ArcelorMittal Completes Sale Of 15% Interest In Arcelormittal Mines Canada For $1.1 Billion To A Consortium Led By Posco And China Steel Corporation


Thursday, 30 May 2013 12:02pm EDT 

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 USD1.1 billion. The consortium completed its investment by acquiring a 3.95% interest in the joint venture for total consideration of USD290 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.