Overview
Iron and Steel

Nippon Denko Co.,Ltd.

Nippon Denko is a diversified materials and metals company operating across five core segments: ferroalloys (ferromanganese, silicomanganese, ferrochrome, ferrovanadium), functional materials (zirconium oxide, boron oxide, ferroboron, hydrogen storage alloys, lithium-ion battery cathode materials), incineration ash recycling via electric furnace melting, aqua solutions (ion exchange and RO membrane systems for wastewater treatment and pure water production), and power supply. The company serves steelmakers, battery manufacturers, environmental services clients, and industrial water treatment customers. Its competitive strengths lie in vertically integrated ferroalloy operations including manganese mine interests, and a diversified portfolio spanning advanced materials for energy storage and environmental solutions.

Market Cap
¥51.0B
US$325M
EV
¥47.9B
US$306M
Stock¥408▼-0.73%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
3.9
x
LTM EV/EBIT
5.7
x
LTM PER
NM
LTM PBR
0.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-5.1%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
51.0BUS$325MMarket Cap14.8BUS$94.4M+ Debt4.89BUS$31.2M− Cash12.9BUS$82.5M− Inv. Sec.47.9BUS$306MEV
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Performance & Balance
Revenue 5Y (¥B)
66.0US$421M'21/1279.3US$506M'22/1276.4US$487M'23/1278.2US$499M'24/1277.3US$493M'25/12
EBITDA 5Y (¥B)
10.6US$67.3M'21/1211.3US$71.9M'22/127.69US$49.0M'23/1210.1US$64.4M'24/128.83US$56.3M'25/12
Net Income 5Y (¥B)
7.77US$49.5M'21/127.95US$50.7M'22/124.38US$27.9M'23/123.14US$20.1M'24/121.42US$9.04M'25/12
Capital Structure
82%
EquityD/E 0.22xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
20.2US$129M17.8US$113M'21/1223.2US$148M21.1US$134M'22/1221.1US$135M18.6US$118M'23/1218.2US$116M17.1US$109M'24/1225.2US$161M13.8US$88.2M'25/12
Shareholders
Top 10 hold 48.3%
1
NIPPON STEEL CORPORATION
24.28%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.34%
3
Custody Bank of Japan, Ltd. (Trust Account)
2.69%
4
Nippon Denko Co.,Ltd. Business Partners' Stock Ownership Association
2.04%
5
STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
1.78%
6
Nittetsu Mining Co.,Ltd.
1.68%
7
Nippon Denko Co.,Ltd. Employee Stock Ownership Association
1.53%
8
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
1.10%
9
Naoki KIOKA
1.04%
10
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
0.86%
Management
10 officers
Yasushi AOKI
Representative Director, President
Apr 1983 Joined Nippon Steel Corporation Apr 2007 General Manager, Bangkok Office, Nippon Steel Corporation Jun 2009 Seconded to Nippon Steel Thailand Apr 2011 General Manager, Raw Materials Division No.1, Nippon Steel Corporation Apr 2015 Executive Officer; concurrently General Manager, Raw Materials Division No.2, Nippon Steel & Sumitomo Metal Corporation Apr 2018 Managing Executive Officer, in charge of raw materials, Nippon Steel & Sumitomo Metal Corporation Mar 2020 Director, Executive Vice President of the Company Jan 2021 Representative Director, President of the Company (current)
1960-03-08
Jiro KOBAYASHI
Director, Senior Managing Executive Officer, in charge of corporate planning, overseas business management, and special assignments from the President
Apr 1988 Joined Nippon Steel Corporation Apr 2013 General Manager, European Office, Nippon Steel & Sumitomo Metal Corporation May 2017 General Manager, Corporate Planning Department, Nippon Steel & Sumitomo Metal Corporation Apr 2019 Advisor, Nippon Steel Corporation; concurrently General Manager, Raw Materials Division No.2 Apr 2023 Executive Officer, in charge of raw materials and equipment, Nippon Steel Corporation; concurrently General Manager, Raw Materials Division No.2 Mar 2024 Director, Senior Managing Executive Officer of the Company, in charge of corporate planning and overseas business management Jan 2025 Director, Senior Managing Executive Officer of the Company, in charge of corporate planning, overseas business management, and special assignments from the President (current)
1965-06-03
Masakazu TSUMIDA
Director, Managing Executive Officer, in charge of human resources, human resource development, general affairs, and internal control
