ITOCHU to acquire 49.6% in investment management company holding 15% stake in ArcelorMittal Mining Canada and ArcelorMittal Infrastructure Canada

On December 7, 2022, ITOCHU Corporation (“ITOCHU”) announced that it agreed with EQP COÖPERATIEF U.A. (“EQP”) to acquire 49.6% shares of 9404-5515 Québec Inc. (“Canadian SPC”), an investment management company that owns 15% of shares of both ArcelorMittal Mining Canada G.P. (“AMMC”) and ArcelorMittal Infrastructure Canada G.P. (“AMIC”), through IMEA CANADA INC. (“IMEA Canada”), a wholly-owned subsidiary of ITOCHU Minerals & Energy of Australia Pty Ltd (“IMEA”), a wholly-owned subsidiary of ITOCHU.

In line with the agreement, ITOCHU decided to increase the capital of IMEA Canada from US$14,000,100 to US$560,000,100 to acquire the shares of Canadian SPC, and announced that IMEA Canada would become a specified subsidiary of ITOCHU.

Further information can be found on ITOCHU’s website.

ArcelorMittal Mining Canada and ArcelorMittal Infrastructure Canada are two complementary companies operating in Québec’s North Shore region. AMMC operates the largest open-pit iron ore mine in Canada and produces concentrate and iron oxide pellets for the steel market. AMIC ensures the transportation of concentrate between Mont-Wright and Port-Cartier and operates a seaport at Port-Cartier (Québec), allowing transportation and shipping of AMMC’s iron ore concentrate and pellets to customers around the world.

ITOCHU, one of the leading sogo shosha in Japan, engages in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investment in Japan and overseas.