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The two global steel giants that snapped up Canada's two largest steel makers are battling in court over a soured deal involving a jointly owned iron ore mine in Labrador. ArcelorMittal Dofasco Inc. is suing U.S. Steel Canada Inc. (the former Stelco Inc.) and mining company Cleveland-Cliffs Inc. after ArcelorMittal's an agreement to buy out its two partners in the iron ore mine collapsed. The suit seeks $427-million in damages and a court order forcing U.S. Steel Canada and Cleveland-Cliffs to sell their interests in the Wabush Mines JV or $1.8-billion if ArcelorMittal is not awarded the mine.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 25/04/24 7:00pm EDT.

SymbolName% changeLast
CLF-N
Cleveland-Cliffs Inc
-0.49%18.23
MT-N
Arcelormittal ADR
+0.08%25.22

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