As I carry out my work, I believe it is 
important that I approach each matter 
seriously and sincerely. Because there 
are so many competitor companies, I 
am working to build relationships of 
trust with both suppliers and 
customers so that they will want to sell 
to and buy from Morita in particular. 
Occasionally I face a situation where 
reaching an agreement is difficult, 
however I strive every day to search for 
the option that will be best for all three 
companies: the supplier, the customer, 
and NST.
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Legal Department, Corporate Planning & 
Administration Division
Masaki Kasahara
Joined NST in April 2017.
Responsibilities include studying legal problems in 
the business and formulating action in response, 
examining contracts and other documents for matters 
related to rights and obligations, handling lawsuits and 
other disputes, promoting compliance, and handling 
investments, loans, and M&A.
The next generation of Nippon Steel Trading as it 
takes up challenges in each of our business areas
67
Employee Growth Stories

In the position I wanted, aiming 
for “aggressive legal affairs”
I majored in business law at university, 
and shortly after joining NST in 2017, 
my request was granted for assignment 
to the Legal Department where I could 
be involved in the legal field of the 
business, and I began my job filled with 
great expectations. In the Legal 
Department, I am responsible for cases 
when the terms of a business contract 
are different than ordinary, and for 
studying the contents and negotiating 
for transactions involving large sums of 
money, company acquisitions, and 
similar matters. This is the area 
described as “contract law,” however I 
am in also in charge of the function 
which we call “aggressive legal affairs.” 
This includes handling matters where 
trouble is expected or where lawsuits 
or other disputes have occurred, 
analyzing and organizing legal risks 
and other information that is essential 
for management investment decisions, 
and occasionally proposing new 
schemes from the legal perspective in 
order to resolve project issues.
New projects realized through 
youthful strength, ideas, and 
teamwork
In my third year at the company, I gained 
experience as a core member in a 
project for the launch of a joint-venture 
company, which was in the somewhat 
unusual form of a limited liability 
company. Although I had prior 
experience launching a listed company, 
this was my first encounter with a limited 
liability company. I studied as I 
continued to search for a way forward. 
The project team faced many issues, 
including problems and risks in the 
business plan, and determining methods 
of improving them, and we became 
increasingly bogged down.
At this time, a superior gave me the 
following advice. “While it is important 
for a legal person to consider risks and 
problems from a variety of perspectives, 
would it not be better to think about 
what can be done to make it work rather 
than about the reasons why it cannot?” 
Inspired by those words, I gained 
renewed enthusiasm for somehow 
making this project a reality. While 
getting hints from similar business 
models, the team members collected 
information, obtained advice from 
outside experts, checked related laws, 
formulated project plans based for 
profitable investment, established 
specific profit structures, and took every 
other action we could think of. As all of 
the team members repeated a process 
of trial-and-error, the project began to 
gradually move forward. I remember 
how excited I was in the end, when we 
finally got approval from the company.
I felt that this experience helped me 
to grow considerably, and I learned the 
importance of having all team members 
combine their information and 
knowledge, and think carefully to 
identify the best method.
The next goal is further 
strengthening the earning power 
of Nippon Steel Trading
At present, NST is challenging itself with 
the DX strategy and other new programs 
that make extensive use of IT and new 
technologies. There are always risks 
whenever creating new business. 
However a company will never be able 
to utilize opportunities or enjoy profits 
from its business if it gives up easily or 
refuses to approve decisive action in the 
face of risks. At NST, we have comrades 
who fight with us. While working to 
properly control risks from the Legal 
Department’s standpoint, I want to work 
together with our members and search 
for ways that will lead to business 
opportunities. In this way, my objective 
is further strengthening the earning 
power of Nippon Steel Trading.
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Foodstuffs Division 
On loan to Vion Food Netherland B.V.
Miwa Morita
Joined NST in April 2015.
Now on loan to a pork supplier to gain a deeper understanding 
about the product production process and strengthen 
relationships with the supplier. Responsible for carrying out a 
new-concept pork development project.
68
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

MN Inter-Fashion Ltd. was founded on January 1, 2022 from a business 
integration of the NST Textiles Division and Mitsui Bussan I-Fashion 
Ltd. This integration was based on a textiles business alliance involving 
Nippon Steel Trading, Mitsui & Co., Ltd., and Mitsui Bussan I-Fashion Ltd. 
(hereafter referred to as “the Alliance”).
Synergy generated 
as a result of 
integration
Strengthen the 
foundation of the 
OEM business that 
is our core business 
area.
Create business 
opportunities in 
new growth fields.
Deepen the value 
which is provided 
to customers.
The textile industry is exposed to accelerating changes in the business environment both in Japan and overseas. In particular, 
the combination of a shrinking OEM* market for domestic apparel and the effects of the COVID-19 pandemic are expected to 
produce even more difficult conditions in the future. In these circumstances, we found a good match in the corporate 
intentions of Nippon Steel Trading and Mitsui & Co., Ltd. (hereafter, “the Two Companies”), both of whom were studying how 
to strengthen their business foundations and achieve sustained growth and development in the textile business. Following 
detailed discussions, the Two Companies agreed to utilize their business resources through the Alliance so as to complement 
each other and construct a sturdier business foundation. The Two Companies also agreed to create new business 
opportunities in order to continually achieve growth and improve the corporate value.
1  Strengthen the foundation of the OEM business that is our core business area. 
Combine the sales forces, customer networks, and specialty products and services of the Two Companies so that they 
complement one another and maximize the synergistic effects. Also improve competitiveness and construct a strong 
business foundation by improving efficiency, in particular in procurement by utilizing the scale resulting from this integration, 
and by pursuing functional improvements.
2  Create business opportunities in new growth fields. 
Make maximum use of the business resources throughout the supply chain, from upstream to downstream, which the Two 
Companies each possess, and work to expand business in overseas markets where growth is expected. Also provide new 
services which make extensive use of digital technologies, and create new business opportunities based on sustainability, 
including utilizing recyclable materials and constructing a product recycling system, in order to achieve sustained growth.
3  Deepen the value which is provided to customers. 
Based on the knowledge, comprehensive capabilities, and purchasing networks that the Two Companies have developed in 
the textile business over many years, carry out new projects utilizing digital technologies in the planning, production, logistics, 
and other functional processes to provide powerful support for customer innovations (such as cost reductions, digital 
transformation of our business processes, and sustainability measures).
1
2
3
MN Inter-
Fashion 
Ltd.
This company will solve the various issues facing 
the fashion and textiles industries, and the 
broader lifestyle field, and will create new value, 
thereby enriching people’s lives and bringing 
them excitement and good impressions.
Vice President Yoshimoto
President Kihara
 Background of the Alliance
* Acronym for Original Equipment Manufacturer. It refers to contracted manufacturing of products for other companies’ brands.
 Objectives of the Alliance
69
[Special Feature] MN Inter-Fashion

