Japan's largest steelmaker Nippon Steel Corporation has announced that it has concluded a sales agreement with Toyota Tsusho concerning the purchase of 2.35 percent interests owned by Toyota Tsusho via its Australian subsidiary in the Integra Coal Joint Venture in the province of New South Wales, Australia.
Nippon Steel, already holding an interest of 3.6 percent in this JV, with this additional purchase will own an interest of 5.95 percent.
"This additional purchase of interests in this JV will add strength to Nippon Steel's capabilities and endeavors to ensure stable procurement of semi-soft coking coal for the future," reads Nippon Steel's statement.
Integra Coal Joint Venture, heretofore operated by the respective Australian subsidiaries of Vale, a global resources company, POSCO, a Korean steel company, JFE/JFE Shoji Trade, Toyota Tsusho, and Nippon Steel, produces about 3.3 million mt a year of semi-soft coking coal and steaming coal.