Sep. 30, 2025

Nippon Steel Corporation

Nippon Steel Corporation (Nippon Steel) has reached a master agreement with Champion Iron Limited (CI) and Sojitz Corporation (Sojitz) to acquire an interest in the Kamistiatusset Iron Ore Project (Kami Project), owned by CI, located in Canada’s Newfoundland and Labrador (N&L), and under consideration for new development, and to advance a feasibility study toward its development and operation.
As all conditions precedent have now been satisfied, Nippon Steel has established a joint venture, Kami Iron Mine Partnership (the Partnership), together with CI and Sojitz for this purpose. Through its wholly owned subsidiary, NS Canadian Resources, Inc., Nippon Steel has acquired a 30% interest in the Partnership by making an initial payment of 42 million Canadian dollars out of the total consideration of 150 million Canadian dollars.
The remaining 108 million Canadian dollars of the consideration will be paid after an additional investment decision is made based on the feasibility study’s results.

The iron ore produced at the Kami Project is a high-grade, globally scarce resource suitable for the production of direct reduced iron (DR-grade). Through the acquisition of interests in the Kami Project and the partnership with CI and Sojitz, Nippon Steel aims to secure raw materials for direct reduced iron and enhance its consolidated earnings base

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