Nippon Steel to acquire 10% stake in Elk Valley Resources for stable high-quality coal supply

Tuesday, 21 February 2023 17:19:13 (GMT+3)   |   Istanbul
       

Japan-based Nippon Steel Corporation has announced that it has signed an agreement with Canadian mining firm Teck Resources to acquire up to 10 percent of shares in the latter’s subsidiary Elk Valley Resources Ltd. (EVR).

Following the completion of the transaction, which is expected be completed in the first quarter (April to June) of financial year 2023-24, Nippon Steel and EVR will enter into long-term agreement, under which EVR will supply steelmaking coal to Nippon Steel. Securing stable procurement of high-quality coal will help Nippon Steel in its decarbonization of steelmaking processes as high-quality coal is required to make high-strength cokes, which play important roles such as reducing carbon emissions by improving reduction efficiency.


Similar articles

Nippon Steel sees lower net profit in Apr-Dec, forecasts completion of US Steel acquisition in FY 2024-25

08 Feb | Steel News

Nippon Steel to receive loans for acquisition of US Steel

31 Jan | Steel News

Nippon Steel acquires 20% stake in Canada’s Elk Valley Resources

04 Jan | Steel News

Nippon Steel to acquire US Steel for $14.1 billion

18 Dec | Steel News

Nippon Steel to acquire more stakes in coking coal mines to boost self-sufficiency

25 Nov | Steel News

Nippon Steel seeks overseas M&As

01 Sep | Steel News

Nippon steel announces merger with its subsidiary NSN

03 Oct | Steel News

NSSMC to incorporate Sumitomo Pipe & Tube

26 Apr | Steel News

Chinese pipe producer sells Houston OCTG Group to Southern Tube

02 Oct | Steel News

Nippon Steel to merge two plantmaker subsidiaries

28 Sep | Steel News