Bloomberg reported that POSCO agreed to buy a stake in ArcelorMittal Mines Canada Inc.
Mr Chung Jae Woong spokesman of POSCO said that POSCO hasn’t decided on the amount of stake it will purchase or for how much
The Maeil Business Newspaper reported earlier that POSCO will buy a 15% stake in the mine for USD 1.1 billion. Yonhap News reported a group, including POSCO and China Steel Corp, will buy the stake for USD 1.1 billion with CSC investing USD 540 million and POSCO USD 270 million
As per earlier reports “ArcelorMittal is considering selling about 30% of its Canadian iron ore unit.”
ArcelorMittal Mines Canada produces about 15 million tonnes of iron ore concentrate and more than 9 million tonnes of iron oxide pellets annually. It operates two open pit mines and produces about 40% of Canada’s iron ore output.
