July 3, 2023

Our consolidated subsidiary, NEWSCON Inc. (Head office: Chuo-ku, Tokyo, President: Hideki Yoshimi, hereinafter "NEWSCON"), has opened a branch in Rotterdam, the Netherlands, which will start its operation in August 2023.

Branch Information

Purpose

NEWSCON, which plays a central role in the Global Trading Business, aims to increase the volume of recycled resources handled to 1 million tons in the fiscal year ending June 30, 2027. This is approximately double volume handled in the fiscal year ended June 30, 2022. To achieve the goal, NEWSCON is promoting initiatives to "strengthen cooperation with domestic and overseas steel, nonferrous and other manufacturers," "expand imports and trilateral trade," and "increase the number of handled items.

The opening of the branch in the Netherlands is intended to increase the volume of recycled resources from Europe for intra-European trade as well as for import and tri-nation trade. Europe is an environmentally advanced region and has taken a leading role in the legal regulation of the international distribution of recycled resources. NEWSCON aims to expand overseas transactions by enhancing international responsiveness through local operations. In addition, as a development function for our group's overseas business, NEWSCON will gather information and build relationships with European recycling companies and others for our future planned overseas development of the Lithium-ion Battery Recycling Business and other businesses.

Corporate information

Future Outlook

The impact of this matter on the financial results for the fiscal year ending June 30, 2024 is expected to be insignificant.