The Japan Steel Works, Ltd.
Cite as: Japan IR Index, The Japan Steel Works, Ltd. (5631), methodology GNT-BDS v1.1.1, reviewed 2026-10-06.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
F6 Multi-year financial data file (Excel or CSV) downloadable in English 0/5 Quick fix
Post the financial figures the company already publishes as an Excel or CSV file with English labels.
G6 Shareholder vote results disclosed in English 0/5 Quick fix
Publish the vote counts from the Japanese extraordinary report in English.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
S5 Results-briefing transcripts or Q&A published in English 0/5 Translation
Publish the results-briefing Q&A summary in English, on the same day as the Japanese.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 2 changed under rule changes on 21 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Machinery) | 76.4 | 24 of 39 |
| Same size band (¥500bn–2tn) | 84.2 | 38 of 43 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 29 scored 3 or more and 4 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English3/5
English tanshin every period on the Japanese cycle, and the full-year one is whole. But the quarterlies are cut: Q1 FY2026 (3 Aug 2026) runs 6 English pages against 14 Japanese, with no qualitative section and no notes, the segment note included. The English Supplementary Information has segment results, but the Japanese publishes that separately too, so it does not make up the cut. A content cut: 3 (was 5, which read the supplement as part of the tanshin; re-checked 14 Oct 2026 against the Japanese 2027_1Q.pdf). Source document →
F2English results summary is a full translation, not an excerpt3/5
Latest English tanshin: Summary of Consolidated Financial Results for the Three Months Ended June 30, 2026 (3 Aug 2026, 6 pages, 'translated from a part of the Japanese original'). The Japanese 2027年3月期 第1四半期決算短信 runs 14 pages. The English has the summary pages (results, dividends, full-year forecast, notes on shares), then the balance sheet, income statement and comprehensive income statement. It leaves out the whole qualitative section (1. 経営成績等の概況: results by segment, financial position, forecast explanation), all the notes (セグメント情報等の注記, the contingent liability and loss notes on the M&E quality misconduct, the M&E merger under business combinations, the subsequent-event bond issue of ¥25bn), and 3. 補足情報 (orders, sales and backlog by segment). The quarterly Summary documents (2Q and 3Q FY2025, 1Q FY2025) are cut the same way. The full-year English tanshin (24 pp against 21) is whole. But the latest document cuts the qualitative review and the notes, the segment note among them, so 3. Source document →
F3Financial statements including notes available in English4/5
The English full-year tanshin (Consolidated Financial Results for the Year Ended March 31, 2026, 24 pp, posted 19 May 2026) carries full statements: balance sheet, income and comprehensive income, changes in net assets and cash flows. It also carries the notes, including segment information with segment definitions, profit and assets. The latest quarter (Q1 FY2026, 3 Aug 2026) has statements in English but no notes, and there is no English yuho or half-year report. Full statements and notes at the year end only, so 4. Source document →
F4Annual securities report available in English in any form0/5
The securities-report library page lists only Japanese-named files from a 2022 batch (yukaho_*.pdf, no "_en" suffix); nothing more recent, and nothing in English.
F5Segment revenue and profit disclosed in English, consistent definitions4/5
There are two reportable segments (Industrial Machinery Products; Material and Engineering) plus Other. Segment sales and operating profit are in English every period. At the year end they are in the tanshin's segment note, which states the segment composition and the measurement basis (segment profit = operating income; inter-segment sales at third-party prices). Each quarter they are in the English Supplementary Information (e.g. 'FY2026 Q1: Results by Segment': orders, sales, OP and EBITDA against the full-year forecast, with sub-segment detail) and the half-year and full-year decks. The quarterly English tanshin has no segment note, so in those periods the figures are only in the supplementary deck, with no definitions alongside. That makes 4. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English0/5
There is no downloadable data file. The English Financial Highlights pages show HTML charts and tables: Highlights of Business Results (net sales, OP and ordinary income FY2022-25), Business Segment Information (segment trend charts) and Major Financial Data Proceedings (a five-year HTML table FY2021-25 of P&L, assets, per-share data, ROE and cash flows). None links an .xls, .xlsx or .csv. The IR Library, the integrated report page and the 'Batch Download' on the IR top (the latest PDFs) offer only PDFs.
