ArcelorMittal, the world's largest steelmaker, has announced that it will acquire Wabush Mines, an iron ore and pellet producer in Northeast Canada.
The company said its Dofasco subsidiary, which owns 28.6 percent of Wabush Mines as part of a joint venture, will acquire another 44.6 percent from Stelco and 26.8 percent from Cleveland Cliffs. The acquisition, which is worth around US$67 million plus liabilities, is expected to be completed by December 2007.
The operation is in line with ArcelorMittal's plans for 75 percent iron ore self-sufficiency.