Group 
Company
Domestic
Overseas
AGL Corporation / Eco Center Co., Ltd./ 
SB Knit Co., Ltd. / SB Planning Co., Ltd./ 
SB Living Co., Ltd. / SERVO Corporation/
SUMI’SACCS Corporation / DigitalClothing Co., Ltd./ 
Fashion Net Inc.
Qingdao Home Fashion Textile Co., Ltd. (China) / Taicang 
Shenjin Fashion Co., Ltd. (China) / Zhuhe Fashion Garment 
Co., Ltd. (China) / Shanghai Echo Fashion Co., Ltd. (China) 
/ Shanghai ER Knitwear Ltd. (China) / PT. Bengawan Solo 
Garment Indonesia (Indonesia) / Suitstar Garment Co., Ltd. 
(Myanmar) / SB Saigon Fashion Co., Ltd. (Vietnam) / ALTA 
MODA (China) Co., Ltd. (Shanghai, Tsingtao)
Trade name
MN Inter-Fashion Ltd.
Representative
Shinichi Kihara (President and Representative Director)
Kazumi Yoshimoto (Executive Vice President and 
Representative Director)
Capital
4,428 million yen
Employees
850 (as of January 1, 2022)
Head Office
Akasaka K Tower, 1-2-7 Moto-Akasaka, Minato-ku, 
Tokyo 107-0051 
TEL: +81-3-6771-9760 
FAX: +81-3-6771-9761
Main banks
Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., 
MUFG Bank, Ltd., SMBC Trust Bank
Share holder
Mitsui & Co., Ltd. 50% 
Nippon Steel Trading Corporation 50%
Fiscal term
April - March
Office
Osaka Office
Osaka Mitsui Bussan Building 21F, 3-33, Nakanoshima 
2-chome, Kita-ku, Osaka-shi, 530-0005 
TEL: +81-06-6226-9671
FAX: +81-06-6226-9798
Paris Office/Yangon Office
Integrated Total Solutions
Based on the concept, positioning, and targeting, we are reinforcing our total solution functions that provide one-stop service 
to meet a wide range of client needs including brand development, product planning and purchasing, investment in 
production equipment, logistics design, and global market deployment. We procure the optimal materials and utilize our wide 
network of sewing sites centering on Asia to supply high-quality fashion and textile products.
OEM/ODM Business
We propose, produce, and sell a wide range of 
products that are needed by the customers.
Functional Textiles & Materials Business
Using our extensive network in Japan and overseas, 
we continually supply materials such as high-
performance textiles and materials to the markets.
Brand Business
We operate a variety of products that enrich 
everyday life through brands.
Co-creation business with Gen-Z
We are carrying out a joint project with the young marketing team SHIBUYA109 lab., which specializes in Gen-Z, for the purpose of “thinking 
of SDG as issues of personal interest to them, providing support for taking action, and communicating corporate programs based on these 
activities through means which are easily absorbed by Gen-Z.”
Operation of a crowdfunding site (LaunchPark) 
We operate the LaunchPark site, which was created in order to produce, in cooperation with the consumers, the products needed by 
the consumers in exactly the quantities needed. From an ethical perspective, the goal is to avoid producing products which become 
unnecessary inventory.
We are digitalizing woven fabrics, knitted fabrics, pattern data, and other data, and are producing 3D samples using high-definition 3D 
computer graphic (3DCG) technologies in order to improve work efficiency and carry out eco-friendly and sustainable production.
Programs for Sustainability
DX for Textile Products
Topics
Topics
 Company outline
 Business activities
70
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

all-natural fiber.
MN Inter-Fashion Ltd. has 
trademarked this fabric as “BANANA 
CLOTH.” We have launched PR activities 
in order to communicate the appeal of 
this fabric to consumers, as it 
contributes not only to improving the 
global environment, but also the living 
environments of the farmers.
During these activities, we decided 
that rather than having the technology 
and sales rights owned exclusively by a 
single company, it would be better to 
prioritize delivering products to as many 
consumers as possible. Fabric experts 
who agreed with this idea came 
together from various fields, eliminating 
the barriers between companies. We 
are now cooperating as the BANANA 
CLOTH Committee in the development 
of new materials and new customers as 
we work to expand the use and sales of 
these products.
Average age is about 60.
Members of the BANANA CLOTH Committee
“Expanding horizons” 
Sustainable action given shape 
by Gen-Z
“Sustainability” has gone beyond being 
just a trend and has developed to be a 
key term. When we consider 
sustainability, should we not include the 
opinions of the younger persons who 
will be living in that sustainable future?
This is the idea that brought 
together Gen-Z students who are highly 
concerned about SDGs, the 
“SHIBUYA109 lab.” youth marketing 
research agency operated by 
SHIBUYA109 Entertainment, and MN 
Inter-Fashion. As a joint project on the 
SDG “Responsible Consumption and 
Production” theme, we have launched 
an after-school activity known as 
SHIBUYA109 lab. EYEZ
“SHIBUYA109 lab. EYEZ.”
By producing and selling BANANA 
CLOTH tote bags, we created an 
opportunity, not only for EYEZ members 
but also for Gen-Z, to take sustainable 
action. In these activities, the students, 
who were inspired by the passion for 
material development of the BANANA 
CLOTH Committee, carefully selected 
the bag shape, fabric, and every 
element as they planned the bags.
“Future of manufacturing” 
Using new technologies to 
eliminate loss in the production 
process
MN Inter-Fashion has launched a 
business using digital software to create 
3D patterns, and has established 
DigitalClothing Co., Ltd. as an internal 
corporate venture. In this business, new 
technology is used to eliminate the 
sample production process by loading 
conventional CAD patterns into a special 
system to create 3D designs.
Ordinarily two to three samples are 
created in order to sell a single apparel 
product. After the samples have been 
evaluated, in most cases they are 
discarded, and the resulting material 
loss in the production process has 
increasingly been seen as a problem.
This 3D pattern technology is used 
in the sample production process for 
BANANA CLOTH tote bags. It can check 
the final condition  
digitally before mass 
production is 
started, and 
eventually minimize 
loss.
Making “I bought it because it 
was cute then I found out it was 
sustainable” a reality
The Gen-Z EYEZ members were inspired 
by the passion of the fabric developers, 
learned about manufacturing using digital 
technologies, and created a bag for 
commercial sales. They wanted to create 
a bag that people buy not because it is 
sustainable, but rather because it is cute, 
and then find out later that the product is 
sustainable. For this purpose, they 
repeatedly studied the quilting stitch 
colors, sizes that can accommodate a 
laptop PC, and other design factors 
before creating the final product. We 
hope that you will pick up one for yourself 
and enjoy using it for a long time.
Banana cloth x 109EYEZ
Sustainable tote bag made by Gen-Z
“After the fruit is picked, the 
rest is trash.” Material made 
from banana tree stems
We have produced a fabric from banana 
fibers. We wondered if there was some 
way we could use the large volumes of 
banana tree stems that are now only 
thrown away at banana plantations.
The banana is a familiar fruit that is 
eaten by people around the world, 
however after it bears fruit once, it will 
not bear fruit the following year. In order 
to produce delicious bananas, the 
cultivators leave behind only the new 
sprouts and cut away the stems after 
picking. These cut 
stems are then thrown 
away. Around one 
billion tons of banana 
stems are discarded 
each year in 129 
countries and regions 
around the world.
“We may be old but we can still 
work.” A collection of fabric 
experts! How BANANA CLOTH 
was made
Nearly all cut banana stems are left on 
the ground to rot. As they do so, they 
produce unpleasant rotting odors and 
cause contamination of the 
groundwater and soil, affecting the 
lives of local residents. Several 
persons, who had worked in the 
development and production of fabrics 
for many years, noticed that there was 
a technology for making fabric out of 
banana stem fibers. By improving the 
spinning, weaving, dyeing, and other 
processes, at the end of a long period 
of trial-and-error, they eventually 
succeeded in producing denim fabric, 
sail cloth, knit cloth, and other fabrics.
Around 500 – 750 grams of fiber 
can be acquired from one banana tree 
stem, representing around 2 – 3% of the 
mass. A calculation shows that around 
20 million tons of fiber could be acquired 
from the one billion tons of trees that are 
disposed of each year. Bananas are 
also hardy trees and grow quickly. 
Shortly after harvesting, new shoots 
begin to emerge from between the 
remaining stems, and produce the next 
batch of fruit after three to six months. 
As the cultivated area of cotton, hemp, 
and similar crops is declining, bananas 
with their rapid growth and large annual 
harvest contain great potential as a new 
71
[Special Feature] MN Inter-Fashion

