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FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

of the Securities Exchange Act of 1934

For the month of August 2019

Commission File Number: 333-228135

NIPPON STEEL CORPORATION

(Translation of registrant’s name into English)

6-1, Marunouchi 2-chome

Chiyoda-ku, Tokyo 100-8071

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Information furnished on this form:

EXHIBIT

ExhibitNumber
1.		~~Flash~~Press ~~report~~release, dated ~~August~~June 16, 2019, onannouncing ~~the~~issue ~~consolidated financial results for the first quarter~~ of ~~fiscal~~unsecured ~~2019~~straight ~~(April 1, 2019-June 30, 2019) < under IFRS>~~bonds.
2.		Press release, dated August 1, 2019, announcing ~~the~~issue ~~forecasts~~of ~~for~~hybrid ~~performance~~bonds (public subordinated bonds).
3.		Press release, dated August 1, 2019, announcing the forecasts for dividend.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

~~Flash~~News ~~Report~~Release June 6, 2019 Nippon Steel Corporation

~~Consolidated~~Nippon ~~Basis~~Steel Corporation Issues Unsecured Straight Bonds

~~Results~~Nippon Steel Corporation announced today that it has determined the terms and conditions for the ~~First~~issue ~~Quarter~~of its 1st, 2nd and 3rd Series of ~~Fiscal~~Unsecured ~~2019~~Straight Bonds (with inter-bond pari passu clause) as outlined below.

(April 1, 2019—June 30, 2019)



Series name	Nippon Steel Corporation 1^st Series Unsecured Straight Bonds	Nippon Steel Corporation 2^nd Series Unsecured Straight Bonds	Nippon Steel Corporation 3^rd Series Unsecured Straight Bonds

Total amount of issue	JPY 30 billion	JPY 30 billion	JPY 20 billion

Denomination of each bond	JPY 100 million

Issue price	100% of the principal amount

Redemption price	100% of the principal amount

Interest rate	0.140% per annum	0.240% per annum	0.279% per annum

Maturity date	June 20, 2024	June 19, 2026	June 20, 2029

Offering period	June 6, 2019

Payment date	June 14, 2019

Method of offering	Public offering in Japan

Method of redemption	(1) Bullet maturity (2) Retirement by purchase

Collateral	The bonds are not secured by any pledge, mortgage or other charge on any assets or revenues of the Company or of others, nor are they guaranteed. There are no assets reserved as security for the bonds.

Financial covenants	Negative pledge clauses (with inter-bond pari passu clause) attached

Interest payment dates	June 20 and December 20 of each year

~~<under~~For ~~IFRS>~~inquiries Public Relations Center Tel.: +81-3-6867-2135, 2146, 2977, 3419

~~August 1~~Note: This press release has been prepared for the sole purpose of publicly announcing the issuance of the Nippon Steel Corporation’s 1st, ~~2019~~2nd and 3rd Unsecured Bonds, and not for the purpose of soliciting investment or engaging in any other similar activities within or outside Japan. This press release is not an offer of securities for sale in the United States. The securities referred to above have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. No securities issued by Nippon Steel Corporation will be publicly offered or sold in the United States in connection with Nippon Steel Corporation’s issuance of 1st, 2nd and 3rd Unsecured Bonds.

Company name:		Nippon Steel Corporation
Stock listing:		Tokyo, Nagoya, Sapporo, Fukuoka stock exchanges
Code number:		5401
URL:		https://www.nipponsteel.com/en/index.html
Representative:		Eiji Hashimoto, Representative Director and President
Contact:		Fumiaki Ohnishi, General Manager, Public Relations Center
Telephone:		+81-3-6867-2130
Scheduled date to submit Securities Report:		August 8, 2019
Scheduled date to pay dividends:		—
Preparation of supplemental explanatory materials:		Yes
Holding of quarterly financial results meeting:		Yes (for investment analysts)

(All amounts have been truncated to the nearest millions of Japanese yen.)

1. Consolidated Operating Results and Financial Position through the First Quarter of Fiscal 2019

(April 1, 2019—June 30, 2019)

(1) Consolidated Operating Results (Accumulated)

	(Percentage figures are changes from the same period of the previous fiscal year.)
	Revenue					Business profit (*)					Operating profit					Profit beforeincome taxes					Profit
	Millions of yen		%			Millions of yen		%			Millions of yen		%			Millions of yen		%			Millions of yen		%
First quarter of Fiscal 2019		1,522,479		4.3			60,600		(33.1	)		60,600		(33.1	)		56,241		(34.8	)		38,904		(56.8	)
First quarter of Fiscal 2018		1,459,992		—			90,615		—			90,615		—			86,270		—			89,959		—
	Profit attributable toowners of the parent					Total comprehensiveincome					Basic earningsper share					Diluted earningsper share
	Millions of yen		%			Millions of yen		%			Yen					Yen
First quarter of Fiscal 2019		33,325		(61.0	)		28,006		(35.7	)		36.20					—
First quarter of Fiscal 2018		85,397		—			43,539		—			96.75					—

(*) Business Profit on Consolidated Statements of Profit or Loss indicates the results of sustainable business activities, and is an important measure to compare and evaluate the Company’s consolidated performance continuously. It is defined as being deducted Cost of sales, Selling general and administrative expenses and Other operating expenses from Revenue, and added Equity in profit of unconsolidated subsidiaries and affiliates and Other operating income. Other operating income and expenses is composed mainly of Dividend income, Foreign exchange gains or losses, Loss on disposal of fixed assets.

