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

Friday, 25 November 2022 13:40:51 (GMT+3)   |   Istanbul
       

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.


Similar articles

India’s coking coal import port traffic rises by 20% in April-January

07 Feb | Steel News

CISA: Coking coal purchase cost in China up 24.91 percent in 2022

03 Feb | Steel News

India’s coking coal port traffic rises by 16.35% in April-December

05 Jan | Steel News

India’s steel output from coking coal and iron ore not viable in future amid ESG goals

21 Dec | Steel News

Anglo American lowers iron ore and coking coal production guidance

14 Dec | Steel News

Fitch Ratings keeps iron ore and coking coal price assumption stable

12 Dec | Steel News

India’s coking coal import traffic via ports up 13% in April-November

06 Dec | Steel News

CISA: Coking coal purchase cost in China up 38.08 percent in Jan-Oct

29 Nov | Steel News

Ukraine’s Metinvest sees 65% fall in pig iron output in Jan-Sept

22 Nov | Steel News

Russia’s Mechel posts lower output and sales for Q3

18 Nov | Steel News