F7Guidance disclosed in English with the basis explained5/5
The English full-year tanshin (FY ended Mar 2026) gives the FY2026 forecast (orders ¥340.0bn, sales ¥310.0bn, OP ¥27.0bn, ordinary ¥26.0bn, net ¥19.0bn). Its 'Future outlook' section gives the market view by segment and the Middle East supply caveat not built into the forecast. The English FY2025 results deck (40 pp, same as the Japanese) adds 'Forecasts by Segments' with sub-segment forecasts, the FX assumption (FY2026: JPY160/USD, against 151 actual), market-sentiment pages, and actuals set against the previous forecast with reasons. The Q1 supplementary tracks progress against the forecast by segment. Forecast, FX, market view and segment forecasts, with revisions explained, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
Current quarter, published 3 Aug 2026, same day as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is JGP2028 (FY2024-FY2028), updated 13 Jul 2026. The English update deck matches the Japanese at 39 pages to 39. It gives the updated FY2028 targets against the initial plan (sales ¥400bn vs 380, OP ¥40bn vs 37, OP margin 10.0%, ROE 10-11%, equity spread 2-3%, payout 35%, EBITDA ¥55bn), segment and sub-segment targets, and the FY2033 vision (sales ¥500bn, OP ¥50bn, ROE 11-12%). The English 'Notice Concerning the Update' (40 pp, PDF created 13 Jul 2026) went out the same day as the Japanese. The library copy of the deck has PDF creation date 21 Jul, but the English IR News lists it on 13 Jul. The original JGP2028 (June 2024, 53 pp) is also in English. Complete and current, so 5. Source document →
S2IR presentations published in English4/5
An English deck for each of the twice-yearly briefings, on the Japanese cadence (e.g. 202605kessan_en.pdf for the May 2026 full year). But the Japanese side posts a Q&A summary with every briefing (e.g. 202605kessan_QA.pdf) and the English has none. 4 (was 5; re-checked 14 Oct 2026). The English half-year FY2025 deck also appears to have come about three months after the Japanese, which R1 scores. Source document →
S3English equity-story or investment-highlights page4/5
There is no 'why invest' page. Under 'To Our Individual Investors' the English IR top links 'JSW in figures', an at-a-glance page: founded 1907, 15 domestic and 21 overseas locations, sales ¥274.8bn, R&D ¥6.1bn, 993/689 patents, employee data. Integrated Report 2025 has an 'At a Glance' spread with segment sales composition and the claim of products that 'command a high market share worldwide' (large pelletizers, nuclear forgings), not quantified as shares. Dedicated and specific, but the strengths are mostly qualitative and the figures are corporate facts rather than an investment case, so 4. Source document →
S4Growth drivers identified and quantified in English5/5
The English JGP2028 Update names the drivers and attaches numbers: global plastics demand CAGR of 4.7% to 2034, a polyolefin capacity-investment forecast for China and India, separator film equipment sales (¥7.3bn FY2023 to the FY2028 target) on ESS demand, and rotor-shaft capacity up 1.5 times for high-efficiency thermal power. It also doubles nuclear capacity and sets sub-segment sales targets for FY2026 and FY2028: defense ¥46.9bn to ¥100bn, electronic devices ¥41.6bn to ¥52bn, plastic machinery ¥72.9bn to ¥85bn, M&E ¥45.7bn to ¥80bn. AI and data-centre demand is tied to named products. Named drivers with market size, capacity and contribution to target, so 5. Source document →
S5Results-briefing transcripts or Q&A published in English0/5
There is no English transcript or Q&A. The English Presentation Materials page and IR News list only decks. The Japanese 決算説明資料 page publishes a 決算説明会質疑応答の要旨 (Q&A summary) for every briefing: FY2025 (202605kessan_QA.pdf, 4 pp), 1H FY2025, FY2024, 1H FY2024 and back, and for the JGP2028 plan briefing. The Japanese AGM page also has a 2026 AGM Q&A summary. None has an English counterpart. The Japanese side has one for every briefing (e.g. jsw.co.jp/pdf/ir/library/presentation/2026/202605kessan_QA.pdf); the English has none.
