ArcelorMittal completes the first instalment of its sale of a 15% interest in
ArcelorMittal Mines Canada for $1.1bln to a Consortium led by POSCO and China
LUXEMBOURG, Luxembourg, March 15, 2013 /CNW Telbec/ - ArcelorMittal announces
today the completion of the first instalment of the previously announced
investment by a consortium led by POSCO and China Steel Corporation (CSC) to
acquire a joint venture interest in ArcelorMittal's Labrador Trough iron ore
mining and infrastructure assets in Quebec, Canada.
The consortium acquired an 11.05% interest in the joint venture for total
consideration of US$810 million in cash, with ArcelorMittal's wholly owned
subsidiary ArcelorMittal Mines Canada retaining an 88.95% interest in the
As part of its strategy to build strategic relationships with key customers,
the joint venture has also entered into long-term iron ore off-take agreements
with POSCO and CSC proportionate to the consortium's joint venture interests.
The second instalment of the investment by the consortium, which will increase
the consortium's interest in the joint venture to 15%, remains subject to
various conditions and is expected to close in the second quarter of 2013.
This document may contain forward-looking information and statements about
ArcelorMittal and its subsidiaries. These statements include financial
projections and estimates and their underlying assumptions, statements
regarding plans, objectives and expectations with respect to future
operations, products and services, and statements regarding future
performance. Forward-looking statements may be identified by the words
"believe," "expect," "anticipate," "target" or similar expressions. Although
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forward-looking statements are reasonable, investors and holders of
ArcelorMittal's securities are cautioned that forward-looking information and
statements are subject to numerous risks and uncertainties, many of which are
difficult to predict and generally beyond the control of ArcelorMittal, that
could cause actual results and developments to differ materially and adversely
from those expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include those
discussed or identified in the filings with the Luxembourg Stock Market
Authority for the Financial Markets (Commission de Surveillance du Secteur
Financier) and the United States Securities and Exchange Commission (the
"SEC") made or to be made by ArcelorMittal, including ArcelorMittal's Annual
Report on Form 20-F for the year ended December 31, 2012 filed with the SEC.
ArcelorMittal undertakes no obligation to publicly update its forward-looking
statements, whether as a result of new information, future events, or
ArcelorMittal is the world's leading integrated steel and mining company, with
a presence in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including
automotive, construction, household appliances and packaging, with leading R&D
and technology, as well as sizeable captive supplies of raw materials and
outstanding distribution networks. With an industrial presence in over 20
countries spanning four continents, the Company covers all of the key steel
markets, from emerging to mature.
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.
In 2012, ArcelorMittal had revenues of $84.2 billion and crude steel
production of 88.2million tonnes, representing approximately 6 percent of
world steel output.
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 please visit: www.arcelormittal.com.
Contact information ArcelorMittal Investor Relations Europe + 352 4792 3198
Americas +1 312 899 3985 Retail + 44203214 2417 SRI + 44 203 214 2854
Bonds/Credit + 33 171 92 10 26 Contact information ArcelorMittalCorporate
Communications E-mail:firstname.lastname@example.org Phone: +352 4792 5000
ArcelorMittal Corporate Communications Tobin Postma (Acting Head of Media
Relations) + 44 20 3214 2412 Laura Nutt +44 20 7543 1125 United Kingdom
Maitland Consultancy: Martin Leeburn + 44 20 7379 5151 France Image 7 Sylvie
Dumaine / Anne-Charlotte Creach + 33 1 5370 7470
SOURCE: ARCELORMITTAL MINES CANADA
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-0- Mar/15/2013 17:22 GMT
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