Industry map/Resources, Energy & Materials
Steel industry map
Who earns the money in Steel, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 51 companies · ¥16.7T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥16.7T
- Companies
- 51
- Avg. salary（parent only）
- ¥6.9M
- Industry weather
- Cloudy
YoY +4.8%
Avg. age 42.4
Operating income -21.1%
Nippon Steel[5401]
Steel manufacturing
- Revenue
- ¥9.17T▲17.3%
- Operating income
- —
Whole company: Revenue ¥10.1T · Net income ¥17.2B
Avg. salary ¥9.1M · 41.3（parent only）
- Kobe Steel・Alliance
Daido Steel[5471]
Specialty Steel + 1 more
- Revenue
- ¥407.5B▼0.8%
- Operating income
- ¥28.3B▲22.3%
Margin 6.9%
Whole company: Revenue ¥578.1B · Net income ¥32.6B
Avg. salary ¥8.7M · 40.2（parent only）
- Nippon Steel owns 5.4%
Kyoei Steel[5440]
STEEL(OVERSEAS) + 1 more
- Revenue
- ¥304.5B▼2.3%
- Operating income
- ¥17.4B▲11.2%
Margin 5.7%
Whole company: Revenue ¥315.1B · Net income ¥9.86B
Avg. salary ¥7.4M · 41.3（parent only）
- Nippon Steel owns 26.7%
- Godo Steel owns 3.1%
Godo Steel[5410]
Metal
- Revenue
- ¥174.3B▼7.5%
- Operating income
- ¥10.3B▼32.6%
Margin 5.9%
Whole company: Revenue ¥191.8B · Net income ¥8.05B
Avg. salary ¥7.8M · 40.6（parent only）
- Nippon Steel owns 17.6%
- Kyoei Steel owns 3.5%
- Tokyo Tekko owns 1.8%
Mitsubishi Steel Mfg.[5632]
- Revenue
- ¥154.6B▼3.2%
- Operating income
- ¥4.79B▼27.1%
Margin 3.1%
Avg. salary ¥7.9M · 43.3（parent only）
- Nippon Steel owns 1.5%
JFE Holdings[5411]
Steel business
- Revenue
- ¥2.76T▼8.4%
- Operating income
- ¥38B▲4.5%
Margin 1.4%
Whole company: Revenue ¥4.54T · Net income ¥70.2B
Avg. salary ¥12.3M · 48.0（parent only）
Kobe Steel[5406]
Steel and Aluminum + 2 more
- Revenue
- ¥1.38T▼6.7%
- Operating income
- ¥17.4B▼55.9%
Margin 1.3%
Whole company: Revenue ¥2.44T · Net income ¥93.7B
Avg. salary ¥8.3M · 40.1（parent only）
- Nippon Steel・Alliance
Tokyo Steel Manufacturing[5423]
- Revenue
- ¥268.1B▼18.0%
- Operating income
- ¥7.23B▼76.0%
Margin 2.7%
Avg. salary ¥8.2M · 39.8（parent only）
Maruichi Steel Tube[5463]
Japan + 2 more
- Revenue
- ¥243.8B▼6.8%
- Operating income
- ¥31.5B▲39.9%
Margin 12.9%
Whole company: Revenue ¥243.8B · Net income ¥26.7B
Avg. salary ¥7.2M · 40.9（parent only）
Yodoko[5451]
Steel Sheet Segment + 2 more
- Revenue
- ¥191B▼6.7%
- Operating income
- ¥12.3B▼13.0%
Margin 6.4%
Whole company: Revenue ¥195.4B · Net income ¥17.4B
Avg. salary ¥7.8M · 42.5（parent only）
Yamato Kogyo[5444]
Steel (Thailand) + 3 more
- Revenue
- ¥156.2B▼5.5%
- Operating income
- ¥8.49B▼48.6%
Margin 5.4%
Whole company: Revenue ¥160.4B · Net income ¥62.4B
Avg. salary ¥10.1M · 38.6（parent only）
Nippon Yakin Kogyo[5480]
- Revenue
- ¥150.9B▼12.3%
- Operating income
- ¥11B▼35.3%
Margin 7.3%
