Godo Steel, Ltd. (TSE:5410) concluded a share purchase agreement to acquire remaining 98% stake in Tokai Steel Corporation from NIPPON STEEL & SUMITOMO METAL CORPORATION (TSE:5401) and Kyushu Steel Corporation on December 24, 2015. Under the terms of the deal, 8,820 shares of Tokai Steel will be acquired. Post closing, Godo Steel will hold 9000 shares of Tokai Steel. As of March 2015, Tokai Steel had net assets of ¥8.46 billion, total assets of ¥11.84 billion, sales of ¥16.31 billion, operating profit of ¥807 million and net income of ¥554 million. Godo Steel has received a “Notice on the non-issuance of a cease and desist order” from the Fair Trade Commission on February 1, 2016. The transaction was resolved by the Board of Directors of Godo Steel on December 24, 2015. The share purchase will be carried out by the end of March 31, 2016.

Godo Steel, Ltd. (TSE:5410) completed the acquisition of remaining 98% stake in Tokai Steel Corporation from NIPPON STEEL & SUMITOMO METAL CORPORATION (TSE:5401) and Kyushu Steel Corporation in March, 2016.