Overview
Iron and Steel

NAKAYAMA STEEL WORKS,LTD.

Nakayama Steel Works is an electric arc furnace (EAF) steelmaker that recycles domestic iron scrap into high-quality steel products, including flat steel (thin and thick plate), surface-treated steel sheets, and structural steel bars and wire rods for automotive and construction/industrial machinery applications. The company also operates a building materials business (C-section steel and pipe products) with nine production sites across Japan, where it holds a leading market position in C-section steel. Additionally, the company has an engineering segment covering roll and valve manufacturing, marine steel reef products, and a real estate segment through consolidated subsidiaries.

Market Cap
¥34.9B
US$223M
EV
¥13.4B
US$85.2M
Stock¥583▼-1.52%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
1.9
x
LTM EV/EBIT
3.6
x
LTM PER
10.6
x
LTM PBR
0.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-27.6%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 10, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
34.9BUS$223MMarket Cap8.89BUS$56.7M+ Debt26.3BUS$168M− Cash4.17BUS$26.6M− Inv. Sec.13.4BUS$85.2MEV
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Performance & Balance
Revenue 5Y (¥B)
167US$1.06B'22/3189US$1.20B'23/3184US$1.18B'24/3169US$1.08B'25/3148US$946M'26/3
EBITDA 5Y (¥B)
9.56US$61.0M'22/316.4US$105M'23/314.9US$95.3M'24/311.3US$72.3M'25/37.97US$50.8M'26/3
Net Income 5Y (¥B)
4.82US$30.7M'22/310.2US$65.2M'23/38.90US$56.8M'24/35.70US$36.3M'25/32.46US$15.7M'26/3
Capital Structure
93%
EquityD/E 0.08xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
18.6US$118M16.0US$102M'22/319.9US$127M10.2US$65.4M'23/320.1US$128M9.63US$61.4M'24/318.5US$118M9.45US$60.3M'25/327.2US$174M9.02US$57.5M'26/3
Shareholders
Top 10 hold 45.1%
1
HANWA CO.,LTD.
14.86%
2
AIR WATER INC.
8.72%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
7.07%
4
OSAKA GAS CO.,LTD.
3.54%
5
Maruichi Steel Tube Ltd.
2.39%
6
Amagasaki Seikan Co., Ltd.
2.35%
7
BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND (Standing Proxy: MUFG Bank, Ltd.)
1.95%
8
Nakayama Mochikabu Kyoei-kai
1.58%
9
Nippon Steel Trading Corporation
1.50%
10
DIMENSIONAL ETF TRUST-DIMENSIONAL INTERNATIONAL SMALL CAP VALUE ETF (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.10%
Management
11 officers
Kazuaki HAKOMORI
Representative Director, Chairman
Apr 1980 Joined the Company Sep 1999 General Manager, No. 2 Rolling Mill Department, the Company Aug 2003 General Manager, Production Engineering Department, the Company Jun 2005 Director, General Manager, Production Engineering Department, and in charge of Business Strategy, the Company Apr 2009 Director, in charge of Business Strategy, Quality Control, Product Development, and Bar and Wire Rod, the Company Jun 2010 Director, in charge of Rolling Division, Quality Control, and Product Development, the Company Feb 2011 Director, General Manager, Sales Division, and in charge of Product Development, the Company Nov 2012 Director, in charge of Sales and Amorphous, the Company Apr 2013 Director, in charge of Sales, the Company Jun 2013 Senior Managing Director, in charge of Sales, Purchasing, Manufacturing, Safety/Disaster Prevention/Environment, Engineering Business overall management, and General Manager, Management Support Office, the Company Jun 2014 Senior Managing Director, overall in charge of Sales, Purchasing, Manufacturing, Engineering, Safety/Disaster Prevention, and Environmental Management, the Company Jun 2016 Senior Managing Director, overall in charge of Sales, Purchasing, Manufacturing, and Engineering Division, the Company Jun 2017 Representative Director, President, the Company Jun 2025 Representative Director, Chairman, the Company (current)
1953-02-08
Nobuhiko NAITO
Representative Director, President
