TOKYO, Nov 16: US steel giant International Steel Group Inc. (ISG) has offered to buy Mitsui Mining Co. for more than 10 billion yen (95 million dollars), officials and a report said Tuesday.
With the purchase of Mitsui, which is undergoing a government-backed restructuring, ISG aims to secure a stable supply of coke amid rising global demand for steelmaking material, the business daily Nihon Keizai Shimbun said.
Seiichiro Murakami, minister of state for Industrial Revitalization Corp. of Japan, said he had heard of the offer.
"I have been briefed on the issue. But I have no comment at this point because it is a matter between Revitalisation Corporation and a US steel maker," he told reporters.
He said a foreign firm might be a candidate to buy Mitsui Mining if no Japanese firm with experience decides to buy it.
Mitsui Mining is undergoing business rehabilitation after falling into negative net worth due to deterioration in its finances in the year to March 2003.
ISG, which is to merge with Dutch steel groups Ispat International and LNM Holdings by early next year to create the world's biggest steelmaker Mittal Steel, hopes to acquire Mitsui's coal processing technology, the Nihon Keizai said.
Mitsui Mining said it was not aware of ISG's offer.
"Our firm is not aware of... the offer made by International Steel Group as reported by the Nihon Keizai Shimbun today," the company said.-AFP
