ArcelorMittal considers sale of Canadian assets – by Cecilia Jamasmie (Mining.com – June 22, 2020)

https://www.mining.com/

ArcelorMittal, the world’s biggest steelmaker, is evaluating the potential sale of its infrastructure assets in Canada, where it has the largest and most profitable iron ore operation, as it seeks to cut debt by divesting non-core businesses.

The facilities the company may put on the chopping block include a 420km-long railway servicing the 24 million tonnes-per-year Mont-Wright iron ore mine in Quebec, FT.com reports.

Selling either the entire ArcelorMittal Infrastructure Canada (AMIC) unit, or a stake in it, would help the Luxembourg-based firm achieve its target of reducing net debt to $7 billion from $9.5 billion currently.

In 2013, ArcelorMittal sold a 15% stake in its Canadian mining business to a consortium led by Korea’s Posco for $1.1 billion.

The steelmaker is also said to be reviewing its other iron ore assets, located in Brazil and Liberia.

For the rest of this article: https://www.mining.com/arcelormittal-mulling-to-sell-canadian-iron-ore-assets/

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