The world's largest steelmaker ArcelorMittal has announced the increase of its stake in Australian miner Macarthur Coal Limited (ASX: MCC) from 14.9 percent to 19.9 percent after acquiring 10,607,830 shares at AU$20 each from Talbot Group Holdings, owned by Macarthur founder Ken Talbot.
ArcelorMittal's total investment in Macarthur Coal is now worth AU$843 million (approx. US$813 million).
The aquisition of a stake in a leading supplier of low volatile pulverized coal injection (PCI) coal such as Macarthur Coal is in line with ArcelorMittal's strategy of securing its raw materials supply.
The purchase is subject to the approval of Australia's Foreign Investment Review Board.