Dear Sirs,

We are pleased to inform you of a new development in our company.

JP Steel Plantech Co.(JSP), as you might know, was established in consolidation of Sales Departments of JFE Engineering Corporation(former NKK Corporation), Sumitomo Heavy Industries, Ltd. and Hitachi Zosen Corporation and commenced joint sales activities for steelworks plant and equipment business in April 2001 as the first step, and then made an entire integration of those three(3) companies' Engineering Divisions in the fields of iron & steel-making, continuous casting, strip processing and long products rolling areas and have started the worldwide business activities since April 2002.

Now, Kawasaki Heavy Industires, Ltd.(KHI) have agreed to merge its steelworks plant & equipment business with JSP to cope with today's changing market and diversified customer needs. From April 1, 2003 , KHI's Sales Department is consolidated into JSP and continue their sales activities in the name of JSP. Hereafter within one year by April 2004, KHI's Engineering Division in the field of steelworks plant&euipment will be also integrated into JSP.

Through these integrated operations from marketing, sales, technological development, engineering, manufacturing/procurement, execution to completion, JP Steel Plantech Co. (JSP) is confident to render more diversified and attentive service and flexibly respond to costomers' various needs and requirements.

We would appreciate your kind attention and solicit for your continuous favor to New JSP.

Yours sincerely,