Mr. Bada to Lead JFE Group, Mr. Hayashida to Run JFE Steel

JFE Holdings announced on Wednesday Hajime Bada, who is president of JFE Steel, assumes president of JFE Holdings on April 1. The president Fumio Sudo steps down the position and will be adviser in June. JFE Steel’s vice president Eiji Hayashida assumes president of JFE Steel and will be representative director of JFE Holdings in June. Mr. Sudo, 68, said at press conference on Wednesday he already noticed the intention to step down to Mr. Bada at end of 2008. He expects the new management seeks higher growth toward 10 years anniversary since the start of JFE group. He was the first president of JFE Steel when the company started the combined operation of NKK and Kawasaki Steel in April 2003. 　　　Mr. Bada, 61, said the mission is sustainable growth through technology oriented management and strategic investment for future growth. He expects Mr. Hayashida focuses on flexible management under changing economical and industrial condition along with the global strategy. He started the project to expand the consolidated raw steel output to annual 37 million tonnes during the term since 2005. 　　　Mr. Hayashida, 59, said the steel unit accelerates the 3-year plan for growth. He said the firm also accelerates the offshore steel projects while the firm keeps trying to secure captive iron ore and coal resources as much as 25-30% of the requirement.