ArcelorMittal has announced the completion of an investment by a consortium led by POSCO and China Steel Corporation to acquire a 15 per cent joint venture interest in ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets in Quebec, Canada for US$1.1 billion.
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, increasing 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.