Kurotani

What Kurotani does

MERF Inc. (株式会社MERF), a Japanese industrial metals company founded in 1985 and headquartered in Imizu City, Toyama Prefecture, operates three interconnected business lines: metal resource effective utilization, copper alloy ingot manufacturing and sales, and art and craft products manufacturing. Its primary customer segment is the global shipbuilding and maritime industry, where the company holds the world's largest market share for ship propeller materials used on large ocean-going vessels. The firm serves B2B industrial customers through direct sales relationships from its Imizu headquarters, a Tokyo sales branch, and a Niigata business office.

The company's core capabilities center on metal recycling and copper alloy ingot manufacturing. Its "dynamic comprehensive metal collection system" sources metal resources globally for processing and recycling, while copper alloy ingots serve the high-specification demands of large vessel propellers — a technically demanding application requiring consistent material quality. The company also produces artistic craft products leveraging its metallurgical expertise. It obtained Basel Convention regulated-goods export approval on October 20, 2022, enabling compliant international metal scrap shipments and functioning as a credential for cross-border sourcing.

MERF generates revenue primarily through hardware sales of copper alloy ingots and art/craft products, complemented by transaction-based metal recycling fees. Pricing is negotiated on a quote basis typical of B2B industrial markets and is not publicly disclosed. Listed on the Tokyo Stock Exchange Standard Market under ticker 3168.T with 101-250 employees, the company transitioned from the TSE First Section in April 2022 and rebranded from 株式会社MMRF to MERF on January 1, 2025. Reported financial performance has deteriorated materially: revenue compressed from a 2022 peak of approximately ¥641 billion to ¥561 billion in 2025, while net income swung from ¥12.3 billion profit in 2021 to a loss of approximately ¥1.4 billion in 2025, with gross margins contracting from roughly 7.4% to 2.8% over the same period.

Name

Kurotani

Legal name

株式会社MERフ

Website

https://kurotani.co.jp

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

101–250 employees

Short description

MERF Inc., a Japanese industrial metals company in Toyama Prefecture, manufactures copper alloy ingots holding the world's largest market share for ship propeller materials on large ocean vessels, recycles metal resources globally, and produces art and craft products for B2B customers.

Ownership category

akta.pro rank

Product category

Industrial Metals Manufacturing

NAICS

Industrial Supplies Merchant Wholesalers (423840), Merchant Wholesalers, Durable Goods (423)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330), Wholesale-Metals & Minerals (No Petroleum) (5050)

akta.pro primary industry

Non-Ferrous Scrap Processing & Brokerage (Aluminum, Copper, Brass/Bronze, Lead, Zinc, Nickel) (IMAKAMAB)

akta.pro secondary industries

Metal Melting & Secondary Smelting/Refining (Recycled Feedstock Producers) (EUAIAJAJ), Scrap Metal Export/Import & Trading (International Sourcing, Compliance, Documentation) (IMAKAMAL)

Keywords

• Copper alloy manufacturing
• Metal recycling services
• Marine propeller materials
• Industrial non-ferrous metals
• Scrap metal processing

Headquarters

HQ city

Imizu

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Copper alloy ingot manufacturing and sales: Manufacturing and selling copper alloy ingots, with the company holding the world's largest market share for ship propeller materials used on large vessels navigating the world's oceans
2. Metal recycling and resource recovery: Collecting and processing metal resources from around the world for effective utilization and recycling
3. Art and craft products: Manufacturing and sales of artistic and craft products, leveraging advanced technical expertise

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Kurotani (now operating as MERF Inc., 株式会社MERF) manufactures and sells copper alloy ingots—holding the world's largest market share in propeller materials for large ocean-going vessels—and collects and recycles metal resources globally. The company also produces artistic craft products using its metallurgical expertise, and handles a broad range of metal material categories as part of its industrial supply business.

Product overview

MERF Inc. operates as a metal recycling company offering a unified portfolio of three interconnected core offerings: (1) Metal Resource Effective Utilization services for comprehensive global metal collection, (2) Copper Alloy Ingot manufacturing and sales targeting marine vessel propeller materials where they hold the world's largest market share, and (3) Art Craft Products manufacturing leveraging their metallurgical expertise. The company also handles various metal material categories through their business operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Copper Alloy Ingot Manufacturing and Sales Manufacturing and sale of copper alloy ingots, holding the world's largest market share for propeller materials used on large ocean-going vessels. Sold to shipbuilders and maritime industry customers.
• Metal Resource Effective Utilization (Recycling Services) Comprehensive metal resource collection and recycling service that gathers metal resources from around the world using MERF's dynamic integrated collection capabilities, processing them for effective reuse in manufacturing.
• Art Craft Products Manufacturing and Sales Manufacturing and sale of artistic craft products that leverage the company's advanced metallurgical and technical capabilities to produce art-inspired craftworks.
• Handled Metal Material Categories Broad range of metal materials handled by the company, encompassing all kinds of metal material categories supplied to industrial customers.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators2 records

Recent moves4 records

Expansion highlights3 records

Direct peers

• Wieland Group: Global manufacturer of copper and copper alloy semi-finished products, including materials for marine and industrial applications. Directly comparable to MERF's copper alloy ingot business, serving similar industrial OEM customers.
• DOWA Holdings: Japanese non-ferrous metals company operating smelting, refining, and recycling of copper and other metals. Highly comparable to MERF's integrated scrap-collection-to-ingot model, with overlapping customer base in Japanese industrial markets.
• KME Group: European manufacturer of copper and copper alloy products (now part of Aurubis). Comparable to MERF in producing copper alloy ingots and semi-finished products for industrial and marine markets.
• Mitsui Mining & Smelting Co., Ltd. Japanese non-ferrous metals company engaged in smelting, refining, and manufacturing of copper and specialty metal products. Comparable to MERF in non-ferrous metal processing and downstream specialty alloy production.
• Toho Zinc Co., Ltd. Japanese smelter producing zinc, lead, and other non-ferrous metals. Comparable to MERF as a Japanese small-mid cap non-ferrous smelter serving industrial customers, though with different primary metal focus.

Broad incumbents

• Sumitomo Metal Mining Co., Ltd. Japanese non-ferrous metal smelter and refiner producing copper, nickel, and other metals. Comparable to MERF's primary smelting/refining activities, with broader resource portfolio and global mining interests.
• Aurubis AG: Europe's largest copper recycler and producer of copper products. Comparable to MERF in non-ferrous metal smelting/refining and recycling operations, though significantly larger and more diversified.
• Furukawa Electric Co., Ltd. Japanese manufacturer of copper wire, cable, and processed copper products. Comparable to MERF's copper alloy manufacturing, though Furukawa is significantly larger and focused on electrical rather than marine applications.
• Mitsubishi Materials Corporation: Major Japanese non-ferrous metals producer with copper products and metal recycling segments. Comparable as a broad incumbent in the same alloy and recycling categories as MERF, with far greater scale.

Regional players

• Nittetsu Mining Co., Ltd. Japanese mining and metals company involved in non-ferrous metal resource recovery and processing. Comparable to MERF's metal resource effective utilization business, with overlapping Japanese customer base in industrial recycling.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Kurotani