July 31, 2020
To Whom It May Concern,

Company Name:
Representative:(Code Number:Contact:(Telephone:

Sanyo Special Steel Co., Ltd.
HIGUCHI Shinya, Representative Director and President
5481, First Section of the TSE)
Accounting & Finance Department+81-79-235-6004)

Notice regarding Earnings and Dividend Forecasts for the Fiscal Year Ending March 31, 2021
Sanyo Special Steel Co., Ltd. (the “Company”) hereby announces the earnings and dividend forecasts for the fiscal year ending
March 31, 2021, which had yet been undetermined at the time of “Flash Report [Japanese GAAP] (Consolidated Basis) Results forthe fiscal year ended March 31, 2020” released on April 30, 2020.
1. Earnings Forecasts(1) Earnings forecasts for the first half of fiscal year ending March 31, 2021 (April 1, 2020 - September 30, 2020)
Net Income
Operating
Ordinary
Attributable toNet Income Per
Net Sales
IncomeIncomeOwners of theShare
ParentMillions of yen

Previous Forecasts (A)-New Forecasts (B)Millions of yen

95,000Millions of yen-5,400Millions of yen-5,400

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

Change (%)----(For Reference)
Results for the first half of fiscalyear ended March 31, 2020

146,091

2,617

2,233-4,800-88.08

1,379

24.62

(2) Earnings forecasts for the fiscal year ending March 31, 2021 (April 1, 2020 - March 31, 2021)
Net Income
OperatingOrdinary
Attributable toNet Sales
IncomeIncomeOwners of theParent
Millions of yen

Previous Forecasts (A)-New Forecasts (B)Millions of yen

200,000

Millions of yen-7,700-8,000----Change (%)----

262,452-1,417-1,521Net Income Per
ShareMillions of yen

Increase/Decrease (B-A)(For Reference)
Results for the fiscal year ended
March 31, 2020

YenYen-7,100-130.29-3,717-67.14

Reasons for the Earnings Forecasts
Although the Company had not been able to disclose the earnings forecasts of the fiscal year ending March 31, 2021 because of
the difficulty to reasonably estimate the future order status due to the impact of COVID-19, based on the currently available
market and other information, the Company calculated the earnings forecasts on the assumption that the impact of COVID-19
will remain within the year although the decline in demand of special steel will bottom out in the first half of the current fiscalyear and the demand will gradually recover.

2. Dividend Forecasts for fiscal year ending March 31, 2021
Annual dividend per share (yen)End of the first half offiscal year
Previous forecasts-

End of the fiscal year-

Full fiscal year-

New forecasts

0.00

0.00

0.00

Actual for previous fiscal year
(Fiscal year ended March 31,2020)

15.50

0.00

15.50

Reasons for Dividend Forecasts
Regarding the dividend for the fiscal year ending March 31, 2021, the Company has regrettably forecast zero dividends as thenet loss attributable to owners of the parent for the full fiscal year is expected to be recorded at 7.1 billion yen.

Note: The above forecasts are based on information that was available on the announcement date of this release.
Actual results may differ from the forecasts due to various risks and uncertainties.

Please note that the official text of this document has been prepared in Japanese. To the extent there is any discrepancy
between the English translation and original Japanese version, please refer to the Japanese version.