LONDON--Steel Titan ArcelorMittal (MT, MT.AE) is exploring the
sale of a 30% stake in its Canadian iron ore business, the
Financial Times reported Thursday, citing people familiar with the
matter.
ArcelorMittal has appointed advisers and has been sounding out
potential buyers of a stake in the business formerly known as
Quebec Cartier Mining, the newspaper said, citing people familiar
with the matter.
The entire business, which is it is valued at $8 billion to $10
billion, produced about 15 million tons of iron ore concentrate
last year, the newspaper said.
The potential minority stake sale comes at a time when the
steelmaker is grappling with weak steel demand, particularly in
Europe, and is seeking to reduce its net debt.
A company spokesman contacted by Dow Jones Newswires declined to
comment.
Newspaper Web Site:
http://www.ft.com/cms/s/0/69b075a8-1948-11e2-af4e-00144feabdc0.html#axzz29fxfBqR2
Write to Alex MacDonald at alex.macdonald@dowjones.com