S6Integrated or annual report available in English4/5
Integrated Report, reporting period "April 1, 2024-March 31, 2025" (Fiscal 2024), the newest English edition - one behind the FY2025 (ended Mar 2026) year that has since closed. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
The English JGP2028 deck (June 2024) opens with 'Review on JGP2025', the previous plan. It sets FY2023 targets against actuals with the variance and a reason for each line. Sales: 250 vs 252.5. Industrial Machinery: 190 vs 208.3 (+9.6%). M&E: 50 vs 41.9 (-16.2%, 'orders strong even though net sales did not reach the target'). OP: 20 vs 18 (-10%). OP margin: 8.0 vs 7.1. ROE: 8.5 vs 8.5. It also gives capex (¥24.4bn of ¥45bn) and R&D (¥15.6bn of ¥30bn) against plan, and evaluates the basic policies. The July 2026 Update repeats this for the current plan: FY2026 initial plan against forecast (sales -¥10bn, OP +¥1bn) and segment shortfalls explained. Dated target against actual with explanations, so 5. Source document →
G1Corporate governance report available in English5/5
Corporate Governance Report, English, "Last Update: July 13, 2026" - current, filed-report structure. Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English Notice of the 100th AGM (20 pp, posted 29 May 2026 for the 22 Jun meeting) profiles all 10 director candidates, which is the whole board. Each gets date of birth, dated career history (appointment dates, from which tenure follows), board attendance (e.g. 14/14), shares held, significant concurrent posts and reasons for nomination. Each outside director also gets an explicit tenure line ('six years since the appointment ... at the conclusion of this year's AGM'). Independence is flagged per candidate ('Candidate for Outside Director / Independent Officer'), and the JSW independence criteria are reproduced in full. Every director, all three elements, so 5. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (May 2026), page 20, gives the skill matrix of all 10 director candidates if elected, against nine skills tied to the materiality issues: corporate management/governance, finance/accounting, legal/internal control/risk, personnel/human capital, IT/DX, sales/marketing, overseas/global, manufacturing/technology/R&D/quality, environment/energy. The English Corporate Governance Report (13 Jul 2026, Supplementary Principle 4-11-1) explains how the matrix is used. Current, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English4/5
The English Corporate Governance Report (Last Update 13 Jul 2026) covers structure, mix, KPIs, weights and amounts. Structure: base, company-wide performance-linked, results-linked, medium- to long-term evaluation, and restricted stock. Mix: 50:33:17 fixed:variable:stock for the representative directors, 55:30:15 for inside directors. KPIs and weights: the company-wide portion is 50% consolidated operating income and 50% consolidated ROE, each against the target set at the start of the year; divisional results are ranked S-D. Amounts for FY ended Mar 2026: directors ¥353.8m (fixed 228.2, variable 95.1, stock 30.6) and A&SB members ¥62.4m. The English Governance Policy section 23 and AGM Proposal 4 (revision of the restricted-stock plan) add detail. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the results-linked and medium- to long-term elements (divisional ranking; action-plan, quality, safety and compliance efforts) carry no weights (the company-wide part is 50% operating income, 50% ROE). So 4. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of the 100th AGM in English, listed in English IR News on 29 May 2026 (PDF created 26 May) for the 22 June meeting - at least 24 days - with the proposals in full. But the further-materials website is given "(in Japanese)", the TSE lookup is flagged Japanese-only, and part of the candidate reference material is marked "available in Japanese" only: something the reader needs is Japanese-only, the G5 = 4 pattern. (Date corrected 14 Oct 2026; an earlier version dated the English notice 4 June.) Source document →
G6Shareholder vote results disclosed in English0/5
No resolution/vote-results notice found in English on the meeting page (only the convocation notice itself is posted) or anywhere else on the site.
