Nov. 27, 2019

Nippon Steel Corporation

Nippon Steel Corporation ("Nippon Steel") has, through its Australian subsidiary, entered into an agreement together with its Japanese partners to acquire a part of the mining interests to the Grosvenor Coal Mine from Anglo American, one of the leading mining companies. The Grosvenor Coal Mine is located in the state of Queensland, Australia. The value of Nippon Steel’s acquisition is AUD 86.4 million (approximately JPY 6.6 billion), which represents an interest ratio of 5.00%.

The Grosvenor Coal Mine has been producing high quality coking coal with competitive mining cost since 2016. The Grosvenor Coal Mine is adjacent to the Moranbah North Coal Mine, in which Nippon Steel is currently participating alongside Anglo American and the Japanese partners. The Grosvenor Coal Mine shares surface facilities owned by the Moranbah North Coal Mine. This transaction establishes the same interest ratio in the Grosvenor and the Moranbah North mines, which enables the joint venture managing both mines to achieve further improvements in operational efficiency and increase production through integration.

Nippon Steel, with intent on taking strategic policy measures for raw materials purchasing, including investments in mines, will continue efforts to secure medium- and long-term stability in raw-materials procurement, while continuing to strengthen ties with the producers of raw materials for iron- and steelmaking in the future.

Facilities of the Grosvenor Coal Mine

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