Marubeni-Itochu Steel Inc. (headquartered in Chuo-ku, Tokyo; President: Kenichiro Ushino) and Metal One Corporation (headquartered in Minato-ku, Tokyo; President: Naoto Matsuoka) are pleased to announce their final agreement on a plan to establish, effective today, a new company positioned to integrate the business operations of the steel sheet processing centers of both companies in the Philippines.
MM Steel Service Center Corporation (MMSS), an overseas subsidiary of Marubeni-Itochu Steel, and Hi-Precision Steel Center, Inc. (HSCI), an overseas subsidiary of Metal One, will be merged in this move. The principal goals of integrating these two corporate operations include realizing a higher level of customer service and improved operational efficiency in the Philippines.
An outline of the new integrated company is as follows.
| (1) |
Name of new company: MM-High Precision Steel Inc. (MMHS; tentative) |
| (2) |
Date of establishment: October 1, 2009 |
| (3) |
Capitalization: US$4 million |
| (4) |
Equity breakdown: Marubeni-Itochu Steel Inc., 60%; Metal One Corporation, 40% |
| (5) |
Location: Carmona, Cavite, the Philippines (location of HSCI) |
| (6) |
Equipment overview: 2 slitters, 2 levelers, 1 mini-slitter, and 6 shear lines |
| (7) |
Processing capacity: 10,000 tonnes/month |
| (8) |
Total assets: Approx. US$30 million |
| (9) |
Sales: Approx. US$40 million/year |
| (10) |
Number of employees: Approx. 150 |
Inquiries Concerning This News Release
Marubeni-Itochu Steel Inc.
Tad Yaegashi or Chie Masada, General Coordination Department, Tel: +81-3-5204-3345
Metal One Corporation
Yoshio Yamashita or Sanae Shimoji, Management Strategy Unit, Corporate Planning Department, Tel: +81-3-6400-2900
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