MERF

What MERF does

MERF (株式会社MERF, formerly Kurotani Corporation / 黒谷株式会社) is a Japanese non-ferrous metals company with origins dating to 1870, reorganized into a corporate entity in 1985 and listed on the Tokyo Stock Exchange (currently Standard Market, ticker 3168). Headquartered in Imizu City, Toyama Prefecture, the company operates across three integrated segments: an Ingot Business that manufactures approximately 50 varieties of copper alloy ingots (aluminum bronze CACIn703, bronze CACIn406, lead-free bronze CACIn902, brass CACIn203) from recycled metal inputs; a Metal Recycling Raw Materials Business that procures, sorts, processes and sells approximately 150 varieties of non-ferrous metal recycling materials (pure copper, copper alloys, aluminum, stainless steel) domestically and internationally; and a Fine Arts & Crafts Business (Keiju / 慶聚 brand) producing K24/K18 gold Buddhist statues, ceremonial fittings, figurines and licensed products. The company claims the world's largest market share in aluminum bronze supply for ship propellers.

The business model is sales-led B2B, with direct sales to industrial manufacturers (shipbuilders such as Nakashima Propeller and Hyundai Heavy Industries, valve/plumbing manufacturers such as TOTO and KITZ, copper refiners such as JX Metals, Sumitomo Metal Mining, Mitsubishi Materials, Sumitomo Electric and UACJ). Pricing is quote-based, indexed to commodity copper prices and customer-specific alloy specifications. The company operates wholly-owned subsidiary KUROTANI NORTH AMERICA INC. (Portland, OR), 49%-held joint venture THAI KUROTANI CO., LTD. (Bangkok/Sriracha, Thailand), newly acquired US subsidiary CMX Metals (acquired California Metal-X in January 2025), and newly established MERF Logistics (June 2025). Strategic positioning leverages Toyama New Port proximity for global metal scrap procurement and finished-goods export.

Underlying technology centers on metal composition analysis, smelting and casting expertise enabling the production of alloy-specific ingots from recycled inputs, plus precision metal casting for high-end gold art goods. The company holds ISO 9001, ISO 14001, ISO 45001 / OHSAS 18001 certifications, AQSIQ China export licenses (parent and both foreign subsidiaries), Thailand MOI 105/106 licenses, Basel Convention export approvals, and Japanese industrial waste collection/disposal and secondhand dealer permits. In January 2025, the company rebranded from Kurotani Corporation to MERF (Metal Recycle Future) to mark its 40th anniversary and signal a forward-looking, sustainability-oriented positioning.

Name

MERF

Legal name

株式会社MERF

Website

https://merf.co.jp

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

101–250 employees

Short description

MERF (株式会社MERF) is a Japanese non-ferrous metals company that manufactures approximately 50 varieties of copper alloy ingots and trades approximately 150 varieties of recycled metal raw materials to shipbuilders, valve manufacturers, housing-equipment makers and copper refiners, and produces premium gold art crafts under the Keiju brand.

Ownership category

akta.pro rank

Product category

Non-ferrous metal manufacturing

NAICS

Recyclable Material Merchant Wholesalers (42393), Jewelry and Silverware Manufacturing (33991), All Other Fabricated Metal Product Manufacturing (33299)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330), Jewelry, Precious Metal (3911)

akta.pro primary industry

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

akta.pro secondary industries

Non-Ferrous Scrap Processing & Recycling (Aluminum, Copper, Brass, Lead, Zinc) (EUAIAJAB), Metals Recycling & Processing (Ferrous/Non-Ferrous) (BPALADAF), Religious & Cultural Fine Jewelry (CRAKAAAH)

Keywords

• Copper alloy ingots
• Non-ferrous metal recycling
• Metal recycling materials
• Industrial metal manufacturing
• Fine art crafts

Headquarters

HQ city

Imizu

HQ country

Japan

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Copper Alloy Ingot Sales: Manufactures and sells approximately 50 varieties of copper alloy ingots including aluminum bronze, bronze, and brass ingots to ship propeller manufacturers, housing equipment makers, valve manufacturers, and industrial machinery parts manufacturers.
2. Metal Recycling Materials Sales: Sells approximately 150 varieties of non-ferrous metal recycling materials including pure copper, copper alloys, aluminum, and stainless steel to wire manufacturers, copper refiners, housing equipment makers, and rolling mills. Materials are also used internally for ingot manufacturing.
3. Art and Craft Products Sales: Manufactures and sells high-end art goods including Buddhist statues, figurines, Buddhist fittings, jewelry items, and commemorative pieces made from 24K gold and 18K gold.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

MERF manufactures approximately 50 varieties of copper alloy ingots (aluminum bronze, bronze, lead-free bronze, brass) from recycled non-ferrous metal raw materials, and sells approximately 150 varieties of non-ferrous metal recycling raw materials (copper, copper alloys, aluminum, stainless steel) to industrial manufacturers. The company also produces high-end art crafts under the 'Keiju' brand, including Buddhist statues, fittings, and K24/K18 gold ornaments. MERF holds the world's largest share in aluminum bronze supply for ship propellers.