G7Cross-shareholdings in English with reduction schedule and rationale4/5
The English CG Report (13 Jul 2026), Principle 1-4, gives the holding rationale and the board's annual review of each holding (reviews on 14 Apr 2025 and 15 Apr 2026). The target was 10% or less of consolidated net assets by FY ended Mar 2026. Progress: ¥6.6bn sold in FY2025; the ratio stood at 11.8% because of share-price gains. The English JGP2028 Update (Jul 2026) sets the next step: 'FY2026: planned reduction to below 10%'. English Integrated Report 2025 gives the count and ratio history: 69 stocks/16.9% (FY2020), 62/12.3, 56/11.4, 53/13.4, 51/12.0 (FY2024), against the 10.0% target. Re-checked 21 Oct 2026 under v1.1.1, which brings deemed holdings (shares in a retirement-benefit trust whose votes the company directs) into G7. The Japanese securities report for FY2025 shows deemed holdings in a retirement-benefit trust (Sumitomo Mitsui Financial Group, Sumitomo Mitsui Trust and Mizuho, about ¥7.5bn at market value). None of the English sources mentions them, and the English target and progress cover only the holdings on the balance sheet. One element short, so 4. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
On the English homepage www.jsw.co.jp/en/, 'Investor Relations' is a visible item in the top navigation bar and links straight to /en/ir/. One click. Source document →
O2English document links resolve to English documents5/5
Sampled 22 English document links across types and years; all are English with no Japanese body text. Tanshin: Q1 FY2026, FY2025 full, 2Q FY2025, 9M FY2021 (20220208kessantan.pdf), 9M FY2016 (20170206Kessantan.pdf). Supplementaries: Q1 FY2026, 9M FY2025. Decks: FY2025, 1H FY2025, 1H FY2022 (S3 bucket), 1H FY2020 telephone conference, 1H FY2019, FY2015. MTP decks: JGP2028 and JGP2028 Update. Notice Concerning the Update to JGP2028. AGM notice (100th). Corporate Governance Report. Corporate Governance Policy. Integrated Report 2025 (full and Introduction), Integrated Report 2023 'How We Create Value'. Annual Reports 2020 and 2016. One 2019 deck carries a Japanese PDF metadata title ('PowerPoint プレゼンテーション'), but the content is English. All English, so 5. Source document →
O3English IR archive free of dead links5/5
The same 22 links, dated 2016 to Aug 2026 and served from www.jsw.co.jp and the jsw-web-s3 S3 bucket. All opened in pdf.js with page counts (2 to 58 pp). No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered in Chromium, every page shows its content. IR top: IR News, latest materials, menus (screenshot shots/5631_irtop.png). Also IR Library, Summary of Financial Results (FY2016-FY2026 lists), Presentation Materials (FY2014-FY2026), Annual Report, Integrated Report, IR News with year tabs, Highlights of Business Results (charts with values), Business Segment Information, Major Financial Data (5-year table), Stock Status, Dividends (chart), IR Calendar, FAQ, General Meeting, IR Policy and Disclaimer. No empty lists or blank widgets, so 5. Source document →
O5Single page listing all English IR documents by date and type4/5
The IR Library is split by type across pages: Summary of Financial Results, Presentation Materials, Annual Report, Integrated Report; AGM materials are on the General Meeting page and the CG report on the governance page. Each is grouped by fiscal year. The English IR News page is one dated list with year tabs (2015-2026) carrying nearly every type: tanshin, supplementaries, full-year decks, MTP decks, timely-disclosure notices, AGM notices, integrated reports. But it has no type labels or filters, and it misses some items (the 1H FY2025 deck, the CG report). One dated all-types list, untyped, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
A deep archive: English tanshin every quarter from FY2016 to Q1 FY2026; results decks from FY2014 to FY2025 plus the JGP2025, JGP2028 and JGP2028 Update plan decks; Annual Reports 2009-2020; Integrated Reports 2022-2025 (full and by section, plus Chinese); IR News from 2015. Several years across every document type, so 5. Source document →
O7Named English IR contact published3/5
Kenji Terada, General Manager, General Affairs Department, named with phone in the tanshin header; the general Contact page offers an "IR, Technical Review, Other Inquiries" category - a genuine route, but shared with unrelated inquiry types rather than dedicated to IR. Source document →
R1Earnings materials published in English simultaneously with Japanese4/5
English against Japanese posting dates (IR News lists unless noted). Q1 FY2026: tanshin and supplementary 3 Aug in both; no deck that quarter. FY2025: the English 'Summary of Consolidated Financial Results' (cover pages) on 13 May, the same day as the Japanese tanshin, but the full English tanshin only on 19 May (6 days late). The deck went up 19 May in both languages, the briefing day (both PDFs created 18 May). 9M FY2025: tanshin and supplementary 9 Feb in both. 1H FY2025: tanshin 10 Nov in both. But the English 1H deck has PDF creation date 18 Feb 2026, against the Japanese deck posted 14 Nov 2025 (about three months), and it never appears in English IR News. The tanshin is same day in three of the four periods read (the full-year text 6 days late) and one deck is very late. That is 4: most periods same day, the deck later. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
