March 29, 2005 No.1052

MHI Receives Full Turn-Key Order for Cogeneration Plant from KDHC -- Joint Project with Daewoo E&C and POSCO E&C --

Tokyo, March 29, 2005 - Mitsubishi Heavy Industries, Ltd. (MHI), together with Daewoo Engineering & Construction Co., Ltd. (Daewoo E&C) and POSCO Engineering & Construction Co., Ltd. (POSCO E&C), has received a full turn-key order from Korea District Heating Corporation (KDHC), a state-owned corporation, for the construction of a cogeneration plant in Hwaseong, South Korea. The cogeneration plant, to supply power and district heating, is scheduled for completion in November 2007.

M501F gas turbine     The 525 MW (megawatt) cogeneration plant will be constructed in the city of Hwaseong, in Kyeonggi-Do, approximately 40 kilometers south of Seoul. The LNG-fired gas turbine combined-cycle (GTCC) power generation plant is to be composed mainly of two M501F gas turbines, one steam turbine, a heat recovery steam generator (HRSG) and a generator. MHI will be responsible for the design and manufacture of the gas and steam turbines, the core equipment of the facility. Mitsubishi Electric Corporation will build the generator. Daewoo E&C and POSCO E&C will take charge of construction and installation, plus procurement of the HRSG. The electricity produced at the plant will be sold to Korea Electric Power Corporation. The exhaust heat from the gas turbines will be used not only for power generation to drive the steam turbine, producing steam by the HRSG, but also for heating and hot water production to service approximately 51,000 households in Hwaseong and a new residential area nearby. MHI has already delivered numerous M501F gas and steam turbines in Japan and abroad. One of the factors key to the order from KDHC is the need for a stable supply of electricity and district heating, and MHI believes KDHC's high evaluation of the technological and economical advantages of its high-efficiency turbines, proven by an abundant installation record, contributed to the award. LNG-fired GTCC power generation offers clear advantages over conventional power production methods in terms of generation efficiency and environmental friendliness. The latest order also calls for utilization of exhaust heat for heating, which will enable the achievement of combined heat and power efficiency exceeding 80%. Today, a number of GTCC cogeneration plant installations are planned in Korea in recognition of their superiority in environmental compatibility, energy conservation, reduced CO2 emissions and economical aspects. On the strength of the latest order, MHI aims to further strengthen its GTCC power plant marketing activities in Korea. # # # About Mitsubishi Heavy Industries Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one of the world's leading heavy machinery manufacturers, with consolidated sales of 2,373 billion yen in fiscal 2003 (year ended March 31, 2004). MHI's diverse lineup of products and services encompasses shipbuilding, steel structures, power plants, chemical plants, steel plants, environmental equipment, industrial and general machinery, aircraft, space rocketry and air-conditioning systems. For more information, please visit the MHI website (http://www.mhi.co.jp). PRESS CONTACT: Hideo Ikuno: h.ikuno@daiya-pr.co.jp Tel: +813-6716-5277, Fax: +813-6716-5929 Daiya PR (in charge of public relations for Mitsubishi Heavy Industries, Ltd.)

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