February 2, 2024
To Whom It May Concern:
Company Name:
Representative:
Stock listing:Code Number:Contact:
Telephone:

Nippon Steel Corporation
Eiji Hashimoto
Representative Director and President
Prime Market of Tokyo Stock Exchange, / Nagoya Stock
Exchange / Fukuoka Stock Exchange / Sapporo Securities
Exchange
5401
Public Relations Center, General Administration Div.
+81-3-6867-2135, 2146, 2977, 3419

Announcement Regarding Differences between Subsidiary’s Non-Consolidated Earnings Forecasts
for Fiscal 2023 and the Results for Fiscal 2022

Today, Sanyo Special Steel Co., Ltd., a subsidiary of Nippon Steel Corporation (the “Company”), announced
the differences between the non-consolidated earnings forecasts for fiscal 2023 and the results for fiscal 2022,
as per the attachment.
The impact of the revision is immaterial with regard to the Company’s consolidated financial results
for fiscal 2023 ending March 31, 2024.

(Attachment)

February 2, 2024
To Whom It May Concern,
Company Name: Sanyo Special Steel Co., Ltd.
Representative: MIYAMOTO Katsuhiro,
Representative Director and President(Code Number: 5481, TSE Prime Market)
Contact: YANAGIMOTO Yutaka, General Manager,
Accounting & Finance Department(Telephone: +81-79-235-6008)

Notice regarding Revision to Earnings Forecasts and Dividend Forecasts
Sanyo Special Steel Co., Ltd. (the “Company”) hereby announces that it has revised its full-year consolidated
earnings forecasts and dividend forecasts for the fiscal year ending March 31, 2024, released on October 31, 2023, inlight of its recent performance trend and other relevant factors.
Furthermore, the Company also hereby announces that differences are expected to arise between the full-year nonconsolidated earnings forecasts for the above-mentioned fiscal year and the results for the fiscal year ended March31, 2023.
1. Revision to the full-year earnings forecasts for the fiscal year ending March 31, 2024 (April 1, 2023 - March 31,2024)(1) Revision to consolidated earnings forecasts
Net Sales

Operating Income

Ordinary Income

Net Income
Attributable toOwners of theParent

Net Income Per
ShareMillions of yen

Millions of yen

Millions of yen

Millions of yen

Yen

Previous Forecasts (A)380,000

20,00020,00014,000256.95

Revised Forecasts (B)355,000

11,40012,0008,500

156.01

Increase/Decrease (B-A)-25,000-8,600-8,000-5,500-6.6-43.0

-40.0

-39.3

393,843

28,49228,856

20,743

Change (%)(For Reference) Results
for fiscal year ended
March 31, 2023

380.70(2) Revision to non-consolidated earnings forecasts
Net Sales

Previous Forecasts (A)Revised Forecasts (B)Operating Income

Ordinary Income

Net Income

Millions of yen

Millions of yen

Millions of yen

Millions of yen

-----

4,200

8,500

5,000

91.77

176,000

Increase/Decrease (B-A)----

Change (%)----(For Reference) Results
for fiscal year ended
March 31, 2023 (C)193,248

8,663

10,2107,506Increase/Decrease (B-C)-17,248-4,463-1,710-2,506

-8.9

-51.5

-16.7

-33.4

Change (%)

Net Income Per
Share

1Yen

137.77

2. Reasons for the revision
Against the background of the slowdown of the Chinese economy among other relevant factors, demand has been in
decline and huge inventory adjustment has taken place primarily in the construction/industrial machinery sector. In addition,
the economy in Europe has continuously stagnated. Accordingly, the Company and Ovako, our European special steel
manufacturing affiliate, are expected to see a sharp decline in their net sales volume for the second half of the fiscal year,
an associated increase in production costs, and a deteriorated sales mix. These circumstances are likely to result in asignificant fall in income in comparison with the previous forecasts (released on October 31, 2023), and therefore theCompany has revised its full-year earnings forecasts.

3. Revision to dividend forecasts(1) Details on the revision
Annual Dividend Per Share(Yen)End of First Half of FiscalYear

End of Fiscal Year

Full Fiscal Year

Previous Forecasts (October 31, 2023)

65.00100.00

Revised Forecasts

30.00

65.00

45.00

100.00

Actual for current fiscal year

35.00

Actual for fiscal year ended March 31,
2023

55.00

(2) Reason for the revision
Following the revision to the full-year earnings forecasts for the fiscal year ending March 31, 2024, the Company has,with regret, revised its dividend forecasts as shown above.
Note: The above forecasts and other relevant details are based on judgments made by the Group of the Company in accordance withinformation that was available on the announcement date of this release. Please be aware that actual results may differ from theforecasts due to various uncertainties inherent in forecasts.

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