Nippon Denko

What Nippon Denko does

Nippon Denko Co., Ltd. (新日本電工, TYO: 5563) is a 100-year-old Japanese materials manufacturer headquartered in Tokyo, operating five integrated business segments anchored on proprietary electric furnace metallurgical technology. Its core Ferroalloys segment produces high-carbon and low-carbon (SLP) ferromanganese, silicomanganese, and ferrosilicon at the Tokushima Plant (220,000 tons/year capacity) and through a 25% stake in Pertama Ferroalloys in Malaysia, serving major steel manufacturers with Nippon Steel as its largest shareholder (24.29% stake). The Functional Materials segment supplies zirconium oxide nanoparticles (20nm primary particles, 99.9% purity), boron oxide, hydrogen storage alloys, manganese inorganic chemicals, and lithium-ion battery cathode materials for electronics, automotive, and EV applications.

The company's Incineration Ash Recycling segment operates four electric furnaces (EM1-EM4) at the Kashima Plant with over 130,000 tons/year of processing capacity — described as the largest in Japan — using proprietary 1,500°C+ melting technology to detoxify dioxins, stabilize heavy metals, and produce ECOLAROCK recycled slag (NETIS registered) while recovering valuable metals. The Aqua Solutions segment sells and rents water treatment equipment (ND MINICHROPACK, B-CLEPACK, NI-PACK, F-PACK) and pure water production systems (AQUA PACK, MR PACK), with MR PACK holding top domestic market share for on-site hydrogen stations. The Electric Power segment generates 10,627 kW of hydroelectric power from the Horomangawa facilities in Hokkaido under Japan's FIT system.

Nippon Denko's revenue model is predominantly B2B enterprise hardware sales (ferroalloys, functional materials) supplemented by managed services revenue (ash recycling fees, water treatment rental/lease with consignment regeneration, FIT power sales). The company employs 950 consolidated staff as of December 2025 across 10 manufacturing plants and offices in Japan, plus overseas joint ventures in Malaysia and South Africa. Strategic priorities under the Medium/Long-Term Plan include ferromanganese decarbonization R&D (NEDO-backed, 2026-2030), expansion of environmental and battery materials businesses, and revenue growth from ¥77.3B (FY2025) toward ¥95B by FY2027 and ¥110B+ by FY2030.

Name

Nippon Denko

Legal name

Nippon Denko Co., Ltd.

Website

https://nippondenko.co.jp

Company type

Public

Founded year

1925

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Nippon Denko is a 100-year-old Japanese manufacturer operating five integrated business segments (ferroalloys, functional materials, incineration ash recycling, water treatment, and hydroelectric power) anchored on proprietary electric furnace metallurgical technology, serving steel manufacturers, electronics/automotive firms, and municipal clients.

Ownership category

akta.pro rank

Product category

Industrial Materials and Ferroalloys Manufacturing

NAICS

Iron and Steel Mills and Ferroalloy Manufacturing (331110), Iron and Steel Mills and Ferroalloy Manufacturing (3311), Iron and Steel Mills and Ferroalloy Manufacturing (33111)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Metal Melting & Secondary Smelting/Refining (Recycled Feedstock Producers) (EUAIAJAJ)

akta.pro secondary industries

Metals Recycling & Processing (Ferrous/Non-Ferrous) (BPALADAF), Battery Materials Refining & Re-Manufacturing Feedstocks (Li, Ni, Co, Mn, Graphite Salts) (EUAIAIAJ), Ferrous Scrap Processing & Recycling (Steel/Iron) (EUAIAJAA)

Keywords

• Ferroalloy manufacturing
• Industrial functional materials
• Incineration ash recycling
• Industrial water treatment
• Hydroelectric power generation

