Overview
Iron and Steel

Maruichi Steel Tube Ltd.

Maruichi Steel Tube is a steel pipe manufacturer producing ordinary steel pipes, stainless steel pipes, and surface-treated steel sheets, serving construction, infrastructure, and automotive markets. The company operates an integrated manufacturing and sales network across Japan, North America (USA, Mexico), and Asia (Vietnam, India, Philippines). Its competitive strengths lie in its broad product portfolio, multi-regional production footprint, and deep distribution capabilities through group subsidiaries.

Market Cap
¥375B
US$2.39B
EV
¥218B
US$1.39B
Stock¥1,696.5▼-0.93%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.1
x
LTM EV/EBIT
5.9
x
LTM PER
13.4
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+9.2%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
375BUS$2.39BMarket Cap4.39BUS$28.0M+ Debt96.0BUS$612M− Cash78.3BUS$499M− Inv. Sec.13.1BUS$83.6M+ NCI218BUS$1.39BEV
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Performance & Balance
Revenue 5Y (¥B)
224US$1.43B'22/3273US$1.74B'23/3271US$1.73B'24/3262US$1.67B'25/3244US$1.55B'26/3
EBITDA 5Y (¥B)
42.2US$269M'22/336.3US$232M'23/341.4US$264M'24/330.3US$193M'25/340.0US$255M'26/3
Net Income 5Y (¥B)
27.8US$177M'22/324.2US$154M'23/326.1US$167M'24/327.0US$172M'25/326.7US$170M'26/3
Capital Structure
99%
EquityD/E 0.01xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
157US$1.00B3.22US$20.5M'22/3168US$1.07B8.13US$51.9M'23/3189US$1.21B5.37US$34.2M'24/3167US$1.06B3.69US$23.5M'25/3156US$993M4.39US$28.0M'26/3
Shareholders
Top 10 hold 47.2%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.93%
2
Yoshimura Holdings Co., Ltd.
6.36%
3
Sumitomo Mitsui Banking Corporation
4.76%
4
MUFG Bank, Ltd.
4.47%
5
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
4.42%
6
Japan Custody Bank, Ltd. (re-trust by Sumitomo Mitsui Trust Bank, Limited — JFE Steel Corporation Retirement Benefit Trust Account)
4.06%
7
Custody Bank of Japan, Ltd. (Trust Account)
3.56%
8
NORTHERN TRUST CO.(AVFC)RE SILCHESTERINTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)
2.70%
9
PHILLIP SECURITIES(HONG KONG) LIMITED LIM WAH SAI (Standing Proxy: Phillip Securities Japan, Ltd.)
2.65%
10
Maruichi Steel Tube Ltd. Stock Ownership Association
2.28%
Management
13 officers
Hiroyuki SUZUKI
Representative Director, Chairman and CEO; Chairman Executive Officer
Aug 1980 Joined the Company Jan 1981 Head of the Company's U.S. Office Jun 1983 Director of the Company Jun 1990 Managing Director of the Company Jun 1997 Senior Managing Director of the Company Jun 1999 Representative Director, Executive Vice President of the Company Apr 2003 Representative Director, President of the Company Jun 2003 President Executive Officer of the Company Apr 2009 Representative Director, President of Maruichi Kohan Co., Ltd. (current) Apr 2011 Chairman of SUNSCO (current) Jun 2013 Representative Director, Chairman and CEO of the Company (current) Apr 2015 Representative Director, President of Kyushu Maruichi Steel Tube Ltd. (current) May 2016 Representative Member, Kansai Economic Doyukai Jun 2019 Outside Director of Japan Venture Capital Co., Ltd. (current) Apr 2020 Chairman of the Board of Maruichi Stainless Tube Ltd. (current) Jun 2022 Outside Director of Iwatani Corporation (current) Oct 2023 Chairman of MST-X (current)
1946-02-07
Takanori YOSHIMURA
Representative Director, President and COO; President Executive Officer
Mar 1981 Joined the Company Jun 1997 Director of the Company Jun 2003 Retired as Director of the Company Jun 2003 Executive Officer, General Manager of Special Products Division of the Company Jun 2005 Director and Managing Executive Officer of the Company Jun 2008 Director and Senior Managing Executive Officer of the Company Apr 2009 Representative Director, President of Shikoku Maruichi Steel Tube Ltd. Jun 2011 Representative Director, Executive Vice President Executive Officer of the Company Jun 2013 Representative Director, President and COO of the Company (current) May 2026 Representative Director, President of Hokkaido Maruichi Steel Tube Ltd. (current)
1957-06-16
Wataru MORITA
Director, Executive Vice President Executive Officer
