Kurosaki Harima to Get 3% Share in Magnesita Refratarios

Nippon Steel and Japanese major refractory maker, Kurosaki Harima Corporation announced on Tuesday Kurosaki Harima reached basic agreement to purchase 3% share in Brazilian major refractory maker, Magnesita Refratarios for around 4 billion yen and expands the partnership. Kurosaki Harima keeps providing technology licensing to Magnesita Refratarios while they seek new cooperation opportunities including refractory joint venture, joint raw material development and Kurosaki Harima’s raw material purchase. Kurosaki Harima expands the long term partnership to support Nippon Steel’s expansion of Brazilian business and to expand the offshore operations. World no3 refractory maker of Kurosaki Harima and no.4 Magnesita Refratarios keep talking for definitive agreement in 1, 2 months. Kurosaki Harima joins controlling shareholders group, which has 59% share of Magnesita Refratarios. Kurosaki Harima and Magnesita Refratarios launch special committee to study potential cooperation. Nippon Steel, which is large shareholder and buyer of Kurosaki Harima, joins regular discussion forum of Kurosaki Harima, Magnesita Refratarios and the controlling shareholders. Kurosaki Harima tries to expand the business in developing countries through the partnership with Magnesita Refratarios, which has 75% share in steel making refractory in Brazil and 60% share in Latin America. Kurosaki Harima also cooperates with Magnesita Refratarios, which expands offshore business in Europe and USA. Kurosaki Harima studies potential raw material sourcing from Magnesita Refratarios’ mine to diversify the sources.