Nippon Steel Corporation
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Marunouchi Park Building, headquarters of Nippon Steel
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| Public | |
| Traded as | : TOPIX 100 Component Nikkei 225 Component |
| Industry | Steel |
| Founded | 1950 |
| Headquarters | Chiyoda, Tokyo, Japan |
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Key people
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Akio Mimura, Representative Director & President |
| Products | Steel, flat steel products, long steel products, wire products, plates, chemicals |
| Revenue |
 ¥4.090 trillion (2012) |
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¥79.36 billion (2012) |
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¥58.47 billion (2012) |
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| Total assets |
¥4.924 trillion (2012) |
| Total equity |
¥2.347 trillion (2012) |
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Number of employees
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60,508 (2012) |
| Subsidiaries | Nippon Steel Engineering Nippon Steel Materials Nippon Steel Chemical |
| Website | www.nssmc.co.jp |
Nippon Steel & Sumitomo Metal Corporation (新日鐵住金株式会社 Shinnittetsu Sumikin Kabushiki-gaisha?) (: ), was formed in 2012 with the merger of Nippon Steel and Sumitomo Metal. Nippon Steel was formed in 1970 with the merger of Fuji Iron & Steel and Yawata Iron & Steel. Nippon Steel & Sumitomo Metal Corporation is the world's 3rd largest steel producer by volume as of 2015.
Nippon Steel was created by the merger of two giants, Yawata Iron & Steel (八幡製鉄 Yawata Seitetsu) and Fuji Iron & Steel (富士製鉄 Fuji Seitetsu). Beginning in early 1981, however, the company cut production and saw a sharp decline in profit that fiscal year. Forced to close furnaces, the company exhibited a typical Japanese economic aversion to layoffs, opting instead to offer standard early retirement enticements but also less conventional schemes such as a mushroom cultivation venture that used the surplus heat created by steel furnaces to temperature control a fecund fungi complex.
Attributing the drop to higher material costs, the company entered into another troubled year. In 1983, the company reported the end of the fiscal year (March 31) would reveal Nippon Steel was in an even more beleaguered situation. A fall in demand brought about a 39 percent tumble in profits from an already weak previous year. During this time the entire Japanese steel industry struggled in a period of turmoil as other nations such as South Korea, with only a fraction of labor costs, won over business. The company announced a loss in 1986, prompting a determined effort to diversify away from the moribund "smokestack" industrial sector and to provide new work for thousands of employees that would be transferred from closing furnaces.
In 2005 the Nippon Steel corporation made a plan to step up its capacity for recycling waste plastics into coke by 30%. Coke is a main resource in steel production. To manage the load they have invested ¥4 billion (about $38.2 million) to install equipment at Oita Mill and set up a second furnace at Kyushu facility.
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