Japan-based Nippon Steel Corporation plans to acquire more stakes in coking coal mines to ensure stable supply for steelmaking and raise its self-sufficient ratio, according to a media report by Reuters.
The company owns stakes in several coking coal and iron ore mines, obtaining about 20 percent of 27 million mt of its annual coking coal imports and 58 million mt of iron ore imports. However, the company does not want to stop at 20 percent.
According to Takahiro Mori, executive vice president of the company, it is more urgent to invest in coking coal mines than iron ore projects, as Western sanctions against Russia have reduced metallurgical coal supply. In addition, coking coal prices are expected to remain high amid a decline in investments in new coal mines due to global decarbonization efforts.
