Nippon Steel Names Mr. Muneoka as President

Nippon Steel announced on Thursday the board of directors decided to name vice president Shoji Muneoka for president effective on April 1 while president Akio Mimura will become chairman. Mr. Muneoka will lead the company to expand offshore steel business as global player. Mr. Mimira said at press conference on the day the new president will lead the company to realize annual 40 million tonnes plus alpha of output capacity as global player under worldwide steel consolidation. He said the president is CEO and he will support him as the chairman. Mr. Muneoka, 61, said he will keep the strategy of Mr. Mimura to realize annual 40 million tonnes plus alpha of output capacity as global player. He succeeded several times of price hike for automotive sheet and expansion of joint venture with Baosteel Group while he negotiated with Arcelor Mittal to renew the partnership agreement. Mr. Mimura has served as president since April 2003 and seeks next growth for the company. He establishes soft alliance with Sumitomo Metal Industries, Kobe Steel, POSCO, Baosteel Group and other makers when Arcelor Mittal emerged as steel giant. Mr. Muneoka, B.A, Faculty of Economics of University of Tokyo, MBA, Harvard Business School, joined Fuji Iron & Steel in 1963. He became member of the board of Nippon Steel in 1993. He has served as representative director and executive vice president since 2000.