5423
TOKYO STEEL MANUFACTURING CO., LTD.
東京製鐵株式会社
Iron & Steel
Tokyo Steel Manufacturing Co., Ltd. manufactures and sells various steel products in Japan, Europe, Asia, and internationally. The company offers steel building materials, such as H-beams, high-standard electric furnace H-beam, special size H-beam (tuned-H), striped H-beams, grooved steel, I-beams, U-shape sheet pile, deformed bars, and cold rolled square steel pipes. It also provides steel plate products, including hot coils, pickling coils, hot-dip galvanized coils, striped coils, cut sheets, and high-standard electric arc furnace steel sheets. Tokyo Steel Manufacturing Co., Ltd. was incorporated in 1934 and is headquartered in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥268.1B
¥326.8B
¥367.2B
¥361.2B
¥270.9B
Cost of Sales
¥236.0B
¥268.8B
¥301.9B
¥298.3B
¥220.7B
Gross Profit
¥32.1B
¥58.0B
¥65.3B
¥62.9B
¥50.2B
SG&A
¥24.8B
¥27.9B
¥27.2B
¥24.8B
¥18.4B
Operating Income
¥7.2B
¥30.1B
¥38.1B
¥38.1B
¥31.8B
Non-Operating Income
¥1.9B
¥1.6B
¥1.7B
¥1.3B
¥1.8B
Dividend Income
—
¥681M
¥538M
¥551M
¥386M
Interest Income
—
¥115M
¥93M
¥21M
¥2M
Non-Operating Expenses
—
¥86M
¥81M
¥89M
¥173M
Interest Expense
—
¥28M
¥14M
¥18M
¥27M
Ordinary Income
¥8.6B
¥31.6B
¥39.7B
¥39.3B
¥33.4B
Pre-tax Income
¥14.1B
¥29.7B
¥39.8B
¥38.7B
¥32.9B
Income Taxes
¥2.5B
¥8.5B
¥11.8B
¥7.8B
¥944M
Current Tax
—
¥8.0B
¥10.2B
¥4.2B
¥3.8B
Deferred Tax
—
¥503M
¥1.6B
¥3.6B
¥-2.8B
Net Income (owners)
¥11.6B
¥21.2B
¥28.0B
¥30.8B
¥31.9B
EBITDA
¥15.3B
¥36.9B
¥44.0B
¥43.1B
¥36.3B
EPS
¥112.56
—
—
—
—
Shares Outstanding
—
110.1M
155.1M
155.1M
155.1M
Shares Issued (total)
—
110.1M
155.1M
155.1M
155.1M
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥293.0B
¥293.0B
¥310.6B
¥271.0B
¥240.3B
Current Assets
¥145.5B
¥164.2B
¥195.7B
¥170.9B
¥148.5B
Cash & Deposits
¥63.5B
¥21.1B
¥52.2B
¥30.1B
¥18.6B
Trade Receivables
—
¥28.3B
¥35.8B
¥35.4B
¥29.9B
Non-Current Assets
¥147.5B
¥128.8B
¥114.9B
¥100.1B
¥91.8B
PP&E
¥111.4B
¥102.8B
¥86.2B
¥79.4B
¥71.7B
Intangible Assets
—
¥460M
¥350M
¥334M
¥357M
Investment Securities
¥35.4B
¥25.4B
¥28.1B
¥20.1B
¥16.2B
Deferred Tax Assets
—
—
—
—
¥3.2B
Total Liabilities
¥70.9B
¥83.1B
¥106.7B
¥91.7B
¥82.0B
Current Liabilities
¥51.6B
¥66.1B
¥89.6B
¥78.0B
¥68.8B
ST Debt
—
—
—
¥175M
¥600M
Taxes Payable
—
¥3.3B
¥7.9B
¥2.6B
¥4.2B
Non-Current Liabilities
¥19.3B
¥16.9B
¥17.1B
¥13.7B
¥13.2B
Total LT Borrowings
—
—
—
—
¥175M
Deferred Tax Liab.
—
¥4.6B
¥4.4B
¥793M
—
Total Equity
¥222.1B
¥209.9B
¥203.9B
¥179.3B
¥158.3B
Capital Stock
—
¥30.9B
¥30.9B
¥30.9B
¥30.9B
Capital Surplus
—
¥28.8B
¥28.9B
¥28.9B
¥28.8B
Retained Earnings
¥154.4B
¥148.0B
¥174.6B
¥151.7B
¥124.8B
Treasury Stock
—
¥-9.1B
¥-43.3B
¥-40.6B
¥-33.7B
AOCI
—
¥11.4B
¥12.8B
¥8.4B
¥7.5B
Equity (owners)
¥202.3B
¥198.6B
¥191.1B
¥170.9B
¥150.8B
Total Interest-Bearing Debt ⓘ
—
—
—
¥175M
¥775M
Net Cash ⓘ
¥63.5B
¥21.1B
¥52.2B
¥29.9B
¥17.9B
NCAV ⓘ
¥74.6B
¥81.1B
¥89.0B
¥79.2B
¥66.5B
NCAV/Share
—
¥737
¥574
¥510
¥429
BV/Share
—
¥1,804
¥1,232
¥1,102
¥973
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥-3.3B
¥19.6B
¥53.4B
¥39.8B
¥26.9B
Taxes Paid
—
¥-12.5B
¥-5.0B
¥-5.7B
¥-31M
Interest Paid
—
¥-28M
¥-14M
¥-18M
¥-27M
Interest Received
—
¥962M
¥676M
¥585M
¥383M
D&A
¥8.1B
¥6.8B
¥5.9B
¥5.0B
¥4.6B
Investing CF
¥-10.8B
¥-21.9B
¥-18.2B
¥-11.9B
¥-9.7B
CapEx
¥22.6B
¥22.4B
¥16.7B
¥9.2B
¥9.8B
Purchase Investments
—
¥-2.0B
¥-1.6B
¥-2.6B
¥-700M
Proceeds from Invest.