Avg. salary ¥7.8M · 44.1（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Nakayama Steel Works · Aichi Steel · Osaka Steel · Toyo Seikan Group Holdings · Topy Industries · Tokyo Tekko · Kurimoto · Nippon Kinzoku · Nippon Denko · Chubu Steel Plate · Nippon Seisen · The Japan Steel Works · Mory Industries · Araya Industrial · Neturen · Nichia Steel Works · Tokyo Rope MFG. · Kobelco Wire Company · Sanyu · Hokuetsu Metal · Kogi · The Takigami Steel Construction · Tohoku Steel · Nippon Chutetsukan · Toami · Nippon Chuzo · Takasago Tekko · Endo Manufacturing · Molitec Steel · Shinhokoku Material · Nakanippon Casting · Onex · Amatei · Kyogoku unyu shoji · Showa Manufacturing · TVE · Tokuden · UEX · Pacific Metals
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Nippon SteelSteel manufacturing | ¥9.17T | 54.8% | — | +10.7% | -¥146.2B |
| 2 | JFE HoldingsSteel business | ¥2.76T | 16.5% | 1.4% | -0.3% | — |
| 3 | Kobe SteelSteel and Aluminum + 2 more | ¥1.38T | 8.2% | 1.3% | +1.8% | ¥77.2B |
| 4 | Daido SteelSpecialty Steel + 1 more | ¥407.5B | 2.4% | 6.9% | +19.8% | — |
| 5▲1 | Kyoei SteelSTEEL(OVERSEAS) + 1 more | ¥304.5B | 1.8% | 5.7% | +2.0% | ¥6.33B |
| 6▼1 | Tokyo Steel Manufacturing | ¥268.1B | 1.6% | 2.7% | -0.3% | -¥25.8B |
| 7 | Maruichi Steel TubeJapan + 2 more | ¥243.8B | 1.5% | 12.9% | +2.1% | ¥4.94B |
| 8 | YodokoSteel Sheet Segment + 2 more | ¥191B | 1.1% | 6.4% | -1.0% | ¥13.9B |
| 9 | Godo SteelMetal | ¥174.3B | 1.0% | 5.9% | -1.9% | ¥12.4B |
| 10▲2 | Yamato KogyoSteel (Thailand) + 3 more | ¥156.2B | 0.9% | 5.4% | +24.7% | ¥40.5B |
| 11▲2 | Mitsubishi Steel Mfg. | ¥154.6B | 0.9% | 3.1% | +1.4% | ¥6.5B |
| 12▼2 | Nippon Yakin Kogyo | ¥150.9B | 0.9% | 7.3% | +0.3% | ¥4.85B |
| 13▼2 | Nakayama Steel WorksSteel | ¥145.7B | 0.9% | 2.9% | -2.9% | ¥10.2B |
| 14 | Aichi SteelHagane Company + 1 more | ¥144.5B | 0.9% | 5.9% | +1.5% | ¥48.4B |
| 15 | Osaka Steel | ¥95.1B | 0.6% | -0.3% | -2.3% | -¥1.86B |
| 16▲1 | Toyo Seikan Group HoldingsSteel-plate related business | ¥91.5B | 0.5% | 10.8% | +5.1% | ¥39.9B |
| 17▼1 | Topy IndustriesSteel Business | ¥89.2B | 0.5% | 2.8% | — | ¥2.97B |
| 18 | Tokyo TekkoSteel | ¥71.6B | 0.4% | 16.5% | +2.4% | -¥1.81B |
| 19 | KurimotoLifeline business | ¥66B | 0.4% | 7.2% | +3.5% | ¥843M |
| 20▲1 | Nippon KinzokuSteel Strip Division + 1 more | ¥49.6B | 0.3% | 4.3% | +0.3% | ¥868M |
| 21▼1 | Nippon DenkoFerroalloys Division | ¥48.4B | 0.3% | -4.4% | +4.3% | ¥9.74B |
| 22 | Chubu Steel PlateSteel related | ¥48.3B | 0.3% | 1.1% | -5.9% | -¥10.1B |
| 23▲1 | Nippon SeisenJapan + 2 more | ¥46.6B | 0.3% | 6.7% | +1.0% | ¥617M |
| 24▼1 | The Japan Steel WorksSteel and Engineering Products | ¥45.8B | 0.3% | 19.4% | +3.4% | -¥40.6B |
| 25 | Mory IndustriesJapan + 1 more | ¥43.3B | 0.3% | 10.1% | +0.2% | ¥3.18B |
| 26 | Araya IndustrialSteel pipe related | ¥39.6B | 0.2% | 3.3% | -0.1% | ¥1.89B |
| 27 | NeturenSpecialty Steel and Wire Products Division | ¥36.3B | 0.2% | 1.3% | +3.9% | -¥2.26B |
| 28▲1 | Nichia Steel WorksSpecial steel wire rods + 2 more | ¥33.1B | 0.2% | 4.0% | +2.5% | -¥686.1M |
| 29▼1 | Tokyo Rope MFG.Steel cable and wire related + 1 more | ¥33B | 0.2% | 5.8% | -0.6% | ¥3.1B |