(2) Consolidated Financial Position

	Total assets		Total equity		Total equityattributable to ownersof the parent		Ratio of total equityattributable to owners ofthe parent to total assets
	Millions of yen		Millions of yen		Millions of yen		%
First quarter of Fiscal 2019		8,011,751		3,593,248		3,213,507		40.1
Fiscal 2018		8,049,528		3,607,367		3,230,788		40.1

2. Dividends

	Dividends per share
	End of first quarter		End of second quarter		End of third quarter		End of fiscal year		Fiscal year
	Yen		Yen		Yen		Yen		Yen
Fiscal 2018		—		40.00		—		40.00		80.00
Fiscal 2019		—
Fiscal 2019 (Forecasts)				10.00		—		—		—

Notes: Whether the dividends forecasts under review have been revised: Yes

3.News ~~Consolidated~~Release ~~Financial~~August ~~Forecasts for Fiscal 2019 (April~~ 1, 2019~~—March~~ ~~31,~~Nippon ~~2020)~~Steel Corporation

	(Percentage figures are changes from the same period of the previous fiscal year.)
	Revenue				Business profit					Profit attributable toowners of the parent					Basic earnings per share
	Millions of yen		%		Millions of yen		%			Millions of yen		%			Yen
First half of Fiscal 2019		3,000,000		2.0		70,000		(55.7	)		30,000		(74.3	)		33.0
Fiscal 2019		—		—		150,000		(55.5	)		—		—			—

Notice Regarding Issue of Hybrid Bonds (Public Subordinated Bonds)

~~Notes:~~Nippon 1Steel Corporation (“Nippon Steel”) hereby announces that today it decided the public issue of up to 300 billion Japanese Yen aggregate principal amount of hybrid bonds (subordinated bonds) (the “Hybrid Bonds”). ~~Whether~~Nippon Steel filed with the ~~consolidated~~head ~~financial~~of ~~forecasts~~the ~~for~~Kanto ~~fiscal~~Local ~~2019~~Finance ~~under~~Bureau ~~review~~a ~~have~~shelf ~~been~~registration ~~revised~~statement and an amended shelf registration statement regarding this Hybrid Bonds issuance. The details are as follows: ~~Yes~~

~~2. For further details, please refer to page 4, “~~1. ~~Qualitative~~Purpose ~~Information~~and ~~for~~Background ~~the First Quarter~~ of ~~Fiscal~~the ~~2019~~Hybrid ~~(2)~~Bond ~~Explanation~~Issue ~~of Information on Future Estimates, Including Consolidated Earnings Forecasts.”~~

*As ~~Notes~~one of the key initiatives under its 2020 Mid-term Management Plan, Nippon Steel aims at strengthening and expanding its global business. As a specific measure under this initiative, the company plans to jointly acquire Essar Steel India Limited (“Essar Steel”), an Indian integrated steelmaker, with ArcelorMittal. Nippon Steel has decided on the issue of the Hybrid Bonds as a funding method to finance the acquisition of Essar Steel and other growth investment projects based on the Mid-term Management Plan while maintaining its financial health.

~~(1)~~2. ~~Changes~~Features inof ~~significant subsidiaries during~~ the ~~period:~~Hybrid ~~None~~Bonds

~~(2)~~The ~~Changes~~Hybrid inBonds ~~accounting~~will ~~policies~~be containing features of both equity and ~~changes~~liabilities. While their liability aspects will not cause dilution to stockholders, the Hybrid Bonds will have attributes and features resembling equity, such as an option to defer interest payments, extremely long-term redemption periods, and subordination in ~~accounting~~liquidation ~~estimates~~or bankruptcy proceedings. Accordingly, Nippon Steel expects that Rating and Investment Information, Inc., Japan Credit Rating Agency, Ltd., and S&P Global Rating Japan Inc. will deem 50% of the funds raised under the Hybrid Bonds as equity for the purposes of their ratings. For a summary of the expected terms and conditions of the Hybrid Bonds, please see the shelf registration statement and the amended shelf registration statement submitted today to the head of the Kanto Local Finance Bureau.

~~(a)~~3. ~~Changes~~Schedule ~~in accounting policies required by IFRS: Yes~~

~~(b)~~Based ~~Changes~~on the comprehensive consideration of demand from investors, interest rate trends, and other ~~than~~factors, ~~those~~Nippon Steel plans to determine the terms and conditions of the Hybrid Bonds, including the issue amount, in ~~(a) above:~~or ~~None~~after September 2019, and will announce them as soon as the decision has been made.

Note: This press release has been prepared for the sole purpose of publicly announcing Nippon Steel Corporation’s issue of hybrid bonds (csubordinated bonds), ~~Changes~~not for the purpose of soliciting investments or performing any similar act. This document does not constitute an offer to sell or the solicitation of an offer to purchase securities for sale in ~~accounting~~the ~~estimates:~~United ~~None~~States. Nippon Steel Corporation has not registered and will not register the hybrid bonds under the U.S. Securities Act of 1933 (the “U.S. Securities Act”). No offer or sale of the hybrid bonds in the United States may be made absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act. This document is concerned with Nippon Steel Corporation’s issue of hybrid bonds in Japan, and no securities will be offered or sold in the United States.

