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

Announcement of signing of MOU in S?o Paulo, Brazil, on May 4, 2024, in the presence of Japanese Prime Minister Fumio Kishida.
From left: En¨¦as Garcia Diniz, Superintendent Officer of CSN Minera??o S.A.; Atsuo Kuroda, Chairman and CEO of NEXI; Jun Inomata, Executive Officer, President, Metals & Minerals Company of Ïã½¶ÊÓÆµ; Fumio Kishida, Prime Minister of Japan; Geraldo Jos¨¦ Rodrigues Alckmin Filho, Vice President of Federative Republic of Brazil)