Lags, English against Japanese. Q1 FY2026 tanshin: 3 Aug / 3 Aug = 0 (the English is the cut-down summary). FY2025 tanshin: 13 May (Japanese) / 19 May (full English; the cover-page summary was on 13 May) = 6. AGM notice: 29 May / 29 May = 0 (both IR News lists; both PDFs created 26 May). Corporate Governance Report: both 'Last update 13 Jul 2026', PDFs created 9 Jul and modified 13 Jul in both = 0. Annual securities report: Japanese 19 Jun 2026, no English = >90. Sorted 0, 0, 0, 6, >90: median 0, so 5. The yuho's absence counts only once. Source document →
R3Timely disclosures published in English5/5
Twelve months to 14 Oct 2026, the Japanese IR News list against the English one. Every timely disclosure has a same-day English item: - 10 Nov 2025: 2Q results. - 19 Jan 2026: subsidiary merger. - 9 Feb: 3Q results and supplementary, change of officers, organisational change. - 13 May: FY results, dividend of surplus, restricted-stock plan revision. - 25 May: investment-unit policy. - 22 Jun: restricted-stock issuance. - 7 Jul: formulation of the JGP2028 update. - 13 Jul: the JGP2028 update notice and deck. - 21 Jul: completion of RS payment. - 3 Aug: Q1 results and supplementary. Japanese-only items are routine statutory postings rather than TDnet disclosures: the AGM resolutions notice (22 Jun), electronic public notices, the yuho and half-year report, business reports, and the 2 Oct results-date notice. All timely disclosures, same day, so 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers5/5
Rendered the English homepage, IR top, IR Policy and Disclaimer, Site Policy, FAQ, Dividends, IR Calendar, Stock Status and Electronic Public Notice pages. There is no machine- or AI-translation notice and no translation banner. The IR disclaimer covers accuracy and forward-looking statements generally. The documents carry only the human-translation precedence line ('translated from (a part of) the Japanese original for reference purposes only ... the original shall prevail'), which belongs to R5. Nothing is presented as machine-translated, so 5. Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
Both the tanshin and the AGM notice carry "translated from a part of the Japanese original for reference purposes only... the original shall prevail." Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-06. Compare this question across companies →
Capital-policy review
Not scored. 1 action has been reviewed; a score out of 100 is published once 3 or more are. The ratings:
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
JGP2028 growth, investment and shareholder-return plan
Strategy or target reset · In progress · Plan announced 20 May 2024
JSW set FY2028 sales, operating-income and ROE targets, raised the annual investment run-rate and formally updated the plan in July 2026.
Timeline and sources (2 steps)
- 20 May 2024JGP2028 announced JSW disclosed FY2028 financial, investment and return targets. Medium-Term Management Plan JGP2028
- 13 July 2026Plan updated JSW issued a formal JGP2028 update during the plan period. JGP2028 Update
What management said it would do
JGP2028 targets ¥380bn sales, ¥37bn operating income and 10–11% ROE with annual capital investment of ¥20bn.
From the company’s own disclosure · Medium-Term Management Plan JGP2028
What it actually did, and when
JSW issued a formal update in July 2026, but this first pass does not yet reconcile every revision and project outcome.
Partly disclosed — a gap remains · JGP2028 Update
What it disclosed about the economics
Management frames the plan around widening the spread above roughly 8% cost of equity while maintaining shareholder returns.
Partly disclosed — a gap remains · Medium-Term Management Plan JGP2028
What has happened since
The FY2028 result is not due.
Partly disclosed — a gap remains · Medium-Term Management Plan JGP2028
The question this leaves open
Investor question: Which investments are earning above the cost of equity? IR preparation: bridge targets, spend and segment returns.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
JGP2028 sets annual capital investment of ¥20bn by FY2028 alongside profit and ROE targets.
Capital structure
The plan combines investment expansion with 35% payout and 2.5% DOE goals.
Governance of capital decisions
JSW updated JGP2028 in July 2026 rather than leaving the original plan static.
Preliminary and not scored: a selected-source reading, reviewed 28 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Rule change 21 October 2026 · G7: 5 → 4. Under v1.1.1, deemed holdings (shares in a retirement-benefit trust whose votes the company directs) count as cross-shareholdings. The deemed holdings in the Japanese securities report are not mentioned in English, and the English target covers only the shares on the balance sheet.
- Rule change 21 October 2026 · G4: 5 → 4. Under v1.1.1, a 5 needs the weight of each performance measure in every performance-linked element. The results-linked and medium- to long-term elements carry no weights; the company-wide part does.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.