Marubeni Itochu and Metal One integrate Philippine coil center

Saturday, 10 Oct 2009

Marubeni Itochu Steel Inc and Metal One Corporation are pleased to announce their final agreement on a plan to establish a new company positioned to integrate the business operations of the steel sheet processing centers of both companies in the Philippines.

MM Steel Service Center Corporation, an overseas subsidiary of MISI, and Hi Precision Steel Center Inc, an overseas subsidiary of MO, will be merged in this move. The principal goals of integrating these two corporate operations include realizing a higher level of customer service and improved operational efficiency in the Philippines.

An outline of the new integrated company is as follows:

1. Name of new company: MM High Precision Steel Inc
2. Date of establishment: October 1st 2009
3. Capital: USD 4 million
4. Equity breakdown: Marubeni Itochu 60%, Metal One Corp 40%
5. Location: Carmona in Philippines
6. Equipment overview: 2 slitters, 2 levelers, 1 mini slitter and 6 shear
7. Processing capacity: 10,000 tonnes per month
8. Total assets: Approximately USD 30 million
9. Sales: Approximately USD 40 million per year
10. Number of employees: Approximately 150