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
UAW Has Upper Hand vs. Automakers: Schenker
The United Auto Workers (UAW) union has more leverage than the Detroit Three automakers in the current strike that started Sept. 15, according to Jason Schenker, president of Prestige Economics.
US Rig Count Drops, Canada Unchanged
The number of active oil and gas drilling rigs in the US dropped this week, while Canada’s count remains unchanged, according to the most recent data from oilfield services company Baker Hughes.
CRU: Demand-side Factors to Create Drag on Global Sheet Markets
Demand will be the determining factor in what happens to steel sheet prices globally for the remainder of the year, and most risks right now are to the downside. An autoworkers strike has started in the USA and could increase price volatility in the domestic sheet market. The longer and more severe this strike is, […]
Driving the Debate: Auto Worker’s Wage Demands in an Era of EV Transition
The LME aluminum 3-month price was up 0.8% on the morning of Friday Sept. 22. It was last seen trading at $2,238/metric tons, remaining above the $2,200/t mark for most of the past week.
Zekelman Industries Expanding ZI-Strut Line
Zekelman Industries has announced an expansion of its its ZI-Strut™ metal framing and accessories product line.