JFE Holdings, Inc. http://www.alacrastore.com/company-snapshot/JFE_Holdings_Inc-2515107 Saturday, October 11, 2008 8:18:06 AM 2515107 JFE Holdings, Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/676107spcred/676107normThe latest Full Report from S&Pglobal10/10/2008 4:27:00 AM400Full Report676107JapanSteelAsiaGlobal IssuersCorporationsMetals & MiningCapital GoodsFull ReportSolid and stable business franchise as one of Asia's major steelmakers Strong profitability by international standards Limited concern of significant deterioration in financial profile JFE Steel Corp. (BBB+/Positive/--), the core operating entity of the JFE group, is strongly integrated with the parent Vulnerable to high industry risk due to severe competition Weak business franchise and profitability of non-steel businesses Japanese steelmakers have a stable and strong earnings base backed by their excellent technical capabilities, focusing mainly on high-quality steel. In particular, JFE Holdings Inc. (JFE) maintains a solid business franchise supported by its crude steel output, which is one of the largest in Asia; significant market share in high-end products; wide product mix; trusted customer base; and outstanding product developmentJPN15104050 151040 1510 15JFE Holdings Inc. (Unsolicited Ratings)374021ASIA5411@JPFULLJPNJ3163115104050 151040 1510 15JFE Steel Corp. (Unsolicited Ratings)370029ASIA5403@JPGLOBISSCORPMetalsCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/676112spcred/676112normThe latest Summary from S&Pglobal10/10/2008 4:27:00 AM175Summary676112JapanSteelAsiaGlobal IssuersCorporationsMetals & MiningCapital GoodsSummaryJapanese steelmakers have a stable and strong earnings base backed by their excellent technical capabilities, focusing mainly on high-quality steel. In particular, JFE Holdings Inc. (JFE) maintains a solid business franchise supported by its crude steel output, which is one of the largest in Asia; significant market share in high-end products; wide product mix; trusted customer base; and outstanding product development capability. Despite recent challenges in the business environment, caused by high input cost, the company's profitability remains high and is comparable to the world's major furnace steelmakers. Meanwhile, raw material prices appear to be continuing to rise as major global suppliers of resources, including iron ore, actively reorganize and consolidate the industry. With the global economic environment growing increasinglyJPN15104050 151040 1510 15JFE Holdings Inc. (Unsolicited Ratings)374021ASIA5411@JPSUMMARYGLOBISSCORPMetalsCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/404886_report_framefitch/404886_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Adhunik Metaliks LimitedAlcoa Aluminio S.A.Aluminum Corporation of China LtdAmericas Mining CorporationAngang Steel Co LtdAnglo American plcArcelorMittal SABaoshan Iron & Steel Company LtdBhushan Power & Steel LimitedBhushan Steel LtdBlueScope Steel LimitedCAP S.A.Clarendon Alumina Production Ltd.Companhia Siderurgica Nacional (CSN)Companhia Vale do Rio DoceCorporacion Nacional del Cobre de ChileEvraz Group S.A.Freeport-McMoRan Copper & Gold Inc.Grupo IMSA S.A.B. de C.V.Grupo Mexico S.A. de C.V.Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S.Hindalco Industries Ltd.JFE Holdings, Inc.JSC MMC Norilsk NickelKobe Steel, Ltd.Magnitogorsk Iron & Steel WorksMaharashtra Seamless LimitedMetalurgica Gerdau S.A.Minera Escondida Ltda.Molibdenos y Metales S.A.Nippon Steel CorporationNovolipetsk Iron & Steel CorporationPOSCORio Tinto plcSamarco Mineracao S.A.SeverstalSiderar S.A.I.C.Siderurgica del Turbio S.A.Southern Copper CorpSumitomo Metal Industries, Ltd.ThyssenKrupp AGUnited States Steel Corporation (U.S. Steel)Usinas Siderurgicas De Minas Gerais S.A. (USIMINAS)Wuhan Iron & Steel Co800897798008995980090452800904668009057080090698800914818009176780360754803609358036095380360990803612568036136980362337803623388036233980417179804843778062480080725182808678318096103180975857818180768202794682033834820423478223746482273687823302958233051482395113826028748262509383071325830713288308792583400063834564648358306783940467846026698474207084980473863577029/26/2008 10:18:43 AM0100000001030000010312000103120201031500010322000104000001070000275Special Report00089805490500055500265500440532727540154055406541154140600019601600AALBSLCAPCHMFCSNA3ERARFCXGMEXICO.BGMKNGOAU3MAGNMOLYMETNLMKPCURIOTKAUSIM3VALE3X404886_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_161927_600067567moodys/PR_161927_600067567htmlGlobal Credit Research Rating Action ## AUG #### Rating Action: JFE Holdings, Inc. Moody's assigns A# rating to JFE Holdings' domestic bonds Total Amount of Debt Rated is JPY ## Billion Tokyo, August ##, #### -- Moody's Investors Service...8/29/2008 4:37:59 AMhtmlJFE Holdings, Inc.JFE Holdings, Inc.600067567150.0000NewsRating ActionPR_161927_600067567Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_158490_600067567moodys/PR_158490_600067567htmlGlobal Credit Research Announcement # JUL #### Announcement: JFE Holdings, Inc. Moody's: Stable Outlook for Japanese Steel Industry Tokyo, July ##, #### -- The outlook for the Japanese integrated steel industry is stable, according...7/4/2008 12:43:09 AMhtmlJFE Holdings, Inc.Nippon Steel CorporationJFE Steel CorporationNisshin Steel Co., Ltd.Kobe Steel, Ltd.JFE Holdings, Inc.; JFE Steel Corporation; Kobe Steel, Ltd.; ...60006756755047543430025432429150.0000NewsAnnouncementPR_158490_600067567Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/391364_report_framefitch/391364_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Adhunik Metaliks LimitedAngang Steel Co LtdArcelorMittal SABaoshan Iron & Steel Company LtdBhushan Power & Steel LimitedBhushan Steel LtdBlueScope Steel LimitedCAP S.A.Companhia Siderurgica Nacional (CSN)Companhia Vale do Rio DoceEvraz Group S.A.Gontermann Peipers India LtdGrupo IMSA S.A.B. de C.V.Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S.Industrial Union of Donbass CorporationInterpipe LimitedJFE Holdings, Inc.Kobe Steel, Ltd.Magnitogorsk Iron & Steel WorksMaharashtra Seamless LimitedMahindra Ugine Steel Company, Ltd.Metalurgica Gerdau S.A.Nippon Steel CorporationNovolipetsk Iron & Steel CorporationPOSCORaspadskaya OJSCSamarco Mineracao S.A.SeverstalSiderar S.A.I.C.Siderurgica del Turbio S.A.Steel Authority of India Ltd. (SAIL)Sumitomo Metal Industries, Ltd.Tata Steel Ltd.Tata Steel UK LimitedThyssenKrupp AGUnited States Steel Corporation (U.S. Steel)Usinas Siderurgicas De Minas Gerais S.A. (USIMINAS)Uttam Galva Steels LtdWuhan Iron & Steel Co800897798008995980090452800905708009176780360754803609358036099080361256803623378036233880362339804171798048437780725182808678318097585781818076820279468203383482237464822736878233029582395113826028748307132583071328830879258345646484602669847420708538807385714875857842738580967385883873866779238681454686818745868305487/1/2008 10:19:10 AM010000000101000001030000010312000103120201031500010322000104000001070000275Special Report00089805490500055500113500265500470504701504823513216532727540154055406541154140600019BSLCAPCHMFCSNA3ERARGOAU3MAGNNLMKRASPTKAUSIM3VALE3X391364_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/424641_pr_framefitch/424641_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Angang Steel Co LtdArcelorMittal SABaoshan Iron & Steel Company LtdBlueScope Steel LimitedCAP S.A.Companhia Siderurgica Nacional (CSN)Companhia Vale do Rio DoceEvraz Group S.A.Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S.Industrial Union of Donbass CorporationInterpipe LimitedJFE Holdings, Inc.Kobe Steel, Ltd.Magnitogorsk Iron & Steel WorksMetalurgica Gerdau S.A.Nippon Steel CorporationNovolipetsk Iron & Steel CorporationPOSCORaspadskaya OJSCRio Tinto LimitedRio Tinto plcSamarco Mineracao S.A.SeverstalSiderurgica del Turbio S.A.Sumitomo Metal Industries, Ltd.Tata Steel Ltd.Tata Steel UK LimitedThyssenKrupp AGUnited States Steel Corporation (U.S. Steel)Usinas Siderurgicas De Minas Gerais S.A. (USIMINAS)Wuhan Iron & Steel Co800899598009045280090570800917678036075480360935803612568036233780362338803623398048437780725182808678318097585781818076822736878233029582330514823305238239511382602874830713258307132883087925846026698474207085388073857148758578427385809673858838736/25/2008 10:19:00 AM0100000001030000010312000103120201031500010400000107000085Press Release00089805490500470540154055406541154140600019BSLCAPCHMFCSNA3GOAU3MAGNNLMKRASPRIOTKAUSIM3VALE3X424641_pr_frameCredit & Investment ResearchFitch ResearchJAPAN - JFE Advantech Co Ltd, a ##.#% owned unit of JFE Holdings Inc subsidiary JFE Steel Corp, agreed to acquire the entire share capital of Alec Electronics Co Ltd, a developer, seller and producer of measuring instruments.5/31/2008 9:39:42 AM44722A01453P46702R01453PJFE Advantech Co LtdAlec Electronics Co LtdJFE Holdings IncAlec Electronics Co Ltdhttp://www.alacrastore.com/storecontent/Thomson_M%26A/JFE_Advantech_Co_Ltd_acquires_Alec_Electronics_Co_Ltd-1982188040sdc/19821880401982188040Copyright © 2008, Thomson Financial, All Rights ReservedMeasuring, Medical, Photo Equipment; ClocksJapanMeasuring&controlling devices3829FFForeignSubsidiary3829:Measuring&controlling devices3312:Steel works, blast furnaces, and rolling mills3316:Cold-rolled steel sheet, strip and bars3325:Steel foundries, nec3399:Primary metal products, nec3441:Fabricated structural metal6719:Offices of holding companies, nec6799:Investors, nec8711:Engineering servicesMeasuring, Medical, Photo Equipment; ClocksJapanMeasuring&controlling devices3829FFForeignPrivate1013295001Mnfr steel prodDvlp,sale,prod measuring instUnspecifiedStock1013247001May 31 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.00000JFE Advantech Co Ltd,headquartered in Hyogo, Japan,is a manufacturer of measuringinstruments including waterand environment measuringinstruments, machine diagnosisinstrument and vibrometer,thickness gauges and harnesscheckers, measuring products,weighing systems and products.JFE Advantech Co Ltd, headquartered in Hyogo, Japan, is amanufacturer of measuring instruments including water andenvironment measuring instruments, machine diagnosisinstrument and vibrometer, thickness gauges and harnesscheckers, measuring products, weighing systems and products.JFE Advantech Co Ltd, headquartered in Hyogo, Japan, is a manufacturer of measuring instruments including water and environment measuring instruments, machine diagnosis instrument and vibrometer, thickness gauges and harness checkers, measuring products, weighing systems and products.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000Alec Electronics Co Ltd isheadquartered in Hyogo, Japan.The company's principalactivities are development,production and sales ofinstruments for oceanographic,limnologic and meteorologicdata; laboratory equipment ;export and import of theseinstruments and equipments.The company was founded in1973.Alec Electronics Co Ltd is headquartered in Hyogo, Japan.The company's principal activities are development,production and sales of instruments for oceanographic,limnologic and meteorologic data; laboratory equipment ;export and import of these instruments and equipments. Thecompany was founded in 1973.Alec Electronics Co Ltd is headquartered in Hyogo, Japan. The