Japan's Nippon Steel, Sojitz to own 49% of Canadian iron ore mine

Steelmaker looks to acquire high-quality ore for low-carbon production

Nippon Steel and Sojitz expect to begin producing high quality iron ore in eastern Canada by around the end of the decade. (Source photos by Nikkei)

YUJI OHIRA, Nikkei staff writer

December 20, 2024 00:25 JST

TOKYO -- Nippon Steel and trading house Sojitz will purchase a combined 49% stake in a Canadian iron ore mine, the two Japanese companies said Thursday.

Nippon Steel and Sojitz are joining Canadian mining company Champion Iron to develop the Kamistiatusset Iron Ore Project through a joint venture. Champion Iron will be the majority owner of the venture at 51%, while Nippon Steel will hold 30% and Sojitz 19%.