Assigned to be in charge for 
major customers. 
Team strength found under 
pressure
“Because my clients had been large 
retailers, I thought I would be crushed 
by the pressure when I was selected to 
be responsible for such major 
customers.” Now in her 13th year with 
the company, Ms. Kuwahara explained 
how she overcame this pressure.
“Textile sales work requires in-
house production management, 
planning, and quality control, 
occasionally involving outside 
designers, clients, and suppliers, in 
order to obtain a contract. Because 
there are a very large number of people 
involved, it is necessary to always be 
aware of each person’s work progress 
status and to continually be sure they 
are aware of the general policies and 
other guidelines. There are limits to the 
volume and quality that I can produce 
working on my own, and it is because 
each job is done as a team that we are 
able to raise the volume and quality 
performance. Therefore I spend my 
days thinking about how to improve the 
team results, and how to complete 
each task properly and make it easier 
as much as possible on the person 
who will do the next work.”
We can picture Ms. Kuwahara 
motivating her team in a laid-back 
atmosphere and guiding the team with 
careful communication. In fact, 
previously she travelled on business to 
China, Vietnam, and Myanmar around 
once every two months, visiting local 
plants, collecting new materials, and 
T
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Growth 
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holding meetings with local staff. With 
COVID-19, these trips are currently not 
possible, but she makes do with online 
meetings and other innovations. She 
has described how when more work is 
handled by the team, the results are 
better and her motivation is higher. 
A formative experience in textile 
sales, learned from failure while 
posted overseas during her fifth 
year at the company
She described a story of failure that 
occurred during the three years from 
2014 to 2017, when she was posted in 
Shanghai. “At that time, I was in charge 
of five local Chinese staff and three 
Japanese staff at the Tokyo Head 
Office, and we were responsible for all 
sales in Shanghai. Business customs in 
China are different from those in Japan, 
and the boundaries between the duties 
of each staff were clearly defined. 
Omissions in work were a concern and 
had become a source of customer 
complaints. In Japan, any member will 
willingly perform any work which has 
been left behind, or we might ask 
someone else for help. However that 
was not the practice in China.”
During her fifth year at the 
company, Ms. Kuwahara learned 
painfully how dependent she had 
become on support from her 
coworkers. She created a list of all 
duties, identified the person 
responsible and the work contents, and 
discussed with each staff member in 
order to try and identify the problems.
“By making duties visible, it 
became easier to understand how the 
duties were divided, and we were able 
to improve coordination among the 
staff.” She says that based on this 
formative experience, she understood 
the importance of taking greater care 
to always be considerate of others 
when working, whether at a client, at a 
supplier, or in the company.
Finding her own path in a 
difficult business environment
Ms. Kuwahara has developed her own 
methods on her path in textile sales, 
and there are two areas where she 
wants to challenge herself in the future.
“One is creating a new distribution 
channel other than OEM/ODM. 
Following the COVID-19 pandemic, the 
size of the domestic market in the textile 
industry is shrinking at an accelerating 
rate. The conditions which textile trading 
companies find themselves in are 
extremely difficult, and I would like to try 
a variety of approaches as a company 
in order to create a new distribution 
channel. The other challenge is 
changing the old style of working. Textile 
work involves a lot of precision work, 
and requires much time and trouble. It is 
also a fact that we still have few women 
sales staff. I believe that we need to 
create a path so that women can 
continue to work even after life events 
such as marriage and child-raising.”
At the new company of MN Inter-
Fashion, a business integration that was 
designed to produce possibilities for 
synergy, we look forward to seeing the 
youthful strength of employees such as 
Ms. Kuwahara opening up new paths in 
the future.
Home Fashion Division
Yuki Kuwahara
Joined NST in April 2010.
Responsible for OEM/ODM* sales of 
bedding and miscellaneous goods for 
major retailers. Her duties span a wide 
range from plan proposals to production 
management and quality control. Products 
also cover a wide range and include 
slippers, curtains, light bedding, futons, 
footwear, and sofa covers.
* OEM (Original Equipment Manufacturer) in apparel OEM 
ordinarily refers to contracting only production to another 
company. With ODM (Original Design Manufacturer), 
everything from design to production is contracted to 
another company based on a request from an apparel 
brand.
72
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

11-year Financial Summary
35th term
36th term
37th term
38th term
Unit
FY2011
FY2012
FY2013
FY2014
Net sales
Million 
yen
1,894,757
1,815,130
1,991,577
2,104,606
Ordinary profit
23,640
26,533
27,306
30,573
Net profit attributable to owners of parent
14,075
16,505
25,670
17,434
Comprehensive income
13,465
23,797
37,840
29,879
Net assets
123,680
140,640
157,554
183,693
Total assets
703,626
618,423
642,304
692,899
Interest-bearing debt
160,335
160,861
189,501
206,282
Net assets per share
Yen
—
—
—
5,394.28
Earnings per share (EPS)
—
—
—
563.89
Equity ratio
%
15.9
20.6
22.2
24.1
Net interest-bearing debt ratio (Net D/E ratio)
Times
1.15
1.02
1.14
1.06
Return on equity (ROE)
%
13.0
13.8
19.0
11.2
Return on invested capital (ROIC)
5.1
5.7
5.2
5.8
Price earnings ratio
Times
—
—
—
7.36
Cash flow from operating activities
Million 
yen
25,221
13,319
-16,946
5,234
Cash flow from investing activities
-6,817
-7,139
-11,889
-11,568
Cash flow from financing activities
-18,504
-9,312
21,369
4,027
Unit
FY2011
FY2012
FY2013
FY2014
Market value-based equity ratio
%
—
—
—
18.5
Cash flow to interest-bearing debt ratio
Years
6.4
12.1
—
39.4
Interest coverage ratio
Times
9.9
5.1
—
2.0
Indicators related to cash flow
* The Accounting Standard for Revenue Recognition and other standards were applied beginning from the start of fiscal 2021. The important management indexes and other numbers 
related to fiscal 2020 that are listed here are those following retroactive application of these accounting standards.
Net sales
(FY)
(FY)
(FY)
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
3,000
2,000
1,000
0
(Billion yen)
(Billion yen)
(Billion yen)
2,062.3
2,550.6
2,480.2
1,271.0
1,865.9
Ordinary profit
50.0
37.5
25.0
12.5
0
25.7
33.2
36.4
35.1
47.8
Net profit attributable to owners of parent
40.0
30.0
20.0
10.0
0
21.7
23.2
20.7
15.9
35.4
73
11-year Financial Summary

