Nippon Steel Corporation ('the Company') hereby reports the following revision to its consolidated financial forecasts for the fiscal year ending March 31, 2020, which were released at the time of the announcement of results for the second half of fiscal 2019 (on November 1, 2019).

The Company also reports the following differences between its non-consolidated financial forecasts for the fiscal year ending March 31, 2020 and the financial results of the previous fiscal year.

Revision to Forecasts of Operating Performance Consolidated Financial Forecasts for Fiscal 2019 (April 1, 2019-March 31, 2020)

Revenue Business profit

Profit attributable to owners of the parent

Basic earnings per share (yen) Previous forecasts (A) 6,100,000 100,000 40,000 43.00 Current forecasts (B) 5,900,000 (310,000) (440,000) (478.00) Change (B-A) (200,000) (410,000) (480,000) % change (3.3) (For reference) Results of the previous fiscal year ended March 31, 2019 (C) 6,177,947 336,941 251,169 281.77 Change (B-C) (227,947) (646,941) (691,169) % change (4.5)

Non-consolidated Financial Forecasts for Fiscal 2019

Net sales Ordinary profit

Profit attributable to owners of parent

Earnings per share (yen) Previous forecasts (A) (65,000) Current forecasts (B) 3,310,000 (70,000) (410,000) (445.00) Change (B-A) (5,000) % change (For reference) Results of the previous fiscal year ended March 31, 2019 (C) 3,562,226 112,319 145,319 162.79 Change (B-C) (252,226) (182,319) (555,319) % change (7.1)

Reasons for Revision The Company has substantially lowered its consolidated financial forecasts, compared to its previously-announced forecasts. Consolidated business loss of JPY310.0 billion is expected mainly due to lower production and shipment volume, deteriorating earnings at group companies, and the recording of impairment losses on operating assets. In addition, due to the posting of losses on reorganization, the partial reversal of deferred tax assets, and other factors, loss attributable to owners of the parent of JPY440.0 billion is expected.

Contact:

Fumiaki Ohnishi

Tel: +81-3-6867-2135

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