According to report, a bidding group including steelmaker Posco is trying to purchase about US$1 billion stake in Canadian iron ore mine owned by ArcelorMittal.
The group looks to acquire about a ten percent stake in ArcelorMittal Mines Canada, in which Posco may invest US$200~US$300 million.
Posco said it may study the chance of acquisition but it did not reach the decision yet. The company seeks to raise the raw material self-sufficiency to 50% by 2014 from 2010 level.
ArcelorMittal may announce the deal the soonest before the end of year.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=61579&division=A9
