ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced today that it signed an agreement with Companhia Siderúrgica Nacional (headquartered in State of Sao Paulo, Federative Republic of Brazil; hereinafter “CSN”), the leading steel company in Brazil, regarding ITOCHU acquiring 10.74% of the equity securities of CSN Mineração S.A. (headquartered in State of Minas Gerais, Federative Republic of Brazil; hereinafter “CM”) owned by CSN for approximately 4,420 million reals (approximately 117 billion yen). CM is the leading iron ore producer and distributor in Brazil. This is an additional investment as ITOCHU has indirectly invested 7.15％ in CM since 2008.

■ About CM
CM is the company with the second highest iron ore production in Brazil, and it sold 43 million tons of iron ore in fiscal 2023, a record high. the Casa de Pedra Mine, owned by CM, is a rare operating mine that makes the large-scale low-cost production of high-grade iron ore rich in iron content possible, contributing to the decarbonization of the steel industry.

■ Regarding the use of CM's high-grade iron ore in the supply chain of Ferrous Raw Material for Green Ironmaking with Low Carbon Emission ^*1
ITOCHU is working together with EMSTEEL (headquartered in Abu Dabi, the United Arab Emirates (UAE); HE Eng. Saeed Ghumran Al Remeithi, Group CEO),*² the largest steel and building materials company in UAE, to promote a supply chain of Ferrous Raw Material for Green Ironmaking with Low Carbon Emission. ITOCHU will produce The Ferrous Raw Material in collaboration with EMSTEEL in the UAE using the high-grade iron ore from the Casa de Pedra Mine owned by CM as a raw material. The Ferrous Material will be used as a raw material for green steel produced with low carbon emissions made in Japan and other places. It is expected that by making green steel produced with low carbon emissions in electric arc furnaces using The Ferrous Raw Material, carbon dioxide emissions can be halved compared to common blast furnaces.

■ Future development
The high-grade iron ore provided by CM is a raw material that is indispensable in the supply chain of Ferrous Raw Material for Green Ironmaking with Low Carbon Emission which is contributing to the decarbonization of the steel industry. Through this additional investment, ITOCHU will enhance its collaborative relationship with CM and its hands-on management to organize and expand CM's production structure. In addition, ITOCHU will take charge of the stable supply of high-grade iron ore to UAE to promote the supply chain of Ferrous Material for Green Ironmaking with Low Carbon Emission.
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.