ArcelorMittal completes the first instalment of its sale of a 15% interest in ArcelorMittal Mines Canada for $1.1bln to a Consortium led by POSCO and China Steel Corporation
LUXEMBOURG, Luxembourg, March 15, 2013 /CNW Telbec/ - ArcelorMittal announces today the completion of the first instalment of the previously announced investment by a consortium led by POSCO and China Steel Corporation (CSC) to acquire a joint venture interest in ArcelorMittal's Labrador Trough iron ore mining and infrastructure assets in Quebec, Canada.
The consortium acquired an 11.05% interest in the joint venture for total consideration of US$810 million in cash, with ArcelorMittal's wholly owned subsidiary ArcelorMittal Mines Canada retaining an 88.95% interest in the joint venture.
As part of its strategy to build strategic relationships with key customers, the joint venture has also entered into long-term iron ore off-take agreements with POSCO and CSC proportionate to the consortium's joint venture interests.
The second instalment of the investment by the consortium, which will increase the consortium's interest in the joint venture to 15%, remains subject to various conditions and is expected to close in the second quarter of 2013.
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ArcelorMittal is the world's leading integrated steel and mining company, with a presence in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and well-being of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment. It takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2012, ArcelorMittal had revenues of $84.2 billion and crude steel production of 88.2million tonnes, representing approximately 6 percent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
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SOURCE: ARCELORMITTAL MINES CANADAFor further information:
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