Jun 2011 Joined the Company Appointed President of MAC Mar 2015 Appointed President of MOST Jun 2018 Executive Officer of the Company Jun 2021 Executive Officer of the Company in charge of Corporate Planning and Secretarial Division; General Manager of Corporate Planning Office Jun 2022 Director and Managing Executive Officer of the Company in charge of Corporate Planning and Secretarial Division; General Manager of Corporate Planning Office May 2023 Chairman of MAC May 2023 Chairman of MOST Jun 2023 Director, Executive Vice President Executive Officer of the Company in charge of Sales, Purchasing, Planning, IR and Secretarial Divisions (current) Apr 2026 Representative Director, President of Shikoku Maruichi Steel Tube Ltd. (current)
1967-05-04
Maria Montserrat ANDERSON
Director
Apr 1994 Joined MAC; Accounting Department Assistant Apr 1999 Accounting Department Assistant, Purchasing Officer in General Affairs Department, and Human Resources Officer in Human Resources and General Affairs Department of MAC Dec 2005 Manager, Human Resources and General Affairs Department of MAC Jul 2012 General Manager, Human Resources and General Affairs Department of MAC Jun 2025 Director of the Company (current) Jul 2025 Chairman of MAC (current) Jul 2025 Chairman of MOST (current)
1961-11-09
Kenjiro NAKANO
Outside Director
Apr 1971 Joined Sumitomo Bank (now Sumitomo Mitsui Banking Corporation) Apr 2008 Representative Director, Vice Chairman of Sumitomo Bank Jun 2008 Audit & Supervisory Board Member of the Company Jun 2010 Representative Director, President of Keihanshin Real Estate Co., Ltd. (now Keihanshin Building Co., Ltd.) Jun 2013 Director of the Company (current) Jun 2014 Outside Director of Rengo Co., Ltd. Jun 2016 Outside Director (Audit and Supervisory Committee Member) of H2O Retailing Corporation (current) Jun 2016 Chairman of Keihanshin Building Co., Ltd. Jun 2022 Special Advisor of Keihanshin Building Co., Ltd. (current)
1947-08-13
Kenichiro USHINO
Outside Director
Apr 1972 Joined Marubeni Corporation Apr 1993 President of MARUBENI TUBULARS INC. (Houston, U.S.A.) Apr 1997 General Manager, Tubular Products Department of Marubeni Corporation Apr 2003 Executive Officer, General Manager of Tubular Products Division of ITOCHU Marubeni Steel Corporation Apr 2006 Director and Managing Executive Officer, General Manager of Corporate Planning and Human Resources & General Affairs Division of ITOCHU Marubeni Steel Corporation Apr 2007 Representative Director, Executive Vice President of ITOCHU Marubeni Steel Corporation Apr 2009 Representative Director, President of ITOCHU Marubeni Steel Corporation Apr 2012 Vice Chairman of Japan Iron and Steel Federation Jun 2016 Director of the Company (current)
1948-09-10
Yuka FUJIOKA
Outside Director
Apr 1993 Joined Kansai Telecasting Corporation Apr 1999 News Caster for CS broadcast Asahi News Star, etc.; Instructor, Simul Academy Conference Interpreter Training Course Sep 2008 Part-time Lecturer, Center for International Education and Cooperation, Kwansei Gakuin University (current) Apr 2009 Part-time Lecturer, Global Studies Course, Department of English Literature, Faculty of Letters, Kobe College (now Department of English Literature, Faculty of Letters, Kobe College) Apr 2010 Part-time Lecturer, School of International Studies, Kwansei Gakuin University (current) Jul 2016 Representative Director, President of Fujioka Kinzoku Co., Ltd. (current) Jun 2018 Director of the Company (current) Jun 2024 Outside Director of Sysmex Corporation (current) Nov 2025 Vice Chairman, Kobe Chamber of Commerce and Industry (current)
1969-05-24
Koichi TSUJI
Outside Director
Oct 1984 Joined Peat Marwick Mitchell & Co. Sep 1988 Registered as Certified Public Accountant (Registration No. 9656) Feb 1989 Stationed in Zurich, Switzerland Jul 2004 Senior Partner, Shin Nihon & Co. Feb 2016 Chairman, Shin Nihon LLC (now EY ShinNihon LLC) Sep 2019 Chairman & CEO, EY Japan LLC; Director, EY Japan Co., Ltd. Jun 2021 Outside Director of Mitsubishi UFJ Financial Group, Inc. (current) Jun 2023 Outside Director (Audit and Supervisory Committee Member) of Teijin Limited (current) Jun 2023 Director of the Company (current)
1957-04-10
Keiko YAMAHIRA
Outside Director
