LUXEMBOURG ArcelorMittal has announced the completion of the previously announced investment by a consortium led by POSCO and China Steel Corporation.
The deal saw the consortium acquire a 15 per cent joint venture interest in ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets in Quebec for US$1.1 billion.
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The consortium completed its investment by acquiring a 3.95 per cent interest in the joint venture for total consideration of US$290 million in cash.
This increased its interest in the joint venture to 15 per cent, with ArcelorMittal’s wholly owned subsidiary ArcelorMittal Mines Canada retaining an 85 per cent interest in the joint venture.
