Nippon Steel, Sumitomo to up Mitsui Mining stake

TOKYO, Feb 22 (Reuters) - Japan's top steel producer Nippon Steel Corp (5401.T: Quote, Profile, Research, Stock Buzz) and trading house Sumitomo Corp (8053.T: Quote, Profile, Research, Stock Buzz) said they would each raise their stakes in coke producer Mitsui Mining Co (3315.T: Quote, Profile, Research, Stock Buzz) to 21.7 percent from 12.9 percent.

Nippon Steel and Sumitomo said they planned to each buy 20 million preferred shares in Mitsui Mining from Sumitomo Mitsui Banking Corp, a unit of Sumitomo Mitsui Financial Group (8316.T: Quote, Profile, Research, Stock Buzz), and convert them to common stock after April 2009.