# Kobe Steel, Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第173期(2025/04/01－2026/03/31) (S100YCDA)
> Page: https://vizora.meequs.com/en/company/kobe-steel
> Retrieved: 2026-09-30T21:09:14.786Z

## Company

Kobe Steel, founded in 1911, is a company in Steel listed on TSE Prime. It has 38,614 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kobe Steel, Ltd. |
| Ticker | 5406 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5406.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区脇浜海岸通2丁目2番4号 |
| Representative (per filing) | 代表取締役社長 勝川 四志彦 |
| Founded | Jun 1911 |
| Share capital | ¥250.9B |
| Employees (consolidated) | 38,614 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.kobelco.co.jp (https://www.kobelco.co.jp/) |
| Corporate number | 6140001005714 |
| EDINET | E01231 |
| Industries (Vizora) | Steel, Non-ferrous Metals & Wires, Industrial Machinery, Plant Engineering & Building Services, Construction & Farm Machinery, Electric Power & Gas |

> Profile source: annual securities report (S100YCDA, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34 | 25 |
| Profitability | 40.4 | 26 |
| Cash conversion | 82 | 25 |
| Efficiency | 35.2 | 27 |
| Financial strength | 41.7 | 6 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 39% of Kobe Steel's sales come from Steel and Aluminum, with Construction Machinery and Advanced Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -4.6% from the prior year, operating profit -18.2%.

## Company structure

- Segment revenue mix: Steel and Aluminum 39.5%、Construction Machinery 16.0%、Advanced Materials 13.2%、Machinery 11.0%、Electric Power 8.3%
- Revenue → net income: ¥2436581000000 → ¥97833000000
- Net income → operating cash flow: ¥97833000000 → ¥201683000000（difference ¥103850000000）
- Main uses of operating cash flow: CapEx ¥124435000000 / dividends ¥37468000000 / buybacks ¥3164000000
- Change in cash: ¥-30844000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.44T |  |
| Operating income | ¥129.9B | Margin 5.3% |
| Net income | ¥93.7B | Margin 3.8% |
| Free cash flow | ¥77.2B |  |
| Largest business | Steel and Aluminum | of segment revenue 39.5% |
| Employees (consolidated) | 38,614 |  |
| EPS | ¥149.57 |  |
| Book value per share | ¥1952.15 |  |
| Equity ratio | 44.0% |  |
| Shares outstanding | 396,346,000 |  |
| Treasury shares | 1,990,500 |  |
| Shareholders | 203,053 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 6.6% | Net cash -¥518B · Cash ÷ revenue 7.8% |
| Vs. industry median margin | +1.9 pp | Steel |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, parent-company salary changed +52% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1705566000000 | ¥2436581000000 | +42.9% |
| Operating income | ¥30398000000 | ¥129883000000 | +327.3% |
| Operating margin | 1.8% | 5.3% | +3.5 pp |
| Employees | 40,517 people | 38,614 people | -4.7% |
| Cash and equivalents | ¥317310000000 | ¥189028000000 | -40.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 鉄鋼アルミ → 鉄鋼アルミ | 39.1% |
| 素形材 → 素形材 | 13.2% |
| 素形材 → 事業再編・廃止 | 0.3% |
| 溶接 → 溶接 | 3.9% |
| 溶接 → 事業再編・廃止 | 0.1% |
| 機械 → 機械 | 10.0% |
| エンジニアリング → エンジニアリング | 7.8% |
| 建設機械 → 建設機械 | 16.0% |
| 建設機械 → 事業再編・廃止 | 3.5% |
| 電力 → 電力 | 4.7% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 鉄鋼アルミ | 0.3% |
| 新設・再編 → 機械 | 1.1% |
| 新設・再編 → エンジニアリング | 0.1% |
| 新設・再編 → 電力 | 3.6% |

