This restructuring was developed in line with Nippon Steel's strategy to focus on its core business of steelmaking and ensure stable access to steel coal, a critical raw material in steelmaking. The purchase rights agreement with EVR JV guarantees Nippon Steel's continued access to high-quality coal at competitive prices.
"This strategic move will strengthen our steelmaking coal supply strategy and improve our operational efficiency," said Eiji Hashimoto, CEO of Nippon Steel. "Our partnership with Glencore and POSCO will give us broader access to global coal resources and expertise," he added.
The restructuring is expected to be completed by the end of 2023.
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