~~Note:~~ For ~~further~~inquiries details, please refer to page 11, “2. Quarterly Condensed Consolidated Financial Statements and Major Notes (4) Notes to the Quarterly Condensed Consolidated Financial Statements (Changes in Accounting Policies Required by IFRS).”

~~(3)~~Public ~~Number~~Relations ofCenter ~~shares~~Tel.: ~~outstanding~~+81-3-6867-2135, ~~(common~~2146, ~~shares)~~2977, 3419

(a) Number of shares outstanding at the end of the period (including treasury stock)

		First quarter of Fiscal 2019		950,321,402 shares
		Fiscal 2018		950,321,402 shares

(b) Number of treasury stock at the end of the period

		First quarter of Fiscal 2019		29,905,466 shares
		Fiscal 2018		29,797,955 shares

		First quarter of Fiscal 2019		920,440,643 shares
		First quarter of Fiscal 2018		882,608,431 shares

* This quarterly flash report is not subject to quarterly review procedures.

* Explanation of the appropriate use of performance forecasts and other related items

(Explanation of the appropriate use of performance forecasts)

The forward-looking statements included in this flash report are based on the assumptions, forecasts, and plans of the Company as of the date on which this document is made public. The Company’s actual results may differ substantially from such statements due to various risks and uncertainties.

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

Index of Attached Documents

1. Qualitative Information for the First Quarter of Fiscal 2019			2
(1) Explanation of Operating Results			2
(2) Explanation of Information on Future Estimates, Including Consolidated Earnings Forecasts			4
2. Quarterly Condensed Consolidated Financial Statements and Major Notes			6
(1) Quarterly Condensed Consolidated Statements of Financial Position			6
(2) Quarterly Condensed Consolidated Statements of Profit or Loss and Quarterly Condensed Consolidated Statements of Comprehensive Income or Loss			8
(3) Quarterly Condensed Consolidated Statements of Changes in Equity			9
(4) Notes to the Quarterly Condensed Consolidated Financial Statements			11
(Going Concern Assumption)			11
(Changes in Accounting Policies Required by IFRS)			11

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

1. Qualitative Information for the First Quarter of Fiscal 2019

(1) Explanation of Operating Results

Global and Domestic Economic Conditions in the First Quarter of Fiscal 2019

The global economy was characterized by firm private consumption and capital expenditure in the United States and slower growth in China, particularly for private consumption, against the backdrop of the trade friction between the United States and China, which prompted the Chinese government to focus on infrastructure investment to support the economy. Japanese economic conditions have continued to improve moderately on the back of improving employment and income conditions, but with exports and production activity remaining weak, economic sentiment is still somewhat subdued.

Operating Results by Business Segment in the First Quarter of Fiscal 2019

The Nippon Steel Corporation Group’s business segments strived to respond to the changing business environment and to improve revenue and profit. An overview of operating results by business segment is shown below.

	(Billions of yen)
	Revenue						Business Profit
	1Q FY2019			1Q FY2018			1Q FY2019			1Q FY2018
Steelmaking and Steel Fabrication		1,346.7			1,301.8			56.0			84.1
Engineering and Construction		78.4			70.2			3.8			(0.3	)
Chemicals and Materials*		54.4			59.9			3.5			6.2
System Solutions		82.1			59.0			7.9			5.4
Total		1,561.7			1,491.0			71.4			95.4
Adjustments		(39.2	)		(31.0	)		(10.8	)		(4.8	)
Consolidated total		1,522.4			1,459.9			60.6			90.6

* The Chemicals segment and New Materials segment were merged to form the Chemicals and Materials segment after Nippon Steel Chemical & Material Co., Ltd. was established in October 2018 following the merger of Nippon Steel & Sumikin Chemical Co., Ltd. and Nippon Steel & Sumikin Materials Co., Ltd. The figures for the Chemicals and Materials segment in fiscal 2018 are the total sum of the Chemicals segment and the New Materials segment.

Steelmaking and Steel Fabrication

The Steelmaking and Steel Fabrication segment saw generally solid demand in Japan from the automotive and construction industries but weak demand growth overseas, particularly for flat steel products, owing largely to reduced production of consumer goods in China amid concern regarding deteriorating economic conditions. Steel prices in Japan remained generally at high levels, while the overseas market showed a slower recovery pace from the declines in the second half of the previous fiscal year.

In these conditions, profit declined year on year in the first quarter of fiscal 2019 due to a rise in raw material prices, the impacts from the electricity outage caused by lightning at the Kimitsu Works, inventory valuation difference, and other factors.

The Steelmaking and Steel Fabrication segment recorded revenue of ¥1,346.7 billion (¥1,301.8 billion in the same period of the previous fiscal year) and business profit of ¥56.0 billion (¥84.1 billion).

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

Engineering and Construction

Nippon Steel Engineering Co., Ltd. builds and operates plants in the steelworks, environmental, and energy fields and provides comprehensive engineering technology worldwide for various types of structures, including large steel structure buildings, ultra-high-rise buildings, and pipeline facilities. In the first quarter of fiscal 2019, the company achieved steady progress in projects in various fields through strict project execution management and completed a number of projects in Japan. In addition, its affiliated companies generated improved earnings.

