The Board of Directors of Nichia Steel Works, Ltd. (TSE:5658) authorized a share repurchase program on November 7, 2012. Under the program, the company will repurchase up to 900,000 shares, representing 1.84% of its issued share capital (excluding treasury shares), for a total cost of ¥200 million. The repurchases will be done based on Article 165, Clause 3, of Japan's Corporate Law, as interpreted in lieu of Article 156, of Japan's Corporate Law.

The purpose of the repurchase program is to enable the implementation of a flexible capital policy corresponding to changes in the business environment. The plan will commence on November 8, 2012 and end on November 7, 2013. As of November 6, 2012, the company has 48,859,014 shares outstanding (treasury shares excluded) and 2,896,464 shares held in treasury.