NISSHIN STEEL TO LAUNCH STAINLESS STEEL PIPE FACILITY IN WOODFORD COUNTY

Governor Ernie Fletcher and Economic Development Cabinet Secretary Marvin E. Strong, Jr. along with officials from Nisshin Steel today announced the company's decision to launch Nisshin Automotive Tubing LLC (NAT) in a joint venture with Toyota Tsusho and Marubeni-Itochu. The facility will produce and sell stainless steel tubular products for automotive applications. The move is a part of Nisshin Steel's initiatives to structure and upgrade overseas networks to supply automobile and auto-parts producers in North America with products and services of equal qualities as provided in Japan with a view to responding to their world strategies.

Nisshin Steel recently purchased the 40,000 square-foot O'Neal Steel building in Versailles and plans to begin commercial production in July, 2005. The facility represents an investment of $10 million and will employ 16 persons at an average wage of $15.91 an hour.

"As Governor of this great Commonwealth, my first priority is to bring more economic development and job opportunity to Kentucky," stated Governor Ernie Fletcher. "I commend Nisshin Steel for making the commitment to do business in Kentucky. I am confident this commitment will bring many mutual benefits to both the company and to the people of Kentucky."

"This will be an exciting time for Nisshin Steel to offer quality products to automotive-related customers in North America," stated Shoichi Ueda, President and CEO of Nisshin Holding, Inc.

The company has received preliminary approval from the Kentucky Economic Development Finance Authority (KEDFA) for tax credits under the Kentucky Industrial Development Act (KIDA), an incentive program aimed at increasing manufacturing employment in the Commonwealth.

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2003 totaled more than $1.56 billion with the creation of just over 13,800 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at http://www.thinkkentucky.com/.