39th term
40th term
41th term
42th term
43th term
44th term
45th term
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
1,930,845
1,841,353
2,062,316
2,550,612
2,480,256
1,271,050
1,865,907
29,025
30,915
35,188
36,427
33,244
25,772
47,810
17,329
18,238
21,726
23,249
20,708
15,992
35,417
11,866
21,562
28,018
19,745
14,462
21,321
39,806
190,264
206,187
227,968
249,356
254,877
278,090
308,198
660,664
673,078
776,395
960,173
857,744
883,285
1,100,441
205,612
196,100
247,622
329,004
300,177
298,398
415,600
5,612.63
6,143.38
6,815.75
7,150.13
7,329.73
7,917.51
8,759.36
560.55
589.96
702.86
720.68
641.97
495.79
1,098.03
26.3
28.2
27.1
24.0
27.6
28.9
25.7
1.07
0.91
1.04
1.32
1.16
0.95
1.36
10.2
10.0
10.8
10.5
8.9
6.5
13.2
5.5
5.9
6.0
5.1
4.7
3.9
5.2
6.69
7.93
8.38
6.24
5.69
8.18
4.84
146
22,282
-29,528
9,386
39,732
47,255
-113,001
-3,054
-4,043
-8,842
-76,339
-5,736
-6,451
-5,327
-4,855
-14,788
44,064
63,812
-32,679
-9,993
100,633
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
17.5
21.5
23.4
15.1
13.7
14.8
15.6
1,401.8
8.8
—
35.1
7.6
6.3
—
0.1
8.3
—
2.2
9.6
19.3
—
(Note) Prior to FY2013, the results of the Nittetsu Shoji Co. and Sumikin Bussan Kaisha, Ltd. were simply combined.
Equity ratio (%): Capital equity divided by Total assets
Market value-based equity ratio (%): Total equity market capitalization divided by Total assets
Cash flow to interest-bearing debt ratio (Years): Interest-bearing debt divided by Operating cash flow
Interest coverage ratio (Times): Operating cash flow divided by Interest payments
(FY)
(FY)
(FY)
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Dividends and dividend payout ratio
ROE/ROIC
Equity capital/Equity ratio
350
280
210
140
70
0
320
240
160
80
0
32.0
24.0
16.0
80
0
35
32
29
26
23
20
(Yen)
(%)
(Billion yen)
(%)
32.4
28.9
6.5
230.6
210.6
27.1
24.0
27.6
29.9
Year-end 
Equity capital
Interim
Dividend payout ratio (right)
Equity ratio (right)
ROE
ROIC
15
10
5
0
(%)
110
110
50
50
85
85
115
115
110
110
110
110
120
120
90
90
190
190
160
160
31.9
31.9
282.5
282.5
25.7
25.7
5.2
5.2
13.2
13.2
31.2
30.5
8.9
8.9
10.5
10.5
10.8
10.8
3.9
3.9
4.7
4.7
5.1
5.1
6.0
6.0
236.4
236.4
255.3
74
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

ESG Data
Environment
Subject range
Unit
FY2019
FY2020
FY2021
CO2 emissions
Scope1+Scope2*1
Consolidated
t-CO2
32,727
28,219
30,285
Scope1
7,235
5,811
6,765
Scope2
25,492
22,409
23,520
Scope3*2
4. Transport, shipping (upstream)
Non-consolidated
—
2,960
3,170
5. Waste produced from business activities
—
173
279
6. Business travel
—
419
613
7. Employee commuting
—
542
535
Amount of power used
Consolidated
Mwh
51,903
45,525
49,257
Energy consumption*3
Consolidated
GJ
307,275
260,089
296,192
Paper usage
Non-consolidated 1,000 sheets
24,711
18,392
15,812
Amount of waste produced
Non-consolidated
t
504
320
521
Social (personnel data)
Subject range
Unit
FY2019
FY2020
FY2021
Number of employees
Consolidated
Persons
7,971
9,028
6,584
Non-consolidated
1,861
1,840
1,327
Number of new graduates hired as career-track employees
Non-consolidated
Persons
51
48
22
Men
34
32
15
Women
17
16
7
Ratio of women
%
33.3
33.3
31.8
Non-Japanese
Persons
3
5
1
Ratio of non-Japanese
%
5.9
10.4
4.5
Number of management positions
Non-consolidated
Persons
653
676
591
Men
637
659
577
Women
16
17
14
Ratio of women in 
management positions
%
2.5
2.5
2.4
Number of non-Japanese employees
Non-consolidated
Persons
42
41
31
Mid-career recruits among regular employees
Non-consolidated
%
35.4
23.8
26.6
Employment of persons with disabilities
Non-consolidated
%
2.2
2.0
2.3
Average years of service
Non-consolidated
Years
13.5
14.0
15.6
Men
14.7
15.1
16.6
Women
11.8
12.5
14.0
*1 Fuel emission factors: (Japan) Greenhouse gas emission quantities based on “List of Calculation Methods and Emission Factors for Greenhouse Gas Emissions in the Calculation, 
Reporting and Publication System” from the Ministry of the Environment are used.
(Overseas) “2006 IPCC Guidelines for National Greenhouse Gas Inventories” are referenced for the fossil fuel unit calorific values and carbon intensity.
Electrical power emission factors: (Japan) The basic emissions factor in the emission factors for each electrical power company is used. 
(Overseas) The CO2 emissions factor for each country as reported by the International Energy Agency (IEA) is used.
*2 Scope3 is calculated beginning from fiscal 2020. (It is disclosed for limited categories based on the state of international discussion related to appropriate emissions 
management and disclosure.)
*3 A unit calorific value for electrical power of 3.6 GJ/MWh is used. Consumption of power generated from biomass is not included. Calculations for fuel are made using the unit calorific 
values in the Act on the Rational Use of Energy.
CO2 emissions
(t-CO2)
* Subjects: NST and consolidated domestic and overseas subsidiaries
(FY)
(FY)
40,000
30,000
20,000
10,000
0
2019
2020
2021
Scope2
Scope1
32,727
25,492
25,492
7,235
7,235
28,219
22,409
22,409
5,811
5,811
30,285
6,765
6,765
23,520
23,520
2019
2020
2021
600
400
200
0
521
320
504
(t)
* Subject: NST (non-consolidated)
* Emissions increased in fiscal 2021 due to relocation of the Head Office.
Amount of waste produced
75
ESG Data

