Message

Lasting Contributions to Society through the Steel Distribution Field

Marubeni-Itochu Steel Inc. (MISI) was founded in October 2001 and was a pioneer in its industry, embodying a unique new business model engineered through the spin-off and merger of the steel products divisions of major general trading companies. Last October marked the seventh anniversary of that historic beginning, and backed by the invaluable support of our shareholders, employees, and friends, I am pleased to report that we have succeeded in steadily expanding the scale and caliber of our business over the years.

Not surprisingly, the current conditions find MISI affected by the impact of the harsh business environment that emerged in the wake of the expanding global recession. However, we remain determined to further strengthen our bonds with our two shareholder companies--the general trading powers ITOCHU Corporation and Marubeni Corporation--moving to share valuable intelligence at the global level and continuing to sustain and expand the collective strength of MISI and its founding partners.

Furthermore, stressing the vital importance of the ties with society that have been forged to date, we remain devoted to furnishing what we refer to as the Three-Way Benefit to the buyer, the seller, and the local community. Based on this spirit, which was held dear as the business foundation of the traditional merchants of the Omi region (western Japan from days of old and from whence our heritage originated), MISI will strive to adopt more positive approaches to eco-friendliness, implement additional social service activities, strengthen corporate compliance even further, and carry out other endeavors through the steel distribution sector to support greater social development.

We look forward to your continuing support and understanding of MISI and the full scope of its corporate and social activities.

April 2009

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