No, this isn't Ultraman. That's who I thought he was when I first say him back in the early 90's.
This is Iron King and he bares no relation to the Ultramen, despite his almost uncanny likeness to the Ultra clan.
Iron King had his own television series in 1972 and, like Ultraman, was also a giant being (in this case, a cyborg) who fought-- no surprise here-- giant monsters.
This figure is from Evolution Toy-- makers of the Dynamite Action robot line. I'm not sure of the exact scale of the figure-- although I'm thinking it's in the 6" range. Probably in line with their Dynamite Action robots.
He'll be released in Japan for Y6,615 (approx $67.00) in November.