Steel Products
ArcelorMittal to sell 15% of Canadian Mine Interest to POSCO and China Steel
Written by Sandy Williams
January 4, 2013
Written by: Sandy Williams
ArcelorMittal will sell a 15 percent interest in ArcelorMittal Mines Canada to a consortium led by POSCO and China Steel Corporation for $1.1 billion. The deal will be completed over the first and second quarters of 2013.
“We are committed to growing ArcelorMittal’s mining business,” said Peter Kukielski, Chief Executive of Mining at ArcelorMittal. “This joint venture incorporating a long-term off-take agreement is consistent with our strategy to forge strategic relationships with key customers as we build our global mining business. “
ArcelorMittal had a difficult year in 2012 with operating losses and controversial mill closings. Net debt for the company was 23 billion at the end of the third quarter 2012 and it has disposed of $4.2 billion in assets since September 2011 as part of a debt reduction strategy. Moody’s and Standard & Poor dropped the steel giant’s credit rating to junk status last year. In December, ArcelorMittal announced it will take a write down of $4.3 billion in its European businesses in the form of a non-cash impairment charge for the fourth quarter of 2012.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
Plate market sources expect mill price hikes, say business remains a steady trickle
Participants in the US carbon and steel plate market are frustrated by the lack of activity following the Labor Day holiday weekend.
September energy market update
In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels through September. Trends in energy prices and rig counts serve as leading indicators for oil country tubular goods (OCTG) and line pipe demand.
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.