Merger of asset related to iron ore mining business in Brazil
November 25, 2014
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) agreed to merge asset possessed by iron ore production/sales company; NAMISA and asset related to iron ore mining business such as Casa de Pedra Mine (CdP) and logistics asset (MRS railway company’s shares and port facility) which Brazilian steel mill,Companhia Siderurgica Nacional (CSN) owns. ITOCHU established Brazil Japan Iron Ore Corporation (BJIOC) with Japanese steel mills and BJIOC forms a consortium with Korean and Taiwanese steel mill to invest in the 40% of NAMISA Stake (ITOCHU’s indirect stake is 21.95%).
CdP is one of the richest and largest iron ore mine around the world. The project will be a highly competitive in the region by possessing the good mine and infrastructure.
ITOCHU Corporation aims to increase the profit of the iron ore project in Brazil from a view point of maintenance and improvement of interest in iron ore project which is our important profit base, and contribute to strengthen the management base of BJIOC.