Apr 1986 Joined the Company Mar 2010 General Manager, Secretarial and Human Resources Department, the Company Mar 2015 Advisor, the Company; concurrently General Manager, Human Resources Department Jan 2018 Executive Officer, the Company; concurrently General Manager, Environmental Systems Business Division Jan 2020 Executive Officer, the Company; concurrently Director, Human Resource Development Center Jan 2024 Managing Executive Officer, the Company, in charge of human resources, general affairs, and internal control; concurrently Director, Human Resource Development Center Mar 2024 Director, Managing Executive Officer of the Company, in charge of human resources, general affairs, and internal control; concurrently Director, Human Resource Development Center Jan 2026 Director, Managing Executive Officer of the Company, in charge of human resources, human resource development, general affairs, and internal control (current)
1962-12-06
Tsutomu KISHIKAWA
Director, Managing Executive Officer, in charge of production technology, equipment planning, safety and environment, R&D, information systems, and power business
Apr 1985 Joined Nippon Juko Kogyo Co., Ltd. Jan 1998 Seconded to Hunan Shin-Nichi Juka Co., Ltd.; General Manager, Technology and Quality Assurance Department Jul 2003 General Manager, Takaoka Plant, Battery Materials Business Division, the Company Jan 2019 Advisor, the Company; General Manager, Toyama Plant Jan 2021 Advisor, the Company; concurrently General Manager, Production Technology Department Jan 2022 Executive Officer, the Company; concurrently General Manager, Production Technology Department Jan 2024 Managing Executive Officer, the Company, in charge of power business; concurrently General Manager, Production Technology Department Jan 2025 Managing Executive Officer, the Company, in charge of production technology, equipment planning, safety and environment, R&D, information systems, and power business Mar 2025 Director, Managing Executive Officer of the Company, in charge of production technology, equipment planning, safety and environment, R&D, information systems, and power business (current)
1962-07-28
Yasuhide MIYAKE
Director, Executive Officer, in charge of accounting; concurrently General Manager, Corporate Planning Department
Apr 1991 Joined Nisshin Steel Co., Ltd. Apr 2016 General Manager, Finance Department, Nisshin Steel Co., Ltd. Apr 2020 General Manager, Finance Department, Nippon Steel Corporation Apr 2022 General Manager, Finance Department, Nippon Steel Corporation; concurrently Deputy General Manager, General Affairs Department and Deputy General Manager, Human Resources and Labor Relations Department Apr 2023 Executive Officer, the Company Jan 2024 Executive Officer, the Company, in charge of accounting and overseas business management; concurrently General Manager, Corporate Planning Department Mar 2024 Director, Executive Officer of the Company, in charge of accounting; concurrently General Manager, Corporate Planning Department (current)
1968-08-07
Hokuto NAKANO
Director
Apr 1983 Joined The Nippon Kogyo Bank, Ltd. (now Mizuho Bank, Ltd.) Jun 1998 Deputy Manager, London Office, International Funds Division, The Nippon Kogyo Bank Apr 2002 Senior Manager, European Funds Office, Market Planning Department, Mizuho Corporate Bank, Ltd. Apr 2010 Executive Officer; General Manager, International Foreign Exchange Department, Mizuho Corporate Bank, Ltd. Jul 2013 Executive Officer; General Manager, International Foreign Exchange Department, Mizuho Bank, Ltd. Oct 2015 Managing Executive Officer; Head of East Asia Regional Unit, Mizuho Financial Group, Inc. Apr 2016 Managing Executive Officer; Deputy Head of Global Markets Division, Mizuho Securities Co., Ltd. Jan 2018 Advisor, ASICS Corporation Mar 2018 Director, ASICS Corporation Mar 2020 Managing Executive Officer, ASICS Corporation Mar 2021 Director of the Company Jun 2021 Outside Director, Penta-Ocean Construction Co., Ltd. (current) Mar 2024 Director (Audit and Supervisory Committee Member) of the Company Mar 2026 Director of the Company (current)
1959-12-22
Kiyoshi MORI
Director
Apr 1984 Joined Mitsui & Co., Ltd. Jul 2007 Deputy General Manager, Inner Mongolia Ordos Electric Power Metallurgy Co., Ltd. Oct 2011 General Manager, Ferroalloys Department, Mitsui & Co., Ltd. Apr 2012 General Manager, China Business Division, Mitsui & Co., Ltd. Mar 2014 Director and General Manager, Mitsui & Co. (Guangdong) Trading Co., Ltd. Apr 2017 President and Representative Director, Mitsui Metals Co., Ltd. Apr 2019 Managing Officer, Mitsui & Co., Ltd. Jun 2021 Outside Director, Shikoku Chemicals Corporation (current) Apr 2024 Outside Director, Asahi Seiren Co., Ltd. (current) Mar 2026 Director of the Company (current)
1960-04-07
Kentaro ONO
Director (Audit and Supervisory Committee Member)
Apr 1988 Joined Nippon Steel Corporation Oct 2012 Senior Chief Manager, Affiliated Companies Department, Nippon Steel & Sumitomo Metal Corporation Apr 2016 General Manager, General Affairs Department, Muroran Works, Nippon Steel & Sumitomo Metal Corporation Apr 2019 Executive Officer, Osaka Steel Co., Ltd. Jun 2019 Director, Osaka Steel Co., Ltd., in charge of corporate planning, finance, general affairs, and affiliated companies Jun 2021 Director, Executive Officer, Nippon Steel Logistics Co., Ltd., in charge of corporate planning, finance, general affairs, and human resources and labor relations Apr 2022 Director, Managing Executive Officer, Nippon Steel Logistics Co., Ltd., in charge of corporate planning, finance, general affairs, and human resources and labor relations Mar 2025 Director (Full-time Audit and Supervisory Committee Member) of the Company (current)
1964-06-02
Masahiro TANI
Director (Audit and Supervisory Committee Member)
Apr 1985 Joined Ajinomoto Co., Inc. Jul 2006 Plant Manager, Mojokerto Plant, PT Ajinomoto Indonesia Jul 2008 Deputy President, PT Ajinomoto Indonesia Jul 2012 General Manager, Kyushu Plant, Ajinomoto Co., Inc. Jun 2013 Executive Officer; General Manager, Kyushu Plant, Ajinomoto Co., Inc. Jun 2015 Executive Officer; General Manager, Food Production Center, Ajinomoto Co., Inc. Jun 2017 Executive Officer; General Manager, Group Procurement Center, Ajinomoto Co., Inc. Jul 2020 Executive Officer; General Manager, DX Promotion Department, Ajinomoto Co., Inc. Jun 2021 Advisor, Ajinomoto Co., Inc. Mar 2022 Director of the Company Mar 2024 Director (Audit and Supervisory Committee Member) of the Company (current)
1960-08-02
Aogi SUEMURA
Director (Audit and Supervisory Committee Member)
Oct 1992 Joined Asahi Shinwa Accounting Firm (now Ernst & Young ShinNihon LLC) Apr 1996 Registered as Certified Public Accountant Aug 1999 Joined Gold Crest Co., Ltd. Jan 2002 Joined Sumitomo Corporation Financial Management, Ltd. Nov 2004 Joined Tohmatsu & Co. (now Deloitte Tohmatsu LLC) Jun 2008 Member (now Partner), Tohmatsu & Co. Jan 2022 Established Aogi Suemura Certified Public Accountant Office (current) Jun 2022 Outside Director (Audit and Supervisory Committee Member), Rikentechnos Co., Ltd. (current) Mar 2023 Corporate Auditor of the Company Mar 2024 Director (Audit and Supervisory Committee Member) of the Company (current) Jun 2024 Outside Director (Audit and Supervisory Committee Member), Nomura Real Estate Holdings, Inc.
1959-12-10
Large Shareholding Reports
Asset Management One Co., Ltd.
2025-08-22
2.20%→1.61%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-05
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-08-05
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-05-12
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-26
Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-11-06
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-22
Large Shareholding Report
EDINET
2025-08-05
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-08
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-27
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-07
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-09
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-07
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-07
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-11
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-30
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-08
Quarterly Securities Report
EDINET
2022-08-05
Quarterly Securities Report
EDINET
2022-05-11
Quarterly Securities Report
EDINET
2022-03-30
Annual Securities Report
EDINET
2021-11-09
Quarterly Securities Report
EDINET
2021-08-11
Quarterly Securities Report
EDINET
2021-05-12
Quarterly Securities Report
EDINET
2021-03-30
Annual Securities Report
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