Social (working styles)
Subject range
Unit
FY2019
FY2020
FY2021
Average days of paid annual leave taken by employees
Non-consolidated
Days
13.1
12.0
12.1
Percentage of paid annual leave taken by employees
Non-consolidated
%
69.4
62.9
63.2
Number of employees taking pre- and post-childbirth leave
Non-consolidated
Persons
22
21
19
Number of eligible employees taking childcare leave
Non-consolidated
Persons
39
33
40
Men
19
13
18
Women
20
20
22
Percentage of eligible employees taking childcare leave
Non-consolidated
%
52.7
61.1
58.8
Men
35.8
39.4
39.1
Women
95.2
95.2
100
Percentage of employees returning to work after childcare leave
Non-consolidated
%
97.6
96.9
100
Men
100
100
100
Women
95.5
94.7
100
Average days of childcare leave taken by male employees
Non-consolidated
Days
2
4
7
Social (human resources development)
Subject range
Unit
FY2019
FY2020
FY2021
Skills development training
Total training sessions
Non-consolidated
Sessions
27
23
20
Number of training participants
Persons
667
676
445
Number of employees posted 
overseas
Expatriate staff
Non-consolidated
Persons
194
180
167
* Skills development training shows the number of training sessions and number of participants for group training.
* Subject: NST (non-consolidated)
2019
2020
2021
60
45
30
15
0
(Persons)
20
15
10
5
0
(%)
Ratio of non-Japanese (right)
Men (left)
Women (left)
22
5.9
10.4
4.5
51
48
New graduates hired as career-track employees
Number of employees and average years of service
(FY)
(FY)
2019
2020
2021
2,000
1,500
1,000
500
0
20
15
10
5
0
(Persons)
(Year)
Average years of service (right)
Number of employees (left) 
1,327
1,327
1,861
1,861
1,840
1,840
15.6
Governance
Subject range
Unit
End of June 
2020
End of June 
2021
End of June 
2022
Number of Directors
Non-consolidated
Persons
10
9
9
Internal
7
6
6
Men
7
6
6
Women
0
0
0
Outside (Independent 
Outside Directors)
3(3)
3(3)
3(3)
Men
2(2)
2(2)
2(2)
Women
1(1)
1(1)
1(1)
Percentage of Directors who are Outside Directors
Non-consolidated
%
30.0
33.3
33.3
Percentage of Directors who are women
Non-consolidated
%
10.0
11.1
11.1
Number of Audit & Supervisory Board Members
Non-consolidated
Persons
4
4
4
Internal
2
2
2
Men
2
2
2
Women
0
0
0
Outside (Independent 
Outside Directors)
2(1)
2(1)
2(1)
Men
2(1)
2(1)
2(1)
Women
0
0
0
Percentage of Audit & Supervisory Board Members 
who are Outside Auditors
Non-consolidated
%
50.0
50.0
50.0
14.0
14.0
13.5
13.5
76
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Name
Number of shares 
owned (100 shares) 
Percentage of shares 
held (%)
Nippon Steel Corporation
111,415
34.54
Mitsui & Co., Ltd.
64,288
19.93
Master Trust Bank of Japan (trust account)
24,659
7.64
Custody Bank of Japan (trust account)
11,848
3.67
NST Employee Shareholding Association 
4,495
1.39
DFA INTL SMALL CAP VALUE PORTFOLIO
3,216
1.00
Custody Bank of Japan (trust account, 4) 
2,290
0.71
Custody Bank of Japan (Sumitomo Mitsui Trust Bank, Limited Retrust Account/Nippon Denko 
Employee Pension Trust Account)
2,160
0.67
JP MORGAN CHASE BANK 385781
2,056
0.64
STATE STREET BANK WEST CLIENT - TREATY 505234
1,917
0.59
Major Shareholders
*Ratio of shares held to outstanding shares (excluding treasury stock) (%)
Investor IR Information
Company Outline
Corporate name
Nippon Steel Trading Corporation
Date of 
establishment
August 2, 1977
Representative 
Shinichi Nakamura, President and 
Representative Director
Paid-in capital
16,389,059,776 yen
Location
Tokyo Nihonbashi Tower 23 - 26F, 2-7-1 
Nihonbashi, Chuo-ku, Tokyo 103-6025, Japan
Business 
activities 
Sales and imports/exports of steel, industrial 
supply & infrastructure, foodstuffs, textiles, 
and others
Number of 
employees 
(March 31, 2022)
Non-consolidated 1,327  
(1,639 including 312 seconded employees in Japan and overseas) 
Consolidated 6,584
Sales bases 
(March 31, 2022)
Japan 24  
(1 head office, 1 office, 9 branch offices, 6 sub-branch 
offices, and 7 others) 
Overseas offices and subsidiaries in 33 cities, 18 
countries
Main banks
Sumitomo Mitsui Banking, MUFG Bank, Mizuho Bank, 
and Sumitomo Mitsui Trust Bank
Fiscal year-end
March 31
 Stock Information (March 31, 2022)
Securities code
9810
Stock exchange listing
Prime Market, Tokyo Stock Exchange 
(from April 4, 2022)
Number of shares 
issued
32,307,800 shares
Number of shareholders
15,752 shareholders
General Stock Information
Ownership Breakdown 
Individuals and others (14,965) 
5,053,178 shares /15.64%
Financial institutions (38) 
4,608,550 shares /14.26%
Other Japanese  
corporations (503) 
18,744,167 shares /58.02%
Foreign institutions and  
individuals (206) 
3,489,739 shares /10.80%
Securities firms (40) 
412,166 shares /1.28%
Ownership 
Breakdown 
Fiscal year
From April 1 to March 31 of the following year
Ordinary General 
Meeting of 
Shareholders
Held every June
Record date
Ordinary General Meeting of Shareholders 
March 31 every year
Year-end dividend 
March 31 every year
Interim dividend 
September 30 every year
Otherwise, when necessary, a date 
specified by public notice in advance
Number of 
shares per unit 
100 shares
Method of public 
notice
Public notices are posted electronically on the NST 
website. However, in the event that an electronic public 
notice is not practical as a result of an accident or for 
any other reason, a public notice will be placed in the 
Nihon Keizai Shimbun (The Nikkei).
Office of the 
shareholder 
register 
administrator
Stock Transfer Agency Department  
Sumitomo Mitsui Trust Bank, Limited 
1-4-1, Marunouchi, Chiyoda-ku, Tokyo
Mail address
Stock Transfer Agency Department 
Sumitomo Mitsui Trust Bank, Limited  
2-8-4 Izumi, Suginami-ku, Tokyo 168-0063 Japan
Telephone 
0120-782-031 (toll free)
URL
https://www.smtb.jp/personal/procedure/agency/
Shareholder Notes
77
Investor IR Information

Subjects
FY2021 activities
Media used for disclosure
Shareholders
 Actively provide information and carefully 
respond to questions at General Meetings of 
Shareholders.
 Release video from the General Meeting of 
Shareholders on our website.
 General Meeting of Shareholders
 Post materials related to the General Meeting of 
Shareholders on our website.
Analysts and  
institutional investors
 Hold IR explanation meetings (twice annually).
 Respond to requests for individual meetings.
 Post IR materials on our website.
 Post an explanation video on our website covering 
FY2021 business results and other matters from the 
President as representative director
Other stakeholders
 Provide various other information via press 
releases and on our website in addition to 
disclosure based on laws.    ...Etc.
 Integrated Report 2021 (Japanese, English)
NST has implemented a range of policies aimed at promoting constructive dialogue with shareholders and investors for reasons 
of contributing to continual company growth and improving medium- to long-term corporate value. The director in charge of 
the Accounting & Finance Department is responsible for handling matters related to general dialogue with shareholders and 
investors, and coordinates with related executive officers, the Corporate Planning Department, the General Affairs & Corporate 
Communications Department, and other company departments to expand and improve these policies. When engaging in 
dialogue with shareholders, we will respect the intent of the Fair Disclosure Rules and appropriately manage insider information 
(undisclosed material facts) in accordance with the “Rules for Observance of Insider Trading Regulations.”
SDGs (Sustainable Development Goals)
As a trading company, the NST Group operates a wide range of 
businesses, and we believe that we can make broad contributions 
to these goals. We will continue working to expand awareness 
of SDGs to carry out our business with attention given to 
contributing to SDGs, and will carry out business activities with a 
clear association between the NST Group materiality and SDGs.
In May 2022, NST announced its agreement to the 
recommendations of the Task Force on Climate-related 
Financial Disclosure (TCFD), and participated in the TCFD 
Consortium composed of supporting companies, financial 
institutions, and others.
Other initiatives
Japan Foreign Trade Council, Inc.
The Integrated Report is not a disclosure 
document based on the Financial 
Instruments and Exchange Act, and 
the accuracy and completeness of the 
information is not guaranteed. Future 
forecasts and other information printed 
in the Integrated Report are decided by 
NST based on the information which 
is available at the time of disclosure, 
and contain elements of uncertainty. 
Therefore we request that you refrain 
from making investment decisions 
based solely on the Integrated Report. 
NST shall bear no liability for damages 
of any kind resulting from use of the 
Integrated Report.
Important information concerning the 
Integrated Report
Website
Used to provide comprehensive disclosure 
of business contents, company outline, IR 
information, recruitment information, and 
sustainability information.
Integrated Report
This booklet is intended to 
communicate general information 
about company management to 
investors.
Various reports
 Summary of financial statements
 Securities report
 Corporate governance report
 Documents related to General 
Meetings of Shareholders   ...Etc.
https://www.nst.nipponsteel.com/en/
https://www.nst.nipponsteel.com/
en/ir/library/integrated_report/
 Information disclosure (communication with shareholders and investors)
 Participation in initiatives
 Evaluations by society
 Overall image of communications tools
78
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Organizational Chart
Audit & Supervisory Board 
Members’ Office
Board of Corporate 
Auditors
(current as of July 1, 2022)
 Steel Planning Department
 Overseas Administration &  
Planning Department
 Project Development Department
 Flat Products & Electrical Steel Sheet Sales 
Department
 Structural Flat Products Sales Department
 Structural Products Sales Department
 Steel Structures Engineering & Sales 
Department
 Automotive Steel Planning Department
 Automotive Flat Products Sales Department 1
 Automotive Flat Products Sales Department 2
 Coil Center Department
 Plate & Overseas Structural  
Products Department
 Stainless Steel, Titanium & Special Steel Sales 
Department
 Flat Products Export Department
 Tinplate Sales Department
 Wire Rod & Specialty Bar Sales Department
 Automotive Pipe & Tube Sales Department
 Pipe & Tube Sales Department
 Logistics Management Department
 Hokkaido Branch Office
 Tohoku Branch Office
 Niigata Branch Office
 Hokuriku Branch Office
 Technical Support & Safety Management 
Department
 Structural Products Sales Department
 Plate Sales Department
 Flat Products Sales Department
 Automotive Flat Products Sales Department
 Wire Rod & Specialty Bar Sales Department
 Chugoku Branch Office
 Shikoku Branch Office
 Automotive Flat Products Sales Department
 Flat Products, Plate, Pipe, Tube & Wire Rod 
Sales Department
 Flat Products, Plate, Pipe, Tube & Wire Rod 
Sales Department
 Automotive Steel Products & Flat Products 
Sales Department
 Steel Products Sales Department 
 Oita Branch Office
	
