OREANDA-NEWS. June 07, 2013. ArcelorMittal announces the completion of the previously announced investment by a consortium led by POSCO and China Steel Corporation to acquire a 15% joint venture interest in ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets in Quebec, Canada for USD1.1 billion.

The consortium completed its investment by acquiring a 3.95% interest in the joint venture for total consideration of USD 290 million in cash, increasing its interest in the joint venture to 15%, with ArcelorMittal’s wholly owned subsidiary ArcelorMittal Mines Canada retaining an 85% interest in the joint venture.