If the slot width is reduced with a decrease in the number of laminated plates of a ring, a die stress sharply increases, thereby hindering production. Elements satisfy (h/t) 40, where h is a slot width of the elements, t is a plate thickness thereof, and S is a head area thereof. Even if the slot width h is reduced, increasing the head area reduces a hydrostatic pressure applied in a punching process, and thus, reduces the load on a die. The present invention is preferably used in endless metal belts in which elements having a width on a pitch line of 24 [mm], and a ring is formed by laminating six plates.