—
—
¥308M
—
—
Financing CF
¥-8.2B
¥-13.8B
¥-8.1B
¥-11.7B
¥-7.5B
Dividends Paid
—
¥-5.4B
¥-5.0B
¥-4.0B
¥-2.1B
Share Buybacks
—
¥-8.4B
¥-2.8B
¥-6.8B
¥-4.4B
Free Cash Flow
¥-25.8B
¥-2.8B
¥36.7B
¥30.6B
¥17.1B
Net Change in Cash
—
¥-16.1B
¥27.1B
¥16.4B
¥10.3B
Metric
FY 2025
TDnet
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
5.4%
10.2%
14.6%
18.3%
22.1%
ROA
3.9%
7.0%
9.6%
12.1%
13.3%
EPS
¥112.56
—
—
—
—
DPS
¥25.00
¥50.00
¥50.00
¥40.00
¥25.00
BPS
¥2,166.30
¥2,014.68
¥1,867.20
¥1,618.17
¥1,366.98
FCF/Share
—
¥-25
¥236
¥197
¥110
NCAV/Share
—
¥737
¥574
¥510
¥429
Payout Ratio
22.2%
—
—
—
—
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 10
Date Activist Stake Event Flag Demands Source
2026-05-13
TOS LLC
27.09%
+4.36%
change
Passive
—
2026-05-13
Oasis Management Company Ltd.
8.65%
+0.02%
change
✓ Activist
—
2026-05-11
Oasis Management Company Ltd.
8.63%
+2.38%
change
✓ Activist
—
2026-04-02
Oasis Management Company Ltd.
6.25%
initial_5pct
✓ Activist
—
2025-10-28
Masanari Iketani
4.36%
change
Passive
—
2025-10-28
TOS LLC
22.73%
change
Passive
—
2025-10-21
Nomura Securities Co.,Ltd.
4.96%
-1.4%
change
Passive
—
2025-04-04
Nomura Securities Co.,Ltd.
6.36%
change
Passive
—
2024-05-20
Nomura Asset Management Co., Ltd.
6.65%
+1.89%
initial_5pct
Passive
—
2024-04-04
Nomura Asset Management Co., Ltd.
4.76%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 7
#
Shareholder
Shares (thou.)
% of Total
1
合同会社TOS
18,400
17.66%
2
公益財団法人池谷科学技術振興財団
13,000
12.48%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行株式会社(信託口)
9,409
9.03%
4
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口)
5,459
5.24%
5
合同会社MYJ
4,800
4.61%
6
池谷 正成
4,612
4.43%
7
酒井 真美
4,572
4.39%
8
宜本興産株式会社
4,000
3.84%
9
合同会社MYM
2,750
2.64%
10
KSD-KB(常任代理人 シティバンクエヌ・エイ東京支店)
1,430
1.37%
Domestic Nominees
14.3%
-0.3% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
51.4%
+1.5% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
同会社TOS
16.61%
16.85%
17.66%
+0.81%
公益財団法人池谷科学技術振興財団
11.74%
11.90%
12.48%
+0.58%
日本マスタートラスト信託銀行
10.68%
9.70%
9.03%
-0.67%
日本カストディ銀行
6.09%
4.88%
5.24%
+0.36%
同会社MYJ
4.33%
4.40%
4.61%
+0.21%
池谷 正成
4.16%
4.22%
4.43%
+0.21%
酒井 真美
4.13%
4.19%
4.39%
+0.20%
宜本興産
3.61%
3.66%
3.84%
+0.18%
同会社MYM
2.48%
2.52%
2.64%
+0.12%
KSD-KB
NEW ENTRY
1.29%
—
1.37%
NEW
BNYM AS AGT/CLTS 10 PERCENT
last seen 2024
Exited Top 10
—
2.21%
—
Concentration (HHI)
ⓘ
639
623
660
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥4,426M
-67% since 2023
Holdings
7
+2 new
6 exited
Trend
2 building
vs 2023
Held Company
FY2025
¥4,426M total
FY2023
¥13,467M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Iyogin Holdings,Inc.
㈱いよぎんホールディングス
1,228
699,000
525
699,000
M
HANWA CO.,LTD.
阪和興業㈱
1,100
225,000
887
225,000
M
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
1,038
+200.0%
↑
273,600
483
91,200
M
東国スチール㈱
624
NEW
New
694,694
—
東国CM㈱
283
NEW
New
425,856
—
OKAYA&CO.,LTD.
岡谷鋼機㈱
153
+100.0%
↑
22,000
114
11,000
M
第一生命保険ホールディングス㈱
—
—
Sumitomo Corporation
住友商事㈱
—
−100%
Exit
—
4,866
2,079,000
Mitsui & Co., Ltd.
三井物産㈱
—
−100%
Exit
—
2,912
707,700
Marubeni Corporation
丸紅㈱
—
−100%
Exit
—
2,077
1,157,000
東国製鋼㈱
—
−100%
Exit
—
1,487
1,155,000
M
JFE Holdings,Inc.
JFEホールディングス㈱
—
−100%
Exit
—
90
53,700
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
—
−100%
Exit
—
26
31,000
Portfolio total
4,426
13,467
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding