Nippon Steel Buys 10% of Australia’s Foxleigh Mine
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Nippon Steel Corp., Japan’s largest steelmaker, bought a 10 percent stake in the Foxleigh coal mine in Australia, part of its strategy to increase supplies of raw materials as prices jump.
Nippon Steel bought the stake from Itochu Corp., the Tokyo-based company said in a statement on its website today, without giving an investment value. The mine is 70 percent owned by Anglo American Plc and 20 percent by South Korea’s Posco.