Today the world economy is truly without borders. People, resources, technology, information and production centers are all shifting across national boundaries in search of better value for money. The corporate climate these days, meanwhile, is harsher than ever. Things are changing at a frenetic pace as companies in every sector of the economy restructure or merge. There is only one way to adapt promptly to this new environment and emerge on top in the fierce competition that the 21st century will usher in: Redouble one's efforts across the board, and always keep one's sights fixed firmly on the future.

Forecasts call for the North-East Asian economies to make further gains, and the region remains the world's chief growth center.

In the midst of these rapid changes, Howa Trading Co., Ltd. is aggressively pursuing business opportunities in the North-East Asia-Pacific with the backing of Baosteel Group Corporation, China's largest industrial conglomerate. The extensive networks Baosteel Group Corporation and we ourselves have developed enable us to offer superior service to clients in China's evolving market economy, as well as throughout the promising Asian region. A fundamental restructuring in the way companies do business is the order of the day. Competition is intensifying as trade liberalization progresses, which means more efficient logistics are absolutely essential. Trading firms need to create leaner, more sophisticated, more diversified networks. Howa Trading is committed to working with you in building bridges to the markets of the 21st century. We look forward to your continued patronage and advice.