Headquarters

HQ city

Ginza

HQ country

Japan

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Ferroalloys Business: Manufacturing and sales of high-carbon ferromanganese, low-carbon ferromanganese (SLP), silicomanganese, and ferrosilicon. Domestic production at Tokushima Plant (220,000 t/year capacity) and overseas production through 25%-owned Pertama Ferroalloys in Malaysia using hydroelectric power.
2. Functional Materials Business: Sales of zirconium oxide, boron oxide, metal hydride alloys, boron alloys, manganese inorganic chemicals, and lithium-ion battery cathode materials. Used in electronics, automotive batteries, and advanced materials applications.
3. Incineration Ash Recycling Business: Processing municipal and industrial incineration ash through melting/solidification to produce ECOLAROCK (slag for roadbed materials) and recover valuable metals. Annual processing capacity over 130,000 tons. Revenue from treatment fees.
4. Aqua Solutions Business: Rental, sales, and leasing of water treatment equipment (ND MINICHROPACK, B-CLEPACK, NI-PACK, F-PACK) and pure water production systems (AQUA PACK, MR PACK). Multiple sales models available.
5. Electric Power Business: Hydroelectric power generation at Horomangawa facilities in Hokkaido. Three power plants (No.2: 4,406kW, No.3: 6,221kW) selling power under Japan's Feed-In Tariff (FIT) system. Stable revenue source.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Nippon Denko manufactures and sells ferroalloys (high-carbon ferromanganese, low-carbon SLP ferromanganese, silicomanganese, ferrosilicon) for the steel industry, functional materials (zirconium oxide, boron oxide, metal hydride alloys, lithium-ion battery cathode materials) for electronics and automotive customers, incineration ash recycling services producing ECOLAROCK slag, water treatment and pure water equipment, and hydroelectric power generation. The company operates multiple manufacturing plants across Japan and holds overseas production and mining interests.

Product overview

Nippon Denko is a diversified materials manufacturing company operating five core business segments: (1) Ferroalloys - producing high-carbon ferromanganese, low-carbon ferromanganese (SLP), silicomanganese, and ferrosilicon for steel deoxidization and alloying; (2) Functional Materials - supplying zirconium oxide, boron oxide, metal hydride alloys, boron alloys, manganese chemicals, and lithium-ion battery cathode materials for electronics and automotive applications; (3) Incineration Ash Recycling - operating electric furnace melting facilities that convert municipal and industrial waste ash into ECOLAROCK recycled slag and recover valuable metals; (4) Aqua Solutions - providing wastewater treatment equipment (ND MINICHROPACK, B-CLEPACK, NI-PACK, F-PACK) and pure water production systems (AQUA PACK, MR PACK) for industrial water purification and hydrogen station applications; (5) Electric Power - generating hydroelectric power from three plants in Hokkaido. The company is pursuing decarbonization through development of revolutionary ferromanganese reduction technology with NEDO.

Differentiator

Problem solved

Functional benefit

Brands

• ECOLAROCK (エコラロック): Registered trademark brand name for the recycled molten slag produced from incineration ash melting and solidification treatment, used as civil engineering materials (roadbed materials, leveling materials). Registered with NETIS (Registration No. KT-180021-A).
• ND MINICHROPACK / NDミニクロパック
• AQUA PACK / アクアパック
• MR PACK / MRパック
• B-CLEPACK / B-クルパック
• NI-PACK / NI-パック
• F-PACK / F-パック

