ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced today that it has signed a Memorandum of Understanding (MOU) with Nippon Export and Investment Insurance (headquartered in Chiyoda-ku, Tokyo; Atsuo Kuroda, Chairman and CEO; hereinafter “NEXI”) and CSN Mineração S.A. (headquartered in State of Minas Gerais, Federative Republic of Brazil; hereinafter “CM”)—an iron ore production and sales, subsidiary of major Brazilian steel producer Companhia Siderúrgica Nacional (CSN)—for cooperation on decarbonization of the steel industry, etc.

Representatives from ITOCHU, NEXI and CM took to the stage to announce the signing of the MOU at the Japan-Brazil Business Forum, held in São Paulo, Brazil, on May 4, 2024, in the presence of Japanese Prime Minister Fumio Kishida and Brazilian Vice President Geraldo José Rodrigues Alckmin Filho.

The three parties have agreed to collaborate to achieve stable production and the supply of high-grade iron ore produced by CM, in which ITOCHU holds an indirect stake, and to work toward the decarbonization of the steel industry using CM’s high-grade iron ore. The shift to production methods with lower CO₂ emissions is becoming increasingly important in the steel industry. High-grade iron ore is an indispensable raw material for steelmaking methods with low CO₂ emissions, contributing to the reduction of CO₂ emissions in the Japanese steel industry.

ITOCHU is working together with Emirates Steel Arkan (headquartered in Abu Dabi, the United Arab Emirates (UAE); HE Eng. Saeed Ghumran Al Remeithi, Group CEO; hereinafter “Emirates Steel”), the largest steel and building materials company in UAE, to create a supply chain of Ferrous Material for Green Ironmaking with Low Carbon Emission.
CM is also participating in the project as a member, and the MOU signed on this occasion also mentions a cooperative framework including the utilization of high-grade iron ore produced by CM.

ITOCHU has put forth a new management policy, "The Brand-New Deal: Profit is Downstream", and is pursuing a policy of enhancing its contribution to and engagement with the SDGs through business activities" while listening to all stakeholders, including the market, society, and consumers.