2013-01-02 08:01:51 -
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
customers.
In addition to POSCO and CSC, the consortium includes certain financial
investors.
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."
About ArcelorMittal
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 networks.
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 + 44 203 214 3198
|
|SRI + 44 207 543 1128
|
|Bonds/Credit + 33 171 92 10 26
|
| |
+------------------------------------------------------------------------------+
| |
|Contact information ArcelorMittal Corporate Communications |
|E-mail:
press@arcelormittal.com |
|Phone: +352 4792 5000 |
| |
+------------------------------------------------------------------------------+
| |
|ArcelorMittal Corporate Communications |
|Giles Read (Head of Media Relations) + 44 20 3214 2845 |
|Tobin Postma +
|
|44 20 3214 2412 |
| |
|United Kingdom |
|Maitland Consultancy: |
|Martin Leeburn + 44 20
7379 5151|
| |
|France |
|Image 7 |
|Sylvie Dumaine / Anne-Charlotte Creach + 33 1 5370 7470 |
| |
| |
+------------------------------------------------------------------------------+
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ArcelorMittal S.A. via Thomson Reuters ONE
[HUG#1667681]
