Moody's Ratings announces completion of a periodic review of ratings of JFE Holdings, Inc.

Moody's Investors Service has completed a periodic review of the ratings of JFE Holdings, Inc., a major Japanese steel producer. The review was conducted as part of a portfolio assessment, during which Moody's evaluated the appropriateness of the ratings in light of the company's financial and operational performance, as well as its position relative to similarly rated peers. The review did not involve a rating committee and did not result in any changes to JFE's credit ratings or outlook.

JFE Holdings maintains a Baa3 issuer rating, reflecting its strong market position in Japan with high-grade steel products and advanced technology. However, the rating is constrained by factors such as economic downturns, inherent volatility in the steel market, and high leverage due to lower profit margins and elevated debt levels.

This announcement does not indicate an imminent credit rating action. Investors are advised to consult the ratings tab on JFE's issuer page on www.moodys.com for the most up-to-date credit rating information.