August 28, 2008

Japanese Steelmakers Join to Bid for Stake in Brazil’s Namisa Iron Ore Mines, an Industrial Info News Alert

Researched by Industrial Info Resources (Sugar Land, Texas) -- In a bid to counter the adverse effects of soaring iron ore prices and secure a stable supply of raw material, Japanese steel majors are teaming up to jointly acquire overseas iron ore mining rights and share the purchase costs among themselves. The consortium is initially eyeing a stake in the Namisa iron ore mines in Brazil owned by Companhia Siderurgica Nacional (NYSE:SID) (Rio de Janeiro), the largest integrated steel manufacturer in the country. However, the group is up against stiff competition from international steel majors such as ArcelorMittal (NYSE:MT) (Luxembourg). With Vale (NYSE:RIO) (Rio de Janeiro), BHP Billiton (NYSE:BHP) (Melbourne, Australia) and Rio Tinto (NYSE:RTP) (London) controlling well over 70% of the global seaborne iron ore industry, the oligopoly in the market has led to an increase in procurement costs and denies Japanese steelmakers the privilege of negotiations and bargaining power.

For details, view the entire article by subscribing to Industrial Info's Premium Industry News at, or browse other breaking industrial news stories at

Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services. For more information send inquiries to [email protected] or visit us at

 Contact: Joe Govreau 713-783-5147  

SOURCE: Industrial Info Resources