Osaka Steel Co., Ltd. (5449) said its board approved a tender offer to buy back a planned 2.8 million of its own shares, or 9.36%, from parent Nippon Steel Corporation, while cutting its full-year forecast to a net loss of ¥2.0 billion from a ¥300 million profit and setting a ¥69 special dividend.
Nippon Steel owns 16,629,030 Osaka Steel shares, or 55.58%. Osaka Steel asked the parent to tender all of them; the planned purchase of 2,800,000 shares was set so that Nippon Steel's stake stays at 51.00% and Osaka Steel remains its subsidiary.
The company proposed on Oct. 20 a price equal to the lower of the previous business day's close on the Tokyo Stock Exchange Standard Market or the simple average close over the prior month, less a 10% discount. Nippon Steel replied on Oct. 29 that it would accept barring sharp market moves or other special circumstances. Buying from the parent avoids lowering the free-float ratio, which stood at 28.54% on March 31, 2026, against the Standard Market's 25% listing threshold.
The buyback and special dividend make up the remaining roughly ¥8 billion of a ¥30 billion shareholder-return program for fiscal 2025-2027.
For the April-September half, revenue was ¥40,951 million and net loss attributable to owners of the parent was ¥2,965 million, versus a forecast loss of ¥1,200 million. A July 2026 earthquake in Kumamoto damaged its West Japan Kumamoto Works in Uto and a logistics subsidiary, and the company also booked foreign-exchange losses. Quake effects on production and shipments are expected to persist in the second half.
| Item | Previous | Revised |
|---|---|---|
| Revenue | ¥100.0 billion | ¥91.0 billion |
| Operating profit | ¥1.0 billion | ¥100 million |
| Ordinary profit | ¥1.0 billion | -¥1.1 billion |
| Net profit | ¥300 million | -¥2.0 billion |
Next steps: The year-end dividend (ordinary ¥0, special ¥69) will be put to the 49th annual shareholders' meeting in June 2027. If the tender succeeds and 2.8 million shares are acquired by the end of March 2027, the special dividend is expected to be raised to ¥76, with the final amount depending on shares actually acquired.
| Osaka Steel Co., Ltd. | |
| Shares to be purchased | 2.8 million shares (9.36%) |
| Intramart Inc. | |
| Revised FY net profit forecast | ¥1.376 billion (+32.3%) |
| Hirakawa Hewtech Corp. | |
| H1 net sales | ¥25.54 billion (+41.2%) |
| Dainichi Kogyo | |
| H1 operating profit | ¥135 million (down 60.2%) |
| Jason | |
| Shares transferred | 1.6 million shares |
| Nippon Steel Corporation | |
| Tender offer price | ¥2,100 per share |
| TISI Inc. | |
| FY net profit forecast | ¥57.5 billion (from ¥57.0 billion) |
| ARE Holdings, Inc. | |
| FY net profit forecast (revised) | ¥36.0 billion (from ¥29.0 billion) |
| M&A / TOB | 16 |
| Guidance | 40 |
| Buybacks | 7 |
| Dividends | 7 |
| Capital | 6 |
| Earnings | 87 |
| People | 1 |
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