Koei is a Japan-based company that recycles materials and manages IT asset disposition. The company collects used electronics, appliances, and industrial machinery to extract metals including copper, gold, silver, and aluminum. Koei sells these recovered materials to smelters and refiners, and the vast majority of its revenue comes from selling these materials and reused IT assets. Copper is the dominant driver of the business, accounting for 79% of processed material. Koei's IT asset disposition business provides data erasure, equipment refurbishment, and resale services to enterprises and government agencies in Japan and Singapore. Koei’s business model depends on the price spread between scrap input costs and spot market prices for refined metals; the company does not hedge this commodity exposure. The company is currently shifting its product mix toward higher-margin refurbished IT equipment, such as servers and PCs sourced from data centers. Koei holds waste management licenses in 46 of Japan’s 47 prefectures, allowing the company to serve national clients. Growth efforts include expanding operations into Thailand and the U.S., where its Texas subsidiary provides engineering and consulting services to energy clients. While Japan remains the primary market, Koei is also targeting decommissioning services for specialized industrial hardware in international markets.