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.