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ArcelorMittal Completes Sale of 15% Interest in Canadian Mines
05/31/2013 - ArcelorMittal announced the completion of the previously announced investment by a consortium led by POSCO and China Steel Corporation to acquire a 15% joint venture interest in ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets in Quebec, Canada for US$1.1 billion.
ArcelorMittal announced the completion of the previously announced investment by a consortium led by POSCO and China Steel Corporation to acquire a 15% joint venture interest in ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets in Quebec, Canada for US$1.1 billion.
The consortium completed its investment by acquiring a 3.95% interest in the joint venture for total consideration of US$290 million in cash, increasing its interest in the joint venture to 15%, with ArcelorMittal’s wholly owned subsidiary ArcelorMittal Mines Canada retaining an 85% interest in the joint venture.