As a result, the Engineering and Construction segment recorded revenue of ¥78.4 billion (¥70.2 billion in the same period of the previous fiscal year) and business profit of ¥3.8 billion (business loss of ¥0.3 billion).

Chemicals and Materials

Nippon Steel Chemical & Material Co., Ltd. continued to attract strong demand for its core needle coke in the coal chemical business and increased sales of carbon fiber composite materials, primarily for repair and reinforcement applications, in the civil engineering and construction fields. Sales were weak in the chemicals business owing to sluggish benzene prices and severe business conditions for smartphone and semiconductor materials amid the US-China trade friction in the electronics and functional materials field.

The Chemicals and Materials segment posted revenue of ¥54.4 billion (¥59.9 billion in the same period of the previous fiscal year) and business profit of ¥3.5 billion (¥6.2 billion).

System Solutions

Nippon Steel Solutions Co., Ltd. (NS Solutions) provides advanced solution services in the planning, configuration, operation, and maintenance of IT systems for clients in a wide range of business fields to keep pace with the changing business environments. Business conditions continued to be favorable for the company in the first quarter of fiscal 2019 amid active investment in systems of clients. NS Solutions provided preventive maintenance solutions using IoT and AI for facilities and supplied construction support to Nippon Steel for data analysis and AI development platforms using advanced IT technologies.

The System Solutions segment recorded revenue of ¥82.1 billion (¥59.0 billion in the same period of the previous fiscal year) and business profit of ¥7.9 billion (¥5.4 billion).

Sales and Profit for the First Quarter of Fiscal 2019

In the first quarter of fiscal 2019, Nippon Steel posted revenue of ¥1,522.4 billion (¥1,459.9 billion in the same period of the previous fiscal year), business profit of ¥60.6 billion (¥90.6 billion), and profit for the quarter attributable to owners of the parent of ¥33.3 billion (¥85.3 billion).

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

(2) Explanation of Information on Future Estimates, Including Consolidated Earnings Forecasts

Consolidated Earnings Forecasts

Nippon Steel expects the broadening impact from the prolonged trade friction between the United States and China to lead to ongoing strong concern about an overall economic slowdown, particularly in China. The Company anticipates that conditions in the Japanese economy will reflect heightened concern about future uncertainty stemming from the potential impact of global economic conditions.

Concerning demand and prices for steel, steel demand in Japan for indirect exports are sluggish, as some export industries are showing signs of a slowdown. In addition, there is some concern over potential economic deceleration overseas from prolonged US-China trade friction and other factors. Future developments will require close monitoring.

In these conditions, Nippon Steel plans to report revenue of ¥3,000 billion, business profit of ¥70 billion, and profit for the first half attributable to owners of the parent of ¥30 billion in its consolidated earnings for the first half of fiscal 2019.

With regard to full-year 2019 consolidated earnings, the Company intends to promote measures to enhance the overall stability of its facilities and operations, to improve the cost structure, and to steadily raise long-term contractual prices amid the heightened uncertain outlook described above. However, the Company is also encountering unexpected developments, such as significant narrowing of profit margins, particularly for export products for spot markets, and a deteriorating product mix associated with a decline in steel demand for indirect exports, both of which are based on the assumption that the current state of high raw material prices and low steel product prices persists, in addition to the impact of the electrical outage caused by lightning at the Kimitsu Works. The Company is also projecting an increased depreciation burden and lower inventory valuation gains. Business profit is therefore likely to reach only ¥150 billion for fiscal 2019.

In these conditions, the Company will take steps to improve its current earnings while also implementing measures geared to medium- and long-term growth. Specific measures include prompt generation of maximum synergies from the integration and reorganization with Nippon Steel Nisshin Co., Ltd., Sanyo Special Steel Co., Ltd. and Ovako AB, and decision on capital expenditure on electrical steel sheet production at the Yawata Works, promoting investment in fields and regions where demand is expected to continue growing and where the Company’s competitive edge can be demonstrated. The Company will also execute cash management (raising efficiency in implementing asset compression and capital expenditures) with a focus on financial discipline. Moreover, the Company will start to work out specific plans on far-sighted drastic measures to be prepared even for the emergence of new risks and to enhance profit base. Plans will be announced one by one as they are put into concrete shape.

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

Basic Profit Distribution Policy and the Interim Dividend Distribution

Nippon Steel’s basic profit distribution policy is to pay dividends from distributable funds at the end of the first half (interim) and second half (year-end) of the fiscal year, in consideration of the consolidated operating results and such factors as capital requirements for investment and other activities aimed at raising corporate value and performance prospects while also considering the financial structure of the Company on both consolidated and non-consolidated bases.

The Company has adopted a consolidated payout ratio target of around 30% as the benchmark for the “payment of dividends from distributable funds in consideration of the consolidated operating results.” The level of the first-half dividend is determined based on consideration of interim performance figures and forecasts for the full fiscal year performance.

Regarding the dividend from retained earnings for the end of the second quarter (interim), in accordance with the policy described above, the Company is planning to pay a dividend of ¥10 per share (representing a consolidated dividend payout ratio of around 31%).

