Dofasco completes restructuring QCM

Dofasco completes restructuring QCM

According to recent news in the market, Canadian steel producer Dofasco completed the agreement with Investissement Quebec and CAEMI with the purpose of restructuring its joint venture iron ore company Quebec Cartier Mining (QCM). Dofasco possesses 50% of QCM and the rest is possessed by Brazilian firm CAEMI. Under the scope of the agreement, Dofasco's ownership will be reduced to the position of a preferred shareholder. Dofasco will support QCM by 2010, not more than a value of $34.5 million, in return for that Dofasco's iron ore contracts with QCM will remain in effect.