Mid-term Management Plan
UACJ’s third mid-term management plan spans from fiscal 2021 to 2023. It was launched with the main objectives of completing structural reforms initiated during the period of the second mid-term management plan, and positioning the Group for future growth and the success of UACJ Vision 2030, the Group’s long-term management roadmap.
- Major Policies and Objectives
- Financial and Non-Financial Targets
- Spotlight on North America
- Recent Progress
Major pPlicies and Objectives
The third mid-term management plan was positioned to establish a stronger basis for ensuring the success of the Group’s long-term management roadmap, UACJ Vision 2030. The plan’s three major policies are to complete structural reforms, strengthen foundations for growth, and promote global sustainability.
Completing the structural reforms started in fiscal 2019 will be particularly important for strengthening our business foundations. We will see the measures planned to date through to completion and steadily build up the effects of the structural reforms.
Also, to strengthen foundations for growth, we will continue to focus on growth markets (North America, Southeast Asia) and growth sectors (can stock, automobiles), alongside efforts to provide value through enhanced materials, create new sectors, and strengthen in core areas that underpin our business operations, such as personnel and technology.
Furthermore, we have identified contributing to solving issues related to climate change as one of the Group’s materiality issues so we will engage in the co-creation of aluminum recycling systems across our entire supply chain.
Objectives of the Third Mid-term Management Plan
Complete structural reforms and position the Group for future growth and the success of UACJ Vision 2030

Financial and Non-Financial Targets
Amid booming demand for can stock, particularly in North America, we plan to achieve net sales targets through measures such as making full use of enhanced production capabilities at Tri-Arrows Aluminum Inc. and UACJ (Thailand) Co., Ltd. We will aim to achieve operating and ordinary income targets through the manifestation of the effects of structural reforms and other means.
Also, although we may not reach satisfactory levels of ROE and ROIC during this plan period, ultimately the Third Mid-term Management Plan is focused on strengthening our business foundation and we will aim to further improve capital efficiency under the Fourth Mid-term Management Plan.
This is the first UACJ mid-term plan that also includes non-financial targets. Targets have been linked to each of the six materiality issues we identified and we will work to achieve these targets as an essential step toward strengthening our business foundation.
Financial targets
By fiscal 2023 | |
---|---|
Net sales | ¥700.0 billion |
Operating income | ¥30.0 billion |
Operating income margin | 4.2% |
Ordinary income | ¥25.0 billion |
Debt-to-equity ratio*1 | No more than 1.2 times |
Return on invested capital*2 | 6.0% |
Non-financial targets
Six materiality issues | Performance indicators | Fiscal 2023 goals |
---|---|---|
Response to climate change | Reduction of CO2 emissions compared with the level in fiscal 2019 | Set targets for Scope 1 and 2 emissions with a view to achieve carbon neutrality |
Product quality assurance | Number of serious quality defects | No more than one |
Number of customer complaints related to quality | 20% fewer complaints than in the previous fiscal year | |
Occupational health and safety | Number of serious workplace accidents | Zero |
Frequency of workplace accidents resulting in injury or death per million work hours*3 | No more than 0.25 | |
Respect for human rights | Goals to be set based on results of due diligence, and an action plan to be carried out | Execution of due diligence at four manufacturing plants |
Percentage of employees and officers that participate in 1) a training program covering codes of conduct and human rights, and 2) a training program on harassment | 1) 96% 2) 100% |
|
Diversity and equal opportunity | Percentage of women in management positions (including directors and officers) in Japan | 4.0% |
Human resources development | Percent of successor candidates appointed to management positions | Extend targets to group companies in Japan |
Number of people who participate in educational events held by UACJ | 800 per year |
- *1 Excluding subordinated loans
- *2 Formula: operating income before taxes ÷ (shareholders’ equity + interest-bearing debt – cash and deposits, each calculated as the average of the respective amounts at the beginning and end of the fiscal year)
- *3 The frequency of workplace accidents is calculated by multiplying the combined number of serious workplace injuries and deaths (including those that did not result in a suspension of operations) by one million and dividing the resultant amount by the total hours worked in the fiscal year.
Spotlight on North America
Rising demand for aluminum cans in North America backed by growing environmental awareness
Demand for aluminum can stock has been growing worldwide in recent years, as consumers increasingly regard aluminum cans as environmentally friendly beverage containers. In North America, in particular, consumers are now more environmentally conscious than ever, and are factoring sustainability into their product choices. They understand that aluminum is a sustainable material because of its excellent recyclability and light weight. Consequently, many consumers have come to regard aluminum canned drinks as premium products. Reflecting this shift in consumer preferences, new beverage products are increasingly being sold in aluminum cans. From alcoholic beverages to energy drinks and flavored water, a steady stream of aluminum canned drinks are appearing in the market.
Taking advantage of these trends, the UACJ Group is coordinating its three-country supply network to capture as much of this robust demand as possible in North America.
Sales of aluminum for beverage containers in the United States (Billions of US dollars)


Recent progress
More information about UACJ’s progress under its current mid-term management plan is available in UACJ Report 2022