Dofasco to turn QCM into income fund

Dofasco to turn QCM into income fund

Canadian steelmakers Dofasco Inc. has announced its intentions to spin off a portion of Quebec Cartier Mining (QCM) unit into an income fund. Dofasco said it had already filed plans with Canadian security regulators for an initial public offering of the so-called QCM Income Fund. Upon completion of the deal, Dofasco and the QCM fund will indirectly own all of the QCM. Dofasco will retain a significant stake in the iron ore miner. Quebec Cartier Mining, based in Montreal, is a primary producer and exporter of iron-ore pellets and concentrates used by the North American steelmakers.