Segment revenue source references: 16 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel and Aluminum | 5 years | +7.6% | ¥961469000000 | 0.3% | 2 |
| Construction Machinery | 5 years | +3.2% | ¥389472000000 | 3.2% | 2 |
| Advanced Materials | 5 years | +6.9% | ¥320218000000 | 2.7% | 2 |
| Machinery | 5 years | +9.6% | ¥269014000000 | 17.4% | 2 |
| Electric Power | 5 years | +20.4% | ¥203201000000 | 17.1% | 2 |
| Engineering | 5 years | +7.6% | ¥191521000000 | 6.6% | 2 |
| Welding | 5 years | +6.7% | ¥95610000000 | 6.1% | 2 |
| Other | 5 years | -28.3% | ¥4083000000 | 124.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,436,581 | 100.0% | S100YCDA |
| Cost of revenue | 2,033,357 | 83.5% | S100YCDA |
| Gross profit | 403,224 | 16.5% | S100YCDA |
| SG&A | 273,340 | 11.2% | S100YCDA |
| Operating income | 129,883 | 5.3% | S100YCDA |
| Ordinary income | 121,336 | 5.0% | S100YCDA |
| Pretax income | 120,873 | 5.0% | S100YCDA |
| Income tax | 23,039 | 0.9% | S100YCDA |
| Net income | 97,833 | 4.0% | S100YCDA |
| Net income attributable to owners | 93,717 | 3.8% | S100YCDA |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 11 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 16.5% → Operating margin 5.3% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.6%; Core profit growth: -18.2%
Operating leverage (core profit growth ÷ revenue growth): 3.92×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,555,031 | 2,436,581 | -118,450 | -4.6% |
| Gross profit | 423,218 | 403,224 | -19,994 | -4.7% |
| Operating income | 158,721 | 129,883 | -28,838 | -18.2% |
| Net income attributable to owners | 120,180 | 93,717 | -26,463 | -22.0% |
| Operating cash flow | 148,261 | 201,683 | 53,422 | +36.0% |
| Free cash flow | 34,995 | 77,248 | 42,253 | +120.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,869,835 | 9,863 | 0.5% | -68,008 | 27,040 | -218,346 | S100LLZB |
| FY ending Mar 2021 | 1,705,566 | 30,398 | 1.8% | 23,234 | 194,798 | 21,577 | S100OAOM |
| FY ending Mar 2022 | 2,082,582 | 87,622 | 4.2% | 60,083 | 168,809 | 12,362 | S100QYHM |
| FY ending Mar 2023 | 2,472,508 | 86,365 | 3.5% | 72,566 | 119,692 | 20,728 | S100TN6Q |
| FY ending Mar 2024 | 2,543,142 | 186,628 | 7.3% | 109,552 | 205,284 | 110,419 | S100VZ8O |
| FY ending Mar 2025 | 2,555,031 | 158,721 | 6.2% | 120,180 | 148,261 | 34,995 | S100YCDA |
| FY ending Mar 2026 | 2,436,581 | 129,883 | 5.3% | 93,717 | 201,683 | 77,248 | S100YCDA |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.1M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 38,106 | 38,488 | 38,050 | 39,294 | 38,614 |
| Average salary (parent company) | ¥5.5M | ¥6.1M | ¥7.3M | ¥8.1M | ¥8.3M |
| Average age (parent company) | 38.9 years | 39.5 years | 39.7 years | 39.9 years | 40.1 years |
| Average tenure (parent company) | 15.2 years | 15.3 years | 15.4 years | 15.4 years | 15.5 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) -4.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel and Aluminum | 961,469 | 39.5% | 2,885 | 0.3% |
| Advanced Materials | 320,218 | 13.2% | 8,704 | 2.7% |
| Welding | 95,610 | 3.9% | 5,861 | 6.1% |
| Machinery | 269,014 | 11.0% | 46,703 | 17.4% |
| Engineering | 191,521 | 7.9% | 12,627 | 6.6% |
| Construction Machinery | 389,472 | 16.0% | 12,366 | 3.2% |
| Electric Power | 203,201 | 8.3% | 34,764 | 17.1% |
| Other | 4,083 | 0.2% | 5,090 | 124.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Steel and Aluminum | 39.5% |
| Advanced Materials | 13.2% |
| Welding | 3.9% |
| Machinery | 11.0% |
| Engineering | 7.9% |
| Construction Machinery | 16.0% |
| Electric Power | 8.3% |
| Other | 0.2% |

Segment → industry: Steel and Aluminum → Steel / Steel and Aluminum → Non-ferrous Metals & Wires / Advanced Materials → Non-ferrous Metals & Wires / Advanced Materials → Steel / Welding → Steel / Machinery → Industrial Machinery / Engineering → Plant Engineering & Building Services / Construction Machinery → Construction & Farm Machinery / Electric Power → Electric Power & Gas

