Reuters reported ArcelorMittal (NYSE:MT) is exploring the sale of a minority stake in its Canadian iron ore business, sources familiar with the situation said.
As quoted in the market news:
The company has retained RBC Capital Markets and Goldman Sachs to assist in the process, which has been ongoing for a few months, said one of the sources, adding that a deal is likely to be announced before the end of the year.
ArcelorMittal is one of Canada’s top exporters of iron ore to steel markets around the world and its operations account for about 40 percent of Canada’s iron ore output. It operates two large open-pit mines in the province of Quebec, where it also owns the Port-Cartier industrial complex that includes a pellet plant, storage areas and port facilities for shipping.