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

2. Quarterly Condensed Consolidated Financial Statements and Major Notes

(1) Quarterly Condensed Consolidated Statements of Financial Position

	(Millions of Yen)
ASSETS	March 31, 2019		June 30, 2019
Current assets :
Cash and cash equivalents		163,176		185,370
Trade and other receivables		968,333		847,906
Inventories		1,567,116		1,626,949
Other financial assets		16,915		23,035
Other current assets		143,669		143,567
Total current assets		2,859,211		2,826,829
Non-current assets :
Property, plant and equipment		3,246,669		3,203,126
Right-of-use assets		—		78,450
Goodwill		52,803		52,137
Intangible assets		106,131		102,784
Investments accounted for using the equity method		793,146		791,835
Other financial assets		812,668		770,842
Defined benefit assets		82,247		84,520
Deferred tax assets		88,357		92,926
Other non-current assets		8,292		8,297
Total non-current assets		5,190,316		5,184,922
Total assets		8,049,528		8,011,751

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

	(Millions of Yen)
	March 31, 2019			June 30, 2019
LIABILITIES
Current liabilities :
Trade and other payables		1,611,403			1,456,564
Bonds, borrowings and lease liabilities		515,355			619,452
Other financial liabilities		1,017			4,465
Income taxes payable		38,719			22,309
Other current liabilities		34,042			44,838
Total current liabilities		2,200,538			2,147,631
Non-current liabilities :
Bonds, borrowings and lease liabilities		1,853,876			1,886,314
Other financial liabilities		6,501			6,413
Defined benefit liabilities		186,755			186,105
Deferred tax liabilities		28,253			29,987
Other non-current liabilities		166,235			162,049
Total non-current liabilities		2,241,622			2,270,871
Total liabilities		4,442,160			4,418,503
EQUITY
Common stock		419,524			419,524
Capital surplus		393,917			391,737
Retained earnings		2,300,175			2,303,032
Treasury stock		(58,831	)		(59,030	)
Other components of equity		176,000			158,242
Total equity attributable to owners of the parent		3,230,788			3,213,507
Non-controlling interests		376,579			379,741
Total equity		3,607,367			3,593,248
Total liabilities and equity		8,049,528			8,011,751

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

(2) Quarterly Condensed Consolidated Statements of Profit or Loss and

Quarterly Condensed Consolidated Statements of Comprehensive Income or Loss

Quarterly Condensed Consolidated Statements of Profit or Loss	(Millions of Yen)
	First quarter ofFiscal 2018			First quarter ofFiscal 2019
Revenue		1,459,992			1,522,479
Cost of sales		(1,261,736	)		(1,349,543	)
Gross profit		198,256			172,935
Selling, general and administrative expenses		(141,000	)		(148,725	)
Share of profit in investments accounted for using the equity method		21,451			17,287
Other operating income		22,040			32,288
Other operating expenses		(10,133	)		(13,185	)
Business profit		90,615			60,600
Operating profit		90,615			60,600
Finance income		1,516			1,513
Finance costs		(5,861	)		(5,872	)
Profit before income taxes		86,270			56,241
Income tax expense		3,688			(17,337	)
Profit		89,959			38,904
Profit attributable to :
Owners of the parent		85,397			33,325
Non-controlling interests		4,561			5,578
Earnings per share
Basic earnings per share (Yen)		96.75			36.20
Quarterly Condensed Consolidated Statements of Comprehensive Income or Loss	(Millions of Yen)
	First quarter ofFiscal 2018			First quarter ofFiscal 2019
Profit		89,959			38,904
Other comprehensive income
Items that cannot be reclassified to profit or loss
Changes in fair value of financial assets measured at fair value through other comprehensive income		(4,179	)		(8,713	)
Remeasurements of defined benefit plans		3,986			2,811
Share of other comprehensive income of investments accounted for using the equity method		(284	)		(1,398	)
Subtotal		(477	)		(7,300	)
Items that might be reclassified to profit or loss
Changes in fair value of cash flow hedges		1,622			(3,471	)
Foreign exchange differences on translation of foreign operations		(36,094	)		(481	)
Share of other comprehensive income of investments accounted for using the equity method		(11,469	)		355
Subtotal		(45,941	)		(3,596	)
Total other comprehensive income, net of tax		(46,419	)		(10,897	)
Total comprehensive income		43,539			28,006
Comprehensive income attributable to:
Owners of the parent		42,290			21,979
Non-controlling interests		1,249			6,026

