Global steel giant ArcelorMittal is considering the sale of a 30 percent stake in its Canadian iron ore business, according to media reports. The company has hired consultants to deal with the sale process. The iron ore stake is reportedly receiving interest from Asia-based steelmakers.
While ArcelorMittal had been expanding its iron ore business to reduce its dependency on miners for raw material supplies, the general business environment and unfavorable economic situation in Europe have forced to company to change its plans. The steelmaker has also been cutting steel production at its European operations.