ITOCHU Invests Further in Brazilian Iron Ore Giant

ITOCHU Corporation, a leading global trading company, has announced on November 6 that it has acquired a significant stake in Companhia Siderúrgica Nacional (CSN) Mineração S.A. (CM). CSN is a key player in Brazil's iron ore industry.

ITOCHU has acquired an additional 10.74% equity stake in CSN, bringing its total indirect ownership to 17.89%. This investment underscores the company's commitment to the Brazilian iron ore sector and its role in the global steel industry.

CSN's Casa de Pedra Mine is renowned for producing high-quality, low-cost iron ore. This resource is crucial for ITOCHU's ambitious green steel initiative, a collaboration with EMSTEEL, the UAE's largest steel and building materials company.

By utilizing CM's iron ore as a key input, ITOCHU and EMSTEEL aim to develop a supply chain for Ferrous Raw Material for Green Ironmaking with Low Carbon Emission. This innovative approach, focusing on electric arc furnace-based steel production, has the potential to reduce carbon dioxide emissions by up to 50% compared to traditional blast furnace methods.

Keita Ishii, President & COO of ITOCHU, stated, "This investment aligns with our commitment to sustainability and decarbonization. By securing a reliable supply of high-grade iron ore from CM, we are well-positioned to contribute to the global shift towards greener steel production."

ITOCHU plans to work closely with CM to optimize its production capabilities and ensure a stable supply of iron ore to the UAE. This strategic move will strengthen the foundation for the Ferrous Raw Material supply chain and further enhance ITOCHU's position in the global steel industry.

As part of its "Brand-New Deal: Profit is Downstream" management policy, ITOCHU remains dedicated to sustainable business practices and contributing to the United Nations Sustainable Development Goals (SDGs). By investing in green technologies and innovative partnerships, the company aims to create a more sustainable future for the steel industry.

About CSN –

CSN Mining is a major player in the global iron ore market, particularly in Brazil. It holds significant iron ore reserves that exceed 2 billion tons. It operates integrated mining and processing facilities, including the Casa de Pedra and Engenho mines and the Pires processing complex. The company's strategic partnerships with major Asian steelmakers, coupled with its efficient logistics network, which includes ownership stakes in the MRS railway and the TECAR export terminal, enable it to deliver high-quality iron ore to global markets. With a strong focus on cost efficiency and product quality, CSN Mining is well-positioned to capitalize on the growing demand for iron ore and contribute to the global steel industry.