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2006 News Release
April 24 
April 24, 2006
Hitachi Metals, Ltd.
Hitachi Metals, Ltd.
Hitachi Metals Established New Headquarters in China
—Accelerate business development in the Chinese market—| Tokyo, Japan, April 24, 2006—Hitachi Metals, Ltd. announced today plans to start full-fledged Chinese operations, buoyed by the establishment of Hitachi Metals (China), Ltd., which will integrate the Group’s business management functions in China. By fully utilizing the integrated functions, Hitachi Metals aims to accelerate business development in the Chinese market and strive toward achieving sustainable growth for the Group. |
1. Background and summary
Hitachi Metals has maintained vigorous overseas expansion in order to achieve sustainable growth. In overseas markets, China stands out by maintaining a successively high rate of real GDP growth, which reached 9.9% last year. Based on this fact, the Chinese market is expected to become even more appealing as a market.Through its local bases in China, Hitachi Metals is already active in the production and sale of high-grade metal products and materials, electronics and IT devices, and high-grade functional components and equipment. The Company has decided, however, to fortify its foundation for business operations in China.
Against this backdrop, Hitachi Metals established Hitachi Metals (China) in January 2006 to consolidate management functions and oversee operations of its local bases in China. As reported in its April 17 news release and formalized at an April 23 signing ceremony, Hitachi Metals’ capital contribution to Bao Steel Hitachi Rolls (Nantong) Ltd. forms the starting point from which Hitachi Metals (China) will engage in full-fledged operations.
The coordination of sales activities and capital investments between the local bases has not, until recently, received adequate attention. With Hitachi Metals (China) in place, however, Hitachi Metals will oversee and manage these independent organizations, thereby promoting more precise and effective operations.
2. Overview of the new company (as of January 18, 2006)
| (1) | Company Name: | Hitachi Metals (China), Ltd. |
| (2) | Location: | 11F Tian An Center, No.338 Nanjing Road(West), Shanghai, 200003, China |
| (3) | Representatives: | Chairman: Hirokazu Tanaka (Concurrently Managing Officer of Hitachi Metals; General Manager of the Global Business Planning Center) President: Song Jialuo (Concurrently Director of the Global Business Planning Center, Hitachi Metals) |
| (4) | Establishment: | January 18, 2006 |
| (5) | Capital: | US$30 million (approximately ¥3.5 billion), financed 100% by Hitachi Metals |
| (6) | Employees: | Approximately 5 |
| Customer Inquiries: | ||
| Kazunobu Tsuneyoshi Global Business Planning Center, Hitachi Metals, Ltd. Telephone: +81-3-5765-4255 Facsimile: +81-3-5765-8319 |
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| Press Inquiries: | ||
| Akio Minami Corporate Communications Div., Hitachi Metals, Ltd. Telephone: +81-3-5765-4079 Facsimile: +81-3-5765-8312 |
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