ArcelorMittal sells $1.1bn stake in its Canadian mining unit

Steelmaker ArcelorMittal said today it would sell a 15 per cent stake in a Canadian mine operator to an Asian consortium led by POSCO and China Steel in a deal worth $1.1bn (£674m).

The consortium, alongside ArcelorMittal Mines Canada, will own the steelmaker’s Labrador Trough iron ore mining and infrastructure assets.

“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,” chief executive of mining Peter Kukielski said this morning.

The deal is subject to approval by the Taiwanese government, and is expected to complete in the first half of this year.