2019/11/27 Announcement on transfer of shares of Kobelco Steel Tube
Kobe Steel, Ltd. currently holds 100 percent of the shares of Kobelco Steel Tube Co., Ltd. For Kobelco Steel Tube (KST) to further grow and development its business, Kobe Steel and Maruichi Steel Tube Ltd. reached an agreement for Kobe Steel to transfer all of its shares held in KST to Maruichi Steel Tube.
Maruichi Steel Tube, which will acquire all of KST’s shares, is one of the leading producers of welded steel tubes. Maruichi Steel Tube has placed a high value on the technological capabilities of KST, which produces seamless stainless steel tubes and precision tubes, leading to its decision to make KST its wholly owned subsidiary. Joining forces with Maruichi Steel Tube, KST aims to further grow in Japan and overseas.
KST procures much of its round bar billet, the material from which seamless stainless steel tubes are made, from Kobe Steel. Even after the share transfer, KST will continue to procure material from Kobe Steel. In addition, KST will continue to collaborate with Kobe Steel in research, development and other areas.
KST will continue to provide a stable supply of high-quality seamless stainless steel tubes, precision tubes and other products. It will take on the challenge of creating new products that benefit customers while contributing to society.
1. Outline of Maruichi Steel Tube Ltd.
|(1) Company name||Maruichi Steel Tube Ltd.|
|(2) Domicile||29F Namba Skyo, 1-60, 5 Chome, Namba, Chuo-ku, Osaka, Osaka Prefecture, Japan|
|(3) Name of representative & title||Hiroyuki Suzuki, Chairman Representative Director and CEO|
|(4) Description of business||Production and sale of various steel tubes and coated steel sheets|
|(5) Capital||9,595.15 million yen (at March 2019)|
|(6) Date of establishment||March 1, 1948|
2. Schedule for share transfer of KST
April 1, 2020 (planned)