Product overview

MERF operates three core business segments: (1) Ingot Business — manufactures approximately 50 varieties of copper alloy ingots including aluminum bronze (CACIn703) for ship propellers, bronze (CACIn406), lead-free bronze (CACIn902), and brass (CACIn203) ingots from recycled raw materials; (2) Metal Recycling Raw Materials Business — procures, processes, and sells approximately 150 varieties of non-ferrous metal recycling raw materials (copper, brass, bronze, aluminum, stainless steel) domestically and internationally; and (3) Fine Arts & Crafts Business — produces high-end art crafts under the 'Keiju' brand, including Buddhist statues, Buddhist fittings, and K24/K18 gold figurines and ornaments. The company also holds licensing agreements for branded products such as Tokyo Skytree® and Disney character figurines. MERF is Japan's only listed company specializing in copper and copper alloy non-ferrous metal recycling.

Differentiator

Problem solved

Functional benefit

Brands

• 慶聚: 高級美術工芸品ブランド。純金、K18金、K24金を使用した仏像、仏具、置物などを製造販売。

Products and services

• Copper Alloy Ingot Business

Quantifiable outcome

• World's largest market share in aluminum bronze for ship propellers
• +2 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• MERF LogisticsminorStrategic or Co-development Partner · 1 June 2025Newly established logistics subsidiary in June 2025 to support logistics operations.
• CMX Metals (US Subsidiary)minorStrategic or Co-development Partner · 1 January 2025US subsidiary that acquired the business of California Metal-X in California, USA in January 2025, expanding North American operations.
• THAI KUROTANI CO., LTD.coreStrategic or Co-development Partner · 27 August 2014Joint venture company established in Bangkok, Thailand in August 2014 with 49% MERF ownership. Handles metal recycling material procurement and sales in ASEAN markets. Holds MOI105, MOI106, ISO9001, and AQSIQ licenses.
• KUROTANI NORTH AMERICA INC.coreStrategic or Co-development Partner · 1 July 2012Wholly-owned subsidiary established in Portland, Oregon, USA in July 2012. Handles North American procurement operations and acquired AQSIQ license for China exports. Relocated to new office in 2015.

Scale indicators6 records

Recent moves11 records

Expansion highlights7 records

Broad incumbents

• Mitsubishi Materials Corporation: Major Japanese non-ferrous metals and cement conglomerate with copper smelting, recycling, and advanced materials businesses. Both a MERF customer for copper recycling materials and a competitor in non-ferrous smelting; comparable as a broad incumbent in the same non-ferrous metals value chain.
• Sumitomo Metal Mining Co., Ltd. Leading Japanese non-ferrous metal smelter/refiner in copper, nickel, and precious metals. Both purchases copper recycling feedstock from MERF and operates competing smelting capacity; directly comparable in copper refining and recycling at much greater scale.
• JX Metals Corporation (Nippon Mining & Metals): Japan's largest copper smelter with end-to-end non-ferrous metals operations from mining to advanced materials. A MERF customer for copper recycling materials and a direct peer in copper refining, though substantially larger and more vertically integrated.

Direct peers

• Aurubis AG: Europe's largest copper producer and the world's largest copper recycler, operating smelters, refining capacity and copper product manufacturing. The closest international peer to MERF given its combined recycling feedstock and refined copper / alloy product model.
• Wieland Group: German manufacturer of semi-finished copper and copper alloy products (rolled, extruded, drawn). Comparable to MERF's copper alloy ingot line in producing industrial copper alloy inputs, though focused downstream on semi-finished goods rather than primary ingots.
• UACJ Corporation: Major Japanese rolled aluminum and non-ferrous metal product manufacturer supplying automotive, beverage can and electronics markets. Both a MERF customer and a peer in non-ferrous metal processing, with comparable recycled-aluminum sourcing interests.
• Furukawa Electric Co., Ltd. Japanese manufacturer of copper and aluminum products, including rolled copper and alloy products used in electronics, automotive and industrial applications. Comparable as a downstream copper alloy product manufacturer overlapping with MERF's copper alloy ingot and recycling materials businesses.
• DOWA Holdings: Japanese non-ferrous metal smelter and recycler with operations in copper, zinc, and electronics metal recovery. Directly comparable as a non-ferrous metal recycler with both scrap processing and downstream alloy production; significantly larger than MERF but operates in the same value chain.

Regional players

• Korea Zinc Co., Ltd. South Korea's largest non-ferrous metals smelter and refiner producing zinc, lead, copper and precious metals from both primary and recycled feedstocks. Comparable in non-ferrous smelting and recycling business model, serving a different but adjacent geography in East Asia.

Others

• Tanaka Kikinzoku Kogyo K.K. Japanese specialty precious metals refiner and fabricator with industrial and decorative gold/platinum products. Comparable to MERF's Keiju art and craft business leveraging precious-metal casting expertise, though primarily focused on industrial rather than religious art products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about MERF