Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Moriji Kanada) will join Neturen Co., Ltd. and Nippon Steel Corporation in investing in Neturen America Corporation. This high-strength spring steel wire (ITW: induction heating quenched and tempered wire) manufacturing and sales company has been established in Hamilton, Ohio by Neturen to provide cold forming services to the automotive industry.
The new company will be capitalized at US$12 million, with Neturen holding a 55% share, Metal One 35%, and Nippon Steel 10%. It will demonstrate the synergies of each company's strengths - Neturen's own ITW manufacturing technology, Nippon Steel's high strength steel product development capabilities and raw material supplies, and Metal One's operational infrastructure in the U.S.
A 7,500 m2 facility will be built for the new company on a 40,000 m2 site in Hamilton, Ohio. It will have 20 to 30 staff members and will begin operations in April 2008. It aims to sell 10,000 tonnes annually by fiscal 2010.
Neturen currently manufactures ITW at Shanghai Neturen Co., Ltd. in China. Metal One and Nippon Steel also hold shares in this firm.