Luxembourg, 9 October 2009 - ArcelorMittal has today signed a definitive agreement to divest its minority interest in Wabush Mines, Canada. ArcelorMittal's 28.6% stake in Wabush Mines is being sold to Consolidated Thompson Iron Mines Ltd.(TSX Venture: CLM). ArcelorMittal will receive a consideration of USD34.28 million for the stake.
ArcelorMittal's stake in Wabush Mines is no longer a core part of the company's mining strategy. The mine represented 31 million tons of iron ore reserve and 1.2 million tons of iron ore produced for ArcelorMittal in 2008.
After the disposal ArcelorMittal continues to have significant mining operations and resources in Canada including ArcelorMittal Mines Canada, formerly Quebec Cartier Mining. Canada also remains an important jurisdiction for ArcelorMittal's future growth strategy in both mining and steelmaking.
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with operations in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.
Through its core values of Sustainability, Quality and Leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge; it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
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