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SOURCE ARCELORMITTAL MINES CANADA
LUXEMBOURG, Luxembourg, March 15, 2013 /CNW Telbec/ - ArcelorMittal
announces today the completion of the first instalment of the
previously announced investment by a consortium led by POSCO and China
Steel Corporation (CSC) to acquire a joint venture interest in
ArcelorMittal's Labrador Trough iron ore mining and infrastructure
assets in Quebec, Canada.
The consortium acquired an 11.05% interest in the joint venture for
total consideration of US$810 million in cash, with ArcelorMittal's
wholly owned subsidiary ArcelorMittal Mines Canada retaining an 88.95%
interest in the joint venture.
As part of its strategy to build strategic relationships with key
customers, the joint venture has also entered into long-term iron ore
off-take agreements with POSCO and CSC proportionate to the
consortium's joint venture interests.
The second instalment of the investment by the consortium, which will
increase the consortium's interest in the joint venture to 15%, remains
subject to various conditions and is expected to close in the second
quarter of 2013.
Forward-Looking Statements
This document may contain forward-looking information and statements
about ArcelorMittal and its subsidiaries. These statements include
financial projections and estimates and their underlying assumptions,
statements regarding plans, objectives and expectations with respect to
future operations, products and services, and statements regarding
future performance. Forward-looking statements may be identified by the
words "believe," "expect," "anticipate," "target" or similar
expressions. Although ArcelorMittal's management believes that the
expectations reflected in such forward-looking statements are
reasonable, investors and holders of ArcelorMittal's securities are
cautioned that forward-looking information and statements are subject
to numerous risks and uncertainties, many of which are difficult to
predict and generally beyond the control of ArcelorMittal, that could
cause actual results and developments to differ materially and
adversely from those expressed in, or implied or projected by, the
forward-looking information and statements. These risks and
uncertainties include those discussed or identified in the filings with
the Luxembourg Stock Market Authority for the Financial Markets
(Commission de Surveillance du Secteur Financier) and the United States
Securities and Exchange Commission (the "SEC") made or to be made by
ArcelorMittal, including ArcelorMittal's Annual Report on Form 20-F for
the year ended December 31, 2012 filed with the SEC. ArcelorMittal
undertakes no obligation to publicly update its forward-looking
statements, whether as a result of new information, future events, or
otherwise.
About ArcelorMittal
ArcelorMittal is the world's leading integrated steel and mining
company, with a presence in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including
automotive, construction, household appliances and packaging, with
leading R&D and technology, as well as sizeable captive supplies of raw
materials and outstanding distribution networks. With an industrial
presence in over 20 countries spanning four continents, the Company
covers all of the key steel markets, from emerging to mature.
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.
In 2012, ArcelorMittal had revenues of $84.2 billion and crude steel
production of 88.2million tonnes, representing approximately 6 percent
of world steel output.
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 please visit: www.arcelormittal.com.
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