Consolidated Thompson not to acquire 73.2% stake in Wabush Mines joint venture

Monday, February 8th of 2010

Tradingmarkets.com Posted on: Thu, 04 Feb 2010 13:07:06 EST

Cliffs Natural Resources, Inc., a US-based mining and natural resources company, has acquired the remaining 73.2% stake in Wabush Mines joint venture, an iron ore and pellet producer, from U.S. Steel Canada, Inc. and ArcelorMittal Dofasco, Inc. for approximately $88 million.

U.S. Steel Canada is a producer and supplier of steel and steel products and a wholly-owned subsidiary of United States Steel Corporation. ArcelorMittal Dofasco is a steel company that produces flat rolled and tubular steel products and a subsidiary of ArcelorMittal. Both U.S. Steel Canada and ArcelorMittal Dofasco are based in Canada.

The Wabush Mines operation includes the Scully Iron Ore Mine near Wabush, Newfoundland, Labrador; the pellet plant and port facilities at Point Noire, Quebec; and integrated rail facilities.

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