OREANDA-NEWS. This is to announce that, at a meeting of the board of directors held today, Nippon Steel & Sumitomo Metal Corporation (the "Company") has resolved to redeem, as of July 21, 2015, the two securities as described in (1) and (2) below (collectively, the "Existing Hybrid Securities") in full by exercising the right of redemption, and to raise 300 billion yen, as of the same date and by means of subordinated loans (the "Loans"), to be used for funding this redemption (the redemption of the Existing Hybrid Securities and the procurement of 300 billion yen through the Loans are hereinafter referred to, collectively, as the "Refinancing").

The Existing Hybrid Securities were issued in November 2006 for raising 300 billion yen (announced on October 20, 2006); the terms of these securities were partially changed in January 2012 (announced on November 30, 2011).

(1) Euro-yen denominated bonds (subordinated) issued by the Company through allocation to NS Preferred Capital Limited (the "Overseas SPC"), the Company's wholly-owned subsidiary in British Overseas Territory Cayman Islands

(2) Euro-yen denominated preferred securities issued by the Overseas SPC through allocation to the Company's three main banks With regard to the Overseas SPC established at the time of financing by the Existing Hybrid Securities, its dissolution will be resolved in parallel with the Refinancing, and it is planned to be liquidated within fiscal 2015.