ArcelorMittal S.A. : ArcelorMittal agrees to sell a 15% interest in
ArcelorMittal Mines Canada for $1.1bln to a Consortium led by POSCO and China
Luxembourg, 2 January 2013 - ArcelorMittal announces today that it has 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 total
consideration of $1,100 million in cash, with AMMC and its affiliates
retaining an 85% interest.
As part of the transaction, POSCO and CSC will enter into long-term iron ore
off-take agreements proportionate to their joint venture interests. This move
is part of ArcelorMittal's strategy to build strategic relationships with key
In addition to POSCO and CSC, the consortium includescertainfinancial
The transaction is subject to various closing conditions, including regulatory
clearance by the Taiwanese Government, and is expected to close in two
instalments in the first and second quarters of 2013.
Peter Kukielski, Chief Executive, Mining at ArcelorMittal and a member of the
group management board, said: "We are committed to growing ArcelorMittal's
mining business. This joint venture incorporating a long-term off-take
agreement is consistent with our strategy to forge strategic relationships
with key customers as we build our global mining business. The consortium will
be an excellent partner as we pursue further expansion at AMMC."
ArcelorMittal is the world's leading steel and mining company, with a presence
in more than 60 countries.
ArcelorMittal is the leader in all major global carbon steel markets,
including automotive, construction, household appliances and packaging, with
leading R&D and technology. The Group also has a world class mining business
with a global portfolio of over 20 mines in operation and development, and is
the world's 4th largest iron ore producer. With operations in over 22
countries spanning four continents, the Company covers all of the key
industrial markets, from emerging to mature, and has outstanding distribution
Through its core values of sustainability, quality and leadership,
ArcelorMittal commits to operating in a responsible way with respect to the
health, safety and well-being of its employees, contractors and the
communities in which it operates. It is also committed to the sustainable
management of the environment. It takes a leading role in the industry's
efforts to develop breakthrough steelmaking technologies and is actively
researching and developing steel-based technologies and solutions that
contribute to combat climate change. ArcelorMittal is a member of the
FTSE4Good Index and the Dow Jones Sustainability World Index.
In 2011, ArcelorMittal had revenues of $94.0 billion and crude steel
production of 91.9 million tonnes, representing approximately 6 per cent of
world steel output. The Group's mining operations produced 54 million tonnes
of iron ore and 8 million tonnes of metallurgical coal.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam
(MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of
Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal visit: www.arcelormittal.com
Contact information ArcelorMittal Investor Relations
Europe + 352 4792 2484
Americas + 1 312 899 3569
Retail + 44203214 3198
SRI + 44 207 543 1128
Bonds/Credit + 33 171 92 10 26
Contact information ArcelorMittal Corporate Communications
Phone: +352 4792 5000
ArcelorMittal Corporate Communications
Giles Read (Head of Media Relations) + 44 20 3214 2845
Tobin Postma + 44 20 3214
Martin Leeburn + 44 20 7379 5151
Sylvie Dumaine / Anne-Charlotte Creach + 33 1 5370 7470
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information contained therein.
Source: ArcelorMittal S.A. via Thomson Reuters ONE
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