Nippon Steel Trading : 〔Delayed〕Notice Regarding Revisions to Full-Year Consolidated Earnings Projections, Dividends of Surplus, and Revisions to Year-End

[Translation]

November 2, 2021

To whom it may concern

Company name: NIPPON STEEL TRADING CORPORATION

Representative name: Yasumitsu Saeki, President and

Representative Director

(Code No.: 9810, The First Section of Tokyo Stock Exchange)

Inquiries: Yumiko Hourai, General Manager of General Affairs & Corporate Communications Department

(Tel: [phone])

Notice Regarding Revisions to Full-Year Consolidated Earnings Projections, Dividends of

Surplus (Interim Dividend), and Revisions to Year-End Dividend Projections

NIPPON STEEL TRADING CORPORATION (the "Company") hereby announces revisions to the full-year consolidated earnings projections for the fiscal year ending March 31, 2022 (April 1, 2021 to March 31, 2022), which were released on August 2, 2021.

In addition, at its board of directors meeting held on November 2, 2021, the Company resolved to pay dividends of surplus (interim dividend) with the record date of September 30, 2021, as described below. Furthermore, the Company announces that it has revised the year-end dividend projections for the fiscal year ending March 31, 2022.

1. Revisions to full-year consolidated earnings projections

1. Revision to the full-year consolidated earnings projections for the fiscal year ending March 31, 2022 (April 1, 2021 to March 31, 2022)

(Millions of yen, unless otherwise noted)

		Operating profit		Ordinary profit		Profit attributable to	Earnings per share
				owners of parent	(Yen)
Previously announced projections	37,000	39,000	26,000	806.05
(A)
Revised projections (B)	40,000	43,000	30,000	930.07
Changes (B-A)	3,000	4,000	4,000
Percentage changes (%)	8.1	10.3	15.4
Reference: Full-year results	22,361	25,772	15,992	495.79
ended March 31, 2021

• The Company has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31,
  2020) and relevant ASBJ regulations from the beginning of the fiscal year ending March 31, 2022. In line with this change, the full-year results ended March 31, 2021 are the figures after retrospectively applying the accounting standard and relevant ASBJ regulations.

1. Reasons for revisions
   In view of the earnings for the first six months of the fiscal year ending March 31, 2022 and the current business environment, the full-year consolidated earnings projections have been revised upward.

2. Dividends of surplus (interim dividend) and revisions to year-end dividend projections

(1) Dividends of surplus (interim dividend)

		Resolved amount		Latest projection		Previous-year amount
			(announced on August 2, 2021)		(FYE March 31, 2021 Interim)
Record date		September 30, 2021		Same as left		September 30, 2020
Dividends per share (Yen)	160.00	145.00	50.00
Total dividends	5,161		-	1,613
(Millions of yen)
Effective date		December 2, 2021		-		December 2, 2020
Source of dividends		Retained earnings		-		Retained earnings

(2) Revisions to year-end dividend projections

(Yen)

		Dividends per share
Record date	2Q	Fiscal year end	Total
Previously announced projections	145.00	115.00	260.00
Revised projections		140.00	300.00
Dividends paid	160.00
(FYE March 31, 2022)
Dividends paid	50.00	110.00	160.00
(FYE March 31, 2021)

1. Reasons for revisions
   In light of the results of the first six months exceeding previously disclosed projections, the interim dividend for the fiscal year ending March 31, 2022 was increased by ¥15 from the projected amount, to ¥160 per share.
   In addition, because the full-year earnings projections have been revised upward, the projected year-end dividend has also been revised upward by ¥25 from the previously projected amount, to ¥140 per share. Including the interim dividend of ¥160, the annual dividend will be ¥300 per share.

Note: The preceding forward-looking statements regarding earnings projections and dividend projections are based on information currently available to the Company and certain assumptions deemed to be reasonable. Actual results and dividends may differ materially from projections due to various factors.