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Nippon Steel, Sumitomo to Boost Stakes in Mitsui Mining
02/25/2008 - Nippon Steel and Sumitomo will boost their stakes in Mitsui Mining in a deal valued at 13.5 billion yen.
Nippon Steel Corp. and Sumitomo Corp. will boost their stakes in Mitsui Mining Co., according to a statement released by the three companies on Friday, Feb. 22.
Top Japanese steelmaker Nippon Steel and trading house Sumitomo will each acquire 20 million preferred shares in Mitsui Mining from Sumitomo Mitsui Banking Corp., a unit of Sumitomo Mitsui Financial Group Inc. The deal is valued at 13.5 billion yen.
Nippon Steel and Sumitomo will convert their preferred shares into common stock as early as April next year to raise their respective stakes in Mitsui Mining to 21.7% from the current 12.9%.
According to the release, Nippon Steel hopes to enhance ties with Mitsui Mining in order to secure stable sources of materials supply. Nippon currently buys one million tonnes of coke from Mitsui Mining per year.
Mitsui Mining, which once received support from Industrial Revitalization Corp. of Japan, now focuses on the production of coke to fuel growth. Sumitomo supports Mitsui Mining in coal supply and sale operations.
Top Japanese steelmaker Nippon Steel and trading house Sumitomo will each acquire 20 million preferred shares in Mitsui Mining from Sumitomo Mitsui Banking Corp., a unit of Sumitomo Mitsui Financial Group Inc. The deal is valued at 13.5 billion yen.
Nippon Steel and Sumitomo will convert their preferred shares into common stock as early as April next year to raise their respective stakes in Mitsui Mining to 21.7% from the current 12.9%.
According to the release, Nippon Steel hopes to enhance ties with Mitsui Mining in order to secure stable sources of materials supply. Nippon currently buys one million tonnes of coke from Mitsui Mining per year.
Mitsui Mining, which once received support from Industrial Revitalization Corp. of Japan, now focuses on the production of coke to fuel growth. Sumitomo supports Mitsui Mining in coal supply and sale operations.