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

(3) Quarterly Condensed Consolidated Statements of Changes in Equity

First quarter of Fiscal 2018	(Millions of Yen)
	Equity attributable to owners of the parent
													Other components of equity
	Commonstock			Capitalsurplus			Retainedearnings			Treasurystock			Changes in fairvalue of financialassets measuredat fair value throughothercomprehensiveincome			Remeasurements ofdefined benefitplans
Balance at beginning of the year		419,524			386,867			2,141,658			(132,162	)		334,701			—
Changes of the year
Comprehensive income
Profit								85,397
Other comprehensive income														(5,309	)		4,172
Total comprehensive income		—			—			85,397			—			(5,309	)		4,172
Transactions with owners and others
Cash dividends								(35,355	)
Purchases of treasury stock											(10	)
Disposals of treasury stock					0						1
Changes in ownership interests in subsidiaries					1,854
Transfer from other components of equity to retained earnings								8,885						(4,712	)		(4,172	)
Business combinations and others											(3	)
Subtotal		—			1,854			(26,470	)		(13	)		(4,712	)		(4,172	)
Balance as of June 30, 2018		419,524			388,722			2,200,586			(132,175	)		324,679			—
	Equity attributable to owners of the parent												Non-controllinginterests			Total equity
	Other components of equity									Total equityattributable toowners of theparent
	Changes in fairvalue of cashflow hedges			Foreignexchangedifferences ontranslation offoreignoperations			Total
Balance at beginning of the year		(6,600	)		(6,998	)		321,101			3,136,991			387,905			3,524,896
Changes of the year
Comprehensive income
Profit											85,397			4,561			89,959
Other comprehensive income		1,958			(43,929	)		(43,107	)		(43,107	)		(3,312	)		(46,419	)
Total comprehensive income		1,958			(43,929	)		(43,107	)		42,290			1,249			43,539
Transactions with owners and others
Cash dividends											(35,355	)		(4,533	)		(39,888	)
Purchases of treasury stock											(10	)					(10	)
Disposals of treasury stock											1						1
Changes in ownership interests in subsidiaries											1,854			(1,857	)		(3	)
Transfer from other components of equity to retained earnings								(8,885	)		—						—
Business combinations and others											(3	)		(45	)		(49	)
Subtotal		—			—			(8,885	)		(33,513	)		(6,436	)		(39,950	)
Balance as of June 30, 2018		(4,641	)		(50,928	)		269,109			3,145,767			382,717			3,528,485

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

First quarter of Fiscal 2019	(Millions of Yen)
	Equity attributable to owners of the parent
													Other components of equity
	Commonstock			Capitalsurplus			Retainedearnings			Treasurystock			Changes in fairvalue of financial assets measured at fair value throughothercomprehensiveincome			Remeasurements ofdefined benefitplans
Balance at beginning of the year		419,524			393,917			2,300,175			(58,831	)		248,020			—
Changes of the year
Comprehensive income
Profit								33,325
Other comprehensive income														(11,008	)		3,083
Total comprehensive income		—			—			33,325			—			(11,008	)		3,083
Transactions with owners and others
Cash dividends								(36,880	)
Purchases of treasury stock											(11	)
Disposals of treasury stock					(10	)					40
Changes in ownership interests in subsidiaries					(2,169	)
Transfer from other components of equity to retained earnings								6,412						(3,329	)		(3,083	)
Business combinations and others											(228	)
Subtotal		—			(2,180	)		(30,468	)		(199	)		(3,329	)		(3,083	)
Balance as of June 30, 2019		419,524			391,737			2,303,032			(59,030	)		233,682			—
	Equity attributable to owners of the parent												Non-controllinginterests			Total equity
	Other components of equity									Total equityattributable toowners of theparent
	Changes in fairvalue of cashflow hedges			Foreignexchangedifferences ontranslation offoreignoperations			Total
Balance at beginning of the year		(4,433	)		(67,585	)		176,000			3,230,788			376,579			3,607,367
Changes of the year
Comprehensive income
Profit											33,325			5,578			38,904
Other comprehensive income		(3,037	)		(382	)		(11,345	)		(11,345	)		448			(10,897	)
Total comprehensive income		(3,037	)		(382	)		(11,345	)		21,979			6,026			28,006
Transactions with owners and others
Cash dividends											(36,880	)		(4,656	)		(41,537	)
Purchases of treasury stock											(11	)					(11	)
Disposals of treasury stock											29						29
Changes in ownership interests in subsidiaries											(2,169	)		2,117			(52	)
Transfer from other components of equity to retained earnings								(6,412	)		—						—
Business combinations and others											(228	)		(326	)		(554	)
Subtotal		—			—			(6,412	)		(39,260	)		(2,865	)		(42,126	)
Balance as of June 30, 2019		(7,471	)		(67,968	)		158,242			3,213,507			379,741			3,593,248

Nippon Steel Corporation (5401)

The First Quarter of Fiscal 2019

(4) Notes to the Quarterly Condensed Consolidated Financial Statements

(Going Concern Assumption)

None

(Changes in Accounting Policies Required by IFRS)

From the beginning of the first quarter of Fiscal 2019 (April 1, 2019—June 30, 2019), the Group has adopted IFRS 16 “Leases” (Issued in January 2016)(“IFRS 16”). In adopting IFRS 16, the Group has applied an approach of recognizing the cumulative effect of applying the standard as an adjustment to the beginning balance at the date of initial application, which is approved as a transitional measure.

In adopting IFRS 16, the Group has elected to apply the practical expedient detailed in paragraph C3 of IFRS 16 in determining whether a contract is, or contains, a lease by maintaining its previous assessment under IAS 17 “Leases” (“IAS 17”) and IFRIC 4 “Determining whether an Arrangement Contains a Lease”. On and after the date of initial application, the Group has determined whether a contract is, or contains, a lease in accordance with IFRS 16.

For leases previously classified as finance leases under IAS 17 and in which the Group is a lessee, the carrying amounts of the right-of-use assets and lease obligations as of the date of initial application have been respectively measured at the carrying amounts of the leased assets and lease liabilities under IAS 17 immediately before the date of initial application.

