Congratulations to all the new employees on joining our company.

I am Ubagai, President and CEO. On the occasion of the initiation ceremony, I would like to say a few words.

The 44 of you whose names have just been called have become employees of JFE Shoji Corporationfrom today. It is my great pleasure to welcome you as our employees, all of you full of hope, expectation, and enthusiasm.

As I myself assumed the position of President as of today, April 1, you are the first new employees I welcome as President and CEO. Once again, on behalf of the board of directors and employees, I would like to extend a hearty welcome and congratulations to you.

Today, as you take your first steps into the workforce and as employees of JFE Shoji Corporation, the environment surrounding us is changing at a dizzying pace. There are many issues to consider, such as the war in Russia and Ukraine, geopolitical risks such as trade friction between the U.S. and China, the move toward carbon neutrality, the continued depreciation of the yen and inflation in Japan, labor shortages and rising labor costs, and the need to respond quickly to these issues. In the near term, the tariff policy of the U.S. is likely to have a significant impact on our business.

Last year we celebrated our 20th anniversary as an integrated company, and this fiscal year marks the first year of our 8th Mid-Term Management Plan. In order to cope with this drastic change in the environment, each and every one of our employees will think about and implement "change" and create a corporate culture that "takes on the challenge" of new things. As a member of our company, I have high expectations for you to change our company, especially with fresh ideas and feelings that you have never had before.

I wonder how you all feel when you come to the company today. I am sure that you are both excited and anxious about your new life as a member of society. I would like to discuss with you how we can meet your expectations and how we can ease your anxiety.

Today, I would like to talk about two things that are important to me in my life at the company.

First, I want you to develop the habit of "thinking for yourself. Thinking" means to analyze and plan logically, to look at things from a different perspective, and to question the current situation. It is important to always think through "why" and "what should be done," rather than just accepting what you are told. Second, I want people to enjoy their work.

Second, I want people to "enjoy" their work. Instead of finding an enjoyable job within the company, you should develop an attitude of enjoying whatever work you do. People who enjoy their work will appear positive and results will follow. How to enjoy work may differ from person to person, but a sense of accomplishment from setting a goal and carrying it out, a feeling of being of benefit to someone else, a team (organization) that is active and has a good atmosphere, etc. are all good factors to consider. Please refer to your seniors who are enjoying their work and try to create your own style of enjoying work.

When asked what the job of a trading company is, many people will answer trading and business investment/management. While this is true, if the job of a manufacturer is to "make things," the job of a trading company is to "connect. We connect customers and manufacturers, connect people in different positions, and connect the present and the future. JFE Shoji CorporationIncluding overseas and group companies, there are about 9,000 employees working for Shosha, and as one of them, I encourage you to be future-oriented and work hard together with your colleagues.

Finally, I would like to conclude my welcome address by wishing all of you new employees good health, both physically and mentally, and that your days working at JFE Shoji Corporationwill be fruitful and rewarding.