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The Project consists of the installation and operation of a blast furnace and blooming mill at Wakayama. The Project comprises the following:

Land Procurement and Reclamation: The purchase of 173 acres and the reclamation of 113 acres of land bringing the present surface area of Sumitomo's Wakayama estate to a total of 830 acres.

Harbor Facilities: The construction of wharves designed to receive carriers up to 15,000 tons.

Unloading and Transportation Equipment: The construction of unloading facilities, the purchase of tugboats and necessary locomotives and wagons, and the construction of the requisite railway track and roads.

Raw Material Yard: The construction of stackers and loaders, the installation of belt conveyors and crushers.

Coke Plant: The construction of a coal washing plant, 57 coke ovens, a by-products plant, and auxiliary facilities.

Blast Furnace: The construction of a blast furnace, with a daily capacity of 1,000 tons of pig iron, and auxiliary facilities.

Power Plant: The installation of two boilers, a 15,000 kw turbogenerator and two 7,000 kw spare turbogenerators, and two turboblowers.

Steel Making Plant: The remodelling of existing three 110-ton open hearth furnaces into 165-ton furnaces which will increase the annual capacity of the steel plant to 636,000 tons and the construction of an oxygen plant.

Blooming Mill: The construction of a plant with a 47" stand in tandem with a 36" stand, complete with soaking pits.

Auxiliary Facilities: The increase of the receiving power substation by one 20,000 kva and three 5,000 kva transformers. The increase of water supply by four deep wells, and connection with the municipal industrial water supply. The installation of all other necessary facilities for the Project.

The Project is expected to be completed by March 31, 1962.

For the purposes of this Agreement the provisions of Loan Regulations No. 4 of the Bank, dated June 15, 1956, shall be deemed to be modified as follows:

(a) By the deletion of Section 2.02.

(b) By the addition to Section 3.05, at the end thereof, of the following sentence:

"If a withdrawal is applied for on account of expenditures in the currency of the Guarantor, the value of the currency of the Guarantor in terms of the currency or currencies to be withdrawn shall be as reasonably determined by the Bank."

(c) By the deletion of Section 4.01 and the substitution therefor of the following Section:

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