| Nippon Steel Australia | 100.00 | - | - | |
| ArcelorMittal Nippon Steel India | 40.00 | - | - | |
| Société Le Nickel SA | 10.00 | - | - | |
| Wakayama Kyodo Power Co Inc | 47.00 | - | - | |
| Nippon Steel Blast Furnace Slag Cement | 100.00 | - | - | |
| Elk Valley Resources | 20.00 | - | - | |
| G Steel PCL | 10.24 | - | - | |
| Sanyo Special Steel Co Ltd | 53.07 | - | - | |
| Kimitsu Cooperative Thermal Power | 50.00 | - | - | |
| Asia Credit Opportunities I (Mauritius) | 100.00 | - | - | |
| Nippon Steel North America | 100.00 | - | - | |
| Kyushu Co-operative Power Company | 50.00 | - | - | |
| Moranbah North Coal | 6.25 | - | - | |
| Daido Steel Co Ltd | 7.27 | - | - | |
| Kashima Power | 50.00 | - | - | |
| Osaka Steel Co Ltd | 65.85 | - | - | |
| G J Steel PCL | 7.70 | - | - | |
| Topy Industries | 21.80 | - | - | |
| Kashima Kyodo Electric Power | 50.00 | - | - | |
| Usinas Siderurgicas de Minas Gerais | 12.71 | - | - | |
| Aichi Steel | 7.76 | - | - | |
| Oita Cooperative Thermal Power Co | 50.00 | - | - | |
| Nippon Steel Cement Co Ltd | 85.00 | - | - | |
| Godo Steel | 17.60 | - | - | |
| Tokai Kyodo Electric Power | 100.00 | - | - | |
| Nippon Steel Stainless Steel | 100.00 | - | - | |
| Kyoei Steel | 26.68 | - | - | |
| Grosvenor | 5.00 | - | - | |