For leases previously classified as operating leases under IAS 17 and in which the Group is a lessee, the Group has recognized the right-of-use assets and lease liabilities as of the date of initial application. The lease liabilities are measured at the present value of the minimum lease payments as of the date of initial application discounted by the lessee’s incremental borrowing rate. The weighted average of the incremental borrowing rate is 0.5%. The right-of-use assets are measured at the carrying amounts computed under the assumption of applying the standard at the commencement date of the contract. The discount rate applied is the lessee’s incremental borrowing rate as of the date of initial application.

The breakdown of difference between the amount of non-cancellable operating lease contracts under IAS 17 as of the end of the Fiscal 2018 and the amount of lease liabilities recognized in the Quarterly Condensed Consolidated Statements of Financial Position as of the date of initial application is as follows.

	(Millions of Yen)
Non-cancellable operating lease contracts as of March 31, 2019		45,800
Finance lease liabilities as of March 31, 2019		46,754
Non-cancellable lease contracts effective on or after the date of initial application		(12,226	)
Lease liabilities as of the date of initial application (April 1, 2019)		80,328

The right-of-use assets recognized at the date of initial application in the Quarterly Condensed Statements of Financial Position is ¥79,770 million.

In adopting IFRS 16, the Group has applied the following practical expedients.

— As an alternative of performing an impairment review, the Group relies on a previous assessment of whether leases are onerous in accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” immediately before the date of initial application.

— Exclusion of initial direct costs from the measurement of the right-of-use assets as of the date of initial application.

— Use of hindsight in determining the lease term if the contract contains options to extend or terminate the lease.

Nippon Steel Corporation (5401)

August 1, 2019

Nippon Steel Corporation

Code Number: 5401

Listings: Tokyo, Nagoya, Sapporo and Fukuoka Stock Exchanges

Contact: Fumiaki Ohnishi, General Manager, Public Relations Center-Tel: +81-3-6867-2130

Supplementary Information on the Financial Results

for the First Quarter of Fiscal 2019

Japanese Steel Industry

1. Crude Steel Production

(million tons)

1st quarter

2nd quarter

1st half

3rd quarter

4th quarter

2nd half

total

2018FY

26.56

25.65

52.22

25.70

24.97

50.67

102.89

2019FY

26.10

(*) Approx.25.89

Approx.51.99

(*)METI forecast

2. Inventory Volume

At the end of:		Inventory atmanufacturersand distributors		Inventory/shipment ratio			Rolled sheets*1		H-flange beams*2
		(million tons)		(%)			(million tons)		(million tons)
June	2017		5.56		(139.9	)		4.01		0.193
July	2017		5.42		(142.0	)		3.95		0.189
Aug.	2017		5.66		(158.4	)		4.14		0.179
Sep.	2017		5.70		(145.4	)		4.16		0.182
Oct.	2017		5.83		(150.1	)		4.11		0.176
Nov.	2017		5.66		(139.2	)		4.00		0.173
Dec.	2017		5.67		(149.2	)		4.04		0.175
Jan.	2018		5.86		(157.5	)		4.15		0.185
Feb.	2018		5.81		(154.4	)		4.12		0.196
Mar.	2018		5.83		(140.8	)		4.21		0.200
Apr.	2018		5.79		(145.8	)		4.15		0.196
May	2018		5.88		(150.2	)		4.34		0.200
June	2018		5.93		(149.3	)		4.41		0.207
July	2018		5.68		(143.0	)		4.20		0.208
Aug.	2018		6.01		(170.7	)		4.39		0.204
Sep.	2018		6.23		(176.5	)		4.40		0.198
Oct.	2018		5.87		(132.0	)		4.26		0.184
Nov.	2018		5.59		(133.8	)		4.14		0.184
Dec.	2018		5.74		(151.6	)		4.17		0.187
Jan.	2019		5.98		(154.4	)		4.40		0.195
Feb.	2019		5.93		(152.5	)		4.41		0.208
Mar.	2019		5.93		(141.6	)		4.47		0.219
Apr.	2019		6.02		(160.6	)		4.54		0.227
May	2019		6.11		(164.8	)		4.62		0.227
June*3	2019		6.09		(158.8	)		4.57		0.220

*1 Hot-rolled, cold-rolled and coated sheets

*2 Inventories of distributors dealing with H-flange beams manufactured by Nippon Steel Corporation

*3 Preliminary report

- 1 -

Nippon Steel Corporation (5401)

August 1, 2019

Nippon Steel Corporation

3. Pig Iron Production

(million tons)

1st quarter

2nd quarter

1st half

3rd quarter

4th quarter

2nd half

total

2018FY

10.25

10.24

20.49

10.24

10.13

20.37

40.86

2019FY

10.33

Approx.10.90

Approx.21.20

Including Hokkai Iron & Coke Co., Ltd. 4. Crude Steel Production (Consolidated basis (The Company and its consolidated subsidiaries))

(million tons)

1st quarter

2nd quarter

1st half

3rd quarter

4th quarter

2nd half

total

2018FY

11.89

11.76

23.65

12.13

12.06

24.19

47.84

2019FY

12.44

Approx.12.00

Approx.24.50

Approx.49.00

(Non-consolidated basis)

(million tons)

1st quarter

2nd quarter

1st half

3rd quarter

4th quarter

2nd half

total

2018FY

10.29

10.21

20.50

10.29

10.22

20.50

41.00

2019FY

10.27

Approx.10.20

Approx.20.50

Approx.41.00

5. Steel Products Shipment

(million tons)

