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November 30, 2005
    
Integration of Stainless Steel Operations in Singapore
 

In January 2006, Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Moriji Kanada) will integrate its stainless steel operations in Singapore. The changes will involve MC Hanwa Pte. Ltd. (a coil center in which Metal One and Hanwa Kozai Co., Ltd., have capital stakes of 95% and 5%, respectively), Dept. B (in charge of stainless steel business) of Metal One Asia Pte. Ltd. (Metal One's subsidiary in Singapore ) and Tech Stainless Pte. Ltd. (a fully owned subsidiary of Sus-Tech Corporation).
The new company will be known as Metal One Stainless ( Asia ) Pte. Ltd., and Mr. Kazuhiro Nomura, currently CEO of MC Hanwa, will head the company and serve as CEO.

More specifically, MC Hanwa will take over the trading rights of the stainless business sector from Metal One Asia and at the same time acquire all Sus-Tech's shares in Tech Stainless, making the two companies its subsidiaries that will then be integrated into the new company. A total of around ¥2 billion (including funds for MC Hanwa's acquisition of the two subsidiaries and additional business credit and guarantees) will be invested in this reorganization.

Metal One's stainless steel business in Singapore was initially carried out with MC Hanwa operating as a coil center, Metal One Asia engaged mainly in trading, and Tech Stainless manufacturing ornamental stainless steel tubes and also serving as a coil center. However, with the acquisition of Hanwa Asia by Mitsubishi Corporation and the subsequent establishment of Metal One, the three companies began to expand the group's sales potential while searching for opportunities to join hands in commissioned manufacturing and material purchases. At the same time, the business of the three companies was analyzed and it was determined that there was a need to combine their business potential in order to improve service, strengthen mobility and boost their combined sales.

MC Hanwa has MC Hanwa (Thailand) Co., Ltd. and MC Hanwa Malaysia Sdn. Bhd. among its subsidiaries and together they are selling about 25,000 tonnes a year, while Dept. B of Metal One Asia supplies about 15,000 tonnes a year to customers in the ASEAN region, and Tech Stainless delivers about 10,000 tonnes of ornamental stainless steel tubes and slit coils yearly to customers in ASEAN and Oceania. As a result, the new company will "inherit" annual sales of some 50,000 tonnes, constituting the biggest stainless steel sales base for any Japanese-affiliated company in the ASEAN region.


<For supplemental reference>

Outline of Metal One Stainless (Asia) Pte. Ltd.
  1. Name:   Metal One Stainless ( Asia ) Pte. Ltd.
  2. Headquarters:   No.9 Tuas Avenue 2, Singapore 639449
  3. Group companies:  

MC Hanwa Thailand, MC Hanwa Malaysia and Tech Stainless

  4. Capitalization:   US$8.5 million (planned)
  5. Legal r epresentative:   Kazuhiro Nomura, CEO (temporarily transferred from Metal One)
  6. Scale of operations:   US$130 million in consolidated sales (planned)
  7. Area of business:   Manufacturing and sales of stainless steel


Scheme of Integration

 
*

NSSC: Nippon Steel & Sumikin Stainless Steel Corporation; NTK: Nippon Metal Industry Co., Ltd.; NST: Nippon Steel Trading Co., Ltd.
MOA: Metal One Asia; MCH/Thai: MC Hanwa Thailand; MCH/Mal: MC Hanwa Malaysia

 
 
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