UACJ Corporation
5741・Prime Market・Nonferrous Metals
Business
UACJ Corporation is an integrated aluminum manufacturer formed in 2013 through the business integration of Furukawa-Sky Aluminum Corp. and Sumitomo Light Metal Industries, Ltd. The company forms a corporate group consisting of 49 subsidiaries and 12 equity-method affiliates, operating across four business areas: Sheet Products (Rolled & Foil Products), Extrusion & Processed Products, Aerospace & Defense Materials, and Automotive Parts. In addition to its domestic manufacturing base, the company maintains a global production network spanning the United States (Tri-Arrows Aluminum Inc.), Thailand (UACJ Thailand), Europe, China, and Vietnam, supplying materials to a diverse range of industries including beverage can stock, automotive components, semiconductor manufacturing equipment materials, battery foil, and aerospace materials. Revenue for FY2026 (ending March 2026) reached ¥1,181,716 million, and the company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The company generates revenue by processing aluminum ingots through rolling, extrusion, casting/forging, and other methods to manufacture and sell sheet materials, foil, extruded materials, automotive parts, and similar products. While pricing is fundamentally based on a pass-through structure linked to aluminum ingot market prices, the company aims to improve profitability by creating added value through the expansion of processing businesses and the promotion of recycling (UBC melting and scrap utilization). Under the 4th Medium-Term Management Plan, the company is advancing the concept of "Materials + Alpha," pursuing the supply of high-value-added products for advanced fields and value creation across the entire value chain.
Company Strengths
The company holds production bases across North America and Asia centered on Tri-Arrows Aluminum Inc. (a joint venture with Novelis Corporation) in the U.S. and UACJ Thailand in Thailand, and achieved a year-on-year increase in overseas sales volume in FY2026 (ending March 2026) supported by solid demand for can stock. Its long-standing overseas business foundation, including the U.S. joint venture that has continued since 1985, constitutes a unique asset that competitors cannot easily replicate in the short term.
The company holds products for advanced fields such as Aerospace & Defense Materials (castings and forgings), heat-treated thick plate for semiconductor manufacturing equipment, and current collectors for lithium-ion batteries (battery foil), and is strengthening its supply chain in response to economic security demand, including a decision to introduce one of the largest ring product manufacturing facilities in Japan and a decision to double production capacity for heat-treated thick plate.
In April 2025, the company established UACJ Yamaichi Aluminum Can Recycling Corporation and built a UBC melting recycling system. It has also expanded scrap processing capacity in the U.S. and Thailand, increasing scrap usage across the group as a whole. Having achieved the industry's first successful demonstration test of horizontal recycling of aluminum fins for air conditioners, the company possesses the technological and facility foundation to commercialize the environmental value of aluminum as a circular material.
ENVALITH's Perspective
Performance Trend
Revenue increased 51% over five periods, from ¥782,911 million in FY2022 (ending March 2022) to ¥1,181,716 million in FY2026 (ending March 2026), demonstrating accelerating growth. Operating profit, after falling to ¥17,207 million in FY2023 (ending March 2023), reached a record high of ¥76,863 million in FY2026 (ending March 2026). As an external factor, the rise in aluminum ingot prices contributed to revenue expansion (an increase of ¥182,935 million year on year) and to inventory valuation gains. In addition, translation adjustments on foreign operations of ¥24,842 million boosted comprehensive income. Meanwhile, the consolidated earnings forecast for FY2027 (ending March 2027) projects revenue of ¥1,300,000 million (up 10.0% year on year), but operating profit of ¥64,000 million (down 16.7% year on year) and profit attributable to owners of parent of ¥28,000 million (down 28.0% year on year), anticipating a decline in profit. The structure in which changes in the external environment, such as ingot prices and foreign exchange rates, remain the primary driver of earnings volatility is expected to continue.
Growth Strategy
Transforming into a value-added provider through the "Materials + α" strategy, built on four pillars: recycling, processing, advanced fields, and new business domains
Tri-Arrows Aluminum Inc. (North America) and UACJ (Thailand) Co., Ltd. (Thailand) continue strategic investments to capture robust demand for can stock. Capital expenditures for property, plant and equipment in FY2026 (ending March 2026) rose significantly year on year to ¥55,677 million, reflecting ongoing progress in capacity expansion.
Capturing growing demand for products in advanced fields such as materials related to semiconductor manufacturing equipment, battery foil, and Aerospace & Defense Materials, while driving a shift toward a more profitable product mix. This is positioned as a core initiative of the "Materials + α" strategy under the 4th Medium-Term Management Plan.
Continuing investment in recycling-oriented facilities, including used beverage can (UBC) processing equipment and can stock capacity expansion facilities, to strengthen competitiveness as a low-carbon, circular material. This enhances the ability to respond to customers' decarbonization requirements while also contributing to lower raw material costs.
At the Board of Directors meeting held on April 28, 2026, a comprehensive resolution was passed for the issuance of domestic unsecured straight bonds up to a total of ¥15.0 billion. Proceeds will be allocated to working capital, capital expenditure, and repayment of borrowings, strengthening the financial foundation to support continued strategic investment.
Last updated: July 19, 2026