Posco-Led Consortium in Exclusive Talks to Buy ArcelorMittal's Mine in Canada -Source

Date : 12/03/2012 @ 7:24PM
Source : Dow Jones News
Stock : Arcelor Mittal NY Registry Shares New (MT)
Quote : 27.98  -0.11 (-0.39%) @ 11:59AM
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Posco-Led Consortium in Exclusive Talks to Buy ArcelorMittal's Mine in Canada -Source

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   By Kanga Kong 

SEOUL--A consortium led by South Korean steelmaker Posco (005490.SE) has been named the preferred bidder for a stake in an ArcelorMittal (MT)-controlled iron-ore mine company in Canada, a person who has direct knowledge of the matter said Tuesday.

"Posco-led consortium has been in exclusive talks" with ArcelorMittal for the stake, the person told Dow Jones Newswires.

The progress comes after the Korean steelmaker said in mid-November that it is considering forming a consortium to buy the stake in a bid to boost access to the key raw material.

"We are seeking to form a consortium with local investors to acquire about a 10% stake valued at $1 billion in the Canadian mine operator," Posco's spokesman said at the time.

Posco declined Tuesday to comment on whether it has won the exclusive talks.

Write to Kanga Kong at kanga.kong@dowjones.com

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