 Dhaka Office
	
 Dubai Office
	
 Beijing Office
	
 Manila Office
	
 Yangon Office
	
 Moscow Office
 Raw Materials Department
 Steel Scrap & Pig Iron Department
 Cold Metallic Planning & Coordination 
Department
 Machinery & Materials Department
 East Nippon Machinery & Materials Department
 Tokai Machinery & Materials Department
 Kansai & Setouchi Machinery &  
Materials Department
 Kyushu Machinery & Materials Department
Head Office
Osaka Office
Nagoya 
Branch 
Office
Kyushu 
Branch 
Office
Overseas 
Office
Steel Division
Raw 
Materials/
Machinery & 
Materials
 Industrial Supply & 
Infrastructure Planning 
Department
 Functional Materials 
Department
 Mobility Business 
Department
 Infrastructure, Machinery & 
Railway Department
Industrial Supply & 
Infrastructure Division
 Foodstuffs Planning Department
 New Business Development 
Department
 Food Quality Assurance Department
 Processed Food Products Department
 Meat Department No. 1
 Meat Department No. 2
 Meat Department No. 3
Foodstuffs Division
 General Affairs &  
Corporate Communications 
Department
 Corporate Planning 
Department
 SDGs Promotion Department
 Accounting & Finance 
Department
 Sales Accounting Department
 Human Resources Department
 Human Resource 
Development Department
 Legal Department
 Credit Management 
Department
 Information & Communication 
Technology Promotion 
Department
Corporate Planning & 
Administration Division
Internal 
Control 
& Audit 
Department
DX 
Promotion 
Department
General Meeting of Shareholders
Board of Directors
Corporate Management Committee
President
 Onoda Sub-Branch Office
 Shizuoka Sub-Branch Office
 Yawata Sub-Branch Office
 Minami Kyushu Sub-Branch Office 
 Okinawa Sub-Branch Office
 Hikari Sub-Branch Office
79
Company Information

Domestic Network
Steel Division
Industrial Supply & Infrastructure Division
Textiles Segment
Corporate Planning & Administration Division
Head Office, Office, Branch 
Office, Sub-Branch Office
Foodstuffs Division
Hokkaido
 Tomakomai Steel Center Co., Ltd.
Akita
 Sanwa Precious 
Steel Co., Ltd.
Toyama
 Kashii Co., Ltd.
Hyogo
 Sanwa Steel Co., Ltd.
Okinawa
Okayama
 Miyashin Corporation
 NST Mechanical Tubular Products 
Sales Co., Ltd.
Kagawa
 Taiyo-Sakako Corporation
Fukuoka
 Izumi Kohan Industry Inc.
Saitama
 M.I.K Corporation
Chiba
Tokyo 
Ehime
Osaka
 Urayasu Construction Materials 
Center Co., Ltd.
 Tokyo Seisen Co., Ltd.
 NST Kanto Coil Center Co., Ltd.
 Aiko Co., Ltd. 
 NSM Coil Center Co., Ltd. 
 NS Architectural Steel  
Services Corporation
 NS Kenzai Hanbai Co., Ltd. 
 NS-Stainless Corporation 
 NS Resource Net Corporation 
 Santoku Seiken Co., Ltd. 
 J. S. Processing Co., Ltd. 
 Tsukiboshi Shoji Co., Ltd. 
 Tetsusho Kayaba Corporation 
 Denkishizai Co., Ltd. 
 NST Machinery Service Co., Ltd. 
 NST Construction Co., Ltd. 
 NST System Buildings Co., Ltd. 
 NST Wire & Welding Co., Ltd. 
 Ricwil Japan Ltd.
 Yoko Industry Co., Ltd.
 MN Inter-Fashion Ltd. 
 Nikkyo Foods Co., Ltd.
 NST Agency Co., Ltd.  
 NST Information &  
Communication Systems Co., Ltd.
 Itoh Kozai Co., Ltd. 
 Tokusho Co., Ltd.
 Awaji Steel Pipe Co., Ltd. 
 Igeta Sunrise Pipe Corporation 
 NST Okuhira Steel Co., Ltd. 
 Shin-ei Kiko Co., Ltd. 
 NST Special Steel Co., Ltd. 
 Mitsuhashi Kozai Co., Ltd.
 Exedy SB Hyogo Co., Ltd. 
 MDI-SB Solar Co., Ltd. 
 Nippon Steel Trading Matex Co., Ltd.
 Cosmo Foods Co., Ltd.
Aichi
Shizuoka
 MMI Co., Ltd. 
 NST Nagoya Coil Center Co., Ltd.
 NST ARAI Automotive Co., Ltd. 
 Nippon Steel Trading Metals Co., Ltd. 
 Tominaga Sangyo Co., Ltd.
 Koike Yataro Corporation
Hokkaido Branch Office
East Nippon Machinery & Materials 
Department (Muroran)
East Nippon Machinery & Materials 
Department (Kamaishi)
Tohoku Branch Office
Head Office
East Nippon Machinery & Materials Department (Kashima)
East Nippon Machinery & Materials Department (Kimitsu)
Nagoya Branch Office
Tokai 
Machinery 
& Materials 
Department 
(Tokai)
Osaka Office
Kansai & Setouchi 
Machinery 
& Materials 
Department 
(Hirohata)
Shikoku Branch 
Office
Oita Branch 
Office
Yawata 
Sub-
Branch 
Office
Onoda Sub-
Branch Office
Hikari  
Sub-Branch 
Office
Chugoku 
Branch 
Office
Minami Kyushu 
Sub-Branch Office
Shizuoka Sub-
Branch Office
Kyusyu 
Branch 
Office
Kansai & Setouchi 
Machinery & 
Materials Department 
(Wakayama)
Okinawa Sub-
Branch Office
Niigata Branch 
Office
Hokuriku 
Branch Office
80
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Overseas Network
Russia
Steel Division
Industrial Supply &  
Infrastructure Division
Overseas subsidiaries and offices
Foodstuffs Division
 NSE Ltd.
 MOSCOW OFFlCE
China
 Shanghai Yiyou Metal Products Co., Ltd.
 Tianjin Hua Zhu Metal Products Co., Ltd.
 Shenzhen NS Steel Centre Co., Ltd.
 Dongguan Tetsuwa Metals Co., Ltd.
 Shanghai Nippon Steel Trading 
Automotive Parts Co., Ltd.
 Suzhou Nippon Steel Service Center 
Co., Ltd.
 Guangzhou Arai Auto Parts Co., Ltd.
 Shenzhen Tsingtao Beer Asahi Co., Ltd.
 NST Coil Center (Thailand) Ltd. 
 SB Showa Pipe (Thailand) Co., Ltd. 
 NST WIRE & WELDING (Thailand) Co., Ltd.  
 Bangkok Eastern Coil Center Co., Ltd.  
 Yawata Electrode (Thailand) Co., Ltd.  
 Central Motor Wheel (Thailand) Co., Ltd.  
 Nichiwa (Thailand) Co., Ltd.  
 Thai Special Wire Co., Ltd.
 Rojana Industrial Park Public Co., Ltd.  
 Rojana Power Co., Ltd. 
 Rojana Energy Co., Ltd. 
 Aizen SB (Thailand) Co., Ltd.
 NIPPON STEEL TRADING (THAILAND) CO., 
LTD.
 SIAM LOTUS CO., LTD.
 BEIJING OFFICE
 NIPPON STEEL TRADING (CHINA) CO., LTD.
 NIPPON STEEL TRADING (CHINA) CO., LTD.
(DALIAN BRANCH)
 NIPPON STEEL TRADING (CHINA) CO., LTD.
(QINGDAO BRANCH)
 NIPPON STEEL TRADING (CHINA) CO., LTD.
(NANTONG BRANCH)
 NIPPON STEEL TRADING (CHINA) CO., LTD.
(SHENZHEN BRANCH)
 NIPPON STEEL TRADING (CHINA) CO., LTD.
(GUANGZHOU BRANCH)
 Moscow
 New Delhi
 Hanoi
  Dhaka
 Yangon
 Bangkok
 Ho Chi Minh
 Kuala Lumpur
 Singapore
 Jakarta
 Bandung
 Beijing
 Tianjin
 Qingdao
 Shanghai
 Nantong
 Hong Kong
Shenzhen 
 Taipei
 Manila
Suzhou 
Dongguan 
Guangzhou 
Brisbane 
 Dalian
 Seoul
 Mumbai
 Vienna
 Dubai
Austria
 Neemrana Steel Service Center India Pvt. Ltd.
 SWASTIK ARAI Tubular Pvt. Ltd.
 NIPPON STEEL TRADING INDIA PVT. LTD.
 NIPPON STEEL TRADING INDIA PVT. LTD.
(MUMBAI OFFICE)
India
 DUBAI OFFlCE
UAE
 Nippon & McDonald Steel Industries Ltd.
 DHAKA OFFlCE
Bangladesh
 YANGON OFFlCE
Myanmar
 NS Resources Australia Pty. Ltd.
Australia
 NST WIRE & WELDING (S) Pte. Ltd.
 NIPPON STEEL TRADING (SINGAPORE) 
PTE. LTD.
Singapore
 NIPPON STEEL TRADING AUSTRIA GmbH 
Thailand
(current as of July 1, 2022)
81
Company Information

