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Mitsui & Co., Ltd. ("Mitsui", Head Office: Chiyoda-ku,Tokyo, President and CEO: Masami Iijima) has recently acquired an additional 3,205,000 shares of Yamato Kogyo Co., Ltd. ("Yamato Kogyo") at a cost of approximately J¥7 billion, which increased its ownership share to 6.56% from 1.96%.
Yamato Kogyo is a holding company of one of the largest independent EAF (electric arc furnace) steel manufacturers in Japan, mainly producing large-size structural steel. The company is listed on the Tokyo Stock Exchange and the Osaka Securities Exchange. Yamato Kogyo has been widely recognized as a global steel supplier expanding its business into overseas markets, including the United States, Thailand and the Republic of Korea, and it is now aggressively promoting new business in the Middle East.
Mitsui and Yamato Kogyo have built a strong and longstanding partnership over many years, not only through supply of steel raw materials and sales of its steel products, but also through the formation of Siam Yamato Steel Co., Ltd., a steel-making joint venture in Thailand in 1992. Under the recent globalization of the steel industry, Mitsui's acquisition of additional shares this time makes the partnership more robust and enhances our strategic expansion initiatives in the global steel market.
|Head Office||Hyogo, Japan|
|Representative||Hiroyuki Inoue, President|
|Equity||J¥7.99 billion (Note)|
(After the Transaction)
|Hiroyuki Inoue 10.83%,Inoue Real Estate 8.02%, Mitsui 6.56%|
|Business Actibities||Investment in iron and steel related business|
Note:As of March 31, 2012 on a consolidated basis
Siam Yamato Steel Co.,Ltd.
|Head Office||Bangkok, Thailand|
|Representative||Paitoon Jiranatarat, Managing Director|
|Equity||THB 3 billion (Approx. J¥7.5 billion)|
|Major Shareholders||Yamato Kogyo 64.2%, Mitsui 20.0%, Siam Cement 10.0%|
|Main Business||Manufacture and Sales of Steel Products|
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.