Nippon Steel and Sojitz invest $245M for a stake in Canada's Kami iron ore project to secure supply.

Nippon Steel and Sojitz are investing A$245 million for a 49% stake in Champion Iron's Kami iron ore project in Canada. Nippon Steel will hold 30%, and Sojitz will hold 19%. The investment aims to secure the supply of direct reduction iron ore and aligns with Nippon Steel's strategy to optimize its supply chain and increase global production capacity. The project, located in Newfoundland and Labrador, is expected to advance the feasibility study and could be completed by mid-2026.