World’s largest steel maker ArcelorMittal will sell its 28.6 per cent stake in Canada-based Wabush Mines for about $34.28 million.
The steel maker would be offloading its minority stake to Canadian entity Consolidated Thompson Iron Mines and both firms have entered into a definitive agreement in this regard.
“ArcelorMittal’s 28.6 per cent stake in Wabush Mines is being sold to Consolidated Thompson Iron Mines. ArcelorMittal will receive a consideration of $34.28 million for the stake,” the steel behemoth said in a statement on Friday.
L N Mittal-led ArcelorMittal said the stake in Wabush Mines is no longer a core part of the company’s mining strategy.
The mine represented 31 million tonnes of iron ore reserve and 1.2 million tonnes of iron ore produced for ArcelorMittal in 2008.
According to the steel maker, even after selling the stake in Wabush Mines, the company continues to have significant mining operations and resources in Canada.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app