Nippon Steel Corp. Announces Strategic Partnership for Kami Iron Ore Project

In a significant move to secure its raw material supply, Nippon Steel Corp. has announced its intention to join a joint venture with Champion Iron Ltd. and Sojitz Corp. for the development of the Kami iron ore project in Newfoundland and Labrador, Canada. The joint venture, set to be established in the first half of 2025, will see Champion Iron holding a majority 51% stake, with Nippon Steel taking 30% and Sojitz Corp. holding the remaining 19%.

Investment and Project Timeline

Nippon Steel plans to contribute $104 million to the project, with an estimated total investment of $803 million by the project's conclusion. The construction phase is expected to span 48 months from the final investment decision. This strategic partnership is expected to bolster Nippon Steel's ability to secure a stable supply of essential raw materials for steel manufacturing, while also consolidating its stake in the Kami Project.