China Steel, Posco Buy $1.1 Billion ArcelorMittal Unit Stake

China Steel, Posco Buy $1.1 Billion ArcelorMittal Unit Stake

Doug Kanter/Bloomberg

The deal gives the group access to mines producing about 40 percent of Canada’s iron ore, according to ArcelorMittal’s website, as the cost of the raw material rises faster than steel prices.