Apr 1982 Joined the Company Dec 2007 General Manager, Bar and Wire Rod Sales Department, the Company Jun 2013 Executive Officer, General Manager, Purchasing Division, and General Manager, Iron Source Procurement Department, the Company Jun 2014 Executive Officer, General Manager, Purchasing Division, the Company May 2015 Executive Officer, General Manager, Sales Division, the Company Jun 2017 Director, overall in charge of Sales, Purchasing Division, and Tokyo Branch, and General Manager, Sales Division, the Company May 2018 Director, overall in charge of Sales, Purchasing Division, and Tokyo Branch, the Company Apr 2020 Director, overall in charge of Sales Division, Purchasing Department, and Tokyo Branch, the Company Jun 2020 Managing Director, overall in charge of Sales Division, Purchasing Department, and Tokyo Branch, the Company Apr 2022 Managing Director, overall in charge of Sales, Product Development Division, Purchasing Department, and Tokyo Branch, the Company Jun 2022 Senior Managing Director, overall in charge of Sales, Product Development Division, Purchasing Department, and Tokyo Branch, the Company Oct 2023 Senior Managing Director, overall in charge of Sales, Product Development Division, Purchasing Department, and Tokyo Sales Department, the Company Apr 2024 Senior Managing Director, overall in charge of Sales, Construction Materials Sales, Product Development Division, and Purchasing Department, the Company Jun 2025 Representative Director, President, the Company (current)
1958-07-07
Masahiro MORIKAWA
Director, Senior Managing Executive Officer
Apr 1983 Joined the Company Apr 2007 Plant Manager, Steelmaking Plant, the Company Jun 2013 General Manager, Production Engineering Department, the Company May 2015 General Manager, General Administration Division, and General Manager, Production Engineering Department, the Company Jun 2016 Executive Officer, General Manager, General Administration Division, the Company May 2018 Executive Officer, overall in charge of General Administration, Manufacturing, and Engineering Divisions, the Company Jun 2018 Director, overall in charge of General Administration, Manufacturing, and Engineering Divisions, the Company Jun 2021 Managing Director, overall in charge of General Administration, Manufacturing, and Engineering Divisions, the Company Feb 2022 Managing Director, overall in charge of General Administration, Manufacturing, and Engineering Divisions, and Steelmaking Process Reform Study Group, the Company Apr 2023 Managing Director, overall in charge of General Administration, Steelmaking, and Rolling Divisions, the Company Apr 2024 Managing Director, overall in charge of General Administration and Steelmaking Divisions, the Company Jun 2025 Director, Senior Managing Executive Officer, overall in charge of General Administration, Steelmaking, Rolling, and Construction Materials Manufacturing Divisions, the Company Jan 2026 Director, Senior Managing Executive Officer, overall in charge of General Administration, Steelmaking, Rolling, and Construction Materials Manufacturing Divisions, and Safety and Disaster Prevention Management Office, the Company (current)
1960-06-17
Yoshinobu SHIBAHARA
Director, Managing Executive Officer
Apr 1989 Joined the Company May 2015 General Manager, Sales Department, the Company May 2018 General Manager, Sales Division, and General Manager, Sales Department, the Company Apr 2020 Executive Officer, General Manager, Sales Division, and General Manager, Sales Department, the Company Apr 2022 Executive Officer, General Manager, Sales Division, General Manager, Sales Planning Department, and Deputy General Manager, Product Development Division, the Company Jun 2023 Director, General Manager, Sales Division, General Manager, Tokyo Sales Department, and Deputy General Manager, Product Development Division, the Company Apr 2024 Director, General Manager, Sales Division, General Manager, Tokyo Sales Department, and General Manager, Product Development Division, the Company Apr 2025 Director, General Manager, Sales Division, and General Manager, Product Development Division, the Company Jun 2025 Director, Managing Executive Officer, overall in charge of Sales, Construction Materials Sales Division, and Product Development Department, the Company Apr 2026 Director, Managing Executive Officer, overall in charge of Sales, Construction Materials Sales, Engineering Division, and Product Development Sales Department, the Company (current)
