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The Posco steelworks in Gwangyang, north of Seoul (LEE JAE-WON/REUTERS)
The Posco steelworks in Gwangyang, north of Seoul (LEE JAE-WON/REUTERS)

Posco in exclusive talks for ArcelorMittal Mines Canada stake: source Add to ...

South Korean steelmaker Posco has secured exclusive negotiating rights to acquire a stake in a Canadian iron ore mine operator controlled by ArcelorMittal, a source who has knowledge of the matter said on Tuesday.

Posco is seeking to form a consortium to buy the stake with South Korea’s National Pension Service and other investors, the source said, but declined to elaborate on the size of the planned stake.

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The Korea Economic Daily reported on Tuesday that Posco has been picked as the preferred bidder for a 15 per cent stake in ArcelorMittal Mines Canada (AMMC) , a deal expected to be worth more than $1-billion (U.S.).

A Posco spokeswoman said the company is considering a bid for a stake in the mine, but declined further comment, saying the matter is confidential.

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