Global steelmaker ArcelorMittal has announced that the consortium led by South Korean steel producer POSCO and Taiwan's China Steel Corporation (CSC) has completed the investment to acquire a 15 percent joint venture interest in ArcelorMittal's Labrador Trough iron ore mining and infrastructure assets in Quebec, Canada for US$1.1 billion.
The consortium completed its investment by acquiring a 3.95 percent interest in the joint venture for a total consideration of US$290 million in cash, increasing its interest in the joint venture to 15 percent with ArcelorMittal's wholly owned subsidiary ArcelorMittal Mines Canada retaining an 85 percent interest in the joint venture.