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How definitive the wording is.Items stated in the management plan
WithdrawnROE+6.0pt
基準 2,025Target2,031％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).
Net Sales¥54 billion (target for the fiscal year ending March 2030) → Not disclosed
Operating profit¥10 billion (target for the fiscal year ending March 2030) → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planRevenue of ¥34 billion, operating profit of ¥6 billion and ROE of at least 6.5% (Eighth Medium-Term Management Plan, targets for the fiscal year ended March 2024) → Revenue of ¥37.3 billion, operating profit of ¥10.2 billion and ROE of 10.8% (actual results for the fiscal year ended March 2024)0.0%Calculated from the two disclosed figures
Total investment plan¥20 billion (target for the fiscal years ending March 2027 through March 2031)
Statements about the use of capital
Payout ratio / DOE policyFor the time being, the higher of an annual dividend of ¥100 per share or a 30% payout ratio will be used as the benchmarkThe payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyShare buybacks of approximately ¥7 billion will be conducted over the next 3 years. Proceeds from the sale of cross-shareholdings and other sources will be allocated to shareholder returns
Self-assessment of PBR and share pricePBR remains below 1x, at 0.74x based on the closing share price as of 9 April 2026. The Company aims to achieve a market valuation above 1x PBR at an early datePBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthen the growth strategy
02Strengthening Sales Capabilities
03Expansion of the product lineup
04Develop next-generation businesses through strategic investments, including M&A
05Investment in growth areas
06Business Portfolio Reform
07Advance the capital policy
08Review the organizational design
09Ensure investment discipline
10Advance investor relations activities
11Strengthen manufacturing capabilities
12Strengthen the human resources strategy
13Strengthen the IT infrastructure
Plan assumptionsThe exchange rate is currently ¥140/USD, with the yen expected to trend stronger from the fiscal year ended March 2025 onward. Other assumptions include delays to new aluminum smelter construction projects, low crude steel production, and a near-term easing trend in the supply and demand balance for cathode blocks
Non-financial targetsIndicator Percentage of outside directors / Target value Promptly above one-third (33% in the materials), and 50% over the longer term / Timing Aim for 50% by the fiscal year ending March 2031, Indicator Cross-shareholdings as a percentage of net assets / Target value Below 20% / Timing Not disclosed, Indicator Tradable share ratio / Target value 35% or more / Timing Not disclosed
Risks identified by the company
Delays to new smelter construction projects
Uncertainty regarding the indirect impact of U.S. tariff policies
Low crude steel production
Deterioration in market conditions due to inflows of inexpensive electrodes from Chinese and Indian manufacturers
Sluggish recovery in demand for nonferrous metals
Sluggish recovery in demand from the automotive and home appliance industries
A shift toward a stronger yen
A near-term easing trend in the supply and demand balance for cathode blocks
Reason for revision or withdrawal
In light of demand trends and market conditions fluctuating more significantly than expected, which has reduced the effectiveness of the former medium-term management plan as a management guide, as well as the continued PBR below 1x and stagnant capital efficiency, the Company determined that it must pursue its growth strategy, capital policy and measures to strengthen its management foundation in an integrated manner from a long-term perspective
| Item | Details |
|---|---|
| Plan name | Long- and Medium-Term Management Policy “2030 Make Real” |
| Plan period | Through fiscal 2030 (target for the fiscal year ending March 2031) |
| Progress against the plan | Withdrawn |
| Sales Target | ¥54 billion (target for the fiscal year ending March 2030) → Not disclosed |
| Operating profit target | ¥10 billion (target for the fiscal year ending March 2030) → Not disclosed |
| ROE target | 7.8% (actual for the fiscal year ended March 2025) → 12% (target for the fiscal year ending March 2031) |
| Payout ratio / DOE policy | For the time being, the higher of an annual dividend of ¥100 per share or a 30% payout ratio will be used as the benchmark |
| Treasury share acquisition policy | Share buybacks of approximately ¥7 billion will be conducted over the next 3 years. Proceeds from the sale of cross-shareholdings and other sources will be allocated to shareholder returns |
| Self-assessment of PBR and share price | PBR remains below 1x, at 0.74x based on the closing share price as of 9 April 2026. The Company aims to achieve a market valuation above 1x PBR at an early date |
| Total investment plan | ¥20 billion (target for the fiscal years ending March 2027 through March 2031) |
| Non-financial targets | Indicator Percentage of outside directors / Target value Promptly above one-third (33% in the materials), and 50% over the longer term / Timing Aim for 50% by the fiscal year ending March 2031, Indicator Cross-shareholdings as a percentage of net assets / Target value Below 20% / Timing Not disclosed, Indicator Tradable share ratio / Target value 35% or more / Timing Not disclosed |
| Plan assumptions | The exchange rate is currently ¥140/USD, with the yen expected to trend stronger from the fiscal year ended March 2025 onward. Other assumptions include delays to new aluminum smelter construction projects, low crude steel production, and a near-term easing trend in the supply and demand balance for cathode blocks |
| Key initiatives | Strengthen the growth strategy, Strengthening Sales Capabilities, Expansion of the product lineup, Develop next-generation businesses through strategic investments, including M&A, Investment in growth areas, Business Portfolio Reform, Advance the capital policy, Review the organizational design, Ensure investment discipline, Advance investor relations activities, Strengthen manufacturing capabilities, Strengthen the human resources strategy, Strengthen the IT infrastructure |
| Results under the previous plan | Revenue of ¥34 billion, operating profit of ¥6 billion and ROE of at least 6.5% (Eighth Medium-Term Management Plan, targets for the fiscal year ended March 2024) → Revenue of ¥37.3 billion, operating profit of ¥10.2 billion and ROE of 10.8% (actual results for the fiscal year ended March 2024) |
| Reason for revision or withdrawal | In light of demand trends and market conditions fluctuating more significantly than expected, which has reduced the effectiveness of the former medium-term management plan as a management guide, as well as the continued PBR below 1x and stagnant capital efficiency, the Company determined that it must pursue its growth strategy, capital policy and measures to strengthen its management foundation in an integrated manner from a long-term perspective |
| Risks identified | Delays to new smelter construction projects, Uncertainty regarding the indirect impact of U.S. tariff policies, Low crude steel production, Deterioration in market conditions due to inflows of inexpensive electrodes from Chinese and Indian manufacturers, Sluggish recovery in demand for nonferrous metals, Sluggish recovery in demand from the automotive and home appliance industries, A shift toward a stronger yen, A near-term easing trend in the supply and demand balance for cathode blocks |
| Publication date | 10 April 2026 |
Items this document does not state (8)
Operating profit margin targetNet income targetROIC targetCost of capitalInvestment amount by sectorSegment targetSize of the Target MarketDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In light of demand trends and market conditions fluctuating more significantly than expected, which has reduced the effectiveness of the former medium-term management plan as a management guide, as well as the continued PBR below 1x and stagnant capital efficiency, the Company determined that it must pursue its growth strategy, capital policy and measures to strengthen its management foundation in an integrated manner from a long-term perspective.
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