Japanese conglomerate Itochu plans to strengthen its presence in the iron ore sector by acquiring a 10.74% stake in CSN Mineraçao (CM) from Brazilian Companhia Siderurgica Nacional (CSN) for approximately 4.42 billion reais (USD 769 million). This new investment stands out as one of Itochu’s strategic moves to contribute to low-carbon green steel production through the production of high-quality iron ore.
Itochu, which has held a 7.15% indirect stake in CM since 2008, aims to accelerate its plans to develop its production facilities with this new partnership. CM sold 43 million tons of iron ore in fiscal 2023 and stands out as one of Brazil’s leading iron ore exporters.
CM’s high-grade and low-cost iron ore from the Casa de Pedra Mine will contribute to reducing the global steel industry’s carbon footprint. In addition to strengthening its partnership with CM, Itochu plans to support the transition to green steel production in Japan and other markets through cooperation with Abu Dhabi-based EMSTEEL.
CSN Mineraçao’s current ownership structure includes CSN with a 79.14% majority stake, a consortium of Asian companies with 11.30%, and other shareholders holding 9.55%. This transaction is considered an important step towards strengthening Itochu’s position in environmentally responsible steel production and promoting sustainable iron ore production.
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