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News Release

JFE Steel Corporation

JFE Agrees to Iron-ore Mining Business Merger in Brazil

Tokyo – JFE Steel Corporation, the indirect owner of an 8.64% equity stake in a Brazilian iron ore mining company, Nacional Minerios S.A. (NAMISA), announced today that it agreed together with other NAMISA owners to merge NAMISA with Casa de Pedra Mine, currently owned by a Brazilian steelmaker, Companhia Siderurgica Nacional (CSN). The transaction also includes related logistics, such as the port facilities (TECAR) owned by CSN and the shares of the railway company (MRS) owned by CSN and NAMISA.

Casa de Pedra Mine is renowned as one of the largest and highest-quality iron ore mines in the world. The combination of its high-grade resources and fully integrated logistics allows this project to be highly competitive in the mining industry. JFE Steel will increase its access to stable, long-term supplies of high-quality iron ore through this project.

NAMISA is 40% owned by a consortium formed by Brazil Japan Iron Ore Corporation (BJIOC) and steelmakers in South Korea and Taiwan. BJIOC is jointly owned by ITOCHU Corporation, JFE Steel Corporation, Kobe Steel, Ltd. and Nisshin Steel Co., Ltd.


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