1st quarter

2nd quarter

1st half

3rd quarter

4th quarter

2nd half

total

2018FY

9.57

8.99

18.56

9.92

9.48

19.41

37.97

2019FY

9.11

Approx.9.80

Approx.18.90

Approx.37.80

6. Average Price of Steel Products

(thousands of yen / ton)

1st quarter

2nd quarter

1st half

3rd quarter

4th quarter

2nd half

total

2018FY

87.2

90.2

88.7

91.5

90.9

91.2

89.9

2019FY

88.1

Approx.88

7. Export Ratio of Steel Products (Value basis)

(%)

1st quarter

2nd quarter

1st half

3rd quarter

4th quarter

2nd half

total

2018FY

2019FY

Approx.42

Approx.41

- 2 -

Nippon Steel Corporation (5401)

August 1, 2019

8. Foreign Exchange Rate

(¥ / $)

1st quarter

2nd quarter

1st half

3rd quarter

4th quarter

2nd half

total

2018FY

108

111

109

113

110

112

111

2019FY

111

Approx.110

9. Amount of Capital Expenditure and Depreciation

(Consolidated basis)

	(billions of yen)
	Capital Expenditure		Depreciation
2018FY		440.8		408.6
2019FY		Approx.500.0		Approx.450.0

- 3 -

For Immediate Release August 1, 2019

Company name:		Nippon Steel Corporation
Representative:		Eiji Hashimoto, Representative Director and President
Code number:		5401
Contact:		Fumiaki Ohnishi, General Manager, Public Relations Center
Telephone:		+81-3-6867-2130

Announcement of Forecasts for Performance

In view of recent trends in performance, Nippon Steel Corporation (“the Company”) today announced its forecasts for the first half and the full fiscal year ending March 31, 2020, which had been undetermined at the time of the announcement of results for the fiscal year ended March 31, 2019 (on May 9, 2019).

Consolidated Financial Forecasts for the First Half of Fiscal 2019 (April 1, 2019-September 30, 2019)

	(Millions of yen, except per share figures)
	Revenue		Business profit		Profit attributable toowners of the parent		Earningsper share (¥)
Previous forecasts (A)		—		—		—		—
Current forecasts (B)		3,000,000		70,000		30,000		33.00
Change (B–A)		—		—		—
% change		—		—		—
(For reference)Actual for the first half of the previous fiscal year ended March 31, 2019(ø)		2,941,586		157,990		116,795		132.33

(ø) In the second quarter of the previous fiscal year, rough figures based on IFRS were released, but actual values based on IFRS are stated above.

Consolidated Financial Forecasts for Fiscal 2019 (April 1, 2019-March 31, 2020)

	(Millions of yen)
	Business profit
Previous forecasts (A)		—
Current forecasts (B)		150,000
Change (B–A)		—
% change		—
(For reference) Actual for the previous fiscal year ended March 31, 2019		336,941

Non-Consolidated Financial Forecasts for Fiscal 2019 (April 1, 2019-March 31, 2020)

	(Millions of yen)
	Ordinary profit
Previous forecasts (A)		—
Current forecasts (B)		(65,000	)
Change (B–A)		—
% change		—
(For reference) Actual for the previous fiscal year ended March 31, 2019		112,319

Reason for the Announcement

The Company has determined its forecasts for the performance of the first half and the full fiscal year ending March 31, 2020, which had not been estimated at the time of the previous announcement of results. For fiscal 2019 the Company is forecasting consolidated business profit of ¥150.0 billion and non-consolidated ordinary loss of ¥65.0 billion, partly due to significant narrowing of profit margins, particularly for export products for spot markets, assuming that the current state of high raw material prices and low steel product prices persists.

For Immediate Release

August 1, 2019

Company name:		Nippon Steel Corporation
Representative:		Eiji Hashimoto, Representative Director and President
Code number:		5401
Contact:		Fumiaki Ohnishi, General Manager, Public Relations Center
Telephone:		+81-3-6867-2130

Announcement of Forecasts for Dividend

The Board of Directors of Nippon Steel Corporation (“the Company”) held on August 1, 2019 has decided to announce the forecasts for the half year-end dividend from retained earnings as follows.

1. Reason for the Announcement

When the previous fiscal year results were announced on May 9, 2019, the Company had not determined a half year-end dividend distribution amount for the current fiscal year ending March 31, 2020. After due consideration of the earnings forecasts for the year and other factors, in accordance with the basic profit distribution policy previously announced, the Company is planning to pay a dividend of ¥10 per share (representing a consolidated dividend payout ratio of around 31%).

2. Details for the Announcement

	(yen)
	Dividends per share
	End of the first half		End of the second half		Full fiscal year
Previous forecasts (released on May 9, 2019)		—		—		—
Current forecasts		10		—		—
Actual for the current fiscal year ending March 31, 2020
Actual for the previous fiscal year ended March 31, 2019		40		40		80

NIPPON STEEL CORPORATION

Date: August 1, 2019

/s/ Kazumasa Shinkai

Date: August 7, 2019

/s/ Kazumasa Shinkai

Kazumasa Shinkai

Executive Officer, Head of General Administration Division

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