Ïã½¶ÊÓÆµ Announces Three-Party Cooperative Memorandum of Understanding on Steel Industry Decarbonization
May 9, 2024
Ïã½¶ÊÓÆµ (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter ¡°Ïã½¶ÊÓÆµ¡±) 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 Minera??o S.A. (headquartered in State of Minas Gerais, Federative Republic of Brazil; hereinafter ¡°CM¡±)¡ªan iron ore production and sales, subsidiary of major Brazilian steel producer Companhia Sider¨²rgica Nacional (CSN)¡ªfor cooperation on decarbonization of the steel industry, etc.
Representatives from Ïã½¶ÊÓÆµ, NEXI and CM took to the stage to announce the signing of the MOU at the Japan-Brazil Business Forum, held in S?o Paulo, Brazil, on May 4, 2024, in the presence of Japanese Prime Minister Fumio Kishida and Brazilian Vice President Geraldo Jos¨¦ 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 Ïã½¶ÊÓÆµ 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.
Ïã½¶ÊÓÆµ 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.
Ïã½¶ÊÓÆµ 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.
Scheme
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Announcement of signing of MOU in S?o Paulo, Brazil, on May 4, 2024, in the presence of Japanese Prime Minister Fumio Kishida.
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