| 30 | Kobelco Wire CompanySpecial steel wire related + 1 more | ¥31.5B | 0.2% | 2.4% | +3.4% | -¥277M |
| 31▲1 | Sanyu | ¥25.6B | 0.2% | 3.5% | +5.0% | ¥2.49B |
| 32▼1 | Hokuetsu Metal | ¥23.6B | 0.1% | -1.3% | -3.6% | ¥700.3M |
| 33 | KogiCasting field | ¥22.8B | 0.1% | 3.9% | +4.2% | -¥684M |
| 34 | The Takigami Steel ConstructionSteel structure production business | ¥20.7B | 0.1% | 1.6% | +15.5% | ¥111M |
| 35 | Tohoku SteelSpecial steel business | ¥18.5B | 0.1% | 1.7% | +1.4% | ¥2.07B |
| 36 | Nippon ChutetsukanDuctile cast iron related | ¥14B | 0.1% | 0.6% | +1.1% | -¥3.06B |
| 37 | ToamiMaterials for civil engineering and construction | ¥13.7B | 0.1% | 4.3% | — | ¥1.11B |
| 38 | Nippon Chuzo | ¥12.3B | 0.1% | 3.4% | — | ¥1.55B |
| 39 | Takasago Tekkosteel product business | ¥11.9B | 0.1% | 4.0% | +2.9% | ¥1.06B |
| 40▲1 | Endo ManufacturingMetal Business | ¥9.69B | 0.1% | 8.2% | — | -¥191.4M |
| 41▼1 | Molitec SteelPress worked products + 1 more | ¥8.96B | 0.1% | 7.1% | +2.6% | ¥532.2M |
| 42 | Shinhokoku MaterialSpecial alloy business | ¥5.39B | 0.0% | 6.5% | +4.5% | ¥128.1M |
| 43 | Nakanippon Casting | ¥4.88B | 0.0% | -1.1% | -1.8% | ¥307.8M |
| 44 | OnexMetal heat treatment and processing business | ¥4.45B | 0.0% | -2.3% | -0.4% | ¥484.3M |
| 45 | AmateiFor construction and packing | ¥3.81B | 0.0% | 8.4% | -0.2% | ¥252.7M |
| 46 | Kyogoku unyu shojiSteel drum and pail business | ¥2.46B | 0.0% | 3.6% | — | ¥807.8M |
| 47 | Showa ManufacturingStuff to principle forms processing | ¥2.4B | 0.0% | 5.3% | +4.9% | -¥430M |
| 48▲2 | TVEThe cast steel business. | ¥1.47B | 0.0% | -2.8% | +13.0% | -¥3.37B |
| 49▼1 | Tokudenwelding material | ¥1.38B | 0.0% | 10.3% | +2.5% | ¥181.2M |
| 50▼1 | UEXManufacturing and sale of stainless steel and other metal processed products | ¥1.26B | 0.0% | -2.5% | +1.8% | -¥293.8M |
Showing the top 50. See all 51 in the list below
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- SG&A
- Other
- Operating profit
- Tokyo Tekko721117
- Maruichi Steel Tube79813
- Mory Industries761410
- The Japan Steel Works77149
- Daido Steel83117
- Nippon Yakin Kogyo83107
- Nippon Denko8497
- Nippon Seisen8587
- Kyoei Steel877
- Yodoko8212
- Aichi Steel859
- Kurimoto7420
- Kobe Steel8411
- Godo Steel8312
- Toyo Seikan Group Holdings869
- Tokyo Steel Manufacturing889
- Yamato Kogyo8611
- Mitsubishi Steel Mfg.8710
- Nakayama Steel Works889
- Topy Industries8413
- Nippon Kinzoku8710
- Nippon Steel8610
- JFE Holdings8810
- Chubu Steel Plate899
- Osaka Steel928
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- Nippon SteelIn industry
- SubsidiaryOsaka Steel55.6%
- AffiliateSanyu33.7%
- AffiliateTakasago Tekko30.7%
- AffiliateKyoei Steel26.7%
- AffiliateNichia Steel Works26.0%
- AffiliateNippon Denko24.3%
- AffiliateTopy Industries22.0%
- StakeGodo Steel17.6%
+8 more
- Daido SteelIn industry
- SubsidiaryNippon Seisen50.4%
- AffiliateTohoku Steel34.3%
- Kobe SteelIn industry
- AffiliateKobelco Wire Company43.5%
