POSCO consortium eyes US$1b stake in ArcelorMittal Canada mine

POSCO consortium eyes US$1b stake in ArcelorMittal Canada mine-report

A consortium including South Korean steelmaker POSCO is seeking to acquire a roughly US$1 billion stake in a Canadian iron ore mine operator controlled by ArcelorMittal, South Korean financial publication Money Today has reported.

The bidding group seeks to acquire about a 10 per cent stake in ArcelorMittal Mines Canada, with POSCO looking to invest $200-300 million and the rest coming from its partners, Money Today said citing unidentified sources in the merger and acquisition industry.

via Business feed http://www.scmp.com/business/companies/article/1082301/posco-consortium-eyes-us1b-stake-arcelormittal-canada-mine