Hong Kong
 NIPPON STEEL TRADING (HK) CO., LTD.
 NST Saigon Coil Center Co., Ltd.  
 NST Hanoi Steel Service Co., Ltd.
 NIPPON STEEL TRADING VIETNAM CO., LTD. 
(HO CHI MINH HEAD OFFICE)
 NIPPON STEEL TRADING VIETNAM CO., LTD. 
(HANOI OFFICE)
 Associated Steel Industries (M) Sdn. Bhd.  
 PCM Steel Processing Sdn. Bhd.
 Kemuning NST Sdn. Bhd.
 NST TRADING MALAYSIA SDN. BHD.
 PT. IndoJapan Steel Center 
 PT. IndoJapan Wire Products
 PT. NIPPON STEEL TRADING 
INDONESIA 
 PT. NIPPON STEEL TRADING 
INDONESIA (BANDUNG BRANCH)
 MANILA OFFICE
Vietnam
Philippines
Malaysia
Indonesia
 Kasco Co., Ltd. 
 Korea Express SB Co., Ltd.
 Woobo Tech Co., Ltd.
 NIPPON STEEL TRADING KOREA CO., LTD.
 NIPPON STEEL TRADING KOREA CO., LTD. (BUSAN BRANCH)
 Kentucky Steel Center, Inc.  
 NSPS Metals, LLC
 Kitagawa-Northtech Inc.  
 JR Manufacturing, Inc.
 NIPPON STEEL TRADING AMERICAS, INC. 
(CHICAGO HEAD OFFICE)
 NIPPON STEEL TRADING AMERICAS, INC. 
(SB MACHINE TOOLS OFFICE)
 NIPPON STEEL TRADING AMERICAS, INC. 
(LOS ANGELES BRANCH)
 NIPPON STEEL TRADING AMERICAS, INC.
(PITTSBURGH BRANCH)
 NIPPON STEEL TRADING AMERICAS, INC. 
(HOUSTON BRANCH)
Korea
U.S.A.
 Aguascalientes Steel Coil Center, S.A. de C.V.
 Kitagawa Mexico, S.A. de C.V. 
 Productos Doblados de Mexico, S.A. de C.V.
 NIPPON STEEL TRADING MEXICO, S.A. de C.V.
Mexico
 Kanpai Co., Ltd.
 TAIWAN NIPPON STEEL TRADING CO., LTD. 
(TAIPEI HEAD OFFICE)
 TAIWAN NIPPON STEEL TRADING CO., LTD. 
(KAOHSIUNG OFFICE)
Taiwan
 Los Angeles
 Aguascalientes
Chicago 
 Pittsburg
 Kentucky
 Tennessee
 Houston
 Mexico City
82
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Group Companies
Steel Division
Domestic
Overseas
Aiko Co., Ltd.
Sales of steel materials and 
contracting of reinforcement work
Awaji Steel Pipe Co., Ltd.
Processing and sales of steel pipes 
and accessories
Igeta Sunrise Pipe Corporation
Sales, cutting, and processing of steel 
pipes and tubes
Izumi Kohan Industry Inc.
Cutting and shearing of steel sheet
Itoh Kozai Co., Ltd.
Processing and sales of steel materials
Urayasu Construction Materials 
Center Co., Ltd.
Manufacture and sales of construction 
materials
NSM Coil Center Co., Ltd.
Cutting and processing of steel sheet 
(coil centers)
NS Architectural Steel Services 
Corporation
Sales of steel products, processed 
steel products, and construction 
material products
NS Kenzai Hanbai Co., Ltd.
Sales and processing of steel products
NS-Stainless Corporation
Processing and sales of stainless steel 
sheet and other materials
NST Okuhira Steel Co., Ltd.
Forming and sales of steel roof 
materials, etc., and construction of 
roofs and exterior surfaces
NS Resource Net Corporation
Import of raw materials
MMI Co., Ltd. 
Design and production of cranes, 
automated transport systems, and 
other equipment
Koike Yataro Corporation
Forming of roofing materials and wall 
materials
Santoku Seiken Co., Ltd.
Processing and sales of polished 
bar steel
Sanwa Steel Co., Ltd.
Cutting and processing of steel sheet 
(coil centers)
Sanwa Precious Steel Co., Ltd.
Processing of steel materials, non-
ferrous metals, and other materials
J. S. Processing Co., Ltd.
Scrap processing business
Shin-ei Kiko Co., Ltd.
Cutting, processing, and sales of 
stainless steel, titanium, and other 
materials
Taiyo-Sakako Corporation
Manufacture of metal products
Tsukiboshi Shoji Co., Ltd.
Wholesale of steel primary products
Tetsusho Kayaba Corporation
Sales of steel materials, steel raw 
materials, industrial machinery, and 
other products
Denkishizai Co., Ltd.
Sales and processing of electrical 
steel sheet, steel sheet, and non-
ferrous metals
Tokyo Seisen Co., Ltd.
Manufacture and sales of secondary 
products of wire materials
Tokusho Co., Ltd.
Wholesale and processing of boiler 
components and accessories
Tomakomai Steel Center Co., Ltd. Cutting and processing of steel sheet 
(coil centers)
NST Kanto Coil Center Co., Ltd.
Cutting and processing of steel sheet 
(coil centers)
NST Machinery Service Co., Ltd.
Purchasing agent for materials and 
equipment
NST Construction Co., Ltd.
Construction and management of steel 
structure construction and other works
NST System Buildings Co., Ltd.
Design and construction of system 
architecture
NST Special Steel Co., Ltd.
Sales and machining of ordinary steel 
and special steel 
NST Nagoya Coil Center Co., Ltd. Cutting and processing of steel sheet 
(coil centers)
NST Mechanical Tubular 
Products Sales Co., Ltd.
Cutting, processing, and sales of steel 
pipes, tubes and bars
NST Wire & Welding Co., Ltd.
Sales of special steel, welding materials, 
and wire material products
Ricwil Japan Ltd.
Manufacture of heat insulating steel tubes
Mitsuhashi Kozai Co., Ltd.
Melt-cutting and sales of steel plates
Miyashin Corporation
Sales of steel tubes and tube materials
U.S.A.
Kentucky Steel Center, Inc.
Cutting and processing of steel sheet 
(coil center)
NSPS Metals, LLC
Cutting and processing of steel sheet 
(coil center)
Mexico
Aguascalientes Steel Coil 
Center, S.A. de C.V.
Cutting and processing (coil center) 
of steel sheet, and manufacture and 
sales of press molded products
China
Shanghai Yiyou Metal Products 
Co., Ltd.
Manufacture and sales of stainless 
steel, non-ferrous metal, and other 
metal products
Tianjin Hua Zhu Metal Products 
Co., Ltd.
Cutting and processing of steel sheet 
(coil center)
Shenzhen NS Steel Centre Co., Ltd.
Cutting and processing of steel sheet 
(coil center)
Dongguan Tetsuwa Metals Co., Ltd. Cutting and processing of steel sheet 
(coil center)
Shanghai Nippon Steel Trading 
Automotive Parts Co., Ltd.
Manufacture and sales of steel 
products for automobiles, appliances, 
electronic devices, and buildings
Suzhou Nippon Steel Service 
Center Co., Ltd.
Cutting and processing of steel sheet 
(coil center)
Korea
Kasco Co., Ltd.
Expansion processing of steel tubes
Korea Express SB Co., Ltd.
Warehousing and delivery business
Thailand
NST Coil Center (Thailand) Ltd.
Cutting and processing of steel sheet 
(coil center)
SB Showa Pipe (Thailand) Co., Ltd.
Processing and sales of steel pipes 
and tubes
NST WIRE & WELDING (Thailand) 
Co., Ltd.
Sales of wire material products and 
special steels
Bangkok Eastern Coil Center 
Co., Ltd.
Cutting and processing of steel sheet 
(coil center)
Yawata Electrode (Thailand) 
Co., Ltd.
Manufacture and sales of welding 
materials
Central Motor Wheel (Thailand) 
Co., Ltd.
Manufacture of steel wheels for 
automobiles
Nichiwa (Thailand) Co., Ltd.
Sales of weld nuts and cold-forged 
products
Thai Special Wire Co., Ltd.
Manufacture and sales of wire materials
Vietnam
NST Saigon Coil Center Co., Ltd.
Cutting and processing of steel sheet 
(coil center)
NST Hanoi Steel Service Co., Ltd.
Cutting and processing of steel sheet 
(coil center)
Indonesia
PT. IndoJapan Steel Center
Cutting and processing of steel sheet 
(coil center)
PT. IndoJapan Wire Products
Wire drawing of wire materials
Malaysia
Associated Steel Industries (M) Sdn. 
Bhd.
Forming and installation of long roofs 
and side walls
PCM Steel Processing Sdn. Bhd.
Cutting and processing of steel sheet 
(coil center)
Bangladesh
Nippon & McDonald Steel Industries Ltd. Shearing and sales of steel sheet
India
Neemrana Steel Service Center 
India Pvt. Ltd.
Cutting and processing (coil center) 
of steel sheet, and manufacture and 
sales of press molded products
Singapore
NST WIRE & WELDING (S) Pte. Ltd.
Sales of wire material products and 
special steels
Russia
NSE Ltd.
Import and sales of construction 
equipment, machinery, and steel 
products
Australia
NS Resources Australia Pty. Ltd.
Australian raw material investment 
business
(current as of July 1, 2022)
83
Company Information