- StakeAmatei17.4%
- ＥＮＥＯＳホールディングス株式会社Outside
- AffiliateKyogoku unyu shoji35.0%
- Topy IndustriesIn industry
- AffiliateHokuetsu Metal33.7%
- トヨタ自動車株式会社Outside
- AffiliateAichi Steel24.7%
- 西華産業株式会社Outside
- AffiliateTVE21.5%
- 三井物産㈱Outside
- StakeTakasago Tekko16.7%
- StakeYamato Kogyo7.5%
- StakeKyoei Steel3.4%
- 日立建機株式会社Outside
- StakeNippon Chuzo14.9%
- 阪和興業株式会社Outside
- StakeNakayama Steel Works14.9%
- StakeToami6.7%
- StakeAraya Industrial3.7%
- StakeMory Industries3.0%
- 東京瓦斯株式会社Outside
- StakeNippon Chutetsukan10.4%
- 岡谷鋼機株式会社Outside
- StakeTohoku Steel10.1%
- エア・ウォーター株式会社Outside
- StakeNakayama Steel Works8.7%
- 東京窯業株式会社Outside
- StakeTohoku Steel8.5%
- 光通信株式会社Outside
- StakeTVE7.3%
- 住友商事株式会社Outside
- StakeUEX6.5%
- 小野建株式会社Outside
- StakeToami6.5%
- 三菱重工業株式会社Outside
- StakeMitsubishi Steel Mfg.6.5%
- Godo SteelIn industry
- StakeTokyo Tekkocross-held5.5%
- StakeKyoei Steelcross-held3.1%
- 株式会社マキタOutside
- StakeNakanippon Casting5.0%
- 西部ガスホールディングス株式会社Outside
- StakeShowa Manufacturing4.2%
- StakeTohoku Steel4.0%
- 日本発條㈱Outside
- StakeDaido Steel3.6%
- 大阪瓦斯株式会社Outside
- StakeNakayama Steel Works3.5%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted. Showing up to 24 shareholder cards.
Compare the leaders side by side
All companies in Steel (by revenue)
All 51 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Nippon Steel¥9.17T
- JFE Holdings¥2.76T · 1.4%
- Kobe Steel¥1.38T · 1.3%
- Daido Steel¥407.5B · 6.9%
- Kyoei Steel¥304.5B · 5.7%
- Tokyo Steel Manufacturing¥268.1B · 2.7%
- Maruichi Steel Tube¥243.8B · 12.9%
- Yodoko¥191B · 6.4%
- Godo Steel¥174.3B · 5.9%
- Yamato Kogyo¥156.2B · 5.4%
- Mitsubishi Steel Mfg.¥154.6B · 3.1%
- Nippon Yakin Kogyo¥150.9B · 7.3%
- Nakayama Steel Works¥145.7B · 2.9%
- Aichi Steel¥144.5B · 5.9%
- Osaka Steel¥95.1B · -0.3%
- Toyo Seikan Group Holdings¥91.5B · 10.8%
- Topy Industries¥89.2B · 2.8%
- Tokyo Tekko¥71.6B · 16.5%
- Kurimoto¥66B · 7.2%
- Nippon Kinzoku¥49.6B · 4.3%
- Nippon Denko¥48.4B · -4.4%
- Chubu Steel Plate¥48.3B · 1.1%
- Nippon Seisen¥46.6B · 6.7%
- The Japan Steel Works¥45.8B · 19.4%
- Mory Industries¥43.3B · 10.1%
- Araya Industrial¥39.6B · 3.3%
- Neturen¥36.3B · 1.3%
- Nichia Steel Works¥33.1B · 4.0%
- Tokyo Rope MFG.¥33B · 5.8%
- Kobelco Wire Company¥31.5B · 2.4%
- Sanyu¥25.6B · 3.5%
- Hokuetsu Metal¥23.6B · -1.3%
- Kogi¥22.8B · 3.9%
- The Takigami Steel Construction¥20.7B · 1.6%
- Tohoku Steel¥18.5B · 1.7%
- Nippon Chutetsukan¥14B · 0.6%
- Toami¥13.7B · 4.3%
- Nippon Chuzo¥12.3B · 3.4%
- Takasago Tekko¥11.9B · 4.0%
- Endo Manufacturing¥9.69B · 8.2%
- Molitec Steel¥8.96B · 7.1%
- Shinhokoku Material¥5.39B · 6.5%
- Nakanippon Casting¥4.88B · -1.1%
- Onex¥4.45B · -2.3%
- Amatei¥3.81B · 8.4%
- Kyogoku unyu shoji¥2.46B · 3.6%
- Showa Manufacturing¥2.4B · 5.3%
- TVE¥1.47B · -2.8%
- Tokuden¥1.38B · 10.3%
- UEX¥1.26B · -2.5%
- Pacific Metals¥42M · -400.0%
Revenue · Op. margin
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