Steelmakers Land $1.1B Stake In ArcelorMittal Canada

Law360, New York (January 2, 2013, 1:22 PM EST) -- A consortium led by South Korean steelmaker Posco and China Steel Corp. has inked a $1.1 billion deal for a minority stake in ArcelorMittal SA's Canadian mining business — a cash infusion that will help bolster ArcelorMittal's growth plans, the companies said Wednesday.

Per the deal, the investor group, which also includes undisclosed financial firms, will pick up a 15 percent stake of ArcelorMittal Mines Canada and will own the company's iron ore mining and infrastructure assets located in the mining area known as Labrador Trough,...
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