TORONTO (AP) - Global steel giant ArcelorMittal will sell a 15 percent stake
in one of its Canadian iron ore operations to an Asian-led consortium for
$1.1 billion in cash.
In the transaction announced Wednesday, a group led by South Korean
steelmaker POSCO and China Steel Corp. will enter into a joint venture
partnership that will own ArcelorMittal's Labrador Trough iron ore mining
and infrastructure assets.
The consortium also includes other investors who were not identified in the
announcement.
Peter Kukielski, ArcelorMittal's chief executive for mining, says the deal
is consistent with the company's strategy to forge strategic relationships
with key customers.
The deal is subject to various closing conditions, including regulatory
clearance by the Taiwanese government.
It is expected to close in two installments in the first and second quarters
of 2013.
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