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Yomiuri Shimbun file photos Signs for Nippon Steel Corp. and JFE Steel Corp.
The Yomiuri Shimbun
16:42 JST, August 22, 2024
Nippon Steel Corp. and JFE Steel Corp. announced on Thursday they will acquire interest in a coal mine in the state of Queensland, Australia. Currently, Australia’s Whitehaven Coal Ltd. holds complete stake ownership of the mine.
While Nippon Steel will acquire a 20% interest in the mine for $720 million, or about ¥104.5 billion, JFE will acquire 10% for $360 million, roughly ¥52.2 billion.
In blast furnace production, steel is made through reactions between iron ore and coking coal. The companies will aim to cut costs and reduce carbon dioxide emissions by ensuring a stable, long-term supply of high-quality coking coal.
