ArcelorMittal To Wholly Acquire Wabush Mines Interest

摘要

ArcelorMittal announced September 5 that it will turn Canadian pelletizing company Wabush Mines into a wholly owned subsidiary by acquiring 44.6 percent and 26.8 percent shares owned by Stelco and Cleveland-Cliffs, Inc. (CLF) , respectively. The Company will exercise the optional first refusal right that its subsidiary Dofasco had on the Wabush Mines Joint Venture. The terms of the acquisition include a cash element of around 67 million US dollars and certain liabilities. Dofasco will acquire those shares from Stelco and CLF on the same terms as those offered by Consolidated Thompson on June 6. The transaction, which is subject to regulatory approval, is expected to be finalized by December 2007. For further details, refer to The TEX Report of September 4 issue, as well.