We are pleased to announce that our consolidated U.S. subsidiary, Vinton Steel LLC (“Vinton Steel”), has secured part of the funding for its large-scale investment in the steelmaking plant construction and partial modification of rolling mill equipment by utilizing the Industrial Revenue Bond (IRB) ^*1 tax-exempt bond program offered by the State of Texas, as outlined below.

 

 

 

• Overview of the Industrial Revenue Bond (IRB)

 

Issued Bond	Solid Waste Disposal Reserve Bonds (Vinton Steel LLC Project) Series 2025 issued by Mission Economic Development Corporation, Mission, Texas
Issue Amount	USD 100 million (approx. JPY 15 billion)
Issue Date	October 23, 2025
Term	10 years
Interest Rate	Floating rate (initial: 2.65%)
Use of Funds	Steelmaking plant construction and partial modification of rolling mill equipment at Vinton Steel (Texas, USA)
Underwriter	Jefferies　LLC

 

Note 1: Industrial Revenue Bond (IRB)
An IRB is a tax-exempt bond issued by a local government to support private sector capital investment. Interest income received by bondholders is exempt from taxation, resulting in lower interest rates. This enables companies utilizing IRBs to raise funds at a lower cost.

 

Note 2: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.