company's principal activities are development, production and sales of instruments for oceanographic, limnologic and meteorologic data; laboratory equipment ; export and import of these instruments and equipments. The company was founded in 1973.0.000000.000000.000000.00000N30 May 08Fri, 30 May 2008 00:00:00 ESTDate Announced: 05/30/2008Date Effective:MergerFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000JAPAN - JFE Advantech Co Ltd,a 98.6% owned unit of JFEHoldings Inc subsidiary JFESteel Corp, agreed to acquirethe entire share capital ofAlec Electronics Co Ltd, adeveloper, seller and producerof measuring instruments.JAPAN - JFE Advantech Co Ltd, a 98.6% owned unit of JFE Holdings Inc subsidiary JFE Steel Corp, agreed to acquire the entire share capital of Alec Electronics Co Ltd, a developer, seller and producer of measuring instruments.JAPAN - JFE Advantech Co Ltd, a 98.6% owned unit of JFE Holdings Inc subsidiary JFE SteelCorp, agreed to acquire the entire share capital of Alec Electronics Co Ltd, a developer,seller and producer of measuring instruments.JAPAN - JFE Advantech Co Ltd, a 98.6% owned unit of JFE Holdings Inc subsidiary JFE Steel Corp, agreed to acquire the entire share capital of Alec Electronics Co Ltd, a developer, seller and producerof measuring instruments.JAPAN - JFE Advantech Co Ltd, a 98.6% owned unit of JFE Holdings Inc subsidiary JFE Steel Corp, agreed to acquire the entire sharecapital of Alec Electronics Co Ltd, a developer, seller and producer of measuring instruments.Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000003829:Measuring&controlling devices102911002Tokyo 1Japan3316ForeignPublic54113829:Measuring&controlling devices1013247001Japan3829ForeignPrivate0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/moodys/PR_154879_600067567moodys/PR_154879_600067567htmlGlobal Credit Research Rating Action ## MAY #### Rating Action: JFE Holdings, Inc. Moody's assigns A# rating to JFE Holdings' domestic bonds Total Amount of Debt Rated is JPY ## Billion Tokyo, May ##, #### -- Moody's Investors Service...5/16/2008 1:18:16 AMhtmlJFE Holdings, Inc.JFE Holdings, Inc.600067567150.0000NewsRating ActionPR_154879_600067567Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/633252spcred/633252normThe latest News from S&P2/29/2008 8:31:07 AMNews100global633252JapanSteelAsiaGlobal IssuersCorporationsCapital GoodsMetals & MiningNewsTOKYO (Standard&Poor's) Feb. 29, 2008--Standard&Poor's Ratings Services today affirmed its 'BBB+' long-term corporate credit and senior unsecured debt ratings on JFE Holdings Inc. and JFE Steel Corp., following JFE Holdings' announcement on Feb. 28, 2008, that it would issue subordinated unsecured convertible callable bonds of ¥300 billion for the purpose of buying back shares and upgrading facilities. Standard&Poor's believes that the issuance of convertible bonds will not be enough to offset the negative impact of the share buyback. However, in consideration of JFE group's high level of stable cash flow generation, mainly from its high-quality steel business, we believe that any deterioration in the group's financial profile will not be material and will onlyJPN15104050 151040 1510 15JFE Holdings Inc. (Unsolicited Ratings)374021ASIA5411@JPNEWSJPNJ3163115104050 151040 1510 15JFE Steel Corp. (Unsolicited Ratings)370029ASIA5403@JPGLOBISSCORPCapitalMetalsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/633248spcred/633248normThe latest News from S&P2/29/2008 4:37:06 AMNews100global633248JapanSteelAsiaGlobal IssuersCorporationsMetals & MiningCapital GoodsNewsTOKYO (Standard&Poor's) Feb. 29, 2008--Standard&Poor's Ratings Services today affirmed its 'BBB+' long-term corporate credit and senior unsecured debt ratings on JFE Holdings