Industrial Supply & Infrastructure Division
Domestic
Overseas
Exedy SB Hyogo Co., Ltd.
Sales of electricity through solar power 
generation
M.I.K Corporation
Sales of kitchen equipment
MDI-SB Solar Co., Ltd.
Sales of electricity through solar power 
generation
Kashii Co., Ltd.
Manufacture of aluminum balconies and 
other exterior products and billboards
Tominaga Sangyo 
Co., Ltd.
Sales of non-ferrous metals and ordinary 
steel materials
NST ARAI Automotive 
Co., Ltd.
Manufacture of automotive parts such as 
headrests and stays
Nippon Steel Trading 
Matex Co., Ltd.
Sales of industrial machinery
Nippon Steel Trading 
Metals Co., Ltd.
Cutting, processing and sales of non-
ferrous metals
Yoko Industry Co., Ltd.
Sales of non-ferrous metals
U.S.A.
Kitagawa-Northtech Inc.
Sales of hydraulic chucks and 
cylinders for NC lathes
JR Manufacturing, Inc.
Manufacture of automotive parts
Mexico
Kitagawa Mexico, S.A. de C.V.
Manufacture and processing of 
automotive parts and other cast iron 
products
Productos Doblados de Mexico, 
S.A. de C.V.
Manufacture of headrest stays, seat 
wires, etc.
China
Guangzhou Arai Auto Parts 
Co., Ltd.
Manufacture of headrest stays and 
seat parts
Korea
Woobo Tech Co., Ltd.
Manufacture of automotive headrests 
and armrests
Thailand
Rojana Industrial Park Public 
Co., Ltd.
Creation of and lot sales at industrial 
parks
Rojana Power Co., Ltd.
Sales of electricity and steam from 
natural gas fired power generation
Rojana Energy Co., Ltd.
Sales of electricity through solar 
power generation
Aizen SB (Thailand) Co., Ltd.
Manufacture of automotive parts and 
other products
Malaysia
Kemuning NST Sdn. Bhd.
Sales of electricity through solar 
power generation
India
SWASTIK ARAI Tubular Pvt. Ltd.
Manufacture of automotive parts such 
as headrests and stays
Textiles Segment
Domestic
MN Inter-Fashion Ltd.
Purchasing and sales of functional materials, 
functional textiles, industrial materials, 
apparel, fashion goods, home fashion, and 
other products; brand marketing and other 
business related to textiles and fashion
Corporate Planning & Administration Division
Domestic
NST Agency Co., Ltd.
Property insurance agency business, 
general travel agency business, temporary 
staffing agency
NST Information & 
Communication Systems 
Co., Ltd.
Contracting of computer operations, 
software development
Foodstuffs Division
Domestic
Overseas
Cosmo Foods Co., Ltd.
Development and sales of processed meat 
products
Nikkyo Foods Co., Ltd.
Sales of meat and processed meat products
China
Shenzhen Tsingtao Beer Asahi 
Co., Ltd.
Beer production
Taiwan
Kanpai Co., Ltd.
Chain operation of yakiniku 
restaurants and other businesses
84
Introduction
Message from the President
Action Plan for the Future
Enhancing ESG Management
Business Portfolio
Data Section

Tokyo Nihonbashi Tower, 2-7-1 Nihonbashi, Chuo-ku, Tokyo 103-6025
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