As a part of the integration and reorganization of subsidiaries the backbone of the "Mid-Term Management Plan" Metal One Corporation (Head Office: Minato-ku, Tokyo; President: Masashi Mizutani) has decided to merge NIK Metal Corporation (Head Office: Nishi-ku, Osaka; President: Yoshinori Takeda) and NI Steel Products Co., Ltd. (Head Office: Chiyoda-ku, Tokyo; President: Moriji Ota).
The new company, slated to start operations on January 5, 2004, intends to increase its revenues by expanding into new areas, making the most of its expertise in the fields of wire products, specialty steel and stainless steel within the iron and steel products business. The name of the new company has not yet been decided, but its annual sales are expected to be around ¥60 billion. Through this integration, the company aims to enhance its enterprise value, creating new value-adding functions by expanding its community-based business and placing customer satisfaction at the center of our work while simultaneously developing a global market for our business.
On a similar note, the Group is considering transferring the bar steel and raw material businesses to a new company devoted to construction materials. The plans for this new business are still in the preparatory stage.