# Who does Nippon Steel pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/nippon-steel · Facet: suppliers · Updated: 2026-10-31T16:04:22.331636+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Nippon Steel discloses no named confirmed suppliers/cost counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 cost edges, backed by 7 dated sources, 2 of them primary filings (as of 2026-10-31).

### Blackwater 탄광 (high)
- metric: Market share 20 percent · 2025 · Economic interest in Blackwater mine
- note: Acquired a 20% Blackwater interest from Whitehaven for $720 million; the transaction completed in March 2025.
- [confirms] Whitehaven Coal (EN, filing, published 2025-03-31) https://whitehavencoal.com.au/wp-content/uploads/2025/04/WHC_Whitehaven_completes_sell_down_of_30_of_Blackwater_mine.pdf: "Whitehaven completed the sale of 20% to Nippon Steel and 10% to JFE for aggregate cash consideration of $1.08bn."
- [confirms] Nippon Steel (EN, ir, published 2024-11-07) https://www.nipponsteel.com/en/ir/library/pdf/20241107_500.pdf: "The presentation gives an acquisition value of $720m, approximately JPY108bn."
- [confirms] Haidong Japan Technology Information Center (KO, analysis, published 2024-10-01) https://hjtic.snu.ac.kr/node/13817: "The Korean technical review records Nippon Steel taking 20% of Blackwater and aggregate investment by the two steelmakers of $1.08bn."
- [confirms] Nippon Steel (EN, ir, published 2024-08-22) https://www.nipponsteel.com/common/secure/en/ir/library/pdf/20240822_100_01.pdf: "Nippon Steel announced agreements for a 20% Blackwater interest and long-term offtake."

### U.S. Steel (high)
- metric: Amount 14.2 USD_billion · 2025 · Total common-stock acquisition value
- note: Completed the acquisition of 100% of U.S. Steel common stock in June 2025 for approximately $14.2bn; the U.S. government holds a golden share.
- [mentions] Hana Securities (KO, research, published 2025-09-12) https://www.hanaw.com/main/research/research/download.cmd?attachFileSeq=1&bbsCd=4003&bbsId=&bbsSeq=1284189&dbType=: "Hana Securities noted that leverage rose from 42.5% to 85% after the $14.1bn acquisition payment."
- [confirms] Nippon Steel (EN, ir, published 2025-06-18) https://www.nipponsteel.com/en/newsroom/news/2025/20250618_100.html: "Nippon Steel and U.S. Steel jointly announced completion on June 18, 2025."
- [confirms] U.S. Securities and Exchange Commission (EN, filing, published 2025-06-18) https://www.sec.gov/Archives/edgar/data/1163302/000110465925060674/tm2517314d1_8k.htm: "U.S. Steel’s 8-K says each common share converted into the right to receive $55 in cash."
- [confirms] Yonhap News Agency (KO, news, published 2025-06-18) https://www.yna.co.kr/view/AKR20250618169151073: "Yonhap reported that Nippon Steel completed the acquisition and made U.S. Steel a wholly owned subsidiary."

### Whitehaven Coal (Blackwater) (high)
- note: Procures steelmaking coal under a long-term Blackwater offtake agreement. Nippon Steel owns 20% and Whitehaven retains 70%.
- [confirms] Whitehaven Coal (EN, filing, published 2025-03-31) https://whitehavencoal.com.au/wp-content/uploads/2025/04/WHC_Whitehaven_completes_sell_down_of_30_of_Blackwater_mine.pdf: "Whitehaven called Nippon Steel a longstanding customer and said economic ownership of the Blackwater JV began April 1, 2025."
- [confirms] Nippon Steel (EN, ir, published 2024-11-07) https://www.nipponsteel.com/en/ir/library/pdf/20241107_500.pdf: "The long-term agreement secures stable steelmaking-coal procurement and lifts the invested-mine sourcing ratio to about 35%."
- [confirms] Haidong Japan Technology Information Center (KO, analysis, published 2024-10-01) https://hjtic.snu.ac.kr/node/13817: "The Korean technical review explains that Nippon Steel secured an equity and long-term sourcing position in Whitehaven’s Blackwater coal to stabilize supply."
- [confirms] Nippon Steel (EN, ir, published 2024-08-22) https://www.nipponsteel.com/common/secure/en/ir/library/pdf/20240822_100_01.pdf: "Nippon Steel announced a long-term offtake agreement with Whitehaven for Blackwater steelmaking coal."

### Elk Valley Resources (high)
- note: Takes high-quality hard coking coal from Canadian producer EVR under a long-term agreement. A 20% stake and offtake partly hedge raw-material volatility.
- [mentions] Hana Securities (KO, research, published 2025-06-11) https://www.hanaw.com/main/research/research/download.cmd?attachFileSeq=1&bbsCd=4003&bbsId=&bbsSeq=1283052&dbType=: "Hana Securities attributed margin compression to higher raw-material prices while steel ASP stayed flat."
- [confirms] Teck Resources (EN, filing, published 2024-01-03) https://teckcoalcontent.xpr.cloud/news/news-releases/2024/teck-announces-completion-of-sale-of-minority-interest-in-steelmaking-coal-business: "Teck said Nippon Steel completed its 20% EVR acquisition for $1.3bn cash plus $0.4bn from subsequent EVR cash flows."
- [confirms] Nippon Steel (EN, ir, published 2023-11-14) https://www.nipponsteel.com/en/news/20231114_100.html: "Nippon Steel announced the acquisition of a 20% interest in high-quality steelmaking-coal producer EVR."

Reverse side: https://valuechain.wiki/nippon-steel/customers.md · Ripple: https://valuechain.wiki/nippon-steel/ripple.md

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