Products and services

• High-carbon Ferromanganese
• Low-carbon Ferromanganese (SLP) Low-carbon ferromanganese product with annual production capacity of 40,000 tons, used in steel manufacturing for desulfurization and deoxidation.
• Silicomanganese Ferroalloy produced at Pertama Ferroalloys Sdn. Bhd. in Malaysia using hydroelectric power, used as a deoxidizer and desulfurizer in steel production.
• Ferrosilicon Ferroalloy produced at Pertama Ferroalloys Sdn. Bhd. using hydroelectric power for steel deoxidization and alloying applications.
• Zirconium Oxide (Zirconium) Ultra-fine zirconium oxide with primary particles approximately 20 nanometers and high purity (99.9%), used in ceramic capacitors, piezoelectric elements, optical glass, and LCD films for IT devices.
• Boron Oxide Boron oxide product for electronic ceramics, optical glass, and glass additive applications.
• Metal Hydride Alloys Hydrogen storage alloys for hybrid vehicles, enabling hydrogen absorption and release for fuel cell applications.
• Boron Alloys (NiB, CoB) Boron-based alloys including NiB and CoB for various metallurgical and industrial applications.
• Manganese Inorganic Chemical Products Manganese-based inorganic chemicals including electrolytic manganese metal, manganese sulfate, manganese carbonate, and chemical manganese dioxide for industrial applications.
• Lithium-ion Battery Cathode Materials Cathode active materials for lithium-ion batteries used in electric vehicles and hybrid vehicles, including lithium manganese oxide.
• ECOLAROCK (Eco-slags) Recycled slag from incineration ash melting, registered as NETIS technology, used as roadbed material, leveling material, and civil engineering applications, reducing need for natural gravel mining.
• Molten Metal (Recovered Metals) Valuable metals (gold, silver, copper) recovered from incineration ash melting process, recycled through non-ferrous smelting manufacturers.
• ND MINICHROPACK Compact wastewater treatment equipment using ion exchange resin to remove hexavalent chromium and other heavy metals from industrial wastewater for purification and reuse.
• B-CLEPACK (B-Curpack) Wastewater treatment system for removing boron and weak acids (SiO2, CO2) from industrial process water.
• NI-PACK Wastewater treatment equipment for removing nickel and nickel compounds from electroplating and surface treatment wastewater.
• F-PACK Wastewater treatment system for removing fluorine compounds from industrial wastewater in semiconductor and manufacturing processes.
• AQUA PACK Cartridge-type demineralizer using ion exchange resin to produce high-purity water from tap water with conductivity of 1 µS/cm or less.
• MR PACK Pure water production system combining reverse osmosis (RO) membrane with AQUA PACK ion exchange resin tower, used at on-site hydrogen stations with top domestic market share.
• PFAS Adsorption Tower New adsorption tower technology for removing per- and polyfluoroalkyl substances (PFAS) from industrial wastewater, adopted by commercial wastewater treatment facilities.
• Hydroelectric Power Generation Renewable hydroelectric power generation from Horomangawa river system in Hokkaido, with three power plants (No.2: 4,406kW, No.3: 6,221kW) certified under Japan's Feed-In Tariff system.

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• 国立研究開発法人新エネルギー・産業技術総合開発機構 (NEDO)coreStrategic or Co-development Partner · 1 January 2023Collaboration on 'Decarbonization and Energy Conservation Technology Development for Ferromanganese Manufacturing Process'. Selected for NEDO's program for R&D and social implementation of energy-saving technologies toward carbon neutrality. Advanced to practical development phase in April 2026.
• GXリーグ (Green Transformation League)majorStrategic or Co-development Partner · 1 January 2023Participation in GX League Basic Concept initiated by Ministry of Economy, Trade and Industry (METI). Collaborative framework of companies pursuing carbon neutrality and GX for sustainable future growth.
• Kudumane Japan合同会社coreTechnology or Integration · 1 January 2013Nippon Denko holds 25% equity stake in Kudumane Japan GK, an investment vehicle for manganese mining operations in South Africa through Kudumane Manganese Resources. Diversifies ore procurement sources for ferroalloy production.
• Pertama Ferroalloys Sdn. Bhd.coreTechnology or Integration · 1 January 2012Nippon Denko holds 25% equity stake in this Malaysian ferroalloy manufacturer. Pertama Ferroalloys produces silicomanganese and ferrosilicon using competitive hydroelectric power from Southeast Asia's largest hydropower facility (Bakun Dam, 2,400MW). Provides diversification of ferroalloy production capacity.
• 三菱化学アクア・ソリューションズ (Mitsubishi Chemical Aqua Solutions)majorStrategic or Co-development Partner · 1 January 2001Strategic alliance with former Japan Nensui Corporation (now Mitsubishi Chemical Aqua Solutions) for water treatment business. Established to promote water purification and treatment solutions.
• リケン工業株式会社coreOthers100% owned subsidiary. Provides temperature/measurement, electrical instrumentation, control systems, and related services for steelmaking (blast furnaces, converter furnaces, electric furnaces) and continuous casting operations.
• 電工興産株式会社coreOthers100% owned subsidiary. Transportation, warehousing, and steelmaking material sales operations.
• 栗山興産株式会社minorOthers100% owned subsidiary. Manufacturing and sales of polyethylene pipes, bags, nets, sheets, and PVC pipes.
• 日電徳島株式会社minorOthers100% owned subsidiary. In-plant operations, transportation, ship agency, and fuel sales at Tokushima Plant.
• 中電興産株式会社minorOthersSubsidiary. Collection and transportation of industrial waste, general waste, and general motor truck transport services.

