February 17, 2022
Company name:NIPPON STEEL CORPORATION

Representative:
Stock listing:Eiji Hashimoto
Representative Director and President
First Section of Tokyo Stock Exchange, and Nagoya,

Code number:Contact:

Fukuoka and Sapporo Stock Exchanges
5401
Shinnosuke Arita, General Manager, Public Relations
Center(Telephone: +81-03-6867-2135, 2146, 2977, 3419)(Report on Progress of Disclosed Matter)
Notice Regarding the Completion of the Acquisition of Shares Accompanying Change in Subsidiaries
NIPPON STEEL CORPORATION (“NSC” or the “Company”) hereby announces that, today (February 17, 2022),
it completed the acquisition of the shares of G Steel Public Company Limited (“G Steel”) and G J Steel PublicCompany Limited (“G J Steel”), which are integrated steel production mills that produce hot-rolled steel sheets fromelectric arc furnaces in Thailand, and made them its subsidiaries, as announced in its timely disclosure, “NoticeConcerning Acquisition of Shares of G Steel Public Company Limited and G J Steel Public Company Limited inThailand (to Make Them Subsidiaries)”, dated January 21, 2022.

1.

Overview of the Target Companies

1-1. G Steel Public Company Limited(1)Name

G Steel Public Company Limited(2)

Location

88 PASO Tower, 18th Floor, Silom Road, Suriyawong, Bangrak, Bangkok,
Thailand 10500(3)

Name and Title ofRepresentative

Christopher Michael Nacson, Chairman of Board of Directors(4)

Description of Business

Manufacturing and Sales of Hot Rolled Steel Sheets(5)

Capital144,644 million Baht

(6)

Date of Establishment

October 31, 1995

(7)

Number of Shares Held after
the Change

14,461,489,473 shares(Number of voting rights: 14,461,489,473 units)(Ratio of voting rights held: 49.99%)

1-2. G J Steel Public Company Limited
(1)

Name

G J Steel Public Company Limited(2)

Location

88 PASO Tower, 24th Floor, Silom Road, Suriyawong, Bangrak, Bangkok,
Thailand 10500(3)

Name and Title ofStephen Karl Stewart, Chairman of the Board of Directors

Representative(4)

Description of Business

Manufacturing and Sales of Hot Rolled Steel Sheets(5)

Capital24,468 million Baht

(6)

Date of Establishment

January 5, 1994

(7)

Number of Shares Held after
the Change

10,310,359,336 shares and NVDR*¹of 204,485 units(Number of voting rights: 10,310,359,336 units)(Ratio of voting rights held: 49.90%)*1: Non-voting depository receipt, listed on the Stock Exchange of Thailand.

2.

Launch of a tender offer in accordance with the securities law in Thailand
Given that G Steel and G J Steel are listed on the Stock Exchange of Thailand, in accordance with the securities
law in Thailand, NSC will launch a tender offer for the shares of both G Steel and G J Steel.
Expected submission date(1)of Tender Offer
Notification

February 21, 2022
G Steel shares: 0.27 Baht per common share*²(0.0081 USD per common share)
G J Steel shares: 0.59 Baht per common share*²(0.0178 USD per common share)(2)

Expected Offer price(3)

Number of target securities All securities of G Steel and G J Steel (no maximum or minimum limit)*2: Value which is converted from USD to Baht based on the Weighted-average Interbank Exchange Rate announced
by Central Bank of Thailand as of February 9, 2022, the trigger date of mandatory tender offer.

3.

Future Outlook
The change of subsidiaries will have no impact to the earnings results for this fiscal year.