Nippon Steel Corp could buy more stakes in coking coal and iron ore mines even after its recent decision to invest in a Canadian mine, as it sees a risk of commodity prices staying high, an executive at the world's No 4 steelmaker said.
Japan's top steelmaker said in February it will spend around 1.15 billion Canadian dollars (US$844 million) to buy a 10 per cent stake in Elk Valley Resources Ltd (EVR), the coking coal unit to be spun off from Canadian miner Teck Resources Ltd.
Nippon Steel already owns stakes in several coking coal mines, procuring 20 per cent of its annual 27 million tonne imports of the coal. The deal will boost that share to 30 per cent.
