November 11, 2011
Sanyo Special Steel Co., Ltd.
Mitsui & Co., Ltd.
Signing of Definitive Agreement for Special Steel Manufacturing and Sales Joint Venture inIndia
Sanyo Special Steel Co., Ltd. (“Sanyo”, head office: Himeji-shi, Hyogo, President: Nobuyoshi
Fujiwara) and Mitsui & Co., Ltd. (“Mitsui”, head office: Chiyoda-ku, Tokyo, President and CEO:Masami Iijima) has entered into a definitive agreement with Mahindra Ugine Steel Co. Ltd.
(“MUSCO”), an Indian special steel manufacturer belonging to Mahindra Group, to jointly
establish a joint venture for manufacturing and sales of special steel, for which further increasein demand is expected in India in the mid and long term.
MUSCO will transfer its Special Steel Division into a newly established wholly owned
subsidiary. After the transfer, Sanyo and Mitsui are contemplating

subscribing new shares ofthe subsidiary in order to form the joint venture. The transaction is subject to the receipt ofregulatory approvals by relevant authorities.
India has made remarkable development in recent years amongst the fastest growing
economies globally, and its domestic crude steel production is expected to grow by 8% on anannual basis. In particular, the special steel market is expected to grow further, driven by anincrease in demand for special steel in various sectors including the auto sector.
Sanyo expects its future growth by steadily capturing growth in special steel demand in India
through the joint venture.
Mitsui has focused on building and enhancing its presence across the value chains of
manufacturing and sales of steel products in India, since its participation in the formation of a
joint venture for manufacturing cold-rolled steel and galvanized steel in 2005. This transactionis also expected to strengthen its ties with the Mahindra Group, which is one of the biggest
business groups in India, with diversified operations including the manufacture and sales ofautomobiles and tractors as its core business, and one of our important business partners inIndia. Mitsui expects further opportunity for collaboration with the group across various
business sectors.
MUSCO, Sanyo and Mitsui will utilize their brands, technologies and networks in order tomeet our customers’ needs through the joint venture. MUSCO, Sanyo and Mitsui are expectedto drive general management, manufacturing & technology and marketing functions of thejoint venture respectively.

JV Company Profile
Business description

Manufacturing and sales of special steel products

Major facility

45t Electric Furnace, LF-VD, 1200t Forging Press,
Blooming Mill, Continuous Mill, Ring Plant

Plant site area

65 acres（approximately 263,000m2）

Employees

Approx. 800

Investment ratio

MUSCO: 51%, Sanyo: 29%, Mitsui: 20%

Location of steel plant

Khopoli, Maharashtra, India

Mahindra Group Profile
Flagship company

Mahindra and Mahindra Limited (“M&M”)

Location

Mumbai, Maharashtra, India

Managing Director

Anand Mahindra (M&M)

Number of group

Approx. 110

companies
Business field

Automotive, Farm Equipment, Financial Services,
Steel Trading&Processing, Infrastructure,
Hospitality, IT Services, Systech, Others.

Listed on

Bombay Stock Exchange, National Stock Exchange
of India, Luxembourg Stock Exchange and London
Stock Exchange

Consolidated sales

INR 370.3 Bn (approx. JPY 570 Bn) (M&M )(FY ending March 31, 2011)

CapitalINR 2.9 Bn (approx. JPY 4.5 Bn) (M&M)(FY ending March 31, 2011)

Established in1945

MUSCO Company Profile
Company nameMahindra Ugine Steel Company Limited

Location

Mumbai, Maharashtra, India

Managing Director

Uday Gupta

Employees

Approx. 1,500

Business description

Manufacturing and sales of special steel products
and stamping business

Capital relationshipM&M holding 50.69% of shares
Listed on Bombay Stock Exchange and National
Stock Exchange of India

Sales

INR 13.4 Bn (approximately JPY 20 Bn)

(FY ending March 31, 2011)
CapitalINR 320 MM (approximately JPY 500 MM)(FY ending March 31, 2011)

Established in1962（Note）After carving out the Special Steel Division, the Stamping Division is expected toremain in MUSCO
Location of JV Company

Contact
Sanyo Special Steel Co., Ltd.
Atsuko Suda, Corporate Planning Department, TEL: +81-79-235-6005
Mitsui & Co., Ltd.
Noriko Okamoto, Corporate Communications Division, TEL: +81-3-3285-6645