1965-12-20
Katsuya OHO
Director, Managing Executive Officer
Apr 1989 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Apr 2011 General Manager, Shin-Yokohama Branch, Mitsubishi Tokyo UFJ Bank, Ltd. (now MUFG Bank, Ltd.) Mar 2013 Deputy General Manager, Corporate Banking Department (Osaka), the same bank Oct 2014 General Manager, Fukuoka Branch, the same bank May 2017 General Manager, Credit Department (Osaka), the same bank Nov 2018 Managing Executive Officer, Deputy General Manager, Osaka Sales Division, MST Insurance Service Co., Ltd. Apr 2019 Senior Managing Executive Officer, General Manager, Western Japan Sales Division, the same company Jun 2019 Senior Managing Director, General Manager, Western Japan Sales Division, the same company Jun 2021 Director, Senior Managing Executive Officer, General Manager, Western Japan Division, the same company Jul 2024 Managing Executive Officer, Deputy General Manager, Management Division, and General Manager (Corporate Staff), Human Resources and General Affairs Department, the Company Jun 2025 Director, Managing Executive Officer, overall in charge of Human Resources and General Affairs, Systems, Accounting, and Planning Departments, the Company Apr 2026 Director, Managing Executive Officer, overall in charge of Human Resources and General Affairs, Systems, and Accounting Departments, the Company (current)
1966-12-17
Mitsuaki SAKAGUCHI
Director, Managing Executive Officer
Apr 1991 Joined the Company Nov 2012 General Manager, Accounting Department, the Company Jun 2013 General Manager, Management Division, the Company Jun 2016 General Manager, Accounting Division, the Company Jun 2018 Executive Officer, General Manager, Accounting Division, the Company Apr 2020 Executive Officer, General Manager, Management Division, the Company Apr 2022 Managing Executive Officer, General Manager, Management Division, the Company Jun 2023 Director, General Manager, Management Division, the Company Jun 2025 Director, Managing Executive Officer, overall in charge of Engineering Division, Management Strategy Department, and Purchasing Department, the Company Apr 2026 Director, Managing Executive Officer, overall in charge of Planning Department and Purchasing Department, General Manager, Purchasing Department, and in charge of Purchasing for the New Steelmaking Construction Group, Steelmaking Division, the Company (current)
1968-10-20
Masahiro NAKATSUKASA
Director
Apr 1994 Registered as attorney-at-law, Osaka Bar Association; joined Chuo Sogo Law Office (now Chuo Sogo Law Office, P.C.) Aug 2005 Worked at Kirkland & Ellis LLP, USA (until Jul 2006) Apr 2006 Registered as attorney in the State of New York, USA Jun 2006 Outside Corporate Auditor, Asaka Industrial Co., Ltd. Jul 2012 Senior Partner, Chuo Sogo Law Office, P.C. (current) Apr 2015 Vice President, Osaka Bar Association Jun 2015 Outside Corporate Auditor, Arakawa Chemical Industries, Ltd. Jun 2015 Outside Corporate Auditor, Nihon Dentsu Co., Ltd. Jun 2016 Outside Director, Audit and Supervisory Committee Member, Asaka Industrial Co., Ltd. Jun 2016 Outside Director, Audit and Supervisory Committee Member, Arakawa Chemical Industries, Ltd. (current) Jun 2016 Outside Director, Audit and Supervisory Committee Member, Nihon Dentsu Co., Ltd. Jun 2016 Outside Director of the Company (current) Jun 2018 Outside Corporate Auditor, JSH Co., Ltd. (current) Jun 2020 Outside Corporate Auditor, Nihon Dentsu Co., Ltd. Jun 2022 Outside Director, Osaka Mazda Sales Co., Ltd. (current)
1965-01-19
Sayuri MURAKAMI
Director
Apr 1984 Joined Kobe Shimbun Co., Ltd. Mar 2009 General Manager, Economic News Department, Editorial Division, the same company Mar 2013 Deputy Director, Regional Research Institute, the same company Mar 2015 Deputy Chief Editorial Writer, the same company Mar 2017 General Manager, Tokyo Branch, the same company Mar 2019 Executive Officer, Head of Himeji Head Office, the same company Mar 2022 Advisor, Editorial Division, the same company Jun 2022 Coordinator, Public Relations and Fund Division, Strategic Planning Office, Kobe University, and Advisory Fellow (Faculty), Regional Cooperation Promotion Headquarters, the same university Apr 2023 Member, Management Council, University of Hyogo (current) Jun 2023 Outside Director of the Company (current) Jun 2025 Director, Kirakuen Social Welfare Corporation (current)
