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April 15, 2008
    
Hangzhou Metal One Steel Plates Processing Launch Ceremony
 

Metal One Corporation (headquartered in Minato-ku, Tokyo; president: Moriji Kanada) established Hangzhou Metal One Steel Plates Processing Co., Ltd., a manufacturing company to supply melt-cut and processed steel plates for construction machinery, in March 2007 in Hangzhou, Zhejiang Province, China. The company began operations in November, but the launch ceremony was held in the afternoon of April 14, 2008.

The approximately 70 participants who attended the splendid ceremony included Naoto Matsuoka, senior managing executive officer of Metal One; Akira Mizukami, president of Hangzhou Metal One Steel Plates Processing; Hiroo Shimada, president and CEO of Kobelco Construction Machinery Co., Ltd.; Noriyuki Sato, president and CEO of Keiyo Blanking Kogyo Co., Ltd.; Dong Zude, deputy secretary general of Hangzhou City People's Government; Toshihiko Fukuda, president of Hangzhou Kobelco Construction Machinery Co., Ltd.; and representatives of other related companies.

The launch of Hangzhou Metal One Steel Plates Processing, which has a manufacturing capacity of 24,000 tonnes per year (on a raw-material basis), proceeded smoothly, and the company is scheduled to reach full production capacity in spring 2009.

The global market for construction machinery (hydraulic shovels) was 160,000 units in 2006, and the industry forecasts a continuing annual 10% growth rate up to 2010. China, where demand has quadrupled over the past few years, is central to this. Against this backdrop of high worldwide demand for construction machinery, Japanese construction machinery manufacturers have established production sites to strengthen their manufacturing operations as part of their efforts to manufacture fully assembled cars for the domestic market in China and composite parts for export.

The new company that was launched in this environment has added depth to melt-cut and processed steel plate operations targeted at the construction machinery industry and is aiming to build a global value chain, outlined in our second Mid-term Consolidated Management Plan, by using a strong domestic foundation and the Group's overall capabilities. The new company's shareholding structure consists of an 85% equity holding by Metal One and a 5% investment each by Kobelco Construction Machinery; Keiyo Blanking Kogyo; and other firms, with US$6.1 million in capitalization and US$15.2 million in total investments. With an annual production capacity of 24,000 tonnes, Hangzhou Metal One Steel Plates Processing's main customer is Hangzhou Kobelco Construction Machinery. Incorporating the steel plate melt-cutting experience and expertise that the Metal One Group has cultivated over many years in Japan, the new company endeavors to provide the same levels of quality and service that are available in Japan.

Outline of Hangzhou Metal One Steel Plates Processing Co., Ltd.
1. Name: Hangzhou Metal One Steel Plates Processing Co., Ltd.
2. Headquarters: No. 1, Avenue 22, Hangzhou Economic & Technological Development Area, Hangzhou, Zhejiang Province, China
3. Representative: Akira Mizukami, President (on assignment from Metal One)
4. Capitalization: US$6.1 million
5. Shareholders: Metal One (85%), Kobelco Construction Machinery (5%), Keiyo Blanking Kogyo (5%), others (5%)
6. Date of establishment: March 2007
7. Start of operation: November 2007
8. Number of employees: 66 (as of the end of March 2008)
9. Line of business: Processing of steel plates and sales of processed steel plate parts for construction machinery
10. Customers: Hangzhou Kobelco Construction Machinery, others
11. Equipment: 4 2-kW laser cutting machines
4 gas cutting machines
Other: beveling machines, bending machines, machining centers, and other secondary processing equipment
12. Production capacity: 24,000 tonnes per year (on a raw-material basis)
   
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