Steelmaking giant ArcelorMittal, suffering from a sharp fall of demand for steel in Europe, said on Wednesday that it had sold 15 percent of its iron ore mines in Canada for $1.1 billion to rival companies Posco of South Korea and China Steel Corporation of Taiwan. The transaction, for the cash equivalent of 828,000 euros, will be settled in the first and second quarters of 2013, Arcelor Mittal said in a statement. The assets concerned are about 100 kilometres wide and 1,100 kilometres long (62 by 687 miles) and lie astride the border between Quebec and Labrador provinces. This region is the focus of several big investments by leading mining companies such as Rio Tinto and Cliffs Natural Resources. Under the terms of the deal, Posco and CSC will receive part of the output from the resource in line with their stakes. The consortium which will acquire the assets being sold by ArcelorMittal includes also some financial investors who were not identified.
GMT 17:19 2018 Thursday ,11 January
China factory gate inflation slows to 13-month lowGMT 17:50 2018 Wednesday ,10 January
German industrial output rebounds in NovemberGMT 17:39 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bnGMT 17:29 2018 Tuesday ,09 January
German industrial orders dip in NovemberGMT 15:36 2018 Thursday ,04 January
China factory activity accelerated in December: CaixinGMT 13:33 2018 Wednesday ,03 January
Turkey inflation rate eases but still stubbornly high in DecemberGMT 16:27 2018 Monday ,01 January
China manufacturing activity slows in DecemberGMT 17:36 2017 Sunday ,31 December
Spain to leave EU's deficit 'sin bin' next year: Rajoy
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor