•Publication Date：01/03/2013 •Source： Taiwan Today •By Grace Kuo
Taiwan’s state-funded China Steel Corp. announced Jan. 2 that it has acquired a 3.68 percent shareholding in ArcelorMittal Mines Canada for US$270 million.
CSC has “entered into an agreement pursuant to which ArcelorMittal’s wholly owned subsidiary ArcelorMittal Mines Canada (AMMC) and a consortium led by [South Korea-based steel company] POSCO will enter into a joint venture partnership that will own ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets,” the firm said in a statement.
The group will obtain a 15 percent interest in the joint venture for US$1.1 billion, with AMMC and its affiliates holding on to an 85 percent share.
The CSC said that under the agreement, it can obtain up to 1 million tons of iron ore pellets each year, enhancing its iron ore self-sufficiency rate by 4.2 percent to 11.6 percent.
The deal has yet to be approved by the Investment Commission under the Ministry of Economic Affairs, the CSC said.
ArcelorMittal is the world’s leading integrated steel and mining firm, with operations in more than 22 countries.
