Source: Taiwantrade | Updated: 17 January 2013
In a statement, China Steel said that CSC Steel Australia Holdings Pty Ltd., one of its units, will spend US$270 million on a 3.68 percent stake in each of the two subsidiaries of ArcelorMittal Mines Canada Inc. (AMMC) to gain access to the Canadian company's iron ore and infrastructure assets.
China Steel said that after the acquisition, the two AMMC units -- ArcelorMittal Canada Mining General Partnership and ArcelorMittal Canada Infrastructure General Partnership -- are expected to supply 1 million tons of iron ore per year to the Taiwanese steel maker.
China Steel said the purchase is expected to help the company raise a ratio of self-supplied iron ore by 4.2 percentage points to 11.6 percent.
Currently, China Steel has iron ore assets in Brazil and Australia. The company said it is keeping a close eye on the chances of acquiring more such assets overseas.