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2009 New Year Speech of Mr. Tanaka, President of Tokyo Boeki Steel & Materials Ltd.

Dear colleagues, Happy New Year to all of you!
I hope that all of you have started the New Year with renewed spirit.

2008 was a year of rapid change, starting with sky-rocketing prices for resources and energy during spring and summer and then, after September the SUBPRIME loan crisis in USA brought on the global recession very quickly.

The Year 2009 is forecast to be an extremely tough and challenging year for businesses. Although this is a so called ‘once in a century crisis’, we will embrace this difficulty as a great opportunity to get ahead of our competitors. We will need to be flexible to handle the many changes in the year ahead and adopt such changes with far-sighted management strategy. With such a vision we will have a greater chance of success.

Over the next three years, we will certainly be exposed to an increase in risk and in an increasing competitive business environment. We will therefore need to use our maximum ingenuity to become more focused on the issues challenging us. In order to succeed in this more severe business environment, I would like to ask you all to reassure yourself and to practice our company values reflecting the “The spirit of Tokyo Boeki’s foundation” as follows.

1. Mindset to overcome any obstacle.・・・We welcome problems – never give up to challenge the difficulties.

2. Mindset of a pioneer.・・・We love deserted business – never hesitate to jump in where people do not like to.

3. Mindset of management among all employees.・・・We all are presidents of the company – management by all for one.1: Set your mind to overcome any obstacles

I strongly believe that if each of us uses the time efficiently throughout the year and works closely towards these goals, we will be able to make our company, Tokyo Boeki Steel & Materials Ltd., evolve and become more prosperous, which will bring all of us more happiness.

Finally, I wish all of you the best of health, happiness and prosperity throughout the New Year. Thank you for your attention.