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Overview

Iron and Steel

TOKYO STEEL MANUFACTURING CO.,LTD.

Tokyo Steel Manufacturing Co., Ltd. is Japan's largest electric arc furnace (EAF) steelmaker, producing a wide range of steel products including hot coils, thick plates, steel bars, H-beams, and coated steel products (galvanized and color-coated coils) from 100% scrap-based recycled steel. The company supplies to diverse end markets including automotive (Toyota, Yamaha Motor), construction, infrastructure, and manufacturing industries across Japan, with exports including green steel products to international markets such as Singapore. A key competitive differentiator is its low-CO₂ 'Hobo Zero' (near-zero carbon) green steel brand, underpinned by non-fossil electricity procurement and Environmental Product Declarations (EPD), positioning the company as a leader in sustainable steelmaking.

Activists: Oasis Management Company Ltd. 8.65%

Market Cap

¥168B

US$1.07B

¥74.3B

US$474M

Stock¥1,650▼-3.23%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

8.8

LTM EV/EBIT

476.1

LTM PER

17.3

LTM PBR

0.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-2.4%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Jan 23, 26Profit margin deterioration in Q3 results

2Apr 2, 26Oasis Management Company Ltd. filed large shareholding report

3May 11, 26Oasis Management Company Ltd. changed stake (6.25%→8.63%)

4May 13, 26Oasis Management Company Ltd. changed stake (8.63%→8.65%)

MC → EV Bridge

AI Briefing

Japan's largest EAF steelmaker, scrap-to-steel model with 'Hobo Zero' low-CO₂ brand differentiating vs blast furnace peers FY26/3 revenue ¥268B, OP margin compressed sharply to 2.7% from 9.2% prior year as profitability deteriorates Net cash balance sheet (debt ¥0.3B vs cash ¥53.4B) and EV/EBITDA LTM of ~8.8x reflect margin pressure despite sustainability positioning

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

100%

EquityD/E 0.00xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 66.5%

as of 2026-03-31 · Source: Annual Securities Report

TOS LLC

24.41%

Ikeya Science and Technology Promotion Foundation

12.68%

The Master Trust Bank of Japan, Ltd. (Trust Account)

8.52%

MYM LLC

5.18%

MYJ LLC

4.68%

Yoshimoto Kosan Co., Ltd.

3.90%

GOLDMAN SACHS INTERNATIONAL

2.42%

Custody Bank of Japan, Ltd. (Trust Account)

2.06%

KSD-KB (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.39%

FIRST INTERNATIONAL BANK OF ISRAEL CLIENTS-GLOBAL

1.30%

Management

6 officers

Nobuaki NARA

Representative Director, President and Executive Officer

Apr 1993 Joined the Company Jun 2011 Deputy Manager, General Affairs Department Apr 2012 Manager, General Affairs Department Jun 2012 Director, Manager, General Affairs Department Jun 2015 Managing Director, Ikeya Science and Technology Promotion Foundation Jun 2019 Executive Officer (Manager, General Affairs Department) Jun 2021 Managing Executive Officer (Manager, General Affairs Department) Jun 2023 Representative Director, President and Executive Officer (current) Jun 2025 Director, Ikeya Science and Technology Promotion Foundation (current)

1970-08-06

Soichiro TSUDA

Director and Executive Officer (General Manager, Business Planning Division; Manager, Purchasing Department; in charge of General Affairs)

Apr 1998 Joined Nippon Hoso Kyokai (NHK) Jan 2014 Joined the Company Apr 2021 Deputy Manager, General Affairs Department (in charge of Purchasing and Public Relations) Apr 2023 Manager, General Affairs Department (in charge of Purchasing and General Affairs) Apr 2024 General Manager, Business Management Division; Manager, General Affairs Department; in charge of Purchasing Department Jun 2024 Executive Officer; General Manager, Business Management Division; Manager, General Affairs Department; in charge of Purchasing Department Apr 2025 Executive Officer; General Manager, Business Management Division; Manager, General Affairs Department; Manager, Purchasing Department Apr 2026 Executive Officer; General Manager, Business Planning Division; Manager, Purchasing Department; in charge of General Affairs Jun 2026 Director and Executive Officer; General Manager, Business Planning Division; Manager, Purchasing Department; in charge of General Affairs (current)

1974-08-07

Gaku ITO

Director and Executive Officer (General Manager, Sales Division)

Apr 1994 Joined the Company Apr 2017 Deputy Manager, Steel Sheet Department Apr 2020 Manager, Steel Sheet Development Department Jun 2023 Executive Officer; Manager, Osaka Branch Apr 2026 Executive Officer; Deputy General Manager, Sales Division Jun 2026 Director and Executive Officer (General Manager, Sales Division) (current)

1970-06-17

Takafumi ASAI

Director, Audit and Supervisory Committee Member (Full-time)

Apr 1987 Joined the Company Apr 2013 Deputy Manager, Sales Department (in charge of Building Materials) Apr 2016 Manager, Head Office Sales Department Jun 2017 Director; Deputy General Manager, Sales Division; Manager, Building Materials Department Jun 2019 Executive Officer (Deputy General Manager, Sales Division; Manager, Building Materials Department) Apr 2020 Executive Officer; Manager, Osaka Branch Jun 2023 Assumed office as Director (Audit and Supervisory Committee Member) of the Company (current)

1963-07-13

Hiroaki HOSHI

Director, Audit and Supervisory Committee Member

Dec 2013 Registered as attorney-at-law (Daiichi Tokyo Bar Association) Jun 2021 Assumed office as Director (Audit and Supervisory Committee Member) of the Company (current)

1986-05-13

Kaoru MIWA

Director, Audit and Supervisory Committee Member

Oct 2003 Registered as attorney-at-law (Tokyo Bar Association) Sep 2019 Outside Audit & Supervisory Board Member, AB&Company, Inc. (current) Jun 2023 Assumed office as Director (Audit and Supervisory Committee Member) of the Company (current)

1971-12-11

Large Shareholding Reports

TOS LLC

2026-05-13

22.73%→22.73%

Annual report (as of 2026-03-31): 24.41%

Oasis Management Company Ltd.

2026-05-13

8.63%→8.65%

Oasis Management Company Ltd.

2026-05-11

6.25%→8.63%

Oasis Management Company Ltd.

2026-04-02

6.25%

TOS LLC

2025-10-28

11.87%→22.73%

Annual report (as of 2026-03-31): 24.41%

MYJ LLC

2025-10-28

3.10%→4.36%

Annual report (as of 2026-03-31): 4.68%

Nomura Asset Management Co., Ltd.

2025-10-21

5.62%→4.20%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-10-23

Q2 Earnings Flash

FY ending Mar 2027

TOKYO STEEL MANUFACTURING CO.,LTD.

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TOKYO STEEL MANUFACTURING CO.,LTD.

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