ArcelorMittal Sells 15% Interest in Mining Assets
ArcelorMittal entered into an agreement pursuant to which ArcelorMittal’s wholly owned subsidiary ArcelorMittal Mines Canada (AMMC) and a consortium led by POSCO and China Steel Corporation (CSC) will enter into a joint-venture partnership that will own ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets. The consortium will acquire a 15% interest in the joint venture for $1.1 billion. As part of the transaction, POSCO and CSC will enter into long-term iron ore off-take agreements proportionate to their interests. This move is part of ArcelorMittal's strategy to build strategic relationships with key customers.