Feb. 21, 2023

Nippon Steel Corporation

Nippon Steel Corporation(Nippon Steel) and Teck Resources Limited (Teck), the second largest producer of high-quality steelmaking coal in the world, have executed an investment agreement with certain other affiliates of each of Nippon Steel and Teck, pursuant to which Nippon Steel has agreed to indirectly acquire up to 10% of common shares, preferred shares and royalty interest in Elk Valley Resources Ltd. (EVR), which will be spun-off from Teck as an independent publicly-listed Canadian company and will own and operate the steelmaking coal business previously conducted by Teck . Nippon Steel and EVR have agreed that concurrently with the completion of the Investment, they will enter into long-term coal offtake rights agreement, under which EVR will supply steelmaking coal to Nippon Steel.

The details are described below.

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