Tokyo Steel came to my attention by a paper of Dylan Grice from Societe General called "Are japanese equities more dead than alive?" from February 2010.
I found the paper an interesting read as I was just starting to invest in Japan. Having said that, unfortunately some statements in the paper are totally off the mark and the quality of the "net-net" analysis, to put it politely, was rather poor. One has to wonder if the author had ever read security analysis and really understood Graham and Dodd's net-net concept.