Scale indicators10 records

Recent moves21 records

Expansion highlights6 records

Broad incumbents

• Mitsubishi Materials Corporation: Mitsubishi Materials is a diversified Japanese materials manufacturer with operations in copper smelting, cement, advanced materials, and recycling. Comparable as a broad incumbent in Japanese metallurgical industries with overlapping electric furnace operations and environmental/recycling services.
• Mitsui Mining & Smelting Co., Ltd. Mitsui Mining & Smelting is a Japanese nonferrous metals smelter and electronic materials producer with operations in zinc, copper, and functional materials. Comparable to Nippon Denko's nonferrous metals processing capabilities and electronic materials business, particularly for semiconductor and electronics end markets.
• Sumitomo Metal Mining: Sumitomo Metal Mining is a major Japanese nonferrous metals producer with operations in nickel, copper, and battery materials. It is comparable to Nippon Denko's nonferrous smelting/refining capabilities and functional materials business, particularly lithium-ion battery cathode materials, but at significantly larger scale.
• Resonac Holdings (formerly Showa Denko): Resonac Holdings is a major Japanese specialty chemicals and materials company producing ceramics, electronic materials, and advanced materials. Comparable as a broad incumbent in Japanese functional materials markets including electronic materials, ceramics, and specialty products served by Nippon Denko's Functional Materials segment.

Direct peers

• DOWA Holdings: DOWA Holdings is a Japanese nonferrous metals smelting, recycling, and electronic materials company with a directly comparable business model: secondary smelting of nonferrous metals, electronic materials, and environmental services including waste recycling. Both companies share electric furnace metallurgical technology and serve similar end markets.
• Santoku Corporation: Santoku Corporation is a Japanese specialty alloys producer including rare earth alloys, magnet alloys, and battery materials. Highly comparable as it acquired Nippon Denko's former magnet alloys business in 2016 and operates in adjacent functional materials and battery material markets.
• JFE Mineral & Alloy Co., Ltd. JFE Mineral & Alloy is a Japanese ferroalloy producer (ferromanganese, ferronickel, ferrochrome) and subsidiary of JFE Steel. It is a direct competitor to Nippon Denko in the domestic Japanese ferroalloy market with similar customer base in steel manufacturers and overlapping product portfolios.
• Pacific Metals (NIPPON KINZOKU): Pacific Metals (now part of Nippon Kinzoku group) produces ferronickel and ferroalloys for the Japanese stainless steel and specialty alloy markets. Directly comparable as a Japanese ferroalloy manufacturer serving the steel industry with electric furnace-based production.

Others

• Hanwa Co., Ltd. Hanwa is a Japanese steel and nonferrous metals trading company with secondary operations in ferroalloy procurement. Comparable as a downstream intermediary in the Japanese ferroalloy supply chain serving the same steel manufacturer customers as Nippon Denko, though operating in trading rather than primary production.
• Tanaka Holdings (Tanaka Kikinzoku): Tanaka Holdings is a Japanese precious metals refiner and recycling company. Comparable as Nippon Denko also recovers precious metals (gold, silver) from incineration ash through its Eco Melt system, though Tanaka is a much larger specialist in the precious metals recovery market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nippon Denko