Inc. and JFE Steel Corp., following JFE Holdings' announcement on Feb. 20, 2008, that it would issue subordinated unsecured convertible callable bonds of ¥300 billion for the purpose of buying back shares and upgrading facilities. Standard&Poor's believes that the issuance of convertible bonds will not be enough to offset the negative impact of the share buyback. However, in consideration of JFE group's high level of stable cash flow generation, mainly from its high-quality steel business, we believe that any deterioration in the group's financial profile will not be material and will onlyJPN15104050 151040 1510 15JFE Holdings Inc. (Unsolicited Ratings)374021ASIA5411@JPNEWSJPNJ3163115104050 151040 1510 15JFE Steel Corp. (Unsolicited Ratings)370029ASIA5403@JPGLOBISSCORPMetalsCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_149999_600067567moodys/PR_149999_600067567htmlMoody's assigns Baa# to JFE subordinated convertible bondsRating Action2/29/2008 1:08:06 AMJFE Holdings, Inc.600067567150.0000Newshtml434300JFE Steel CorporationJFE Holdings, Inc.; JFE Steel CorporationPR_149999_600067567Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600067567moodys/COP_600067567htmlCredit Opinion1/25/2008 4:15:28 AMGlobal Credit Research Credit Opinion ## JAN #### Credit Opinion: JFE Holdings, Inc. JFE Holdings, Inc. Tokyo, Japan Ratings Category Moody's Rating Outlook Stable Senior Unsecured Shelf -Dom Curr (P)A# JFE Steel Corporation Outlook...JFE Holdings, Inc.600067567150.0000NewshtmlJFE Holdings, Inc.COP_600067567Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/366182_report_framefitch/366182_report_framepdfJFE Holdings, Inc.8048437712/28/2007 10:12:00 AM01000000010300000103120001031202150Credit Update5411Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.366182_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/396355_pr_framefitch/396355_pr_framehtmlJFE Holdings, Inc.8048437712/19/2007 10:12:00 AM0100000001030000010312000103120275Press Release5411Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.396355_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_143753_600067567moodys/PR_143753_600067567htmlRating Action11/8/2007 12:33:17 AMGlobal Credit Research Rating Action # NOV #### Rating Action: JFE Holdings, Inc. Moody's assigns A# rating to JFE Holdings' guaranteed bonds Total Amount of Debt Rated is JPY ## Billion Tokyo, November ##, #### -- Moody's Investors...JFE Holdings, Inc.600067567150.0000NewshtmlJFE Holdings, Inc.PR_143753_600067567Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/609242spcred/609242normThe latest News from S&P10/24/2007 8:30:52 AMNews100global609242JapanSteelAsiaGlobal IssuersCorporationsCapital GoodsMetals & MiningNewsTOKYO (Standard&Poor's) Oct. 24, 2007--Standard&Poor's Ratings Services today revised to positive from stable the outlook on its 'BBB+' long-term corporate credit ratings on JFE Holdings Inc. and JFE Steel Corp. The revisions are based on the companies' confirmation indicating their willingness to maintain sound financial positions as they proactively pursue capital investments. The prospect of higher revenues resulting from their increasing focus on high-quality steel production was another positive factor supporting the upward revision. At the same time, Standard&Poor's affirmed the 'BBB+' long-term corporate credit and senior unsecured debt ratings on both companies. The JFE group's revenue base has stabilized under its current medium-term management plan that runs through March 31, 2009. Revenues areJPN15104050 151040 1510 15JFE Holdings Inc. (Unsolicited Ratings)374021ASIA5411@JPNEWSJPNJ3163115104050 151040 1510 15JFE Steel Corp. (Unsolicited Ratings)370029ASIA5403@JPGLOBISSCORPCapitalMetalsCredit & Investment ResearchS&P Credit Research