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 201,683 | 8.3% | S100YCDA |
| Capital expenditure | 124,435 | 5.1% | S100YCDA |
| Free cash flow | 77,248 | 3.2% | 算出 |
| Investing cash flow | -73,659 | -3.0% | S100YCDA |
| Financing cash flow | -162,410 | -6.7% | S100YCDA |
| Dividends paid | 37,468 | 1.5% | S100YCDA |
| Share buyback | 3,164 | 0.1% | S100YCDA |
| Change in cash | -30,844 | -1.3% | S100YCDA |
| Cash and equivalents | 189,028 | 7.8% | S100YCDA |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 260,511 | 203,394 | 278,728 | 219,872 | 189,028 | S100TN6Q, S100VZ8O, S100YCDA |
| Total assets | 2,728,745 | 2,874,751 | 2,919,774 | 2,891,053 | 2,865,184 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Net assets | 872,346 | 977,653 | 1,127,346 | 1,237,059 | 1,330,453 | S100TN6Q, S100VZ8O, S100YCDA |
| Share capital | 250,930 | 250,930 | 250,930 | 250,930 | 250,930 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Property, plant and equipment | 1,060,197 | 1,066,035 | 1,034,413 | 1,047,127 | 1,020,901 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Intangible assets excluding goodwill | 36,324 | 37,579 | 39,276 | 50,170 | 57,680 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Goodwill | 3,373 | 3,008 | 2,615 | 2,244 | 1,834 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Investment securities | 194,381 | 204,627 | 245,023 | 214,144 | 215,448 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Current assets | 1,287,314 | 1,415,987 | 1,465,737 | 1,416,256 | 1,386,473 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Current liabilities | 884,939 | 1,049,803 | 989,010 | 914,551 | 850,853 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Trade payables | 539,267 | 605,709 | 477,198 | 365,655 | 363,837 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Short-term borrowings | 87,265 | 169,216 | 165,943 | 190,327 | 143,700 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Long-term borrowings | 750,126 | 646,697 | 542,486 | 479,192 | 428,373 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Bonds | 45,900 | 45,000 | 115,000 | 130,000 | 135,000 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Interest-bearing debt | 883,291 | 860,913 | 823,429 | 799,519 | 707,073 | 算出 |
| Total liabilities | 1,856,399 | 1,897,098 | 1,792,427 | 1,653,993 | 1,534,731 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Non-controlling interests | 57,019 | 63,696 | 70,784 | 75,262 | 69,128 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Equity attributable to owners of parent | 783,136 | 838,238 | 914,360 | 1,001,727 | 1,062,674 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Retained earnings | 418,033 | 472,757 | 548,951 | 632,946 | 689,112 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |
| Treasury stock | -2,261 | -1,879 | -1,847 | -2,010 | -1,288 | S100QYHM, S100TN6Q, S100VZ8O, S100YCDA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YCDA |
| Property, plant and equipment | 36% | S100YCDA |
| Intangibles and goodwill | 2% | S100YCDA |
| Investment securities | 7% | S100YCDA |
| Other assets | 48% | S100YCDA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YCDA |
| Interest-bearing debt | 25% | 算出 |
| Other liabilities | 16% | S100YCDA |
| Equity | 46% | S100YCDA |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,728,745 | 2,874,751 | 2,919,774 | 2,891,053 | 2,865,184 |
| Equity | 872,346 | 977,653 | 1,127,346 | 1,237,059 | 1,330,453 |
| Interest-bearing debt | 883,291 | 860,913 | 823,429 | 799,519 | 707,073 |
| Cash | 260,511 | 203,394 | 278,728 | 219,872 | 189,028 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 41.9% | S100YCDA |
| Fixed assets ÷ total assets | 35.6% | S100YCDA |
| Goodwill ÷ parent equity | 0.2% | S100YCDA |