1961-08-02
Ryohei KISHIDA
Director, Full-time Audit and Supervisory Committee Member
Apr 1983 Joined the Company Mar 2003 Plant Manager, Coke Plant, the Company Jul 2007 Deputy General Manager, Bar and Wire Rod Plant, the Company Apr 2008 Plant Manager, Bar and Wire Rod Plant, the Company Jun 2016 General Manager, General Affairs Division, the Company Jun 2019 Executive Officer, General Manager, General Affairs Division, the Company Apr 2020 Executive Officer, Assistant to the President, the Company Jun 2020 Full-time Corporate Auditor, the Company Jun 2022 Full-time Director, Audit and Supervisory Committee Member, the Company (current)
1960-02-03
Masaya TSUNODA
Director, Audit and Supervisory Committee Member
Apr 1980 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Jun 2009 General Manager, Head Office Sales Department, Taisho Bank, Ltd. (now Tokushima Taisho Bank, Ltd.) Jun 2009 Executive Officer, General Manager, Head Office Sales Department, the same bank Jun 2010 Director, General Manager, Head Office Sales Department, the same bank Jun 2014 Managing Director, the same bank Apr 2016 General Manager, Risk and Compliance Department, Tomoni Holdings, Inc. Jun 2016 Managing Director, General Manager, Risk and Compliance Department, the same company Jun 2020 Director, and Corporate Auditor, Tomoni System Service Co., Ltd., the same company Jun 2021 Outside Corporate Auditor of the Company Jul 2021 Outside Director, Nihon Resort Co., Ltd. Jun 2022 Outside Director, Audit and Supervisory Committee Member of the Company (current)
1957-12-02
Kazuyoshi TSUDA
Director, Audit and Supervisory Committee Member
Oct 1990 Joined Ota Showa & Co. (now EY ShinNihon LLC) Aug 1995 Registered as Certified Public Accountant Oct 1998 Director, Inada Shokai Co., Ltd. Oct 2000 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Aug 2003 Director, M.M.T Co., Ltd. Mar 2008 Representative Director, Brain Trust Co., Ltd. (current) Mar 2008 Representative, Kazuyoshi Tsuda CPA and Tax Accountant Office (current) Aug 2008 Registered as Certified Tax Accountant Aug 2008 Outside Corporate Auditor, Hirose Tsusho Co., Ltd. Mar 2015 Outside Corporate Auditor, Silver Egg Technology Co., Ltd. (current) Apr 2016 Outside Director, JSH Co., Ltd. (current) Jun 2016 Outside Director, Audit and Supervisory Committee Member, Hirose Tsusho Co., Ltd. (current) Jun 2021 Outside Corporate Auditor of the Company Jun 2022 Outside Director, Audit and Supervisory Committee Member of the Company (current) Jun 2022 Outside Director, Osaka Mazda Sales Co., Ltd. (current)
1966-01-13
Large Shareholding Reports
Yodoko Co., Ltd.
2026-10-07
10.70%
Hanwa Co., Ltd.
2026-10-05
12.78%→20.00%
Annual report (as of 2026-03-31): 14.86%
Air Water Inc.
2026-04-06
7.50%→7.50%
Annual report (as of 2026-03-31): 8.72%
Disclosures
M&A / Other
2026-08-07
Primary Source Filings
EDINET
2026-10-07
Large Shareholding Report
EDINET
2026-10-05
Large Shareholding Report
EDINET
2026-08-07
Securities Registration Statement
TDnet
2026-08-07
M&A / Other
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-04-06
Large Shareholding Report
TDnet
2026-02-05
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-06
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-25
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-06
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-06
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINETAmended
2022-06-29
Amended Annual Securities Report
EDINET
2022-06-28
Annual Securities Report
EDINET
2022-02-09
Quarterly Securities Report
EDINET
2021-11-10
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-10
Quarterly Securities Report
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