Apr 1983 Joined Kubota House Co., Ltd. (now Sanyo Homes Corporation) Apr 2010 Executive Officer of Sanyo Homes Corporation Jun 2011 Managing Executive Officer of Sanyo Homes Corporation Jun 2012 Director of Sanyo Reform Co., Ltd. (now Sanyo Reform Corporation) Jun 2013 Director and Senior Managing Executive Officer of Sanyo Homes Corporation; Director of Sun Advance Co., Ltd.; Director of Sanyo Homes Community Co., Ltd. Jun 2015 President and Executive Officer of Sanyo Homes Corporation Apr 2017 Chairman, Representative Director of Sanyo Homes Community Co., Ltd. Jun 2019 Outside Director of Uenoden Co., Ltd. (current); Outside Director of Fujitec Co., Ltd. Jun 2021 Outside Director of Takara Leben Co., Ltd. (now MIRARTH Holdings, Inc.) Jun 2022 Outside Director of Shinagawa Refractories Co., Ltd. (now Shinagawa Refractories Co., Ltd.) (current) Jun 2024 Director of the Company (current)
1960-11-30
Takehiko TERAO
Full-time Audit & Supervisory Board Member
May 2016 Joined the Company Jun 2018 General Manager, Secretarial Office of the Company May 2019 General Manager, Audit & Supervisory Board Office of the Company Jun 2019 Full-time Audit & Supervisory Board Member of the Company (current)
1963-04-10
Masuo OKUMURA
Outside Audit & Supervisory Board Member
Jul 1971 Joined the National Police Agency Jan 2004 Commissioner General of the Metropolitan Police Department Mar 2006 President of the All Japan Traffic Safety Association (now General Incorporated Foundation) Jun 2013 Audit & Supervisory Board Member of the Company (current) Jun 2013 President of the Japan Road Traffic Information Center (Public Interest Incorporated Foundation) May 2023 Outside Director of Baroque Japan Limited (current)
1947-11-08
Ryuta UOZUMI
Outside Audit & Supervisory Board Member
Apr 1971 Joined Iwasaki Tsushinki Co., Ltd. Apr 1975 Joined Yamamoto Sekiyu Co., Ltd. (now JFE Shoji Oil Sales Co., Ltd.) Oct 1985 Joined Asahi Shinwa Accounting Firm (now KPMG Azsa LLC) Mar 1989 Registered as Certified Public Accountant (Registration No. 9815) Jun 1999 Partner, Asahi & Co. (now KPMG Azsa LLC) Jun 2003 Managing Partner, Asahi & Co. (now KPMG Azsa LLC) Apr 2004 President, Azusa Sustainability Co., Ltd. (now KPMG Azsa Sustainability Co., Ltd.) Jun 2010 Retired from Azusa Audit Corporation (now KPMG Azsa LLC) Jul 2010 Representative, Ryuta Uozumi Certified Public Accountant Office (current) Jun 2013 Retired from KPMG Azsa Sustainability Co., Ltd. Jul 2013 Representative, Uozumi Sustainability Research Institute (current) Jun 2018 Audit & Supervisory Board Member of the Company (current)
1948-02-24
Yuki UCHIYAMA
Outside Audit & Supervisory Board Member
Apr 1983 Joined Burroughs Co., Ltd. (now BIPROGY Inc.) Apr 1989 Worked at the Moroccan National Tourist Office Apr 1997 Joined Daisui Law Office (now TMI Associates) Apr 2002 Partner, Daisui Law Office (now TMI Associates) Jun 2018 Council Member, TMI Associates Osaka Office (current) Jun 2019 Audit & Supervisory Board Member of the Company (current) Jun 2022 Outside Director of Nihon Seisen Co., Ltd. (current) Jun 2024 Outside Audit & Supervisory Board Member of Nihon Trim Co., Ltd. (current)
1959-10-31
Large Shareholding Reports
Yoshimura Holdings Co., Ltd.
2026-06-08
5.60%→5.60%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-03-31): 6.36%
Yoshimura Holdings Co., Ltd.
2026-05-07
5.60%→5.60%
Annual report (as of 2026-03-31): 6.36%
Yoshimura Holdings Co., Ltd.
2026-04-30
4.47%→5.60%
Annual report (as of 2026-03-31): 6.36%
Silchester International Investors LLP
2025-03-21
5.00%→5.31%
Silchester International Investors LLP
2024-01-05
6.03%→5.00%
Silchester International Investors LLP
2021-11-19
5.00%→6.03%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-06-08
Change Report
EDINET
2026-05-07
Large Shareholding Report
EDINET
2026-04-30
Large Shareholding Report
TDnet
2026-02-09
Q3 Earnings Flash
FY ending Mar 2026
EDINETAmended
2025-11-28
Amended Semi-Annual Securities Report
Period: Apr 2025 – Sep 2025
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Sep 2025
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-20
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-04-24
中期経営計画
EDINET
2025-03-21
Large Shareholding Report
TDnet
2025-02-10
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-07-05
Securities Registration Statement
EDINET
2024-07-05
Securities Registration Statement
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2024-01-05
Large Shareholding Report
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-26
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINETAmended
2022-12-27
Amended Annual Securities Report
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-27
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINETAmended
2021-12-09
Amended Annual Securities Report
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