Goodwill over 4 years: 3,373 → 1,834 JPY; total investing cash flow: -500,033 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 6.6% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | -¥518B |
| Net debt ÷ operating cash flow | 2.57× |
| Cash conversion (operating CF ÷ operating income) | 155.3% |
| Cash vs. profit gap | 107,966 JPY mn (of net income 115.2%) |
| Shareholder returns / net income | 43.4% |
| Shareholder returns / FCF | 52.6% |
| Shareholder payments — dividends / net income | 40.0% |
| Shareholder payments — dividends / FCF | 48.5% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 36.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.9% | 0.76× | 2.2% | 3.48× | 7.7% | S100QYHM |
| 2023 | 2.9% | 0.88× | 2.6% | 3.46× | 9.0% | S100TN6Q |
| 2024 | 4.3% | 0.88× | 3.8% | 3.31× | 12.5% | S100VZ8O |
| 2025 | 4.7% | 0.88× | 4.1% | 3.03× | 12.5% | S100YCDA |
| 2026 | 3.8% | 0.85× | 3.3% | 2.79× | 9.1% | S100YCDA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行(株)（信託口） | Major shareholder | 15.3% | 2026-03-31 |
| (株)日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2026-03-31 |
| 野村信託銀行(株)（投信口） | Major shareholder | 2.7% | 2026-03-31 |
| JPモルガン証券(株) | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| 神戸製鋼所従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| (株)シマブンコーポレーション | Major shareholder | 1.1% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥2.44T, down 4.6% from ¥2.56T a year earlier.
- Operating income dropped 18.2% from ¥158.7B to ¥129.9B, and net income attributable to owners fell 22.0% from ¥120.2B to ¥93.7B.
- Cash generation moved the other way: operating cash flow grew 36.0% to ¥201.7B, and free cash flow rose from ¥35B to ¥77.2B.

### Drivers

- In steel, weak construction demand, tied to labor shortages and higher building costs, cut sales volume, and lower raw material prices pulled selling prices down.
- In power, an extended inspection at the Kobe power plant reduced electricity sales, and one-off gains from fuel cost adjustment timing and power pricing shrank.
- Machinery earned more on strong demand for isostatic presses and more service work, but higher costs, mainly fixed costs, weighed on group profit.
- An impairment loss on fixed assets in the aluminum sheet business also hit net income.

### Risks

- China's steel overcapacity is still unresolved, which can swing steel supply, demand and prices.
- Large moves in iron ore and coal prices or ocean freight rates can push costs beyond the company's plans.
- Sudden tariff changes or geopolitical tension could disrupt the supply chain.

Cited: Annual Securities Report (173rd fiscal term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (173rd fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第173期(2025/04/01－2026/03/31) | S100YCDA | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCDA,, |
| 有価証券報告書－第172期(2024/04/01－2025/03/31) | S100VZ8O | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ8O,, |
| 有価証券報告書－第171期(2023/04/01－2024/03/31) | S100TN6Q | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN6Q,, |
| 有価証券報告書－第170期(2022/04/01－2023/03/31) | S100QYHM | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYHM,, |
| 有価証券報告書－第169期(令和3年4月1日－令和4年3月31日) | S100OAOM | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAOM,, |
| 有価証券報告書－第168期(令和2年4月1日－令和3年3月31日) | S100LLZB | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLZB,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 日本製鉄 | Alliance | 鉄源設備の共同活用に関する協定 | S100YF8E |
| United States Steel Corp. | Joint venture | 米国で溶融亜鉛めっき鋼板・高張力冷延鋼板の合弁（PRO-TEC） | S100YCDA |
| 鞍鋼股份有限公司 | Joint venture | 中国で自動車用冷延ハイテンの合弁 | S100YCDA |
| Millcon Steel Public Company Ltd. | Joint venture | タイで線材の圧延・販売の合弁 | S100YCDA |
| Novelis Korea Ltd. | Joint venture | 韓国でアルミ板圧延品の合弁（Ulsan Aluminum） | S100YCDA |
| 宝山鋼鉄股份有限公司 | Joint venture | 中国で自動車用アルミパネルの合弁（宝武鋁業科技と3社） | S100YCDA |
| 関西電力 | Supply/OEM | 子会社コベルコパワー神戸・神戸第二が関西電力へ電力を供給 | S100YCDA |
| 東京瓦斯 | Supply/OEM | 子会社コベルコパワー真岡が東京ガスへ電力を供給 | S100YCDA |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).